MSc in Financial Engineering

This course introduces students to the core principles of investment management, blending both theoretical understanding and practical application through Python programming. By the end of the course, students will have gained a solid foundation in the fundamental concepts of finance and portfolio construction, along with the ability to implement and analyse these ideas using Python. Additionally, they will acquire the skills to work with industry-standard Python code and modules, enabling them to translate key investment and risk management strategies into Python and assess their performance. The course also equips participants to design robust strategies under conditions of uncertainty, bridging the gap between finance theory and hands-on coding practice.

Being aware of the urgency and importance of climate change is not enough to tackle it effectively. To avoid the worst climate outcomes, decisive action has to be taken. But what realistic options do we have? Since our resources are limited, is it better to act now or wait until we have more advanced and less expensive technology? How big do our abatement efforts have to be? 

This MOOC will help you understand how economists try to answer these questions and find the optimal course of action. Most important, it will give you the conceptual tools to draw your own conclusions.

The objective of the course is to build on the concepts learned in the Introduction to Fixed Income course and to deepen your understanding of how fixed-income markets work. The focus is on the government bond market and the LIBOR market, with a secondary focus on corporate credit. The purpose of the course is to blend a solid understanding of fixed-income principles with the reality of market features and products, such as bond futures, trading strategies, the role of liquidity, embedded options, etc. 

On completing this course, you will understand the components of yield (expectations, risk premia, and convexity) and relate them to real market conditions, as well as the concept of no arbitrage and risk premia. More specifically, you will be able to hedge complex interest-rate portfolios, value-risky and risk-less fixed-income instruments, and understand the essence of fixed-income trading. 

The main objective of this course is to provide you with a deep dive into the main derivatives markets, the main products traded, why they are used and how they are priced and hedged. It covers a broad range of instruments, including equity, currency, interest-rate and credit derivatives.

On completing this course, you will be familiar with the main derivative types traded in the financial markets and know which models are used for different products and why. You will analyse a structured product and determine whether the price is correct, build a simple valuation model, or determine a possible hedging strategy for a new derivative payoff. 

This course is a hands-on introduction to quantitative modeling, Machine Learning, and its implementation in the python language, with a focus on finance applications. You will cover basic theory with a focus on developing numerous practical applications via case studies. It will provide you with a solid foundation in the principles of machine learning and will provide the necessary tool to implement simple models with real data.

The objective of this course is to study cutting-edge methods to construct optimal equity portfolios that perform well out of sample. This course will provide you a solid foundation of the theory of portfolio choice and the knowledge required to implement this theory. A key component of the course is learning Python to work with various data sets to implement optimal portfolios using the theoretical models you will study in class.

This seminar aims to develop your cognitive and behavioural abilities to manage and lead effectively across cultures, particularly for students keen to pursue a career in finance. You will gain practical experience by working in international teams and learn to question stereotypes through heightened cultural awareness and a critical analysis of diverse leadership styles. 

You will learn the basic concepts of academic research and be able to apply these concepts in the research and composition of your applied master’s project. 

This is an advanced course in portfolio management in which you will address the usual financial issues like portfolio choice and asset pricing from the perspective of a long-term investor in the economy. A standing assumption is the realistic ability of traders/investors/consumers to rebalance frequently their portfolios. Horizon dependent investment strategies emerge naturally together with multifactor asset pricing models. Upon completion of the course, you will know how investment horizon tilts asset allocation as well as solve dynamic portfolio choice problems and compute equilibria in dynamic economies. 

The objective of this new course is to understand Decentralized Finance (DeFi) and the blockchain technology driving this revolution in Finance. The course will focus on studying the benefits and limitations of blockchain technology compared to traditional centralized Finance. We will examine how blockchain technology can be used to develop new ways of doing all the functions of finance: new payment methods, new methods for raising debt and equity capital, new methods for trading cryptocurrencies, and new methods for trading derivatives. You will also study whether to invest in cryptocurrencies, the exchanges used to trade cryptocurrencies, and blockchain-based projects.

The course discusses the models, techniques and applications of tactical asset allocation strategies with a focus on the application of modern portfolio management principles to bridge the gap between the theory and practice of tactical asset allocation. You will grasp the different types of asset allocation, the academic empirical evidence on the question of asset return and risk predictability and the modelling issues involved in building successful asset return prediction models. Before completion of the course, you will conduct case studies of asset allocation strategies for different investment strategies and assets – global stock and bond markets, investment styles, currencies and volatility.  

The Real Estate Economics and Investment Strategies course provides a rigorous framework for understanding the key concepts and dynamics of real estate markets, equipping students with both theoretical and practical tools to navigate this complex field. Throughout the course, students will explore how supply, demand, and policy shape real estate markets, enhancing their ability to predict trends. They will develop practical data analysis skills to assess property values, market trends, and risks, while also learning to craft adaptable strategies for property acquisition, management, and sale in varying market conditions. Students will gain in-depth knowledge of real estate investment strategies, including financing and risk management, applicable to diverse projects, and will learn how to apply performance metrics to evaluate the success of investments. Additionally, the course offers valuable networking opportunities with peers, instructors, and industry professionals, fostering connections within the real estate community.

This course introduces students to the latest advances and innovations in the financial industry, featuring presentations by renowned experts from both academia and the industry. Students will gain familiarity with long risk premia across major asset classes such as stocks, bonds, and real assets, and will understand the complexities of measuring private equity fund performance. The course also provides insights into current climate challenges and the global financial community’s efforts to address these, along with the impact of biodiversity risks on economic activity and asset prices. Additionally, students will explore the challenges of applying machine learning in finance, the role of complexity in predicting returns, and the connections between blockchain technology and traditional currency markets.

This course reviews the quantitative techniques used in the asset management industry, with a focus on currency portfolio management, systematic equity investing strategies, and liability-driven or goal-based investment solutions. Students will gain an understanding of currency hedging solutions to protect against fluctuations, as well as the characteristics and risks of systematic equity strategies. They will also explore the benefits and limitations of liability-driven and goal-based investment strategies. Additionally, students will develop skills in defining and managing currency hedging solutions, building systematic investment solutions, and creating and backtesting dynamic asset allocation strategies for both institutions and individuals.

This course reviews the key concepts and techniques employed by statistical arbitrageurs, focusing on the core components of a statistical arbitrage investment programme: quantitative trading signal generation, trading cost models, execution strategies, and risk management. Students will gain an understanding of how to bridge pure statistical theory with the practical implementation of statistical arbitrage strategies, along with familiarity with machine learning techniques for return prediction and portfolio construction. They will also learn the key elements of algorithmic execution models, enabling them to evaluate statistical arbitrage opportunities, design investment strategies under uncertainty, and determine optimal execution strategies considering market impact.

Global warming is one of the most significant challenges of the century and tackling it in the most effective way requires a good understanding of its physical, social and financial aspects. The Science and Engineering of Climate Change course offers an introduction to the science of climate change and to the existing technologies to mitigate its effects.

• Are we sure that the climate is changing? How confident are we that climate change is anthropogenic?
• Are we heading for a climate catastrophe? Why are greenhouse gases associated with global warming?
• What options do we have to cope with these facts? Which of the many proposals are realistic, and which are just wishful thinking?

By the end of this course, you will have the necessary conceptual tools to provide your own answers to these questions.

• LIABILITY DRIVEN AND GOAL BASED INVESTING
• FACTOR INVESTING
• CURRENCY MANAGEMENT

• DEEP LEARNING FOR FINANCE
• QUANT TRADING
• STATISTICAL ARBITRAGE

The objective of the course is to give you a deep understanding of structured products and their latest developments - how they are built, what benefit they bring to investors and how they are hedged by traders. Those products often bring exotic risks to trading desks that need to be recycled to hedge funds, that aspect also will be part of the course. This module allows you to understand the risk attached to those products for investors and for banks, to design products that meet investors’ objectives, analyse any new payoff and assess its risks and design strategies under uncertainty.

The course focuses on the interactions between volatility, liquidity, price discovery, and market design. The main goal of the course is to provide you a framework for the analysis of price movements and trading volumes. After the course, you will be aware of models of microstructure and how they can be adapted to study the effects of recent changes in market structures and trading technologies.

This course provides students with a comprehensive understanding of the measurement and evaluation of market risks within an investment portfolio, combining both theoretical foundations and practical applications. It equips participants with knowledge of various market risk measures, along with their respective strengths and weaknesses. Additionally, students will develop the skills to estimate and backtest these risk measures using real financial data, and to implement them effectively. By the end of the course, students will be able to evaluate and communicate risk measurement outcomes, making them proficient in risk management concepts and terminology, whether or not they pursue a quantitative role.

The objective of the course is to give theoretical and practical in-depth understanding of options dynamics and volatility strategies. You will learn how options work and can be used in various hedging and volatility strategies, in order to manage risks and to help building more robust portfolios. The course will cover vanilla options strategies and more complex volatility strategies - variance swap, dispersion, VIX, cross asset and convertible bond arbitrage.

The objective of the course is to give theoretical and practical in-depth understanding of options dynamics and volatility strategies. You will learn how options work and can be used in various hedging and volatility strategies, in order to manage risks and to help building more robust portfolios. The course will cover vanilla options strategies and more complex volatility strategies - variance swap, dispersion, VIX, cross asset and convertible bond arbitrage.

When is the programme application deadline? 

For non-French degree holders:
Applications for the September 2025 intake are open until 9th June 2025.

For French degree holders:
4 rounds of application

Do you accept scanned documents?

Yes, you can make scanned colour copies of the documents required

Should the application file and the two recommendation letters be typed or written by hand?

Letters of recommendation must be on official letterhead, signed and/or stamped (official stamp from the School/University or the Company). Your referees can use our recommendation template or they can choose to write their own letter using the Company/School’s official letterhead. Letters of recommendation that don’t follow the above requirements will not be accepted. 

Will the Admissions’ Team contact my referees to request letters of recommendation?

EDHEC will not contact your referees. You must ask your referees to send their letters to you directly and you will need to upload the letters directly on your application (documents tab).

Will I have an interview with the Programme Manager?

Students that apply to our MIM or MSc programmes will not have a direct interview with the Programme Manager unless the Programme Director deems it necessary.

How is the online interview conducted?

Once your online application is completed and validated by your recruitment manager, the Admissions Team will send you a link to conduct your online video interview in English. It comprises six questions on your motivation, your interest in the programme and your previous experience (professional, group work, etc.). There are no right or wrong answers. You will have a practice session before you start the actual interview. Once you have completed the interview, it will be sent, along with your application file, to the Selection Committee.

Can I apply for more than one programme?

• Yes, you can apply for two programmes. A separate motivation letter is required for each programme.
• Motivation letter template

What are the minimum scores expected?

• TOEFL Internet-based ≥ 92 (/120)
• TOEIC ≥ 850 (/990)
• IELTS ≥ 6.5 (/9.0)
• Cambridge Test of English ≥ 175

What is the EDHEC institutional code for TOEFL?

• The code is 0663.

Can I apply for a waiver?

English native speakers or those holding a degree taught in English (minimum three years) are eligible for an English test waiver.

As a reminder, aptitude tests* are required for some programmes and optional for others. Please see the “admissions requirements” for your programme of choice.

Students must assign EDHEC as one of their score recipient institutions at the end of their test.

GMAT

MSc & Global MBA Double-Degree: 3QQ-WQ-62
MIM Global Economic Transformation & Technology: 3QQ-WQ-06
Master in Management, Business Management: 3QQ-WQ-05
Master in Management, Finance: 3QQ-WQ-36
Master in Management, Data Science & AI for Business: 3QQ-WQ-34
MSc in Creative Business & Social Innovation: 3QQ-WQ-60 
MSc in Data Analytics & Artificial Intelligence: 3QQ-WQ-82
MSc in Entrepreneurship & Innovation: 3QQ-WQ-77 
MSc in Global & Sustainable Business: 3QQ-WQ-16
MSc in Marketing Management: 3QQ-WQ-47
MSc in Strategy, Organisation & Consultancy: 3QQ-WQ-84
LL.M. in Law & Tax Management: 3QQ-WQ-26 
MSc in Corporate Finance & Banking: 3QQ-WQ-73
MSc in International Finance: 3QQ-WQ-98
MSc in Financial Engineering: 3QQ-WQ-69
MSc in Accounting & Finance: 3QQ-WQ-04

GRE

EDHEC Master in Management: 6564
EDHEC Master of Science: 6563

*(GMAT/GRE/TAGE MAGE/CFA level II (for finance programmes only)/CAT official test score report for Indian students only)

Is an aptitude test compulsory?

Please see the “admissions requirements” for your programme of choice. In general, aptitude tests are required for the Master's in Management Grande École programme.

Can I add an unofficial GMAT score report to my application?

You will get an unofficial score report immediately after taking your exam. You can send it to the Recruitment Office as an additional supporting document when applying. This document will be accepted provisionally as part of your application. The official report will be required to confirm your place.

Is there any help for students with regard to campus housing?

Once officially enrolled, you will receive help to find suitable accommodation, either in EDHEC residences or in privately owned apartments. EDHEC's International Students Office (ISO) is familiar with the visa formalities of most countries and will provide you with the necessary paperwork for completion. Should you have any concerns about your visa application, you can contact the ISO, provided you have already checked the relevant pages in the Welcome Guide and contacted your local Embassy. One requirement for most visa applications is proof of accommodation in France. Again, the ISO is on hand to provide you with a list of apartments, halls of residence and other types of housing, depending on your criteria. You can even "visit" them virtually on our new housing website. The team will do everything it can to make arrangements with the property owner and secure your booking. It can also pick you up from the airport on the day of your arrival (where possible) and take you directly to your new home.

When must my tuition fees be paid?

Within 2 or 3 weeks depending on the admissions period.

How does financial aid apply to the tuition fees?

Financial aid applies to the second and third instalments of the MSc programme fees and to the second, third and fourth instalments of fees for the MIM programme.

What is the EDHEC Career Centre?

• The Student Career Centre is dedicated to helping students find a job or an internship.
• 60,000 internships and 33,500 job offers are posted on EDHEC’s dedicated jobs board every year.

Complementary French courses are offered to all international students enrolled in our MSc programmes. Our French classes cover all learning levels, from complete beginner to advanced language skills. The goal is to support your integration into French culture and give you the linguistic foundations ‒ grammar, vocabulary, reading, writing and listening ‒ to express yourself in the French language.

• Class size: 10-25 students per group
• Contact hours: 
  • MIM 3 hours per week (30 hours per semester +6 hours group projects)
  • MSc 2 hours per week (15 hours per semester)   
• Instructor qualifications: Courses are held by an officially accredited French language teaching institution.