brochure_MSc_MMFE_2011_MD

8/7/2019 brochure_MSc_MMFE_2011_MD

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Master of Science

2011

MANAGERIAL AND

FINANCIAL ECONOMICS


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HEC Paris

The Leading Business School in Europe

Since the Financial Times first ever European Business Schoolranking in 2005, HEC Paris has held the #1 position as the bestBusiness School in Europe and the best MSc in Managementoffered by a Business School.

A large international academic network. HEC has prestigiousacademic partners worldwide and offers its students numerousexchange opportunities as well as Double Degrees with topBusiness Schools. In addition, HEC is co-founder of two majorinternational networks: PIM (an association of more than50 world-class business schools) and CEMS (a strategic alliance of27 leading business schools and over 50 multinational corporate

partners).

A combination of state of the art research with innovativetraining. HECs faculty is dedicated to academic research and haswell-established expertise in all areas of business. This ensuresthat the courses provided are based on the latest developments inmarket disciplines.

A campus to live and learn. HEC has one of the largest campusesin Europe with all the academic, leisure and sports facilities onecan dream of: language and computer labs; an extensive library; atrading room and restaurants Each year, the campus hosts

around 4,000 full-time students of close to 100 differentnationalities.

A large Alumni Association. HEC's Alumni Association countsmore than 44,000 members in 113 countries; professional groupshave been set up in 64 countries.

Muhammad YunusHEC Honoris Causa, Nobel PeacePrize, Co-President of the HEC

Chair in Social Business

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

and has joined ParisTech.

Michael C. JensenProfessor at Harvard, HEC HonorisCausa


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HEC MMFE

A Wealth of Assets

We live in a world of rapidly changing business and financial environ-ments. Companies are looking for candidates who can readily adaptto new situations. HEC MMFEs academic ambition is not only to trainfuture corporate managers and executives to understand and formu-late appropriate strategies to deal with todays economic and busi-ness problems but also to instill in them the analytical reflexes theywill need to solve tomorrows problems.

A 12-month intensive and selective master programAdmission to the MMFE program is highly selective. Only studentswith a proven track record from a recognized international

institution will be admitted. HECs expectations regarding theperformance of students are very high and students should expectto put in considerable effort during the program.

A balanced combination of theory and applicationsThe objective of the program is not to produce theoreticians but totrain students to become top corporate executives by equippingthem with the capacity to apply economic concepts and methods intheir work and by enhancing their understanding of the economicforces shaping the business and financial environment. A solidbasis in economics and its applications are an invaluable asset forsolving problems in all areas of management.

Hands-on business experienceNot only do MMFE students take courses but they will also beinvolved in putting their newly acquired knowledge to practicethrough consultancy work. Students will be able to take up proj-ects with well-known multinational companies, undoubtedly animportant asset for building a career in our increasingly globalizedworld.

Strong connections with the business and financial communityStudents will have many opportunities to meet business leadersand top executives from financial institutions through consultancy

projects, seminars, internships and career fairs organized oncampus.

During the program, we have access

not only to professors but also to

professionals from the banking and

consulting sector. This, I feel, has

been indispensable to me and my

classmates in terms of bridging the

gap between theory and practice.

Rachel TeoSingaporean, Alumnus 2009, Senior

Officer, Singapore EconomicDevelopment Board

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HEC MMFEA Comprehensive Curriculum

The HEC MMFE curriculum is articulated around the following elements:

Compulsory core courses provide the fundamental building blocks ineconomic analysis and empirical methods essential for understandinghow to go about formulating, analyzing, solving and testing an economicproblem. The emphasis is on developing analytical skills and reflexesthat are applicable beyond economics to other areas of management.

Specialization courses provide an in-depth understanding of two spe-cific fields: business strategies and finance. The objective is to train stu-dents to apply economic analysis to handle the issues most commonlyencountered in the formulation of business strategies and in corporatefinance and financial markets analysis. Courses include both theory andpractical applications to real world problems.

Certificate Programs correspond to a group of courses with a sectorialfocus on a specific area such as Energy and Finance, Luxury Strategies,Real Estate and Social Business. These courses provide an in-depthunderstanding of the structure, management, economics and financerelated to these sectors. Students who successfully complete all thecourses in the same program will be awarded an additional HECcertificate.

Master Thesis and Internship

Students are required to write a research-oriented master thesis dur-ing the program. They will discuss their areas of interest with the Aca-

demic Directors who will direct them towards the appropriate tutors tosupervise their work.Students must also complete a 16-week minimum internship, in Franceor abroad. First job experience will be counted as internship experience.

Students may validate previous professional/internship experience ifthe job was related to finance and economics.

Conferences

Professional Economists, Top Bank Managers, Consultancy Firms areinvited to lecture on important current economic issues throughout theacademic year.

I chose HEC because of its highreputation combined with the opportunityto study in France and thus learn asecond world language.As I already had a Bachelor degree inEconomics, I wanted to specialize morein this field. The MMFE program offeredthe intersection between business,finance and economics, which wasexactly what I sought. It gave me not onlya good understanding of economic theory

but also practical applications coupledwith very valuable insights into thefinance world and the interplay betweenfinancial and economic developments.Today I work for the Norwegian CentralBank analysing developments in thebanking sector and their potentialimpacts on the economy as a whole. Theprogram enabled me to understand boththe macroeconomic issues at play, andthe market and financial situation of thevarious banks.

Gril Bjerkhol Havro, NorwegianAlumnus 2008, Economist,

Norwegian Central Bank

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The French language

MMFE students do not needto speakFrench to follow the program as allcore courses and many electives areoffered in English. However, someknowledge of French can be usefulto enjoy the full HEC experience :become professionally biculturaland optimize networking withFrench students and alumni. This iswhy HEC Paris offers (optional)French language classes free ofcharge to its international students.


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Core Courses

Behavioral Economics

Corporate Finance Theory

Econometrics

Economics of Money and MonetaryPolicy

Game Theory

Industrial Organization

International Economics

Specialization Courses

Managerial Economics

Competitive Strategies for NetworkEconomies

Corporate Strategy

Contract Theory

Financial Economics

Asset Management: QuantitativeMethods

Economics of Banking (in French)

Financial Risk Management

Economics of Insurance

Country Risk Analysis: AnEconomic and FinancialPerspective

Diagnostic and Valuation of Firms(in French)

Fiscal Policy and StructuralReforms(in French)

Interest Rates and FinancialEconomics(in French)

Certificate Programs

Energy and Finance

Real Estate

Luxury Strategies

Social Business

(see page 9)

HEC MMFEExamples of the Course Portfolio

The course portfolio comprises Core Courses, Specialization Courses and a Certificate.

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HEC MMFEA Faculty of Excellence

The quality of an academic program depends, first and foremost on the qual-

ity of the professors. The team teaching the HEC MMFE program is made upof researchers and professional economists or managers who are amongthe best in their field of expertise.

Focus on 2 lecturers

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

My field of research is Game Theory. More specifically, I am interested in howrational agents behave in dynamic strategic situations and how their behaviordepends on the quality of the information they get. This led me to study mathe-matical models of strategic communication and information transmission.

I teach Game Theory. This course implicates model situations where severalrational agents interact strategically. This requires a good deal of abstraction anda good understanding of economic modelling. Several concrete situations may beanalyzed through game theory: political science, industrial competition, eco-nomic policy, strategy, and we shall spend time on such applications.

Nicolas LioliakisPartner, Bain & Company, Snc.

I studied philosophy before graduating from Sciences-Po and Essec. I have workedas a consultant for most of my career and joined Bain in 2006 as a partner in theFinancial Services and the M&A Practices. I head the European Merger IntegrationPractice since a lot of my work has had to do with M&A activities and the consequentpost-merger work. I have also headed successively for Crdit Agricole and Dexia NewDistribution Channels Strategy at the peak of the Internet wave. Most of my work asan advisor dealt with both organic and non organic growth strategies, from acquisi-tions to greenfield developments and joint-ventures.

I teach the course of Corporate Strategy where I aim at demonstrating through con-crete examples how analytics contribute to the decision-making process of compa-nies when designing their strategic options and roadmap. Of course corporatestrategy is not a science, it implies opportunistic thinking, requires boldness andagility in deciding and moving; but it leverages and should always leverage solid ana-lytical tools that secure the strategic thinking. In the course, we try to understandwhat steps companies should follow to make sure they don't misunderstand theirposition, their "core business" and how they can grow this core business to its full

potential. We also try to understand when and how they can "reinvent" themselves tofollow instable profit pools or changing consumer preferences.

This course should help futureexecutives to better understandhow analytics and rigorousthinking eventually protect

companies from inappropriatestrategic moves; all the more in

turbulent times where the price ofmistakes gets unaffordable.

Nicolas Liolakis

Learn conceptual tools for ana-lyzing various situations whilequestioning these concepts: theeconomic sphere is constantlyevolving and so does the theory.

Tristan Tomala,HEC Paris

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Energy & FinanceSponsored by Deloitte and Socit Gnrale.

Investment decisions have become more and morecomplex with the discovery that most currentforms of energy have a negative climatic impact.This reality requires corporations to deeply rethink

their business models, individuals to change theirbehavior, and governments to adopt visionary poli-cies.The Energy & Finance Certificate is an exceptionalopportunity for participants to confront the issuesin the sector and acquire the knowledge and ana-lytical skills that will help them make informeddecisions as important contributors to the currentindustrial revolution.

Social Business

Sponsored by Danone, private donators, and co-

presided by Muhammad Yunus, Nobel PeacePrize winner and Martin Hirsch, President ofAgence du service Civique.

The aim of the Social Business certificate is to train

a new generation of managers, aware of societal

challenges and aspiring to be part of the solution,

regardless of their professional activity. The objec-

tive is to train students innovative business

approaches that reduce poverty by offering new eco-

nomic models for both developed and developing

countries, and investigate new methods of co-cre-

ation and distribution of wealth to reduce poverty.

Luxury StrategiesSponsored by The Gucci Group.

The HEC Luxury Strategies certificate is a businessoriented certificate, seeking to provide future man-agers with in depth understanding of the uniquerules for the effective management of luxury

brands and companies. The course mostly featuresexperts in the marketing area (both academic andpractitioners). Yet, the certificate will maintain aninter-functional perspective as luxury cannot berestricted to marketing alone.

Real EstateSponsored by Unibail-Rodamco and MorganStanley.

The real estate industry has gone through profoundtransformations in the last few years, and, as such,needs professionals who are well-trained in the

complexities of real estate product evaluation andmanagement. The objective of this course is tofocus on real estate economics and finance, toextend the global reach of the real estate industryand its leading players and to provide tomorrowsprofessionals with the necessary skills to succeedin the global real estate industry.

More Certificate programs to come in Spring 2011(more information on www.hec.edu/Certificates)

Certificate Programs

The Certificate Programs, offered in the final year of studies as a complement to the specialization, is aset of interdisciplinary courses corresponding to approximately 100 contact hours as well as business

projects and other types of field work related to a given sector, sponsored by a company. Students whosuccessfully complete all the courses in the same program will be awarded an additional HEC certificate.

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HEC MMFE

Countless Career Opportunities

A vision to build bridges between academia and business is a core aim of

HEC's education. Its goal is to provide businesses worldwide with youngmanagers who are instantly operational, first-rate team players and expertsin problem solving.

The HEC Corporate Relations Department aims at facilitating the professionalintegration of students. The resources available are:

The Career and Corporate Information Center which provides studentswith files on current job & internship opportunities, online internationaldirectories, business reviews and guides on job search strategy, informationon companies in France and abroad, information on various jobs andsectors

The Career Services which organize company presentations, seminars,

conferences, round tables, mock interviews with recruiters, meetingswith alumni and job/internship events throughout the year

and Major Career Fairs

Several career fairs are organized on campus throughout the year.

International Finance Career Fair (October). 29 of the leadinginternational financial institutions (in 2009): BNP Paribas, GoldmanSachs, J.P.Morgan, RBS, Citi, Deutsche Bank, Thomson Reuters, CreditSuisse, UBS, Credit Agricole, Dexia, Ernst & Young, Exane, GE, Lazard,Leonardo & Co, Morgan Stanley, Oddo & Cie, Oliver Wyman,PricewaterhouseCoopers, RBS, Socit Gnrale, Nomura, VendmeAssocis, Tibra, Natixis, Bank of America, Barclays Capital, Rothschild.

Legal & Fiscal Career Fair (October). 30 leading international law firms(in 2009) such as Linklaters, Allen & Overy, Landwell, FreshfieldsBruckhaus Deringer, CMS Bureau Francis Lefebvre, Paul Hastings

Consulting Career Fair (November). 25 leading consulting firms (in2009) such as Accenture, AT Kearney, Bain & Company, The BostonConsulting Group, McKinsey, PricewaterhouseCoopers, Arthur D. Little,Roland Berger Strategy Consultants, BearingPoint, Beijaflore

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

International Career Fair (January). 102 world-renowned companies (in2010) from all sectors such as Coca Cola, LVMH, Mazars, Unilever,Microsoft, PricewaterhouseCoopers, Shell, Axa Investment Managers,Veolia, LOral, Canal Plus, Sanofi Aventis, Ogilvy, Dell, GE, Procter &Gamble, Air Liquide, Coty, Renault, Michelin, Nestl, Fiat, AstraZeneca

Top 10 Recruiting

Companies in 2009

Accuracy

BNP Paribas

Crdit Agricole CIB

Deutsche Bank

Ernst & Young

Goldman Sachs

McKinsey & Company

Morgan Stanley

Oliver Wyman

Socit Gnrale

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*2009 Data

Alumni Association

Founded in 1883, the HEC Alumni Association isone of the largest in France with more than44,000 members in 113 countries. It provides aplatform for the exchange of experience, ideasand information, facilitates entry into the profes-sional world and accompanies career advance-ment. Services and events include careerguidance, personal coaching, career fairs andseminars, monthly meetings with business lead-ers and an annual international managementforum drawing together major senior business

executives, experts and international businesspersonalities.

In order to ensure HEC's international reputa-tion and to maintain an active network, profes-sional groups are organized in 64 countries ofwhich the largest chapters are Paris, New York,London, Shanghai and Hong-Kong.

HEC Foundation

The HEC Foundation, a non-profit organization of

select corporate members, contributes to thedevelopment policy of HEC in the fields of:

Research

Establishing professional Chairs

Financial assistance to students and campusinstitutions

Visiting Professors Program

Development of teaching material

Innovation in the use of new learningtechnologies

Significant Employment

Facts & Figures

MMFE students are well-prepared for a career in the banking and

finance industry, in consulting as well as in the corporate strategy orcorporate finance departments in multinational companies. Theycan take up functions like credit or security analysts, loan officers,financial advisors/planners, economists, risk management, ratingsanalysts, private equity, mergers and acquisitions, consultants instrategy, corporate finance/corporate strategy officers in multina-tional corporations.

MMFE students follow the same program as the students enrolled inthe Managerial & Financial Economics specialization of the GrandeEcole and benefit from the same access to our powerful network.

The HEC Corporate Relations Department carries out annual

employment surveys for each of the HEC degree programs. Amongthe employed of the 2009 class, 66,7% found a job either beforegraduation or within 1 month after graduation and 90,6% wereemployed within 5 months. The average salary of the class: 45,161(57,400 USD, currency rate of July 2010).

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Sectors of Employment*


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On-campus:

Accommodations,

Services

and Facilities

Students can be housed in oneof the 1,350 individual roomsor 60 apartments on campus.

Among its other outstandingfacilities:

A restaurant and a cafeteria

A 474-seat lecture hall

30 lecture halls with a seatingcapacity of over 50

60 classrooms with a seatingcapacity of 8 to 35

A multimedia resourcecenter with 50,000 books,753 journals, 50 databasesubscriptions

A trading room(in collaboration with ThomsonReuters)

Open-access computers in allclassrooms; networked PCsthroughout the campus

A linguistic resource centerwith workstations

2 business bookshops A printing center

A place of worship

A spacious 1,000 m2 reception /exhibition area.

Located close to Paris and Ver-sailles, the 300-acre wooded HEC

campus is one of the largest inEurope. The campus is also close to"La Dfense", one of the largestEuropean business districts housingthe headquarters of many multina-tional companies. These companiesinteract with HEC Paris both as part-ners and as potential recruiters.

Community Life

HEC considers community life as

one of the cornerstones of its educa-tion. It develops the sense of respon-sibility, audacity and an enterprisingmind. Belonging to one or moreclubs and associations is anabsolute must on the campus! It isthe best way to make friends, meetcompany representatives, shareideals or hobbies with others, havefun and take part in an activity.

Over the years, HEC students havefounded and manage today over

120 clubs and associations (sports,culture, professional activities,humanitarian aid, public affairs).

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

International Student

Association

HEC IS is a student-run associationwhose purpose is to bring Frenchand international students togetherthrough events such as the welcome

A Place to Live & Learn

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week, "Discover France" weekendsand various on-campus activities.

HEC Students Union

Known as the BDE (Bureau deslves), the union is run by a team ofstudents who are annually elected .Its many responsibilities include wel-coming incoming students, organiz-ing concerts, theater productionsand other social events such as thefamous HEC parties and the annualHEC Gala. It also publishes the cam-

pus magazine and coordinates theactivities of the other clubs.

HEC Sports Clubs and

Competitions

HEC has excellent indoor and outdoorfacilities on campus. These include amulti-purpose gymnasium, an indoormountain climbing wall, a weighttraining room and facilities for aero-bics, fencing and martial arts.

8,000 m2 of outdoor fields includetennis courts, an athletics track andtwo rugby/football pitches.

The Sports Office is managed by apermanent staff of 25 qualified pro-fessionals and coaches who teachthe various sports offered. Eachsport has its own club, run by stu-dents in collaboration with the SportsOffice.

HEC teams compete with other uni-versities in all sports, such as theBusiness School Coupe de Francecompetition and the World BusinessSchool Rugby Tournament and LesMercuriales.

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HEC MMFE: What You Need to Know

The Profile We Value

HEC welcomes applications from candidates of all nationalities aged lessthan 27 years old the year of their application. They must also:

Be fluent in English;

Possess strong quantitative skills;

Have obtained a Bachelor degree from a non-French institution, inBusiness Administration, Economics or Finance. Candidates with adegree in Engineering, Mathematics or Physical Sciences must hold aminor in Economics or Finance.

Previous work experience is not required; the average age of the studentsis 24.

Fees and Living Costs

Annual tuition (2010-2011): 20,500.

Remaining costs (approximately 1,000 per month in 2010) include housingand food, compulsory insurance (health and civil liability), sports andleisure, phone and IT access

Funding your studies The HEC Merit based Scholarship: All admitted students may apply for

this grant.

The two main national French Scholarships (depending on yournationality):

The French Government "Eiffel Scholarship" is a merit-based grantoffered to students from certain regions. Applications for this grant areopen exclusively to November Session candidates as the yearlyapplication deadline is fixed to mid-January. To learn morewww.eiffel.asso.fr

The "Conseil Regional" Scholarship is a need-based grant offered tocertain nationalities. To learn more, please see the campusfrancescholarship finder.

Many other local scholarships are available on the Campusfrancescholarship finder, www.campusfrance.org/en/index.htm

Students may also finance the cost of their education with student loans,which typically carry low interest rates and can be paid back followinggraduation. However, in France banks generally require a guarantorliving in France

The internship period is usually paid and thereby provides students withextra financial resources.

Application Checklist

Official Academic Transcripts Two Letters of

Recommendation fromProfessors

Rsum

Official Test Score Reports:

GMAT or GRE

TOEFL/IELTS:required of internationalstudents whose nativelanguage is not English and

who have not earned auniversity degree whereEnglish was the primarylanguage of instruction.

Interview

Online Application Form

Application Fee of 100

Application Deadlines

Admission sessions for appli-cants wishing to enroll for thenew academic year in Septemberare:

November 15th, 2010(reservedexclusively for candidates witha minimum GRE(quantitative/verbal average)or GMAT score of 700.

January 15th, 2011

March 1st, 2011

April 15th, 2011

For more informationTel: +33 (0) 1 39 67 73 52/96 95E-mail: [email protected]/MSc

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A Unique Program Portfolio

Master Degrees

MSc in Management, Grande Ecoleprogram (18 months, French or English) is designed for

students who hold a Bachelor degree in any field. The 1st academic year is comprised ofgeneral business courses; the 2nd academic year is devoted to the students area ofspecialization.

Masters of Science (12 months, English) are designed for students who hold a Bachelordegree in Business and who want to acquire an expertise in a specific field of management.

Specialized Masters (12 months, French and English) are designed for students atpostgraduate level to acquire an expertise in a specific field of management.

MBA Program

Full-Time Option (16 months) and Part-Time Option (24 months)

The MBA addresses both functional and cross-functional skills through a fundamental and a cus-tomized thread to cover all areas of management in depth. Participants will, throughout the pro-

gram, enhance their leadership potential through unique learning experiences in a diverse environ-ment, developing their self-awareness and people & relationship management, to boost and changetheir career path.

PhD Program

The PhD program shapes professor-researchers, offering high quality, internationally renownedtraining. The program gives them the preparation needed to publish in leading academic journalsthroughout the world and face future research and teaching challenges.

Executive Education

HEC Paris Executive Education spans a wide range of degree and non-degree programs speciallydesigned for experienced managers and executives.

In addition to Executive MBAs and Executive Masters Programs, HEC Executive Education offersOpen-Enrolment programs, Custom Programs and Coaching.

Highlights of the program range:

TRIUM Global Executive MBA, specially designed for global executives and CEOs, is a jointdegree developed by three top-ranked schools: New York University Stern School of Business(NYU Stern), the London School of Economics (LSE) and HEC Paris.

HEC Executive MBA is a multi-site degree program designed to meet the needs of executivesand senior managers. The program is offered in 6 locations (Paris, Beijing, Shanghai, St.Petersburg and Doha) and proposes 6 Majors (Aerospace and Aviation, Energy,Entrepreneurship and Innovation, Global Business Perspectives, Luxury).

Part-time Executive Masters are post-graduate degree programs providing specializedtraining in specific areas of management such as the MSc HEC Oxford Consulting andCoaching for Change and the MSc HEC Oxford Reinventing Management.

Open-enrolment Programs are specific, short executive programs to strengthen managerialskills. More than 50 programs are offered, which last from 3 to 20 days.

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

www.hec.edu

Design & Layout

G-one Design & Page [email protected]@wanadoo.fr

Photography

Jean-Marc Biais (for HEC)[email protected]

Fotofolia

Disclaimer: The information provided herein

s subject to change without notice. HEC dis-claims any responsibility relating to the infor-

mation contained herein and disclaims any

responsibility arising from a negligence or

otherwise concerning such information.

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affiliated to

HEC School of Management

MSc Admissions

1, rue de la Libration

F 78351 Jouy-en-Josas

Tel: +33 (0) 1 39 67 73 52/96 95

Fax: +33 (0) 1 39 67 73 04

E-mail: [email protected]

www.hec.edu/MSc

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