Tài liệu MASTER PROGRAMMES FINANCIAL ECONOMICS 2012 docx

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2012
LILLE - NICE - PARIS - LONDON - SINGAPORE
MASTER PROGRAMMES
FINANCIAL ECONOMICS
EDHEC BUSINESS SCHOOL
Academic Partners
EDHEC Campuses
Editorial
Why Choose EDHEC?
International Recognition
Master in Management
Masters of Science
A World-Class Faculty
Research Impact
EDHEC Governance
Career Impact
Student Life & Societies
EDHEC Alumni Association
Proudly International
Nice campus
Admission Requirements, Fees & Financial Aid
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London
Lille
Paris
Nice
Singapore
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EDITORIAL
EDHEC Business School is amongst the leading business
schools in Europe, internationally recognised for its academic and
research impact as well as its unique synergies with the business
world. Internationalisation and relevance to business fuel our
ambition to be recognised for our excellence and global mindset.
EDHEC differentiates itself by offering innovation in business
education and greater dynamism in connecting students and
graduates with the business world.
New challenges and opportunities constantly arise and we focus
on offering our students the knowledge required to become
tomorrow’s leaders. As such, leading companies have partnered
with EDHEC: Société Générale, corporate programme sponsor of
the MSc in Corporate Finance and PwC, corporate programme
sponsor of the MSc in Management Control.
The EDHEC Master in Management (MIM) is a 2-year full-time
programme awarding a double degree - the Master in Management
degree and the Master of Science degree. EDHEC also offers five
masters of science (MSc) programmes specialised in a specific

field of finance. Taught entirely in English, these programmes
are specifically designed to provide students with the academic
knowledge and skills required for an international career.
Anne Zuccarelli
Associate Dean,
Academic Programmes
Drawn upon the expertise of prominent academic faculty as
well as from the leading EDHEC-Risk Institute activities, EDHEC
finance programmes aim to offer talented students a unique
opportunity to foster their leadership and excellence by providing
training and education required by today’s businesses. The
Financial Economics MIM programme provides a rich set of four
specialised master programmes leading to specific careers in the
financial industry such as asset and risk management, trading,
corporate financial management, financial intermediation and
auditing. The MSc in Finance programme allows students with
different backgrounds (lawyers, engineers, scientific, etc ) to join
a general-purpose training in finance.

The finance industry has experienced a major restructuring over
the past few years. Now more than ever, working in finance
requires commitment, passion and comprehensive technical skills.
By fostering a global mindset and advanced research, EDHEC
is always one step ahead with a programme portfolio flexible
enough to be quickly adapted to business needs. This proactive
approach is crucial for maintaining a leading role in promulgating
innovative knowledge and expertise that will make a difference in
contemporary business and financial issues.
Jean-Christophe Meyfredi
Programme Director,

Financial Economics Track
René Garcia
Professor of Finance
Scientific Director,
Financial Economics Track
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EDHEC, A Unique Experience
There are many reasons to choose EDHEC Business School. EDHEC’s strong business connections
ensure that our programmes are always relevant to corporate needs. Business inputs range from
programme design, research and courses, recruiting fairs, alumni network and business games to
internship and job offers. EDHEC has an active policy of assisting students in achieving their ultimate
career goals. As such, EDHEC has introduced the TI&CD programme (Talent Identification & Career
Development), an already-prized initiative that provides our students with tailored career guidance
and assessment.
Our Mission
Leading Education - Delivering academic excellence driven by renowned research is EDHEC Business
School’s mission to provide students with the skills, expertise, knowledge and network required to
excel in global demanding careers. We aim to move students, businesses and societies forward by
nurturing talents and maintaining excellence in research and education.
Our Ambition
Our ambition is to become a brand internationally recognised for its culture, global mindset and the
impact of its education and research on the business world.
Our Values
Relevance: Market pertinence is a key value in all aspects of our organisational culture - including the
academic side. We seek to reconcile academia with the business world through the extension of our
research effort into the corporate realm.
Responsibility: We educate people and carry out research that aims to develop both scientific and
human competencies, preparing men and women who are committed to use their skills to improve
the society.
Innovation: We have a long-standing commitment to a culture that fosters creativity, risk-taking,

continuous improvement, leadership and entrepreneurial spirit, both at educational and research
levels.
WHY CHOOSE EDHEC?
Founded in 1906, EDHEC offers academic programmes recognised through international
accreditations by AMBA, AACSB and EQUIS. Our mission is to shape managers to meet
companies' needs via relevant and cutting-edge education. EDHEC's uniqueness rests in
its close ties with the corporate world. These connections and our 146 faculty members,
who are among the most published in Europe, bring real-time knowledge to the classroom.
This strategy is in line with the challenges faced by today's society and has a direct
impact on EDHEC’s influence on business and society as a whole.
Olivier Oger,
Dean of EDHEC Business School
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Founded in 1906, EDHEC Business School was among the first institutions
worldwide to be awarded the ‘Triple Crown’ of international accreditations
for the academic excellence and professional relevance of its programmes,
its strong links with the business community, its international orientation
and its commitment to an ongoing process of quality improvement. Today,
only 48 business schools worldwide have received the triple crown.
Solid Rankings
N°1 in France for Education and Research in Finance in 2010 and 2011 – Le Point Magazine
N°1 French Business School for its influence in the English-speaking press (2009 FT Research citations)
N°2 in France for its Recognition among Businesses – L’Etudiant - L’Express
N°5 in Finance in 2009 Financial Times Worldwide Ranking
11th Master in Management in the Financial Times Worldwide Ranking (average ranking over 3 years)
years of Excellence
Over
International Network of Academic Partners
INTERNATIONAL RECOGNITION
Among Others

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The EDHEC Financial Economics Master in Management (Grande Ecole) awards students a double
degree – the Master in Management degree and the Master of Science degree. Taught entirely in
English, this 2-year full-time programme is specifically designed to provide students with the academic
knowledge and skills required for an international career in finance. Taught on our international campus
in Nice, the Financial Economics Master in Management aims to groom future leaders and provides
an insight to several fields of finance.
5 reasons to choose the Master in Management
Double degree (the Master in Management degree and the Master of Science degree)
N°1 in France for Education and Research in Finance - 2011 Le Point Magazine
Top 15 in the Master in Management - 2011 Financial Times Worldwide Ranking
Exclusive sponsors and partners: Société Générale, PwC and CFA Institute
Unique career assessment and guidance: TI&CD programme
A Programme Made for You!
MASTER IN MANAGEMENT
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Nationalities on Campus
30%

International Students
Now more than ever, the corporate world is in need of innovative, multicultural and socially
responsible leaders. EDHEC has a longstanding tradition of providing students with the global
perspective they need to succeed. Over the years, the school has build sound academic
partnerships with leading business schools and universities. We believe that the content
of EDHEC academic programmes taught in state-of-the-art campuses in Europe and in Asia
combined with the involvement of the business community and the reputation of the school
are key assets. EDHEC truly becomes a natural choice for talented graduate students who
have excellent track records and the potential for successful international careers.
Richard Perrin,
Executive Director, International relations & Marketing - EDHEC Business School

MASTER IN MANAGEMENT – FINANCIAL ECONOMICS
YEAR 1 – EDHEC Master in Management
Foundation Year « Acquiring Global Competencies »
GAP YEAR
Internship
YEAR 2 - Masters of Science
Specialised Year "Acquiring Specialised Knowledge"
MASTER IN MANAGEMENT
Analysis of Risk & Performance
This course develops the basic principles of asset pricing and provides an introduction to the
fundamentals of risk performance measurement in an asset management context.
Corporate Finance & Asset Markets
This course provides a solid grounding in the principles and practice of finance. Moreover, it develops
an understanding of the tools necessary to make good financial decisions.
Cost Accounting & Management Control
This course provides the “common ground” through which managers and accountants communicate.
Core Modules - Year 1
Year 1 is a foundation year that equips students with the technical and financial competencies
required for their intership and Year 2. The Year 1 curriculum has been specifically designed to fit
the CFA exam curriculum as closely as possible with a particular focus on economics, statistics,
corporate finance, financial analysis, options and derivatives and fixed income.
MSc in
Corporate Finance
MSc in
Financial Markets
MSc in
Management Control
MSc in
Risk & Investment
Management

Programme Structure
Courses and seminars 498 hours 58 ECTS
TI&CD 2 ECTS
Total 498 hours 60 ECTS
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Financial Analysis & Reporting
This course introduces a comprehensive
theoretical framework for financial statement
analysis that can be used in a variety of
business analysis and valuation contexts.
Implications of new techniques in risk
management for accounting and analysis will
be discussed.
Financial Econometrics
This course provides the knowledge of the
main econometrics tools used in market
finance and asset pricing. Topics include
multiple regressions, time series analysis,
unit root tests, heteroscedasticity and other
related topics.
Financial Institutions &
Markets
Students will acquire a basic knowledge of
financial markets, institutional investors, the role of financial institutions such as central banks,
intermediaries such as commercial & investment banks, insurance companies, hedge funds versus
mutual funds, and the role of regulatory authorities.
International Economics
The course reviews key definitions and economic concepts regarding balance of payments dynamics,
the determination of foreign exchange rates, and the role of shocks and of monetary and fiscal policies
in shaping the dynamics of market prices, asset values, and activity levels in open economies.

International Corporate Finance & Governance
The course analyses strategic financing decisions, adverse selection, and agency problems associated
with the three main firm policies: financing, investment and payout distribution. The effects of different
corporate governance arrangements will be explored in the context of debt and equity financing, initial
public offerings and dividend payout policies across countries.
Introduction to EXCEL & VBA Programming
An overview of Excel and VBA programming for solving financial problems.
Introduction to Fixed Income
The course develops insights into different bond portfolio strategies and provides extensive coverage
on valuation techniques for bonds.
Introduction to Options, Futures & Derivatives
This is an introductory course on derivatives. It provides students with the basic concepts of derivatives
trading and pricing.
MASTER IN MANAGEMENT
Electives
MASTER IN MANAGEMENT
Marketing of Financial Services
The course provides an application of marketing theory to the financial services industry, analyses the
new developments and trends in marketing financial products and finally raises the potential ethical
issues in financial services.
Organisational Behaviour
In this course, students will acquire a general perspective of organisational behaviour and learn about
individual, group and organisational level processes and theories. Since managing people is the most
challenging task for all organisations and an imperative for their survival, the course offers significant
value.
Strategic Management (Part I and II)
Part I of the course introduces fundamental concepts and models of business analysis. Both the
internal and external contexts of firm dynamics are examined.
Part II deals with corporate strategies and strategic options faced by companies when extending
strategic decisions. It will also examine in depth the strategies of integration, diversification and

internationalisation.
Accounting & Taxes for Holding Companies
CFA Preparation (Level I)
Financial Law & Economics
Information Systems & Governance
Interpreting Macroeconomic Signals
Merger & Acquisition Deals with
Micro Finance
Theory of Financial Crises
Corporate Law
Financial Audit with Mazars
I chose the EDHEC Master in Management because the programme is structured in a way
that allowed me to develop a foundation in finance in my first year and then to develop a
more specialised knowledge through the MSc. I had no formal background in finance and the
two-year programme is a perfect fit. The curriculum is carefully designed and students are
constantly challenged by realistic case studies. EDHEC Business School helped me discover
a lot of my strengths – both personal and professional. Vikas Sengupta (India), 2010 MIM
Student, gap year intern at Power Company - Dubai
The EDHEC Master of Science programmes are deeply-rooted into the expertise of our research centre,
the EDHEC-Risk Institute - Europe's leading research centre in applied finance. Taught entirely in English,
these one-year programmes are designed for students wishing to specialise in a specific field of finance.
Increasingly, the financial industry is demanding well-rounded specialists with a focus on M&A,
corporate finance, debt and equity financing, corporate governance, management control and risk and
asset management.
MSc in
Corporate Finance
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MASTERS OF SCIENCE
Programme Structure
Courses and seminars 360 hours 46 ECTS

TI&CD 40 hours 4 ECTS
Master’s thesis 10 ECTS
Internship
*
15 ECTS
Total 400 hours 75 ECTS
*
Mandatory 3 to 6-month internship except for the MSc in Risk & Investment Management.
A full-time position replaces the internship requirement.
MSc in
Financial Markets
MSc in
Management
Control
MSc in
Finance
MSc in
Risk & Investment
Mangement
MASTERS OF SCIENCE
The MSc in Corporate Finance is designed to focus on all areas
of Corporate Finance. Increasingly, the global financial industry
is in search for specialists with a particular knowledge of
corporate finance, debt and equity financing, corporate governance, financial accounting, M&A
and investment banking. The degree opens up the exciting possibility of working within investment
banking, private equity or corporate financial services.
Competitive Strategy
This course looks at a firm's organisation and its strategy in the context of the competitive environment
in which it operates. Topics of interest include: competitive advantage and technology with network
effects; network effect industries, late movers and the Internet World; competitive dynamics and

market entry; competitive dynamics and oligopolistic markets; small emerging market firms entry:
how do multinational giants react; competitive dynamics, entry and non-market strategies. Each
class or topic starts by an analysis of the industry structure and its competitive characteristics. It is
followed by a case study illustrating the topic at hand.
Applied Contract Theory in Corporate Finance
This course is an advanced corporate finance course that analyses corporate finance issues using
game- and contract-theoretic tools. Concepts of interest include: wars of attrition; dominance; mixed
strategies; static and dynamic games; bargaining and auctions. Classic topics such as moral hazard
problems of financial contracting, asymmetric information problems of financial contracting, agency
costs of free cash flows, dividend policy, corporate governance and control, law and finance.
Financial Analysis & Valuation
This course introduces a comprehensive theoretical framework for financial statement analysis that
can be used in a variety of business analysis and valuation contexts. Traditional earnings based
valuation is compared with more comprehensive approaches to valuation, including discounted cash
flow and more advanced residual income valuation models. Examples of studies that attempt to
empirically test these models in various business contexts are discussed. Emphasis will be placed
on the application of these theories to practical case studies. Implications of new techniques in risk
management for accounting and analysis will also be discussed.
Bankruptcy & Corporate Reorganisation
The course focuses on various corporate restructuring policies that firms carry on around the world.
Company's motivations and consequences in an international context will be analysed. Besides small
changes of operations, corporations engage in three different major types of restructuring policies:
(1) reorganisation and bankruptcy; (2) corporate transformations or asset sales; and (3) mergers or
large acquisitions. These major policies will be covered with a focus on their financial consequences
in various legal environments.
Case Studies in Corporate Finance
This course offers a series of real business case studies drawn from various industries and countries
which feature a vast array of financial decisions. Case studies will be conducted through classroom
discussions, group work, readings and lectures. Students will learn to apply advanced valuation
techniques to complex financial situations.

MSc IN CORPORATE FINANCE
In partnership with
Core Modules
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International Finance & Risk Management
International corporations need to identify and manage various risks, where market risk, credit risk
and currency risk are prominent. An international corporate financial manager needs to properly
use the various financial instruments available to set adequate and accurate hedging strategies.
Instruments involve fixed-income and currency securities and derivatives at various maturities. Other
risks involve counterparty risk, liquidity risk and operational risk.
Strategy & Financial Policy
This course attempts to deal with selected corporate finance transactions and the related strategy
reasons or implications that a company or its advisors may face. These could be situations such as
structured debt financing, mezzanine finance or LBOs. Students will attempt to build on knowledge
gained in the Corporate Finance and in the Introduction to Financial Markets modules. The course
aims to equip students with the skill sets needed to recognise financial and strategy-related situations
that they may come across in their professional lives as financial advisors or corporate managers.

Corporate Taxation
This course deals with the tax laws governing the dealings of corporate taxpayers and their shareholders.
It reviews transactions and issues in the life of a corporation, from formation to liquidation, as well as
the basics of the taxation of corporate mergers and acquisitions.
Project Management & Benchmarking
The overall objectives of this course are: (1) to get a dynamic vision of organisations through process
analysis. (2) to acquire tools to formalise and analyse processes besides assessing performance.
(3) to understand the relationship between process management and benchmarking in order to
benchmark processes and implement best practices.
Private Equity & Venture Capital
The aim of this course is to acquire a professional practice on all aspects of a leveraged buyout
transaction. The course also examines the private equity market which represents a major source of

capital for new and established private firms. Students will learn how private equity funds are raised,
structured and financed; how contracting is done in private equity markets; how to value private equity
interests; the sources of capital for private companies; the strategies to follow for value creation.
MSc IN CORPORATE FINANCE
Major in Financial Management
Major in Financial Intermediation
MSc IN CORPORATE FINANCE
Asset Securitization
Auditing
Behavioural Finance
Corporate & Investment Banking by Société Générale
Financial Communication
Financial Entrepreneurship
Information Systems & Project Management
International Accounting
International Tax Management
MATLAB
Private Banking
Real Estate Valuation & Financing
Strategic Cost Management
Seminars
Private Banking & Wealth Management
This course requires students to analyse the specific services offered by a wealth management
division, namely investment services, brokerage and financial planning as well as international and
private banking. It also examines the various client segments in the private banking sector and their
financial needs.
Project Finance
The course involves the raising of funds to finance a specific capital investment project in which the
providers of the funds are primarily concerned by the cash flows generated by the project. The goal is
to assess whether these cash flows will be sufficient to service the loans and provide an adequate

return on the equity invested in the project. This course offers students an opportunity to understand
the risk-return characteristics of unique projects from a multi-dimensional perspective.

Advanced Excel & VBA Programming
The course is designed to teach students how to programme financial applications that are commonly
used in corporate finance/capital markets, both in Excel and Visual Basic for Applications (VBA).
Ethics & Corporate Governance
This course, to some extent, addresses the ethical challenges in finance, which include financial
markets, financial services and financial management. The course makes students aware of the
relevance of ethical norms for professionals in finance and delivers helpful background knowledge for
people preparing to take the CFA exam.
Fundamentals of Corporate Law
The objective of this course is to provide an understanding of the principles of Corporate Law.
Research Methodologies
The aim of the course is to provide students with a format on how to write an academic paper. The
whole process will be covered from identifying a topic, reviewing the literature, structuring a thesis,
collecting the data, programming a statistical procedure to writing in a clear and concise style.
Electives
Société Générale and EDHEC Business School have developed a strong
relationship in recent years. With over 250 EDHEC Alumni working
for the company, Société Générale is historically the largest single
recruiter of EDHEC graduates. Société Générale has strengthened its
relationship with the school by sponsoring the EDHEC MSc in Corporate
Finance programme.
Société Générale shares its expertise and know-how in structured products and hedging (among
others) with MSc in Corporate Finance students through specifically designed case studies.
Throughout the year, Société Générale's involvement with EDHEC remains strong. Recruitment events,
business presentations and networking events will be organised and led by the Société Générale for
students enrolled in the programme. Société Générale is also a member of the EDHEC International
Financial Economics Advisory Board.

MSc IN CORPORATE FINANCE
International Accounting
International Tax Management
MATLAB
Private Banking
Real Estate Valuation & Financing
Strategic Cost Management
Corporate Programme Sponsor
I am very happy to have contributed to the validation of the MSc Corporate Finance
sponsorship. I’m sure that we will meet a lot of international talents in the coming 3 years.
We will be happy to interact with them and provide them with useful advice for their career
path. The involvement of our experts in the lectures will be a real added value to this
excellent master programme.
EDHEC graduates talents have mainly joined our Corporate & Investment Banking teams.
In the last two years, they have been performing very well in the General Inspection
graduate programme and they are now conducting audit & advisory missions all around
the world. Elise Gilbert, Campus Manager, Société Générale
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1st
Recruiter of
EDHEC Graduates
The MSc in Financial Markets enables students to further diversify their competencies by opting for
one of the two specialisations: asset management and trading. The core courses introduce students
to the main concepts of finance related to stocks, bonds, derivatives and alternative investments
as well as to the analytical tools used in the industry. Quantitative asset pricing and derivatives
pricing models from cutting edge research in finance are reviewed, as well as the techniques to
take these models to real time data, including time series analysis, Monte-Carlo simulation and
advanced econometric techniques. Broadly speaking, the major in asset management focuses
on the advanced techniques of portfolio construction and performance analysis, dynamic asset

allocation while the major in trading focuses on trading financial securities.
Programme graduates work as fund managers, security analysts, risk managers, asset allocation
specialists, hedge fund analysts or traders in asset management and brokerages companies as
well as investment banks, hedge funds, private banks and pension funds.


Financial Theory
This course introduces students to the main building blocks of modern finance theory. The course
starts with the basis of rational decision making under uncertainty. The second part of the course
introduces the capital asset pricing model (CAPM), discusses the arbitrage pricing theory (APT) and
reviews empirical evidence related to these seminal theories. Tests of empirical implications of asset
pricing models and of the efficient market hypothesis (EMH) are also reviewed.
Empirical Methods in Finance
The course offers an overview of the most-widely used econometrics tools and the way these
methodologies can be used in empirical finance, both in investment banking and asset management.
There is a strong emphasis on practical applications, with close links to the topics covered in the
MATLAB class.
Fixed Income Securities & Risk Management
This course gives students the necessary skills to understand the
pricing and management of fixed income securities. Topics include:
interest rates and risk management in bond markets; corporate
bonds; inflation-linked bonds; interest rate swaps; and securitised
assets such as MBS.
Derivatives Pricing & Hedging
This is an intermediate course on Derivatives. It provides students
with the basic concepts of derivatives trading and pricing. At the
end of the course, students will know:
i) how a derivatives exchange works;
ii) what the main differences between an exchange and the OTC are;
iii) what derivatives are useful for;

iv) what a forward contract is and how to price it;
v) what a futures contract is and how to price it;
vi) what an option is and what can be done with options;
vii) what exotic options are.
Core modules
MSc IN FINANCIAL MARKETS
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Asset Management
Drawing on the expertise developed by the EDHEC-Risk Institute, this course equips participants
with both the technical and conceptual tools that will allow them to take an active role in this fast-
evolving environment. In particular, it provides a detailed introduction to the modern approach to
portfolio management. More specifically, the course first focuses on the technical challenges involved
in portfolio optimisation with specific emphasis on the need for enhanced estimates of risk and
expected returns.
Asset & Liability Management
Asset management is essentially asset liability management. Without liabilities there would be no
need for assets. The main objective is to help students rewrite typical investment situations into
asset liability management problems. The necessary set of mathematical and statistical tools to
compute sophisticated models used by academics and advanced practitioners will be developed.
Alternative Investments
Students will acquire a good understanding and workable knowledge of the techniques that should
be part of the toolkit of anyone investing in, analysing and/or advising private and institutional clients
(and more specifically hedge funds and commodity trading advisors) on the inclusion of alternative
investments in their portfolios. The course also enables participants to assimilate the analytical
arguments used in technical publications – related to alternative investments in-house research
notes of financial institutions and practitioner-oriented journals – in order to be able to apply them.
Regulation & Risk Management
PART I: Banking and insurance regulatory frameworks for addressing risks, with a focus on credit
and market risks. The course covers Basel II & III and Solvency II frameworks and 3 Pillars, and
explains measurement methods for quantifying risks and the different approaches for allocating

capital. It also discusses the impact of the regulatory frameworks on capital markets and insurance
markets and highlights the links between the reforms, their critics and potential developments. PART
II: Due diligence in the hedge fund industry, with a focus on operational, liquidity and counterparty
risks. It explains sources of risk and key due diligence points for operational risk, liquidity risk and
counterparty risk in hedge funds and highlights enhanced best business practice recommendations.
Major in Asset Management
After extensive research into programmes and curriculums, I decided to choose the EDHEC's
MSc in Financial Markets. I was attracted by the excellent reputation of the school, as
well as most critically the design and focus of the programme. EDHEC's MSc in Financial
Markets interested me because of its focus on quantitative skills, and how these theories
apply to markets and trading. The courses had the rigour and focus that I wanted out of a
programme, and was the only school that was able to offer me that in a one-year degree.
Jay Rustulka (USA), EDHEC 2010, Senior Portfolio Optimisation Manager - E.ON Energy
Trading - Germany
MSc IN FINANCIAL MARKETS
MSc IN FINANCIAL MARKETS
Applied Microeconomics
Behavioural Finance
C++ for Finance
Credit Modelling
Continuous Time Finance
Commodities
Country Risk Analysis
Financial Entrepreneurship
Socially Responsible Investments (SRI)
Principles of Trading
This course covers the main issues relating to securities trading and securities markets. It discusses
why and how people trade, as well as the operation, structure, and regulation of securities markets.
While the course focuses mainly on equity markets, comparisons to the markets for derivatives and
other securities will be made. The course discusses what causes markets to change, how change

is affected by competition between markets, and how securities regulation hampers or promotes the
development of markets. It also further emphasises how the different market structures affect trading
strategies, trading costs, and other considerations that are important to traders.
Applied Financial Markets
The aim of this course is to wrap up product and trading skills acquired in previous core courses (fixed
income, treasury, and derivatives), while completing the range of financial market products (money
markets, credit & securitisation, mezzanine). It also gives students a global understanding of the
financial markets industry, the players and their roles and enables them to acquire the techniques and
skills necessary for operating at practitioner level in several areas within the financial markets, including
research, origination, trading, buy- or sell-side, and thus enhance investment, financing or strategic
performance. The second part of the course thoroughly explores money markets and foreign exchange
markets instruments to be able to use them for hedging or arbitraging interest-rate exposure.
Market Risk Analysis
This course analyses all aspects of market risk analysis from a practitioner’s point of view. Students
will gain insight into the fundamentals of market risk management, while at the same time learning
more about the challenges and successes organisations have had in implementing their programmes.
Cutting-edge techniques in market risk analysis are provided. Topics include: market risk identification;
risk measures (parametric and non-parametric methods); Value at Risk; model risk; liquidity risk;
forecasting volatility and correlation; decomposition and verification of risk measures; estimating risk
measures; and practical MATLAB programming techniques.
Practical Trading
The objective of this course is to give students an understanding of the use of financial instruments
by placing them in real trading situations in commodities, derivatives or other financial securities.
Sessions are conducted by professional traders in the Thomson Reuters trading room.
Major in Trading
Electives
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Advanced Excel & VBA
The course is designed to give students knowledge of how to use Excel and Visual Basic for
Applications (VBA) to financial modelling problems. Real-life problem examples will be extensively

used in the learning process. This course is designed to be essentially practical.
Ethics & Corporate Governance
This seminar provides a basic insight into the meaning and importance of values and norms in the
functioning of financial markets. Capability to analyse cases in financial ethics in an autonomous
manner. Developing an attitude of a responsible actor in financial markets.
MATLAB
This is an introductory course to MATLAB, a powerful tool for data analysis and visualisation, and
modelisation. We first describe the working environment in MATLAB and we present the basic
elements of syntax. We then describe how to import data, how to handle them using pre-programmed
functions of MATLAB, and how to export the results to use them in a presentation or in a report. We
will also study the Financial, Statistics and Econometrics Toolboxes in more detail, which extend
MATLAB capabilities in finance, statistics and model calibration.
Research Methodologies
The aim of this course is to provide students with a format on how to write an academic paper. The
whole process from identifying a topic, reviewing the literature, structuring a thesis, collecting the
data, programming a statistical procedure to writing in a clear and concise style will be covered.
MSc IN FINANCIAL MARKETS
Seminars
These courses have been designed in partnership with our Corporate Programme Sponsor, PwC
who is involved in sharing its expertise and know-how with students. The programme responds to
today’s needs for financial controllers capable of managing reporting procedures and implementing
innovative financial and management accounting solutions. It also develops additional skills such
as communication, strategy, project management and human capital management.
Advanced Finance
The course aims to develop an understanding of the corporate capital structure, strategy and
business planning process. Topics include equity, capitalisation and dividend management; IPO,
leverage; gearing and debt management; mergers & acquisitions; restructuring & spinoffs; time value
of money; enterprise valuation; working capital and cost of capital.
Organisational Controls
This course provides a clarification on control in organisation. As a transversal function, control

is closely related to other functions: strategy, structure, human resources, information systems,
etc. In this course, the link between control and strategy on the one hand and between control and
performance on the other hand will be specifically discussed. How does the strategy influence the
control system? How is the implementation of a specific strategy controlled? What are the different
kinds of performances pursued? Are the controls similar?
Strategic Planning & Control
This course is about cost and management accounting. Cost accounting is concerned with information
on the acquisition and consumption of resources. Whereas the central focus of management
accounting is on the management of organisational performance. Then, with the measurement and
reporting of financial (and other types) information, cost accounting provides a useful input into
management accounting. Our concern is to encompass both management accounting and cost
accounting, particularly stressing the management decision making process. Management control
systems (such as budgets, balanced scorecard) provide information that is intended to be useful to
managers in performing their jobs.
Measuring & Managing Information System Performance
The course focuses on the importance and characteristics of information for organisations and the
use of cost/benefit analysis to assess its value. The course will also address how to align information
systems with business strategy.
Project Management
This course proposes a process-based approach for project management providing an easily-
tailored and scalable method for the management of all types of projects. The method is the de-
facto standard for project management and is practised worldwide. It is a structured approach to
project management and provides a method for managing projects within a clearly defined framework.
Divided into manageable stages, the method enables an efficient control of resources. The course
provides a common language for all participants in the project.
MSc IN MANAGEMENT
CONTROL
In partnership with
Core modules
Auditing & Internal Control

The course aims to develop an understanding of the general nature of an audit, the objectives of an
independent audit of the financial statements, the audit planning and methodologies, audit risks and
types of audit tests.
International Accounting
In 2005, International Financial Reporting Standards (IFRS) were adopted for the first time in many
countries around the world. The IASB and the Financial Accounting Standards Board (FASB) in the
US have been committed to working towards converging the two frameworks. Despite convergence
initiatives, there are still many differences between these two standards. In this context, it is very
important to understand main characteristics and differences of the international accounting principles
(US GAAP and IAS/IFRS) with a specific focus on the IFRS framework.
Information Systems & Management Control
This course examines the basic framework for integrated management information systems (ERP).
The emphasis is on information systems for operations support including the impact of information
and communication technology on management control systems.
MSc IN MANAGEMENT CONTROL
Management Control Systems
The primary objectives of our sessions will
be on process and structure of an efficient
management control and systems designed to
achieve results control. This type of management
control is largely dominant in the vast majority
of organisations - it has a decidedly behavioural
focus and requires performance measures,
evaluations as well as the provision of incentives.
Operations Management
The course focuses on the relationships between
operations and cost control management in
an industry perspective. The course will also
address how to improve global performance in
inventory management through supply chain and

manufacturing, with the implementation of total
quality management tools.
Principles of Business Taxation
In an open and competitive world operations
are international, tax is a permanent issue
to deal with as it is fully part of the economic
performance of companies.
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Advanced Excel & VBA Programming
The course is designed to give the students knowledge of how to use spreadsheets to solve problems and
how to program in Visual Basic for Applications (VBA) for management control.
Ethics & Corporate Governance
The course covers the basic insight into the meaning and importance of values and norms in the functioning
of financial markets and the capability to analyse cases in financial ethics in an autonomous manner. It
help students to develop the attitude of a responsible actor in financial markets.
Introduction to Accounting
Students will be introduced to accounting principles. Upon successful completion of the course, students
will be able to: understand “the accounting cycle", define accounting vocabulary, identify the different
types of business organisations, define and use the accounting equation and explain and prepare financial
statements.
Research Methodologies
The aim of this course is to discuss the various methods of undertaking empirical research in accounting
and the presentation of the analysis. The course starts by defining accounting research and the different
steps involved in setting up the various research questions. The course then presents the historical
developments in research in accounting and develops qualitative and quantitative research methods,
including event studies and cross-sectional analysis of stock returns. The course includes a discussion of
upcoming effects of major institutional changes on capital markets and firms’ behaviour as well as training
in data collection from various sources and in project writing and presentation skills. The course puts
significant emphasis on the interaction between the development of research questions and the testing
of such questions.

Seminars
MSc IN MANAGEMENT CONTROL
MSc IN MANAGEMENT CONTROL
Corporate Programme Sponsor and member of the International Advisory Board of the Financial
Economics Track since 2009, PwC is a very active player to be engaged with. As one of the leading
audit and consulting companies, PwC aims to become the benchmark company for EDHEC students.
PWC's involvement includes delivering and animating high-quality modules and seminars on campus.
Thus, offering a unique opportunity for the company to recruit EDHEC's top talents at an early stage.
PwC also plays an active role in the EDHEC Entrepreneurship Centre. The EDHEC incubator has been
specifically designed to assist students and graduates who have chosen the exciting path of setting up
their own business venture. PwC's commitment to EDHEC goes beyond education. For instance, every
year the company sponsors events such as the renowned EDHEC Sailing Cup. PwC already includes
over 100 EDHEC alumni and since July 2010, EDHEC students have secured 16 internships and 18
job offers.
Corporate Programme Sponsor
23
Within the framework of the partnership signed with EDHEC Business School, PWC can build
a long-term relationship and engage with both students and faculty members. By listening to
EDHEC students’ needs and aspirations, we are in the best position to advise and orientate
them to achieve their career goals.
Hervé Demoy (EDHEC 1992) & Olivier Marion (EDHEC 1994), PwC Associates - PWC
MSc IN RISK &
INVESTMENT MANAGEMENT
This 13-month part-time programme, taught
in London or Singapore, trains participants to
appreciate recent and forthcoming paradigm
shifts in investment management. Equipping
them with the conceptual and practical tools
required to optimise risk and investment
management, this programme also helps

them to design novel investment solutions for
institutional, private and retail investors that
span traditional, alternative, and structured
forms of investments.
Alternative Investments
This course looks at alternative investments
from an asset allocation perspective. It
begins with a presentation of assets from
private equity and real estate, to hedge funds,
commodities and managed futures, and
alternatives (infrastructure assets, timber, etc).
The emphasis is on investment characteristics,
risk and return drivers and statistical properties
of alternative classes and investments.
The course then looks at the benefits and
challenges of integrating alternative assets
in asset allocation and discusses alternative
integration models.
Advanced Financial Analysis
This course imparts a thorough understanding of how financial statements are established and trains
participants in financial analysis. After examining specific accounting issues, the course explores
conceptual and technical problems in measuring value creation, investments in either working capital
or capital expenditure, margin analysis, a company’s financing, leverage effect and profitability. It
deals with the role of financial statement analysis in historical performance evaluation, financial
forecasting, equity analysis and valuation of companies. It provides a comparative approach to equity
analysts’ techniques and methodologies, and specifically trains participants in fundamental analysis
methods.
Empirical Finance
This course focuses on the empirical aspects of asset pricing and portfolio management and on the
econometrics of financial markets. Applications span primitive and derivative asset pricing, strategic

and tactical asset allocation, and trading strategies. Topics covered include asset return modelling
and predictability, volatility modelling and forecasting, treatment of non-linearity in data, simulation
methods, calibration and testing of pricing models and trading strategies, correlation and co-integration
analysis, econometrics of derivatives pricing, and econometrics of fixed income markets.
Core modules
London or Singapore
Part-time
programme
Foundations of Asset Pricing & Portfolio Management
This course introduces the economic and mathematical foundations of asset pricing and portfolio
management. It opens with a review of the mathematical tools required for continuous-time models
of security prices and interest rates and of the economic fundamentals for the study of individual
decisions and market equilibrium. It looks at consumption and investment under uncertainty, mean
variance theory and alternative risk measures, capital market equilibrium, arbitrage pricing theory,
derivatives pricing, interest rate models and the pricing of interest rate sensitive claims and hedging.
Performance Measurement, Analysis & Reporting
This course introduces participants to the metrics, models, and rules used to measure the performance
of investment management, to attribute it to investment process decisions and managers, and
to report it according to global standards. The course presents standard metrics for performance
measurement and advanced models for risk-adjusted performance analysis of asset management
and asset-liability management. It addresses issues such as data biases, style biases and dynamic
trading to provide for reliable performance measurement and analysis in a multi-style, multi-class,
dynamic framework. It deals with the specific characteristics of performance analysis for equity, fixed
income, derivatives and alternative investments.
Portfolio Construction & Risk Budgeting in Practice
This course is devoted to bridging the gap between portfolio theory and practical portfolio construction
and building viable, stable and realistic portfolio models. It looks at feasibility and relevance issues
with traditional portfolio models, introduces techniques to redefine the investment universe and make
covariance matrix estimation feasible, improve parameter estimates, address data limitations, and deal
with illiquid asset classes. It presents methods to implement alternative portfolio models that account for

non-normality risks, estimation error and parameter uncertainty, prior knowledge, realistic risk preferences
and transaction costs. In addition to discussing scenario optimisation, it reviews risk budgeting in the core-
satellite investing model, benchmark-relative optimisation and concludes with a survey of the limitations
of traditional indices and benchmarks and a discussion on alternative weighting schemes.
MSc IN RISK & INVESTMENT MANAGEMENT
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