International Program Coordinators
+33 2 23 23 47 92
Deadline for applications:
Applications will open in February 2019. Students are welcome to contact the program coordinator in order to ask questions and be informed of the applications opening date and procedure.
Students needing to apply earlier (for example applying for a scholarship), are welcome to contact the Master program coordinators in order to get individualized help in their situation. Please let us know which scholarship you are applying for and the application deadline.
September 2, 2019
End of academic year:
September 30, 2020 (including internship period
"Early bird" application form (Eiffel Scholarship application campaign and other excellence scholarships)
Please fill in the form (use the "fill and sign" command in the latest pdf version) and send it back to the Master program coordinators: firstname.lastname@example.org with supporting documents. Your email should not exceed 15 Mo.
The «Advanced Studies and Research in Finance» program is a one-year course whose main objectives are:
to prepare students to doctorate level
to prepare for the CFA® exam
to provide a solid background and training to pursue careers in the financial, banking, insurance and corporate sectors as research analysts, financial consultants or executives...
Students will acquire an up-to-date knowledge and become experts in a field of specialization.
The program allows students to choose elective topics, depending on their academic project (research or CFA preparation).
The program and supervision of students focusing on research are supported by the Research Center for Economics and Management (CREM), the only research center dedicated to Economics and Management Sciences in the western part of France.
CREM is accredited by the National Center for Scientific Research (CNRS).
The program is taught exclusively in English. It consist of eight mandatory core modules. Students will attend several seminars on financial issues, taught by invited professors and professionals from the private sector, will be given to students.
Students will also take 300 hours of French language (100 hours in September, and 100 hours during each semester).
The aim of the course is to present financial statement analysis from the point of view of the primary users of financial statements: equity and credit analysts.
The students will be able to:
- Understand how financial statements provide information regarding an enterprise;
- Prepare, audit or interpret financial information;
- Understand how the differences in accounting methods (IFRS, US GAAP) affect reported results of operations, including cash flows and ratios.
The accrual method of accounting and its implications for financial reporting: income statement and balance sheet
Cash flow statement and cash flow analysis
Ratio analysis: advantages and limits
Analysis of inventories
Long-lived assets: capitalization versus expensing decision
Allocation of capitalized costs to operations (depreciation, impairment and restructuring)
Long-term liabilities: analysis of varying forms of debt, off-balance-sheet financing techniques (leases)
The analysis and use of Financial Statements, G. I. White, A. C. Sondhi, D. Fried; Wiley, second edition
Financial Analyst Journal, CFA Institute
CFA Magazine, CFA Institute
Understand the essential elements of financial statements analysis
Skills to be acquired
Understand the essential elements of financial statements
The aim of the course is to give students a general understanding of the numerical methods that have early been introduced in Finance to deal with situations where it is impossible to derive analytical results. Among the broad set of available numerical methods, the course will insist on the Monte Carlo simulation technique (and variants) as well as a number of tree approaches such as the binomial tree and the trinomial tree. My aim is also to highlight and illustrate (through examples) both the opportunities and the challenge these approaches represent. For instance, the simulation approach essentially relies on our capacity to “discretize” the continuous process (hypothesized for modelling the dynamics of the underlying asset price). The tree approach must be carefully adapted to account for path-dependency. As a by-product, I will present in this course a number of exotic options for which no analytical pricing formula exists.
At the end of the course, the students will be able to implement a number of techniques (from the MC simulation approach and the lattice approach) to price exotic options… For pedagogical reasons, one will use Excel© to explicit and highlight all the details. But nothing prevents the students to come and use other devices useful for numerical methods (R, matlab, mathematica).
Lecture notes… as well as many articles.
Standard knowledge in probability. Assessment method Project.
The aim of the course is to present the core material, tools and concepts of Mathematical Finance. These devices are very useful in Finance to model the financial market, to describe the dynamics of asset prices, to price financial assets and in some cases to understand how people decide. After a general overview of useful probabilistic concepts, one will insist on some elements picked from stochastic processes and stochastic calculus. One will study and apply the Brownian motions, the Levy processes, the Ito’s lemma and the Girsanov theorem among many other things. This course is taught in parallel with the “Computational Finance” course. As a result students can have some deep understanding and intuitions of what stochastic processes can provide.
Skills to be acquired
The students will develop a financial intuition of what concepts of advanced probability can provide in Finance. They will understand in depth some formulae very popular in Finance. They will be able to make simple stochastic calculus on their own.
Lecture notes. A full bibliography is provided in the lecture notes.
Standard knowledge in probability.
Linear regression is the most basic tool of an econometrician and is widely used throughout finance and economics. It attempts to model the relationship between two or more variables by fitting a linear equation to observed data. Using the suitable methods and techniques, the objectives of regression analysis are to analyze movements in an economic variable by reference to movements in one or more other economic variables. Linear regression’s success is owed to two key features: the availability of simple closed form estimators and the ease and directness of interpretation.
There are two types of linear regression, simple linear regression and multiple linear regressions. In simple linear regression a single independent variable is used to predict the value of a dependent variable. In multiple linear regressions, two or more independent variables are used to predict the value of a dependent variable.
There are broadly three types of data that can be employed in quantitative analysis of financial problems: time series data, cross-sectional data, and panel data. A cross-sectional regression is a type of regression in which the explained and explanatory variables are associated with one period or point in time. This type of cross-sectional analysis is in contrast to a time-series regression in which the variables are considered to be associated with a sequence of points in time. Panel data have the dimensions of both time series and cross-sections. The panel data, also called longitudinal data or cross-sectional time series data, are data where multiple cases (people, firms, countries, etc.) were observed at two or more time periods. Following these distinguished types of data, the course is divided into three units.
In the empirical work, this course uses R software to analyze the relationship between variables. R is an open-source software programming language and software environment for statistical computing and graphics. The R language is widely used among statisticians and data miners for developing statistical software and data analysis.
The students will be able to
1. Linear regression analysis with cross-sectional data
2. Linear regression analysis with time series data
3. Linear regression analysis with panel data
I. Econometrics and Statistics Textbooks on Finance
1. Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data. MIT press.
2. Wooldridge, J. M. (2012). Introductory Econometrics A Modern Approach
3. Greene, W. H. (2003). Econometric analysis. Pearson Education India.
4. Hamilton, J. D. (1994). Time series analysis. Princeton: Princeton university press
II. R Software
1. Carmona, R. (2014). Statistical Analysis of Financial Data in R. Springer Texts in Statistics.
2. Chambers, J. (2008). Software for data analysis: programming with R. Springer.
3. Daróczi, G., Puhle, M., Berlinger, E., Csóka, P., Havran, D., Michaletzky, Vidovics-Dancs, A. (2013). Introduction to R for Quantitative Finance. Packt Publishing Ltd.
4. Goulet, V. (2014). Introduction à la programmation en R.
Financial derivatives are important in allowing parties to mitigate and transfer risk. Understanding derivatives and their pricing will allow students to manage market volatility. Options, swaps, futures and forwards are the most important derivative financial instruments used to manage risk. This derivative course gives students the tools needed to understand, analyze and price such products.
The aim of the course is to give to students solid foundations in portfolio management.
The students will be able to analyze the needs of investor and customers, to compute efficient portfolio using various techniques and contexts, to detect and analyze various investment methods and to assess the performance of portfolios.
Bodie, Kane, Marcus Investments McGraw-Hill
Basic knowledge in optimization and statistics
This course presents the foundation of corporate finance with an emphasis on capital structure decisions. The main objective of the course is to provide the conceptual background for understanding and analyzing the capital structure of firms in the market environnement.
This course will cover important topics and recent developments in capital structure theory. The goal of this class is to familiarize you both with original papers in the field and current researches in this areas.
Part 1 - Introduction to corporate finance : First principles of corporate finance
Part 2 – Financial Structure and Firm Value
Part 3 - Financial Choices and security design
The aim of the course is to initiate students to several topics in corporate finance and governance and to learn about the main questions and theories in this area.
Chapter 1 : Financing decisions
Chapter 2 : Investment decisions
Chapter 3 : ownership structure as an internal mechanism of corporate governance
Chapter 4 : Board of directors as an internal mechanism of corporate governance
Basic knowledge in accounting and financial analysis
Basic concepts in corporate finance
The aim of the course is to initiate students to advanced econometric methods used in empirical finance and to help them to manipulate softwares and to manage different databases.
The students will be able to:
Basic concepts in econometrics, advanced statistics and mathematics
The objective of this course is to familiarize the students with performance measurement methods used in the banking sector.
By developing the concept of efficiency, we shall favor the approaches according to DEA axiomatic.
At the end of the course, the students will have to be able to develop, under excel, basic and extended DEA models
The aim of the course is to present to students the main methods of risk management in banking and to learn about banking regulation in general and capital regulation in particular.
Hull “Risk management and financial institutions”, 2nd Edition.
Basic concepts in statistical methods and probabilities
The aim of the course is to be initiated into the VBA programming language
The students will be able to create a VBA macro based on objects defined by the active excel session & read and or record actions in a VBA macro.
Getting Started with Excel VBA Programming
How VBA Works with Excel
Communicating with your users
Examples and exercises
Excel VBA Programming for Dummies by John Walkenbach
Good knowledge of Excel
Knowledge of Visual Basic is NOT required
This is a capital market course that describes important fixed income securities and markets. It will emphasize traditional bond and term structure concepts as well as current events and securities affecting the functioning of these markets.
Knowledge of mathematical statistics.
The aim of the course is to explore in-depth the properties of options and those of the option markets. One will insist especially on the management of options and on the implied volatility and related concepts. These subjects are rarely covered that way.
The students will be able to understand the challenge faced by the option sellers and many aspects of the option markets…
Mastery : of the main models of portfolio optimization and of portfolio insurance strategies
The students will be able to imlement portfolio optimization and portfolio insurance strategies
Chapter 1. Portfolio management
Chapter 2. Advanced methods of portfolio management: Portfolio Insurance Strategies
Financial theory level Master 1
The aim of the course is to propose several topics on the theme of corporate finance in order to help students to develop their master thesis.
The students will be able to understand research papers in corporate finance theory (notably in Real Option Theory)
Avinash K. Dixit & Robert S. Pindyck, Investment under Uncertainty, Princeton University Press
The aim of the course is to better understand macroeconomic news articles and financial institutions’ research, in order to take investment decisions and/or interact with market professionals, and to prepare for the CFA Level 1 economics exam.
Basic concepts in macroeconomics
Risk management has become progressively more important for all corporations in the last few decades. Financial institutions such as banks and insurance companies are concerned with providing a good trade-off between return and systemic (non-diversifiable) risk for their investors. They are also concerned with total risks (systemic plus non-systemic) because of the bankruptcy costs arguments. However, there is another reason why most financial institutions carefully monitor total risks. This is that regulators require them to ensure that the probability of a bank or an insurance company experiencing severe financial difficulties is low.
Risk management is the process of identification, analysis and acceptance or mitigation of uncertainty in investment decisions. In other words, the role of risk management is to understand the risks of an investment that the company is currently taking and the risks it plans to take in the future. It must decide whether the risks are acceptable and if they are not acceptable, what action should be taken given its investment objectives and risk tolerance.
There are two broad risk management strategies open to a financial institution. One approach is to identify risks one by one and handle each one separately. This is referred to as risk decomposition. The other is to reduce risks by being well diversifying. This is referred to as risk aggregation. The objective of this course is therefore twofold. The first one is to give a view of how risk measurement techniques are quantified in almost every single market. Each technique is deeply associated with its specific market and cannot be applied directly to other markets. The second objective (main objective of the course) is to present an integrated way to deal with different markets and different risks and to combine all of the factors in a single number which is a good indicator of the overall risk level: Value at risk.
The students will
The aim of the course is to discuss with students research methodology and to show them how to efficiently read and understand a research article.
The students will be able to :
Different research articles in finance.
Basic concepts in different areas of finance: corporate finance, governance, banking and financial markets.
TOEIC test preparation
Online Training (TOLPC)
The overall purpose of the seminar is to provide participants with an understanding of the critical mechanisms by which governance is developed and implemented within markets and organizations. In that context, a firm’s accountability, toward investors and other stakeholders, is an essential dimension of governance. Hence, particular emphasis will be given to the interface between governance and financial reporting/disclosure. The guiding principle underlying the seminar is value creation (financial or economic), either in confronting governance challenges or in assessing the implications from governance-driven decisions.
More specifically, by the end of the seminar, participants should be able to:
While the seminar’s conceptual and empirical foundations are North American, they will extend into the international sphere through appropriate readings, cases and illustrations
Political and Legal Perspectives on Governance
Boards of Directors and Monitoring
Bibliography (Selected references)
Background and Support Readings
Tuition fees for the academic year: 6 500 EUROS. They include 300 hours of French for the regular program, and 200 hours of French and intensive preparation for the CFA®.
Enrollment fee to the CFA exam is not included. This does not include the CVEC (Student and Campus Life Contribution, 90 € for 2018-2019) and other living expenses.
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