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PhD in Finance

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The Finance PhD program at HEC Paris provides students with rigorous training in financial economics delivered in a vibrant research department.

Our stimulating research environment allows PhD students to grow as researchers and to obtain jobs in top academic institutions at the end of the thesis.

Why are HEC Paris PhD graduates so successful in the academic job market?

The first ingredient is rigorous training. The HEC Paris finance department partners with the economics department at IP Paris to provide students with solid training in finance + economics + econometrics.

The second ingredient is the excellence of the faculty. Finance professors at HEC Paris publish in top academic finance and economics journals and hold editorial positions in journals such as the Journal of Finance and the Review of Financial Studies.

The third ingredient is the collegiality of the HEC Paris finance group. Ph.D. students have numerous opportunities to interact with faculty and discuss research. Some of these opportunities happen in organized events: courses, weekly research seminars, pre-seminar workshops, weekly internal seminars, annual Ph.D. workshops, mock job market interviews in the final year of the thesis, and so on (see below for more information on these events).

Research interactions also and perhaps mostly happen informally. If you come to the HEC Paris Finance department, you will find that doors are open and you will probably find professors and students chatting about research at the coffee machine. Students can present their research in the internal research seminar. When faculty or students want to learn about a research field, they set up a reading group inviting interested faculty and students to read papers together and discuss research ideas.

The HEC Paris Finance PhD program is relatively small compared to the size of the faculty. We usually hire two or three PhD students per year and the department has about twenty research faculty. This high faculty-to-student ratio fosters the quality of interactions between students and faculty.

Our connections in top universities around the world allow PhD students to spend a semester or a year visiting another university.

Demonstrate your commitment and readiness to succeed in business school by taking the GMAT exam – the most widely used exam for admissions that measures your critical thinking and reasoning skills.

Download the GMAT mini quiz to get a flavour of the questions you’ll find in the exam.

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Master in Economics & Finance

The program welcomes high potential students and recent graduates from around the world. The initial selection is based on the evaluation of all the application elements. Pre-selected students are then invited to a challenging interview (on Skype or on campus).

Hold a Bachelor or Master's degree from an international institution 

HEC Paris welcomes applications from candidates of all nationalities. They must hold a Bachelor degree (or higher) in any discipline. Prior training in statistics and calculus is required. Previous work experience is not a requirement but can be an asset.

The selection is a 2 phase process:

• A first selection is made based on the evaluation of your application and supporting documents.
• The pre-selected candidates will then be invited for a face-to-face or Skype interview.

Apply online at:  hec.edu/applytomasters/ ​  

Supporting documents to be up-loaded before the application deadline:

• Degree certificate(s) or current enrollment certificate
• All official academic transcripts obtained in a higher education institution (exchange programs included) with official GPA
• Résumé (CV)
• GMAT and GMAT Focus : If taken online, please upload a screenshot of your results to your application and send your official score report to our institution via mba.com
• GRE and GRE shortened version : Please upload your test taker score report to your application and send your scores via ETS using code 3623. A department code is not required.
• English natives (please upload a scan of your passport)
• Students who have earned a degree from an institution in which ALL instruction is conducted in English. The official language of the degree program has to be stated in the degree certificate or its supplement, or in the transcript of records
• Reference letters must be submitted by the application deadline for each round.
• We recommend asking for references at least four (4) weeks before the application deadline.
• Any reference letter uploaded directly by the candidate to their application must be in PDF format and include the signature of the referee.
• Passport-style photo
• Non-refundable application fee of €140.

APPLICATION DEADLINES NO LATER THAN:

• Round 1 : October 10th, 2024 at 12pm (noon) CEST
• Round 2 : January 6th, 2025 at 12pm (noon) CET
• Round 3: February 27th, 2025 at 12pm (noon) CET
• Round 4 : April 14th, 2025 at 12pm (noon) CEST

ADMISSIBILITY RESULTS NO LATER THAN*:

• Round 1: October 31st, 2024
• Round 2: January 28th, 2025
• Round 3: March 20th, 2025
• Round 4: May 12th, 2025

ADMISSION RESULTS NO LATER THAN 6pm (CEST) ON*:

• Round 1 : November 22nd, 2024 at 6pm
• Round 2: February 18th, 2025 at 6pm
• Round 3: April 11th, 2025 at 6pm
• Round 4: June 3rd, 2025 at 6pm

* may be subject to change

The intake will take place on Campus, the first week of September 2025.

Find out more on the admissions process

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Diversity and Inclusion

With over 120 nationalities and as many social and cultural backgrounds, the HEC Paris Community is a unique melting-pot that allows each student to better understand the world we live in.

Highlights from the 2022 Job Market Across both Econ and Finance, the list of “best interviews” has improved in 2022. Best interviews (in random order):

Our 10 students on the market have generated a total of 23 offers, 18 of them are tenure-track/long-term: Bank of Italy; Barclays QPS; Board of Governors, FED; Carlos III; Charles River Associates; CUNEF; ESCP; Durham Univ. (2); Exter; Keystone; Hunan University; Nova; Queen Mary; Rotterdam; Shanghai Jiao Tong University; Tilburg U; UV Amsterdam .  

The PhD program is designed to prepare and foster an academic career on the international job market. Recent placements include:

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Master in Finance: HEC Paris vs Bocconi vs St. Gallen

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Hello everyone,

I have been admitted to HEC, Bocconi and St. Gallen for a master in Finance, and I am struggling to know which School to choose.

About me: I am from Belgium, I speak French, English, and Dutch, this will be my first master, I ve just turned 21 years old. Gmat: 760, I love maths.

My areas of interest are: Financial Markets (not really interested in Corporate Finance ), Asset and Wealth Management, Investment Funds

Later, I would love to work in Dubai or Abu Dhabi, or in Russia (Moscow or St Petersbourg). However, this is not a necessary condition, I love London and other more common destinations for Finance Jobs too.

The amount of the tuition fees is not relevant for me at this stage, I am more interested in the placement opportunities, reputation and teaching quality of the schools.

What would you guys do if you were me? and why?

My main concern about University of St. Gallen is that their placements are almost always in Switzerland or Germany, and this school seems to have less international recognition than HEC, would you say the same?

Thanks for your precious answers!

In order to work in London, I would say Bocco >= HEC => St. Gallen But, these 3 schools are target (top tiers in Europe). HEC is near to London.

HEC is the clear winner. Not really close.

Debatable. I think in their respective markets, HEC and Bocconi outshine each other but I feel that in the eyes of UK recruiters they can be on par. Where I would highlight a difference is that I think the Bocconi MFin is seen better than the HEC MFin, but the HEC MiM is seen better than the Bocconi MiM.

Did you go to Bocconi

No, I went to a UK target. I have no horse in the HEC vs Bocconi race, just judging based on what I see here in the UK.

At undergrad, you may have a point. But at the graduate level, there's simply no contest. Just look at the placement stats.

HEC: 99% Employed 3 months post grad with 63k (euro) average starting salary. That becomes 136k (euro) 3 years after graduation. The OCR is outstanding.

Bocconi: 96% 1 year after graduation: 9 months to find a job: 91% student satisfaction. Cant find salary data.

Bocconi is good. But HEC is world class. Up there with MIT as best in the world.

mbahopeful88: Did you go to Bocconi

The Pharma Guy: Debatable. I think in their respective markets, HEC and Bocconi outshine each other but I feel that in the eyes of UK recruiters they can be on par. Where I would highlight a difference is that I think the Bocconi MFin is seen better than the HEC MFin, but the HEC MiM is seen better than the Bocconi MiM.

I totally concur.

Can you tell me why? why not even close?

Bocconi and HEC are in my opinion on par reputation-wise - maybe a very slight win for HEC. So in the end, try to choose according to your personal preferences. HSG is in my view a par below outside the German speaking regions.

Some aspects you might want to consider: Bocconi * 2-year programme with possibly additional international opportunities (including HEC). This can be a good thing, but there's also an opportunity cost to consider for the second year.

New language. You'll have to learn some Italian. Even though it's not a widely spoken language and certainly won't be useful considering your prospects, it's still an asset. Yet it might be a burden if you're not into learning a new one.

City campus

• Shorter program
• Countryside campus - About 45 minutes from Paris
• If you're a native French speaker, which seems to be the case, you'll develop an elite French speaking network. The downside, if it is one for you, is that you remain in a certain comfort zone by choosing a place where your mother tongue is spoken.

My main point is that, in the end, either school is top and the opportunities won't change much after grad, especially as you don't want to work in the local markets. Try thus to choose based on how long you want to study and where your think you'll enjoy the experience most.

A Belgian fellow

alradax: Bocconi and HEC are in my opinion on par reputation-wise - maybe a very slight win for HEC. So in the end, try to choose according to your personal preferences. HSG is in my view a par below outside the German speaking regions. Some aspects you might want to consider: Bocconi * 2-year programme with possibly additional international opportunities (including HEC). This can be a good thing, but there's also an opportunity cost to consider for the second year. New language. You'll have to learn some Italian. Even though it's not a widely spoken language and certainly won't be useful considering your prospects, it's still an asset. Yet it might be a burden if you're not into learning a new one. City campus HEC Paris Shorter program Countryside campus - About 45 minutes from Paris If you're a native French speaker, which seems to be the case, you'll develop an elite French speaking network. The downside, if it is one for you, is that you remain in a certain comfort zone by choosing a place where your mother tongue is spoken. My main point is that, in the end, either school is top and the opportunities won't change much after grad, especially as you don't want to work in the local markets. Try thus to choose based on how long you want to study and where your think you'll enjoy the experience most. A Belgian fellow

he said that he is interested in financial markets/ asset management . Bocconi, imho, is way stronger than hec in those fields. (I've talk to plenty of hec guys who told me how the programme was lacking in that aspect of finance. I ve heard positive comments on other finance-related topics though).

You might be right, I'm not familiar at all with the content of the programs! I was just considering the brand names assuming roughly equivalent courses. I just know that Bocconi's one is reputed to be highly quant focused and theoretical, which might be a factor to consider as well. And then Bocconi is a winner since (s)he loves maths.

My overall view is simply that both schools are top and going to one instead of the other won't really change future opportunities, especially in a few years after some professional experience.

I'll just throw my 2cents.

Background: BSc in Economics and Finance at Bocconi MFin will do HEC MIF next year and know/have talked to many students in both programs.

I'd say that only a fool would claim that HEC and Bocconi are on par, especially at the graduate level. HEC is clearly the best option.

Given that each program has some unique features designed to best satisfy your interests.

HEC: 1-year program - if you have previous experience the placement is unmatched: in London, it will lag slightly behind LSE /Oxbridge but if you learn French during the program you can apply to Paris and Benelux too.

Bocconi: 2-year program - great if you have close to zero working experience. The course is great, maybe better if you are interested in Capital Markets rather than Corporate Finance. Placement in Milan is great, but you will still have to compete with Italian students that went abroad and still apply in Milan. Placement in London is great, due to both the huge Alumni network and the Bocconi Brand.

Long story short: both are great programs. Feel free to send me a PM if you need more info.

404 offer not found: HEC: 1-year program - if you have previous experience the placement is unmatched: in London, it will lag slightly behind LSE /Oxbridge but if you learn French during the program you can apply to Paris and Benelux too.

I agree with a every bit of information disclosed here: - About the Better London placement given previous industry experience; - About the [slight] lag behin UK's Tier 1 programs: LBS , LSE , Oxbridge; - About opportunities in Benelux.

Be assured though, getting into the program with no previous finance experience is perfectly okay. A female italian student from the 2019 class with no previous finance experience secured 11 internship and/or full-time FO interview last fall. So don't panic.

Why is the HEC MIF ranked so high? I'm from a nordic country, and here I would probably be better off going to Imperial since very few of the recruiters actually have heard about HEC.

I am currently doing my Master at HEC and I did my bachelor in economics and finance at Bocconi (so I have a lot of friends doing MFin there). Given the fact that you speak French, I would go to HEC as it will make it easier to land jobs in France and French-speaking areas. Here lots of guys in MiM got offers for springs and a few got summers in top IBs in London (GS, JPM , Houlihan Restructuring). As for Mif at HEC I only know 2 guys who are still interviewing, all the others are pretty much done (talking about the Italian group). As for Bocconi, I know that the majority of the class managed to have offers both in London and Italy. In addition to what others pointed out (location (countryside vs city) and duration of the program), I would take into account also the fact that HEC is a Business School so they tend to have a less theoretical and rigorous approach here. On the other hand Bocconi is a University with a strong research body and focus on quantitative applications.

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