HEC Paris
June & July
2016
Summer School
What we offer
Why spend your
summer at HEC
Established in 1881, HEC Paris is worldrenowned for the quality of its degrees,
faculty and research.
#5
Business School Worldwide
Ranked by the number of Fortune-Global500-CEOs trained at HEC Paris
Times Higher Education, THE Alma Mater Index:
Global Executives 2013 Top 100 Ranking
#1
Master in Finance Worldwide
Pre-experience Global Masters in Finance
Ranked #1 for 5th straight year
The Financial Times 2015
#2
Master in Management Worldwide
The Financial Times 2015
Unparalleled Access to Leading Professors
› Intensive courses (42 contact hours) taught entirely by
HEC professors and leading professionals
› Practical, hands-on approach as well as theoretical
knowledge
› Exposure to real business cases and interaction with
leading guests
Our Campus Advantage
› situated 20 km Southwest of Paris and neighboring
Versailles
› campus infrastructure offers vibrant student life and
well-priced student residences (housing included in
full program fees)
› extensive sports facilities and student venues on
campus
› language lab and library with access to vast internal
and external databases
HEC Paris Summer School Programs are two-week,
intensive programs offered in English and in French.
The Summer School is geared toward university-level
students or recent graduates with a business orientation,
entrepreneurial mindset and passion for discovery.
Summer School Programs at HEC Paris are thoughtprovoking and demanding. Summer school students
at HEC Paris will:
› Develop an international outlook as part of a highly
diverse class
› Establish a strong academic foundation with worldclass HEC professors
› Interact with leading experts
› Earn international course credit and a certificate of
successful program completion
All courses take place on the 300-acre HEC Paris
campus. Students reside in on-campus dormitories,
a step away from classes.
Learning Methods
› Team projects and case studies provide
opportunities to build critical thinking, analytical
and decision-making skills.
Session 1 Session 2
June 13 - 24, 2016
International
Finance
Inclusive and
Social Business
Investment Banking
and International
Corporate Finance
Energy and Finance
Fashion Management
Business & Geopolitics
Luxury management
Luxury management
› On-campus seminars with leading speakers
offer students the chance to interact with
outstanding leaders.
› A final exam or team presentation defended in
front of a jury of experts evaluates participants’
performance.
June 27 – July 8, 2016
Objectif Création
d’Entreprise*
* taught in French
SESSION 1
June 13 - 24, 2016
International Finance
INCLUSIVE AND SOCIAL BUSINESS
Summer Program Overview Summer Program Overview As we enter the third millennium, information technology - by crushing the cost of communications - is accelerating
the globalization of manufacturing, commerce and especially finance. News travelling at the speed of light through
the internet reaches an estimated 250,000 computer terminals in trading rooms around the world, morphing national
financial markets into one huge efficient global marketplace for capital. And yet diehard sovereigns are holding firm
onto their prerogatives of having a national currency, a national regulatory framework and a national tax code of their
own and much more. International business’ vastly expanded global reach is redefining the risks and opportunities
faced by financial executives whether they are at the helm of international trading firms, old fashioned brick-and-mortar
multinational corporations à la IBM, Nestlé or Toyota or “virtual” multinational enterprises à la Google or Facebook.
Poverty remains a strong reality in the developing world, even in countries which experience high growth rates.
It is also on the rise in many – if not all – developed countries. To fight poverty, philanthropic action, public
authorities and international institutions have shown their limits. In this intensive 2-week summer program,
students discover how forward-looking firms develop creative market-based solutions to alleviate poverty, at
times in partnership with civil society and public authorities. Students are exposed to social enterprises with
innovative business models, as well as established firms who have realized it is in their interest to develop
inclusive business models. Students will work in teams in coordination with executives from a multinational
corporation in the formulation of an inclusive business model to be presented to a Final Jury at the session close.
This introductory course is about key decisions made by treasurers or chief financial officers of exporting firms,
multinational corporations and financial institutions. It does not require prior finance training. Specifically, it
addresses the funding/financing and investment questions within a multi-currency setting. Special attention is
devoted to Risk Management (including valuation of hedging instruments such as forwards, futures, swaps and
options) as it permeates international funding and investment decisions.
The Inclusive and Social Business Summer School Program is launched by The Social Business / Enterprise
and Poverty Chair, co-presided by Professor Muhammad Yunus (Founder of the Grameen Bank and Nobel Prize
Winner 2006) and Martin Hirsch (former French High Commissioner on Active Solidarity against Poverty). The
Social Business / Enterprise and Poverty Chair is sponsored by Danone, Renault and Schneider Electric.
The intensive summer program is designed for students aspiring to careers in finance at large and small
corporations with extensive international dealings, banks, pension funds, private equity firms or hedge funds as
well as «globally reaching» financial institutions.
Learning Outcomes
Upon successful completion of the summer program, participants will be able to understand:
›T
he international monetary system and how exchange rates are set with special reference to the subprime
and the euro crisis
› Interest Rate Arbitrage and the “carry trade” or how money managers can compare the yield on short term
investments denominated in different currencies such as the US dollar, the Japanese yen, the Swiss franc, the
euro, etc. and how corporate treasurers can compare the cost of financing sourced from different currencies
›T
he dynamics of global capital markets and how debt or equity financing is no different from any other
procurement decision except that when it is international, it only means there are far more financing sources
to choose from
Learning Outcomes
Upon successful completion of the summer program, participants will be able to:
› Understand the set of reasons that prompt firms to contribute to poverty alleviation
› Describe and analyze the characteristics of inclusive and social business models which firms adopt when
fighting poverty
› Propose how firms can transform themselves when seeking to become more inclusive & sustainable
› Understand innovative ways to finance these initiatives and to market them
› Understand the pivotal role of social entrepreneurs and “intrapreneurs” inside large multinationals, both in
emerging and developed countries
› Develop and formulate an inclusive business model based on consideration of firm resources and societal
need
› Draw on insights from cutting-edge research on Inclusive and Social Business
›W
hat is at risk in international business and how firms develop risk-management frameworks within which
currency risk can be hedged with derivatives such as forwards, futures, options and swaps
›H
ow to value cross-border mergers & acquisitions or simply foreign direct investment
Laurent Jacque
Frédéric Dalsace
Affiliate Professor, HEC Paris
Associate Professor, HEC Paris
“Participants aspiring to careers in finance will benefit from an intensive mix of international
macroeconomics, international corporate finance and risk management.”
“This intensive summer program is an opportunity for students to understand
why and how firms and social enterpreneurs can contribute to solving societal
problems, such as hunger, bad housing, pollution, etc.
As part of the learning experience, participants will develop innovative,
inclusive and social business models.”
Bénédicte Faivre-Tavignot
Affiliate Professor, HEC Paris
SESSION 1
SESSION 1 & SESSION 2
June 13 - 24, 2016
June 13 - 24, 2016
June 27 - July 8, 2016
Fashion Management
Luxury Management
Summer Program Overview Summer Program Overview With Fashion weeks, new designers’ contests, influential fashion blogging, September issues… fashion receives
growing interest and encourages careers globally. Yet, behind the glossy images of fashion magazines and the
glitter of glamorous events, fashion is a complex and fast-paced business involving risky ventures and investments.
The luxury sector is a key asset in France and it requires a specific set of managerial skills and expertise. The HEC Paris
Summer Program in Luxury Management is intended for students who demonstrate the following characteristics:
• a curiosity to learn and understand the luxury business model
• an interest for different ways of doing business
• a taste for refined goods and services
To succeed in this highly competitive and risky environment, future fashion leaders need to understand fashion
business specificities to better address them and foster profit. Unpredictable trends, scarce resources, lack of
creativity, rejection from audience or ethical issues all concur to threaten fashion ventures. Fashion brand and
product management skills are crucial to overcome these challenges and develop attractive brands, creative and
desirable collections and foster collective appraisal.
Deeply rooted in Parisian fashion culture and industry, the Fashion Management Summer Program exposes
the next generation of fashion leaders to the components and drivers of fashion brand successes. Curriculum
particularly covers industry characteristics and challenges; historical roots and prospective paths; trends and
cycles; fashion brand management and collection and style development.
The objective of the Fashion Management Summer Program is to provide participants with hands-on knowledge from
expert practitioners and researchers in the field and also to encourage collective learning and skills co-production
through applied group projects and a final wrap-up group presentation.
Learning Outcomes
Upon successful completion of the summer program, participants will be able to:
› Identify key success factors for fashion ventures according to business units and markets
› Understand the major differences between fashion business models (i.e. luxury vs. mass fashion; Haute-Couture
vs. Ready-to-Wear) and fashion business units (i.e. apparel; accessories; footwear)
› Catch fashion trends and adapt value brand propositions for both brands and consumers
› Apply fashion brand and product management models
› Analyze and bolster fashion brand image
›B
uild and develop successful styles and collections according to parent brand and product category specificities
› Promote and communicate about the brand and new collections
Gachoucha Kretz
Affiliate Professor, HEC Paris
“This summer program is a unique combination: at HEC Paris, we mix an authentic passion for
fashion with a critical business orientation for long-term success.”
The intensive summer program introduces participants to key concepts and principles of luxury management.
The curriculum starts out with an in-depth understanding of luxury, its role in society and the key principles
defining it. There is a particular focus on luxury brand management as well as the strategic perspectives and
challenges for luxury brands in today’s world.
A variety of teaching methods include cases, workshops and an independent experience in downtown Paris,
which adds an action-oriented perspective to the program. Participants are encouraged to not only learn new
business principles but also to apply them in a real business setting. At the close of the two-week program,
students present their team proposals to the concerned brand managers in a Final Jury.
Although the program is intended for participants who have limited experience in luxury, the material and teaching
methods are designed in a way that will provide a challenging experience for those who already have some knowledge
or experience in the luxury industry.
Learning Outcomes
Upon successful completion of the summer program, participants will be able to:
› Achieve familiarity with the luxury sector, its products and services
› Understand the key specificities of the luxury business in terms of managerial practices
› Apply the key management principles in the luxury industry to make appropriate business decisions
› Describe and analyze the characteristics of a luxury brand and get a sense of the prerequisites needed to build
one over time
› Develop and formulate a luxury strategy based on the offering’s characteristics and market opportunities
› Understand the implications of a luxury strategy from a financial perspective
Session 1
Patrick ALBALADEJO
Affiliate Professor, HEC Paris
Session 2
Anne MICHAUT
Affiliate Professor, HEC Paris
“The Luxury Management Summer Program offers an engaging and
comprehensive approach to the specific business model of luxury; future
managers will gain essential tools needed to manage luxury businesses. You
will learn invaluable tools that you’ll use for the rest of your business life,
whatever your choice of career path, even if outside the luxury domain.”
SESSION 2
SESSION 2
June 27 - July 8, 2016
June 27 - July 8, 2016
Investment Banking and
International Corporate Finance
Energy and Finance
Summer Program Overview Summer Program Overview The purpose of this intensive summer program is to provide participants with the necessary skills to analyze
a company’s financial situation, determine its value and understand how it raises funds. Taught exclusively by
senior Investment Banking professionals, the program is designed for participants seeking an insider view on
how Chief Financial Officers utilize financial theories (market equilibrium, agency theory, signal theory, behavioral
finance) to make financial decisions and create shareholder value. Recent case studies and real-life scenarios
will be utilized throughout the two-week program.
The world is changing. Every year, the BRICS countries’ appetite for all sources of primary energy pushes energy
demand and CO2 emissions to a new high. The latest climate assessment by the Inter-Governmental Panel
on Climate Change in March 2014 is discouraging: if we do not change direction soon, global temperatures
will go up by approximately 3 degrees Celsius by the middle of the century. If we are serious about maintaining
the global temperature increase to 2° Celsius this century (“the 2°C challenge”), we cannot emit more than an
extra 1000 giga-tonnes of carbon emissions globally, and this “Carbon Budget” will be completely exhausted by
2040 at today’s carbon emission rate. In other words, no more than one-third of the currently proven reserves
of oil, gas and coal globally can be consumed over this century. At the same time, the number of people without
access to electricity remains unacceptably high at 1.3 billion, around 20% of the world’s population. Against this
unpromising background, events such as the Fukushima nuclear disaster and escalating tensions at the very
borders of Europe or in the Middle East today, cast doubts on the security of the global energy supply.
Participants seeking an internship or a future career in Investment Banking will benefit from the professors’
insight on how to navigate the Investment Banking application process. To complement classroom discussions,
participants will be invited to an evening networking event with Investment Banking professionals.
Although the program is accessible to finance and non-finance students alike, those admitted without an
accounting or corporate finance background may be selected for a compulsory, online accounting course before
the Summer School start, in addition to a two-hour review on Day 1 of the program.
Learning Outcomes
Upon successful completion of the summer program, participants will be able to:
›U
nderstand how to successfully apply Investment Banking tools
›U
nderstand key accounting principles and links among the 3 main financial statements
›A
nalyze a company’s financial performance
Learning Outcomes
›U
nderstand company decisions on capital structure
›A
scertain how company stakeholders work together despite diverging interests
› I dentify the ways companies raise funds (debt and equity) as well as the associated costs
›U
nderstand the methods CFOs/CEOs and Investment Bankers use to value companies
› I dentify key drivers of M&A transactions
›U
nderstand the purpose of leveraged buyouts (LBOs), their structure and means of success
Affiliate Professor, HEC Paris
Upon successful completion of the summer program, participants will have acquired a strong understanding of
the following:
› The energy industry organization, regulations and market drivers
› The geopolitics of resources (oil and gas, coal and mining)
› Producers and end-users strategies
› Analyze an M&A transaction
Ferdinand Petra
We must change the way we use energy, and we may also have to change the kind of energy we produce. The
20th century is considered as “the century of hydrocarbons and nuclear”; will the 21st century move away from
both? Will the rise of unconventional oil, gas and renewables change the face of the world? Will the long-term
fundamentals of energy be completely reviewed due to the shift of Russia’s gas exports toward Asia, or due
to the Middle East’s becoming the main destination of its resources? Will long-term importers, such as the
U.S., become major exporters? In 20 years, will energy markets become completely deregulated and global, or
will they have been re-regulated and decentralized? These are only a few of the important questions that this
program will address.
Patrick Legland
Affiliate Professor, HEC Paris
“We look forward to sharing our experience and expertise on valuation,
mergers & acquisitions (M&A) and leveraged buyouts (LBOs)
in this intensive program on Investment Banking
and International Corporate Finance.”
› Commodity price formation mechanisms
Jean-Michel Gauthier
Affiliate Professor, HEC Paris
“We all know that you need to have a background in finance to become a decision-maker,
irrespective of your business sector. What we have discovered recently is that you also need
a background in energy. Why? A successful strategy today hinges upon energy markets
and prices. The Summer School Program on Energy and Finance will offer you the energy
background that is needed irrespective of your career path.”
SESSION 2
SESSION 2
27 juin - 8 juillet 2016
June 27 - July 8, 2016
BUSINESS & GEOPOLITICS
Objectif Création d’Entreprise
De l’état d’esprit d’entrepreneur au projet personnel
Summer Program Overview Pourquoi ce programme ? Recent events in the Middle East, the crisis in the United States and in Europe and growing tensions in
the South China Sea have reminded us of how relevant political and geopolitical risks remain for decisionmakers, including those of the private sector. What seemed to be solid assumptions about how the world
worked and how stable it was are now continuously challenged by – predictable and unpredictable – events
that can unfold very quickly. Perhaps even more crucially, geopolitics is not only a dimension of global risk
but also a channel of contagion that can transform a sovereign or a liquidity crisis into a worldwide, systemic
failure of the international system.
Un nombre croissant de jeunes diplômés considère l’opportunité d’entreprendre. Alors que l’état d’esprit
entrepreneurial peut être lié à son milieu familial et sa culture, il est également associé avec la volonté d’innover.
Au-delà de ces éléments intrinsèques, l’entrepreneuriat est une synthèse de toutes les disciplines. Ainsi, les
entrepreneurs doivent :
• Maitriser la plupart des disciplines du management, notamment marketing, stratégie, ressources humaines
et finances.
• Assimiler les meilleures pratiques proposées par des entrepreneurs expérimentés.
The real issue lies in drawing operational implications from geopolitical analysis for businesses and
decision-makers. Business executives can become easily obsessed with their inboxes, and be tempted
to micromanage, isolate issues and be excessively backward-looking in their analyses as a result. In
the Business and Geopolitics Summer School Program, participants will explore how geopolitics can
help decision-makers broaden horizons and enrich their strategies by integrating global political and
macroeconomic issues.
Ce programme intensif est conçu pour les jeunes entrepreneurs qui ont un projet précis en tête, ainsi que pour
des participants tentés par l’aventure entrepreneuriale, sans projet précis pour le moment.
Learning Outcomes
Upon successful completion of the summer program, participants will be able to:
› Understand the strategic landscape in which decisions are taken
› Assess business risks and opportunities entailed by geopolitical dynamics
›M
onitor changes in the international landscape, including the likelihood of low-probability and high-impact
events (black swans)
› Integrate geopolitical analysis in the firm’s broader international and risk-mitigation strategies
› Develop a long-term, consistent strategy and vision, beyond mere day-to-day tactics
Jérémy Ghez
Affiliate Professor, HEC Paris
“The Business and Geopolitics Summer School Program lets participants broaden their
horizons and consider how what happens beyond the market can affect their activities.”
Grâce à des échanges autour de cas, de partage d’expériences, de travail d’équipe et cours, les participants
développeront une meilleure compréhension des conditions essentielles requises pour lancer de nouvelles
entreprises.
Ce programme estival fournit des concepts critiques et des outils qui sont requis par un large éventail de start-ups :
innovations numériques, haute technologie, service, etc.
A la fin du programme, les participants seront évalués sur des projets d’entreprise.
Objectifs pédagogiques
Après avoir suivi le programme, les participants seront en mesure de :
› Comprendre comment étudier un marché innovant
› Maîtriser tous les facteurs clés de succès (KSF) de l’esprit d’entreprise, en mettant l’accent sur l’équipe des
fondateurs : comment gérer les différents milieux, profils, intérêts et implications
› Identifier et obtenir le soutien au projet grâce au réseautage
› Calculer vos besoins financiers et trouver un financement : capital-investissement, dettes, subventions...
› Identifier et saisir les possibilités optimales pour recueillir des fonds ; anticiper et mettre en œuvre des
stratégies de sortie
› Convaincre les partenaires (et surtout des investisseurs) en quelques minutes ou secondes
› Concevoir et réaliser un business-plan convaincant
› Acquérir les connaissances clés sur la création d’entreprise numérique
› Comprendre les questions entrepreneuriales liées au développement durable
› Maintenir un esprit d’entreprise et éviter la peur de l’échec ; aller de l’avant avec confiance et réussite
Etienne Krieger
Professeur Affilié, HEC Paris
Frédéric Iselin
Professeur Affilié, HEC Paris
“Notre ambition : faciliter votre compréhension des principaux enjeux
stratégiques, techniques, commerciaux, financiers et humains
liés à la création et au développement d’une start-up
ou d’une entreprise traditionnelle.”
In the SUMMER…
The HEC Summer experience extends
beyond the lecture halls. Summer
students will get to know peers both
inside and outside of the classroom.
Sports
Sports are an important dimension
of summer programs at HEC Paris.
Participants have access to indoor and
outdoor sports facilities; sports events
foster team-building and leadership
development.
Culture
The HEC Paris campus neighbors Versailles
and falls at the back door of Paris, the
“cultural capital of the world”. While
weekdays will be devoted to academics,
weekends are the opportunity to explore
Paris. On weekends, buses will leave the
HEC Paris campus to take participants
directly to the city center.
Accommodation and Fees
EXPERIENCE THE HEC PARIS SUMMER SCHOOL…
Celine Lim, Amherst College, United States
“My experience at HEC Paris in one phrase: A program that embodied the very luxury
principles it taught—heritage, expertise, and unparalleled excellence.”
HEC Summer School Programs are open
to undergraduate students and recent
graduates from multi-disciplinary
backgrounds. Participants select one
program per session, and up to
2 programs during the full
summer period.
Applying is Easy
The online application includes
short-essay questions, your CV, academic
transcripts and a 50 euro application fee.
For all programs not taught in your native
language, proof of fluency (be it in English
or French) is requested. In certain cases,
an interview may be required.
Consult our website at
www.hec.edu/summer-school
or contact summerschool@hec.fr
for further details.
On-Campus Student Accommodation
Living on campus allows Summer School
students to take full advantage of campus life.
All students reside in HEC Paris dormitories,
a step away from the classroom. Residential
accommodation is included in Summer School
program fees.
Total Program Fees with Housing*
1 Program
2 Programs
2370 €
4380 €
* On-campus accommodation is included in program fees as
follows: €320 for 1 session, €580 for 2 sessions.
Total program fees include:
› Tuition fees, on-campus housing, student
card, weekend bus transportation during the
program from campus to downtown Paris.
Kamil Zielinski, Kozminski University in Warsaw, Poland
“The program was as demanding as I expected and the atmosphere was undoubtedly
remarkable. I definitely recommend this program to students who are seeking an academic
challenge and multi-cultural learning experience.”
Christopher Perron, Princeton University, USA
“HEC’s Summer School was an extremely rewarding and enlightening experience. The ability to
take classes from world renown faculty in an environment composed of students from seemingly
innumerable places and cultures was absolutely incredible. HEC’s close proximity to Paris made it
a wonderful place to study in addition to a gateway to Europe.”
Roberta Pisani, Bocconi University, Italy
“The Summer School offered me the opportunity to grow, not only from an academic point
of view but also from a personal point of view. Considering the quality of teaching methods,
I am now also considering applying to HEC for my Masters.”
Claudia Schultz, The University of Queensland, Australia
Program fees do not include:
“I chose to experience an HEC education during the summer because HEC Paris offers the
best and most rigorous academic programs in France with an unwavering connection to the
surrounding corporate eco-system. The quality of teaching and guest speakers meant that I
had the privilege to be exposed to top influencers and first movers in this business context.”
› Travel to and from HEC Paris for program
start and close, personal insurance (required),
non-refundable 50 € application fee, food,
personal expenses and anything not listed as
included.
“I learned so much about the business side of fashion, including how brands expand into
different markets. In particular, I enjoyed learning about premium and luxury brands and how
they operate.”
Emily Madrigal, Princeton University, United States
23
average age
54
nationalities
HEC Paris
Summer School Programs
1, rue de la Libération
78350 Jouy-en-Josas
France
Tél. : +33 1 39 67 70 00
Fax : +33 1 39 67 94 36
Conception : CCI Paris IDF - CICERO - Les Bluets 1204 - © photos : Biais Jean Marc / Ribu Cedric - HEC Paris
www.hec.edu/summer-school
summerschool@hec.fr