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INSEAD Course/Program Name
Application closes on
National :21 Sep
International :21 Sep

MBA Finance

 Course Level
MBA
 Type
Full Time

 Duration
10 Months
 Start month
July

 Tuition fee

International
77000 EUR
National
77000 EUR

Application fee

International 250 EUR
National 250 EUR
Department
Finance
Scores accepted
IELTS (min)7.5
TOEFL-IBT (min)105
TOEFL-PBT (min)620
GRE (avg)325
GMAT (avg)702
1

World B-School Ranking

About this course

The Finance area is committed to producing first class theoretical and empirical research, while maintaining teaching quality and entrepreneurial spirit in the development of new teaching programmes.
Goal is to be innovative in developing a truly international group with no dominant national culture.
The Finance area group consists of 20 resident faculty members, 13 residing in Fontainebleau and seven residing in Singapore, who regularly teach on both campuses.
We run an active seminar series, inviting scholars from around the world. We also devote significant resources to an internationally recognized PhD Programme.

Check further details on University website

Eligibility Criteria

Academic foundation: Bachelor’s degree or equivalent from a recognised college or university (although in exceptional circumstances, we may waive this requirement for outstanding candidates with substantial professional experience). Many of our applicants have advanced degrees but this is not compulsory. To assess your academic background, we consider the competitiveness of the institution you attended and your academic performance.

GMAT: all applicants are required to take a GMAT test as it provides us with a standardised way of evaluating candidates. While we do not have a minimum score required for admission, we advise candidates to aim for a score at or above the 70th-75th percentile for both the quantitative and verbal sections of the GMAT. Please keep in mind, however, that standardised tests are just one of several admission criteria. A high score does not guarantee admission, and a below average score does not eliminate a candidate.

In countries where the GMAT test is not offered, we will accept a GRE test instead. Similarly, a GRE test is acceptable for prospective students looking to follow the Dual Degree path. A score above 85% for the quantitative and verbal sections of the GRE is highly recommended.

Check further details on University website

Course Modules

Core Courses

Financial Markets and Valuation – P1

  • This introductory finance course covers fundamental concepts in corporate finance and capital markets. The goal is to give you a set of tools and analytical frameworks that will prove useful, regardless of your eventual career. The first part of the course covers basic valuation concepts and techniques, such as “time value of money” and discounted cash flows (DCF). It also gives you an understanding of how to make value-creating investment decisions and how to use the DCF approach to value a company. The second part delves deeper into the trade-off of risk versus return and teaches you how to apply these concepts to optimise investment portfolios. It also looks at the difference between systematic and unsystematic risk – and the implications for calculating a company’s cost of capital and market value. Finally, the third part investigates executives’ financing choices and the effect of borrowing (leverage) on risk, return and the value of the company.

Corporate Financial Policy – P2

  • Following the financial innovations of recent decades, modern corporate finance has become a highly complex area of expertise. Hence this course, which consists of three parts. The first provides you with an introduction to basic derivative securities, in particular options, futures and forwards. The main focus is on understanding how these instruments are priced, and who trades them and why. The second part covers the application of options pricing to corporate finance. It gives you an insight into real options, the valuation of convertible securities, executive stock options and risk management. The third part gives you a grounding in the traditional topics of corporate finance: financing policy (beyond the Modigliani-Miller theorem), pay-out policy (dividends versus share repurchases) and investment policy (the special case of mergers and acquisitions). The material is analytical and you will need a working knowledge of basic mathematics and statistics.

Elective Courses

Applied Corporate Finance

  • Put your insights from the core finance classes into action with this practical, hands-on course. You will apply the concepts and tools of capital structure, valuation, capital asset pricing and option pricing (among others) to a series of real-life business cases – and discover not only their benefits but also their limitations.

Advanced Applied Corporate Finance

  • Why do corporations issue increasingly complex securities? How can the success or failure of financial securities be explained? A complement to the Applied Corporate Finance course, this elective will answer such questions and bring students right up to date with new issues in the field. These include: the pricing of convertibles, warrants and PERCS; the use of option contracts in mergers and acquisitions; the protection of minority shareholders with option-like contracts; and the valuation of natural resources with option-pricing models.

Asset Management

  • The course focuses on how to think scientifically about financial instruments and how to evaluate the “real world” of investments critically. It is essential for those planning a career in investment banking or as corporate treasurers. Learn about the modern theories of investments, the empirical evidence for these theories and the current practices of the asset management industry. The main focus is on the asset allocation challenges faced by investors and the pricing of assets in the capital markets. Additional special topics include: mutual funds, pension funds, hedging, portfolio insurance, risk management, analysts’ forecasts and regulation.

Bank Management

  • Banks are not like other companies. Their valuation and management require very specific techniques – not covered in standard corporate finance courses. Hence, this elective first gives students an understanding of asset and liability management. Second, it enables students to analyse and draw strategic implications from the major structural changes occurring in the international banking markets. And third, it shows how the asset-and-liability-management framework for banks applies directly to insurance companies. References to the current financial crisis are made throughout the course.

CORE COURSES

Financial Markets and Valuation – P1

This introductory finance course covers fundamental concepts in corporate finance and capital markets. The goal is to give you a set of tools and analytical frameworks that will prove useful, regardless of your eventual career. The first part of the course covers basic valuation concepts and techniques, such as “time value of money” and discounted cash flows (DCF). It also gives you an understanding of how to make value-creating investment decisions and how to use the DCF approach to value a company. The second part delves deeper into the trade-off of risk versus return and teaches you how to apply these concepts to optimise investment portfolios. It also looks at the difference between systematic and unsystematic risk – and the implications for calculating a company’s cost of capital and market value. Finally, the third part investigates executives’ financing choices and the effect of borrowing (leverage) on risk, return and the value of the company.
 

Corporate Financial Policy – P2

Following the financial innovations of recent decades, modern corporate finance has become a highly complex area of expertise. Hence this course, which consists of three parts. The first provides you with an introduction to basic derivative securities, in particular options, futures and forwards. The main focus is on understanding how these instruments are priced, and who trades them and why. The second part covers the application of options pricing to corporate finance. It gives you an insight into real options, the valuation of convertible securities, executive stock options and risk management. The third part gives you a grounding in the traditional topics of corporate finance: financing policy (beyond the Modigliani-Miller theorem), pay-out policy (dividends versus share repurchases) and investment policy (the special case of mergers and acquisitions). The material is analytical and you will need a working knowledge of basic mathematics and statistics.

Elective Courses

Applied Corporate Finance

Put your insights from the core finance classes into action with this practical, hands-on course. You will apply the concepts and tools of capital structure, valuation, capital asset pricing and option pricing (among others) to a series of real-life business cases – and discover not only their benefits but also their limitations.

Advanced Applied Corporate Finance

Why do corporations issue increasingly complex securities? How can the success or failure of financial securities be explained? A complement to the Applied Corporate Finance course, this elective will answer such questions and bring students right up to date with new issues in the field.  These include: the pricing of convertibles, warrants and PERCS; the use of option contracts in mergers and acquisitions; the protection of minority shareholders with option-like contracts; and the valuation of natural resources with option-pricing models.

Asset Management

The course focuses on how to think scientifically about financial instruments and how to evaluate the “real world” of investments critically. It is essential for those planning a career in investment banking or as corporate treasurers. Learn about the modern theories of investments, the empirical evidence for these theories and the current practices of the asset management industry. The main focus is on the asset allocation challenges faced by investors and the pricing of assets in the capital markets. Additional special topics include: mutual funds, pension funds, hedging, portfolio insurance, risk management, analysts’ forecasts and regulation.

Bank Management

Banks are not like other companies. Their valuation and management require very specific techniques – not covered in standard corporate finance courses. Hence, this elective first gives students an understanding of asset and liability management. Second, it enables students to analyse and draw strategic implications from the major structural changes occurring in the international banking markets. And third, it shows how the asset-and-liability-management framework for banks applies directly to insurance companies. References to the current financial crisis are made throughout the course.

China’s Capital Markets

In the last 30 years, China’s capital market has evolved from non-existence to become one of the most dynamic, if not efficient, in the world. It will undoubtedly play an important role, positive or negative, in the transition of the Chinese economy. Yet China’s capital market is not well understood, and there is an obvious gap in most people’s insights. This elective attempts to fill the gap by helping participants discover the most important aspects of this market. Specific topics include: the architecture of the market, the Renminbi, the equity market, as well as the role of banks and the private capital market.

Corporate Governance: Financial Aspects

How does corporate governance affect a firm's ability to create value?  This course provides some answers, along with a deep understanding of the workings of companies.  Students learn from governance failures: the firing of a CEO, Chairman take-over battles, poor executive compensation arrangements etc.  We will also focus on successes.  After all, corporate governance is the way in which investors try to assure themselves of a return on their investment.  Above all, students will be exposed to corporate governance concepts that are immediately relevant to their own job search - regardless which sector they plan to work in.

Entrepreneurial Finance

This mini elective focuses on the deal structuring and valuation aspects of private equity. In particular, one may view this course as focusing on term sheets.  This course also has a unique segment and sector focus. - emphasizing the financing of growth firms, and of innovative firms (e.g. in the healthcare and technology sectors), and also highlighting the unique role that private equity can play in the financing and growth of family, or other closely held, firms.
If you want to learn more about PE deal structures; and in particular, the financing of growth, innovative, and perhaps emerging market firms that are subject to significant amount of asymmetric information this course is for you. It is useful not only if you want to eventually work for PE funds or related sectors such as banking or consulting firms, but also if you want to be an entrepreneur and need to understand the deal structures and the views of the PE fund investors. Maybe one day you will be at negotiation tables with the PE funds! 

Financial Derivatives and Risk Management

Financial derivatives have grown phenomenally over the last three decades – in response to unpredictable movements in exchange rates, interest rates, commodity prices and other risks. Whether you aspire to general or financial management, this course will give you essential understanding of financial derivatives: how they work; how to use them to reduce risk (hedge) or take on risk (speculate); how to measure the associated risks and rewards; and how to manage the risk of a derivative position. Instruments covered include forwards, futures, swaps, structured products, standard and exotic options – across the currency, equity, commodity, credit and interest rate markets.

Fixed Income

Fixed-income markets are bigger in size than stock markets. They represent a vitally important asset class. And, after a significant shift into equity in the 80s and 90s by pension funds and insurance companies, the tide has turned back towards fixed income. But bonds are risky. Doomsayers in the US are predicting the onset of a long-term falling market.  This elective will enable students to make their own mind up. Its goal is to cover the fixed-income markets at large.

Hedge Funds and Alternative Investments

Are hedge funds a fad or a new asset class? No longer the privilege of a small number of wealthy investors, the industry has grown spectacularly in the last five years. First, this course covers the development and the success of the hedge fund industry to date – with particular comparison to the decline of traditional fund management. Next, it teaches students about the different types of hedge funds, their style and their strategy. Finally, it offers a detailed analysis of the performance and rewards of hedge funds and their usefulness as a diversification vehicle.
 

International Financial Management

What are the implications of the internationalisation of companies from a financial perspective? This course explores the risks and opportunities presented by a world of volatile currencies, interest rates and different financial, accounting and fiscal systems. Students are taken on a journey through: foreign exchange markets; international money and capital markets; interest rate and currency exposure; the use of derivatives to manage risk; and financial innovations in the raising of funds on global markets. Students will analyse these topics from the perspectives of both financial managers and international investors.
 

Project Finance

Project finance differs from Corporate Finance in that it involves the creation of an independent project company (usually with a limited life), financed with debt and equity from the sponsoring firm(s), for the purpose of creating a single-purpose capital asset. Historically, it was used for industrial projects such as mines, pipes or oil fields, but today it is taking on a new importance, especially for infrastructure projects in the developing world. This course covers four topics: defining project finance; valuation issues and methods; financing issues; the securitisation of projects and its implications for investors.

In the last 30 years, China’s capital market has evolved from non-existence to become one of the most dynamic, if not efficient, in the world. It will undoubtedly play an important role, positive or negative, in the transition of the Chinese economy. Yet China’s capital market is not well understood, and there is an obvious gap in most people’s insights. This elective attempts to fill the gap by helping participants discover the most important aspects of this market. Specific topics include: the architecture of the market, the Renminbi, the equity market, as well as the role of banks and the private capital market.

Corporate Governance: Financial Aspects

How does corporate governance affect a firm's ability to create value? This course provides some answers, along with a deep understanding of the workings of companies. Students learn from governance failures: the firing of a CEO, Chairman take-over battles, poor executive compensation arrangements etc. We will also focus on successes. After all, corporate governance is the way in which investors try to assure themselves of a return on their investment. Above all, students will be exposed to corporate governance concepts that are immediately relevant to their own job search - regardless which sector they plan to work in.

Entrepreneurial Finance

This mini elective focuses on the deal structuring and valuation aspects of private equity. In particular, one may view this course as focusing on term sheets. This course also has a unique segment and sector focus. - emphasizing the financing of growth firms, and of innovative firms (e.g. in the healthcare and technology sectors), and also highlighting the unique role that private equity can play in the financing and growth of family, or other closely held, firms.
If you want to learn more about PE deal structures; and in particular, the financing of growth, innovative, and perhaps emerging market firms that are subject to significant amount of asymmetric information this course is for you. It is useful not only if you want to eventually work for PE funds or related sectors such as banking or consulting firms, but also if you want to be an entrepreneur and need to understand the deal structures and the views of the PE fund investors. Maybe one day you will be at negotiation tables with the PE funds!

Financial Derivatives and Risk Management

Financial derivatives have grown phenomenally over the last three decades – in response to unpredictable movements in exchange rates, interest rates, commodity prices and other risks. Whether you aspire to general or financial management, this course will give you essential understanding of financial derivatives: how they work; how to use them to reduce risk (hedge) or take on risk (speculate); how to measure the associated risks and rewards; and how to manage the risk of a derivative position. Instruments covered include forwards, futures, swaps, structured products, standard and exotic options – across the currency, equity, commodity, credit and interest rate markets.

Fixed Income

Fixed-income markets are bigger in size than stock markets. They represent a vitally important asset class. And, after a significant shift into equity in the 80s and 90s by pension funds and insurance companies, the tide has turned back towards fixed income. But bonds are risky. Doomsayers in the US are predicting the onset of a long-term falling market. This elective will enable students to make their own mind up. Its goal is to cover the fixed-income markets at large.

Hedge Funds and Alternative Investments

Are hedge funds a fad or a new asset class? No longer the privilege of a small number of wealthy investors, the industry has grown spectacularly in the last five years. First, this course covers the development and the success of the hedge fund industry to date – with particular comparison to the decline of traditional fund management. Next, it teaches students about the different types of hedge funds, their style and their strategy. Finally, it offers a detailed analysis of the performance and rewards of hedge funds and their usefulness as a diversification vehicle.

International Financial Management

What are the implications of the internationalisation of companies from a financial perspective? This course explores the risks and opportunities presented by a world of volatile currencies, interest rates and different financial, accounting and fiscal systems. Students are taken on a journey through: foreign exchange markets; international money and capital markets; interest rate and currency exposure; the use of derivatives to manage risk; and financial innovations in the raising of funds on global markets. Students will analyse these topics from the perspectives of both financial managers and international investors.

Project Finance

Project finance differs from Corporate Finance in that it involves the creation of an independent project company (usually with a limited life), financed with debt and equity from the sponsoring firm(s), for the purpose of creating a single-purpose capital asset. Historically, it was used for industrial projects such as mines, pipes or oil fields, but today it is taking on a new importance, especially for infrastructure projects in the developing world. This course covers four topics: defining project finance; valuation issues and methods; financing issues; the securitisation of projects and its implications for investors.

Check further details on University website

How to Apply

Documents Required

English language certification (Only required if English is not your native language)

We accept TOEFL, TOEIC, IELTS, Pearson Test of English (PTE) Academic, and the Certificate of Proficiency in English test. For INSEAD purposes, scores are valid for two years. With the TOEFL, please arrange to have ETS send your test scores directly to INSEAD, code 0970. For PTE Academic, the relevant code for INSEAD is:22W-R2-00. As with the GMAT, a copy of your score report is sufficient for us to begin evaluating your file. Your original test score report will only be required later on during the evaluation process.

You can also demonstrate fluency in English by a degree from a university where all courses were taught exclusively in this language. If your university degree was exclusively taught in English but in a non-English speaking country, proof that the language of instruction was English must be sent with your application.

Entry language certification (If English is your native language)

For more details, please see the Languages section. If you are unable to supply certification at the time of your application, the deadline is 1st June for the September intake, and 1st November for the January intake.

Letters of Recommendation

Two professional recommendation letters are required, providing information about your leadership and management potential. As such, at least one recommendation should come from your workplace; your current supervisor or manager is usually a good choice. The other recommendation should be from someone who has had a chance to evaluate you in a professional setting, for example, a client, a former supervisor or a colleague from your community service or extracurricular activities. Academic recommendations are acceptable but they are less likely to address our main interest, which is to assess your ability to work with and manage others as well as your potential for senior management. If you feel it would add value to your application, you may also upload an optional third letter of recommendation as part of the supporting documents.

It is important to note that your recommenders can submit their online letters to us at their earliest convenience after receiving their links, and no later than 48 hours after the application deadline, to which you are applying.

Supporting documents
Your curriculum vitae can either be on a free format or follow the format of the INSEAD official CV e-book.
Please also attach scanned copies of your transcripts and diploma and any other documents you wish to share with the Admissions Team.

Official Transcripts
Your transcripts should indicate both diploma and grades achieved from each college or university that you have attended. We accept transcripts in English or French. All others must be accompanied by a certified English translation. Each transcript must bear the official seal and signature of the institution.

The transcripts need to reach the Admissions Office by the deadline. For us to start processing your application, the transcripts may be either uploaded with the application form (scanned copies) or sent to INSEAD via post by the applicant or by the academic institution directly.
The size of each of your attachments should not exceed 1 MB. If you have more documents to send, please divide your pages and upload two lighter documents instead of a single big one.

Should you be admitted to the MBA Programme, you will be asked to send your original transcripts and degree to the Admissions Office by post. Photocopies are only accepted if officially certified by a public or professional body (solicitor, embassy, town hall, etc.).

Check further details on University website

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