Finance

Teaching

Our students benefit from a broad curriculum in the different domains of corporate finance, banking and financial markets. The Department’s pedagogy is based on solid theoretical fundamentals, case studies and practical work. To reach this objective, we partner with Bloomberg and LSEG (Refinitiv) to host Financial Markets Labs equipped with their terminals on each campus. Students enjoy a hands-on learning experience with their data and analytics, which supports the concepts taught by our faculty and prepares them for the practice of the industry.

Students who specialize in one of our Finance programs often pursue careers in financial management of private or public businesses, in commercial and investment banks or in asset management companies.

More specifically, the Finance Department offers one Major in the Grande Ecole Program: 

In the first semester, students embark on a 6-course journey through the fundamentals of finance, carefully curated to provide students with a solid understanding of the intricacies of the financial landscape. The Major covers the following compulsory courses:  Firm Valuation, Sustainable Finance, Long-term Financing and Debt Securities, Derivatives and Real Options, Risk Management and Portfolio Management. This first semester ensures students build a strong foundation upon which they can construct their specialized expertise and select one of our three specializations for the second semester.

> Corporate Finance and Strategy

The Specialization in Corporate Finance and Strategy trains students on decision making techniques in corporate finance from the perspective of a CFO or financial director. It combines Corporate Finance skills with sustainable decision making all put together to assure a sound strategic growth of the company.

This Specialization offers training in the following topics: Advanced Corporate Finance, Advanced Financial Statement Analysis, Multinational Financial Management, Corporate Governance, and Entrepreneurial Finance. The Specialization also offers a computer-based problem-solving course where students, backed with real life corporate data, learn how to make optimal and sustainable decisions.

Career opportunities for students joining the Specialization include positions as Corporate Finance Analyst, M&A Analyst, Private Equity Analyst and Treasurer.

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> Corporate and Investment Banking

The Specialization in Corporate and Investment Banking immerses students in the intricacies of financial intermediation, mergers and acquisitions, capital raising (Debt and Equity), and financial advisory. It is the pathway for those who dream of making strategic financial decisions that shape the destinies of corporations inside financial institutions. The courses offered are Financial Intermediaries, M&As and Corporate Restructuring, Computer-based Problem Solving, Regulation and Compliance, Macro-Economic Environment and Monetary Policy and Reporting for Banks.

Students choosing this Specialization pursue careers as financial business developer, corporate banking relationship manager, credit analyst, and compliance and regulatory positions.

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> Asset and Risk Management

The Specialization in Asset and Risk Management aims to train students in financial markets.

This Specialization delves into advanced portfolio and risk management techniques as well as into the intricacies of trading and exchanges. It is a pathway for those who seek to work within financial markets and become traders, portfolio managers, sales, quant analysts and alike. The course offering is as follows: Multi-asset Portfolio Management, Advanced Risk Management, Trading and Exchanges, Computer-Based Problem Solving, Alternative Investments and Financial Engineering.

This Specialization prepares students for roles in financial analysis, asset and risk management, trading or financial advisory.

The Department also offers one Apprenticeship program for students wishing to combine a solid education in finance with a hands-on experience in companies:

> Financial Institutions: Risk Management and Compliance

The Apprenticeship Program in Financial Institutions: Risk Management and Compliance is designed for students wishing to meet the expectations of the main financial institutions concerning the different professions of banking, insurance and asset management from a risk and compliance point of view.

This Master program includes courses on the legal environment of financial institutions (credit, market and operational risk) and compliance (financial security and protection of clients’ interests), but also courses on insurance, wealth management and asset management.

At the end of the program, students can apply for positions as risk analysts or compliance officers, but also for positions as analyst, business manager, or wealth or asset manager.

Two Specialized Master Programs complement our portfolio:

> Master in Finance

The Master in Finance (Paris campus) allows acquiring strong foundations in finance, thus providing for a wide choice of jobs upon graduation. It is intended for students wishing to enhance their expertise in financial analysis and investment management.

The program helps develop and sharpen technical (Quantitative Methods, Financial Econometrics) and analytical skills (Financial Statement Analysis, Corporate Finance, Mergers and Acquisitions), mastery of financial instruments (Financial Markets, Bond Markets and Instruments, Derivatives) and valuation methods (Firm Valuation, Advanced Firm Valuation), as well as asset management (Portfolio Management, Active Portfolio Management, Private Wealth Management) and risk management skills (Credit Risk Management, Market Risk Management). Students also learn the importance of ethics and sustainable development in finance (Ethics and CSR in Finance, Sustainable Finance) and programming and data management for professional projects (Excel Advanced Functions and Data Mining – Query and Power BI, Python for Finance). Tools and techniques covered in various courses are illustrated by making extensive use of Bloomberg and LSEG (Refinitiv).

Students also have the opportunity to participate in prestigious finance competitions, such as the CFA Institute Research Challenge in equity analysis or Moody’s Challenge in credit analysis.
This Master program has been accepted into the CFA Institute University Affiliation Program and provides support to the students sitting for the CFA Exam. Some of the roles held by the program’s alumni include Financial Analyst, M&A Analyst, Corporate Finance Associate, Investment Officer, Risk Manager, or Wealth Management Specialist.

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> Master in Banking, Capital Markets and Financial Technology

The Master in Banking, Capital Markets and Financial Technology (Lille campus) provides students with the opportunity of acquiring advanced knowledge and practical skills in investment banking and in the functioning of financial markets with a strong focus on supporting their development through the different aspects of financial technology. It is intended for students seeking to pursue a career in investment banking and in the equity, debt, or derivative markets working for financial conglomerates, independent financial institutions, asset management firms or Fintech companies.

Throughout the program, students cultivate a diverse array of advanced skills, spanning technical proficiency, programming, and analytical capabilities. They engage with courses covering Quantitative Financial Analysis using R, Machine Learning, Reporting for Financial Instruments, Risk Analysis and Management, Data Analytics, Python and R programming, alongside Computational Thinking courses tailored for finance applications. The curriculum delves comprehensively into financial instruments such as Capital Markets, Investments, Fixed Income, Derivatives, Financial Regulations, and International Finance. Additionally, students explore topics in valuation, funding, asset management, and trading, including Equity Analysis, Banking, Corporate Financial Transactions, Private Equity, Venture Capital, Equity Portfolio Management, Fixed Income Portfolio Management, and The Trading Desk: Key Tools to Trade in Global Markets. The program also emphasizes Sustainable Finance and ethical considerations within the financial domain, enriching the learning experience and fostering an understanding of the ethical dimensions inherent in finance.

Moreover, students extensively utilize Bloomberg, WRDS and LSEG (Refinitiv) to engage with various topics and assignments across multiple courses, many of which are conducted in the Financial Markets Lab. Furthermore, our Master’s program has a partnership with the London-based Chartered Institute for Securities and Investment (CISI). This partnership allows students to pursue certificate programs, such as Ethical Artificial Intelligence. The curriculum seamlessly integrates the content of CISI’s International Introduction to Securities and Investment, offering students the chance to pursue the corresponding Level 3 qualification.

Some roles occupied by program alumni include Investment Banking Analyst, Financial Analyst, Private Equity Analyst, Wealth Manager, Portfolio Manager, Risk Manager, and various other financial industry positions. The diverse skill set and knowledge gained through the program prepare graduates for a wide range of career opportunities.

Executive Program

Finally, the Department also offers an Executive Master in Financial Management (MSDF)  targeting executives with the potential and the ambition to become Finance directors, by developing the participants’ expertise, know-how and interpersonal skills. Our participants constitute a diversified profile sample with a vast majority having accumulated more than 10 years of professional experience in their field.

For those whose wish is to change or switch jobs, the Program offers a unique opportunity to widen and broaden the scope of job positions they could potentially apply to in start-ups as well as large corporate entities.

Research, Expertise & Corporate World

Risk and Asset Management. Our research team deals with the valuation of financial assets, portfolio construction, market-timing and stock-picking strategies, high-frequency trading, market microstructure, insider trading, environmental economics and finance, alternative investments, as well as the estimation and management of the volatility and every source of financial risk.

Banking, Monetary Policy and Financial Regulation. Our research relates to the behavior of financial institutions, the health of the financial services industry, and the economy. Selected research topics include the implementation and the transmission of monetary policy, interaction between the balance sheets of financial institutions and market liquidity, the functioning of interbank markets, the stability of financial markets and institutions, banking and the real economy, as well as the regulation of the financial system (capital requirements, systemic risk, etc.). 

Corporate Finance and Governance. Our researchers also work on research related to the financing, the investment policies as well as the governance of corporations. Selected research topics include agency problems between different stakeholders, compensation arrangements with managers, investment and financing decisions, mergers and acquisitions, corporate social responsibility (CSR), corporate ownership and governance structures. 

iQuant Research Group. The iQuant research group produces state-of-the-art research designed to be published in internationally recognized journals in finance as well as to provide policy recommendations that are useful to public authorities.

Academic staff of the Department

Research Seminars of the Department

We believe that collaboration, discussion and exchange are essential to fostering a positive environment for academic research. With this spirit, the School actively encourages and promotes the organization of research seminars, workshops and conferences.

See the Research Seminars