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Use your knowledge and interest in quantitative methods and economics to meet the financial challenges of the 21st century.
Overview
| Application of advanced theoretical knowledge, statistical and econometric methods to solve concrete and current problems in finance. |
| Acquisition of portfolio management analysis and business diagnosis techniques. |
| Utilization of financial concepts (capital markets, financial asset valuation models) and applied mathematics (financial engineering, financial econometrics). |
| Development of skills for making recommendations in the field of market finance or corporate finance. |
| Research groups and chairs renowned in Canada and abroad. |
| French language courses and the Experience Quebec course can help international students integrate into the Quebec and Canadian job markets. This pathway is offered to most students who choose the supervised project stream. |
« Être impliqué dans les décisions d'allocation d'actifs et l'analyse de secteurs d'envergure pour le fonds d’investissement géré par les étudiantes et les étudiants a été très marquant. Les connaissances acquises me servent encore aujourd'hui. »
–
Olivier Roy Durocher, diplômé
Program characteristics
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Graduate
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45 credits
A credit is a unit used to assign a numerical value to the workload required for students to meet the objectives of a given course. One credit represents 45 hours of work. Courses in the Québec university system are generally worth three credits each.
- Full-time
- Part-time
- Day
- On-site
- Côte-des-Neiges
Research chairs, centres and groups
- Canada Research Chair in Risk Management
- Chair in Sustainable Finance
- Canadian Derivatives Institute (CDI)
- Financial Education Lab
Putting academic theory into practice
The NBI Fund – HEC Montréal provides a group of students with the opportunity to invest 5 million dollars in a multi-asset portfolio (equities, bonds, alternative investments). This fund is one of the largest investment funds managed by students in Canada. It’s a unique opportunity to gain hands-on experience on top of academic training.
The National Bank Capital Markets trading room at HEC Montréal, supplied with real-time financial data and linked to the Bloomberg and Reuters information and analysis services, is like an actual trading room at a major financial institution.
A step towards your future career
Organizations trust the expertise acquired by students with this master’s degree. This is evidenced by examples of proposed supervised projects.
- Portfolio construction and investment performance analysis
- Development of private equity and venture capital investment strategies
- Study of pricing and option valuation methods
- Analysis of investment and financing decisions
- Implementation of optimal risk management hedging measures
QTEM Masters Program: join a world-class network!
Are you looking to develop skills in analytical and quantitative techniques to support decision-making in an international context? Spend a term at one of the institutions in the prestigious QTEM network and earn your QTEM certification in quantitative technology in economics and management.
Your career outlook
Positions held by program graduates:
- Investment analyst
- Business intelligence analyst
- Financial analyst
- Market parameters analyst
- Risk manager
You may also be interested in these other programs
You may also be interested in these other programs
Already started your program? Check your course list in HEC en ligne > Academic Progress
This specialization offers either a thesis or a supervised project stream, for a total of 45 credits over a period of 16 to 24 months.
Select a stream:
Thesis
Thesis
- 7 courses (21 credits)
- Thesis (24 credits)
3 specialization courses
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FINA 60204ACapital Market TheorySubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3It reviews the microeconomic foundations of decision-making under uncertainty and as well as the basic mathematical and statistical techniques used to derive key results. Students will learn about - measures of risk aversion - empirical asset pricing puzzles - equilibrium risk-sharing and savings behaviour - the role of asymmetric information - models of inefficient equilibria - arbitrage and market completeness Upon completion, students will have the tools needed to read and understand the literature on capital markets and asset pricing.See the course webpageImportant notesCourse in French : FINA 60204
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FINA 60222ACorporate FinanceSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3In this course, we'll examine the main topics in corporate finance, including capital structure, financing policy, cash management, corporate governance issues and mergers and acquisitions.Themes covered
Introduction and review of principles of valuation; Corporate legal forms; separation of ownership and control; Project evaluation; estimating cash flows; risk and return
Capital Structure: Capital structure irrelevance and relevance Valuation with leverage; capital budgeting
Financing policy; Equity financing: IPOs and SEOs; Debt financing and leasing; Financing over the life-cycle ( Square Inc.: Financing a Unicorn )
Liquidity management: Cash management Payout policyWorking capital management
Corporate Governance; Agency conflicts; Board of directors; CEO compensation; Case study: The TELUS Share Conversion Proposal;
Event study analysis; Principles of event study analysis; Empirical applications
M&As; Mergers; Acquisitions; Case study: $19B 4 txt app WhatsApp...omg!See the course webpageImportant notesCourse in French : FINA 60222
Cours mutuellement exclusif(s) : FINA 60200(A) Vous ne pouvez pas vous inscrire à ce cours si vous avez réussi le cours FINA 60200(A). -
FINA 60232APrinciples of Derivatives PricingSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The structures and assumptions of standard derivatives securities models are explored in details. The student's critical judgment on the evaluation and use of derivatives is developed. The course is divided into three parts: 1) The lognormal model of stock prices through a conceptualization of derivatives as expected values of future cash flows; 2) Principles of derivatives pricing through dynamic replication approaches; 3) Financial distress cases related to the use of derivatives and the lessons that can be learned for managers of financial and non-financial enterprises.Themes covered
Preliminary concepts
Binomial model
Calculations with normal and lognormal distributions
Lognormal price model
Risk measures and other uses of Black-Sholes
Corporate application: corporate debt and default risk
Exotic options: pricing by simulation
Overview of derivative pricing models
Brownian Motion and Ito's Lemma
Risk-neutral process and forward pricing
The Black-Scholes equation
Financial disasters and derivatives: lessons from recent historySee the course webpageImportant notesCourse in French : FINA 60232
Préalable(s): Être admis à la M. Sc. Finance. Cours mutuellement exclusif(s) : FINA 60205(A), FINA 60211(A) Vous ne pouvez pas vous inscrire à ce cours si vous avez réussi le cours FINA 60205(A) ou le cours FINA 60211(A).
2 methodology courses
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MATH 60230AEmpirical FinanceSubjectMathématiquesProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3This course is divided into four blocks. In the first two blocks, advanced methods in empirical finance are presented to students. The concepts covered include financial data analysis, visualization of financial data, as well as the numerical implementation of key concepts in finance (for example, the calculation of financial ratios, valuation of bonds, estimation of the yield curve and portfolio optimization) using actual financial data. The second block presents a review of fundamental concepts in statistical analysis and an introduction to statistical methods used in empirical finance. Students will learn how to apply these methods to financial data. The last block deals with advanced linear regression, panels, robust and clustered standard errors, and fixed effects. Emphasis is placed on the choice and appropriate use of methods for research in empirical finance.Themes covered
- Financial databases available at HEC Montréal.
- The empiricist workflow: from idea to reproducible research.
- Fundamental concepts in programming: variables types flow control debugging documentation an overview of scientific libraries and their use to calculate financial ratios and manipulation of financial data.
- Data visualization: Features of a good graph and choice of graph for the representation of financial data.
- Advanced programming for finance research: profiling object-oriented programming with use for yield curve estimation and portfolio allocation by numerical optimization.
- Common probability distributions (PDF CDF and their inverses).
- Random numbers generation and the use of density functions for estimation and visualization.
- Property of estimators confidence intervals and hypothesis tests.
- P-values p-hacking and ethics in empirical financial research.
- Nonparametric statistics.
- Simulations and bootstrapping method for statistical inference.
- Simulations of parametric models in finance.
- Common uses of linear regression.
- Panel methods in finance.
- Robust and clustered standard errors pooling and fixed effects.See the course webpageImportant notesCourse in French : MATH 60230
Préalable(s): Être admis à la M. Sc. Finance. Cours mutuellement exclusif(s) : FINA 60203(A), MATH 60207(A) Vous ne pouvez pas vous inscrire à ce cours si vous avez réussi le cours FINA 60203(A) ou le cours MATH 60207(A). -
MATH 60231AFinancial EconometricsSubjectMathématiquesProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3Themes covered
- Asset pricing models: CAPM and APT PCA Futures Models Fama-MacBeth Fama-French and conditional factor models.
- Overfitting.
- AR and VAR models: specification model selection impulse response functions and applications in finance (variance decomposition Campbell-Shiller present value decomposition momentum trading tests of market efficiency).
- Forecast evaluation and combination (Diebold-Mariano and Giacomini-White).
- Probit logit and NLLS.
- Density forecasting and PIT tests.
- ML and QML Estimation
- Value at risk.
- Inference: delta method and likelihood ratio tests.
- Numerical optimization: an overview of popular algorithms constrained optimization and practical applications.
- GARCH volatility modeling: estimation and diagnosis.
- Event studies in finance.
- Penalized regressions (LASSO Ridge and ElasticNet).See the course webpageImportant notesCourse in French : MATH 60231
Préalable(s): MATH 60207(A) (Co) ou MATH 60230(A) (Co) Être admis à la M. Sc. Finance. Cours mutuellement exclusif(s): 60203(A), 60210(A). Vous ne pouvez pas vous inscrire à ce cours si vous avez postulé ou réussi le cours 60203(A) ou le cours 60210(A).
1 MSc program course
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GEST 60401AComparative Perspectives on Societal Issues and Business OrganisationsSubjectGestionProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The course is based on the reading and discussion of fundamental texts in social science, more particularly in economics, sociology, anthropology and history. The objective is for students to apprehend major social and environmental issues and to see business organizations from a global perspective. The course thus aims at supporting students in becoming critically minded and ethically oriented actors of society and of the business world, in order to address business ethics issues and major social and environmental issues in a more informed and reflexive way. A key aspect of the course is coteaching: two instructors - one from the Department of applied economics, one from the Department of management - coteach the course, thereby providing comparative perspectives on major social and environmental issues, business organizations, and management.Themes covered
- The emergence of Western modern society
- The model of modern Western society and its social and environmental implications
- The economic and social foundations of business organizations
- The individual and collective driving forces of business organizations
- The business organization in the face of major social and environmental challengesSee the course webpageImportant notesCourse in French : GEST 60401 It is highly recommended to take this course at the end of the program.
- A master's or PhD-level course at HEC Montréal
- Master's-level course (3 credits) at another university
All courses at another university must be pre-approved by the academic advisor for the specialization.
2 compulsory activities and the thesis
Before completing the 24-credit thesis, you must successfully complete 2 non-credit activities.
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RECH 66248AResearch WorkshopSubjectRecherche, thèse, mémoireProgramMaîtrise en gestion (M. Sc.)LocationOtherInstruction modeAsynchronous distance learningCredits0It is necessary to have identified the subject and the person(s) who will supervise the dissertation before registering for this workshop. Before registering the thesis topic and submitting the study plan, it is essential to discuss and validate their content with the person(s) who will act as your research supervisor(s). The result of this research workshop (requirement met) does not count towards your grade point average.See the course webpageImportant notesCourse in French : RECH 66248 The research workshop must be successfully achieved before completing 21 program credits and before the data collection, if required for your thesis.
Préalable(s) : ETHI 60113(A) (Co) ou ETHI 66201(A) (Co) -
ETHI 66201AResponsible Conduct of Research: From Norms to PracticeSubjectÉthique et gouvernanceProgramMaîtrise en gestion (M. Sc.)LocationOtherInstruction modeAsynchronous distance learningCredits0Throughout this course, students will become familiar with what constitutes ethically and responsibly conducted research. They will be able to identify and assess potential problems and misconducts, to recognize individual and institutional responsibilities, and to mobilize appropriate mechanisms for resolution. The course will enable them to identify problematic situations in research and deploy appropriate analyses and/or procedures to prevent or manage them.Themes covered
Responsible conduct of research (RCR): History and definitions
The values underlying the responsible conduct of research
Framing the responsible conduct of research
Responsible research conduct issues related to research contexts fields or methods
Research ethics
Good research data management
Conflicts of interest in research
Power issues in research
Dissemination of research results: good practices and issues
Societal impacts of research
Misconducts in researchSee the course webpageImportant notesCourse in French : ETHI 66201 All information about this course will be presented in ZoneCours. A synchronous distance learning session will be offered each term. For more information, visit the supervised project page.
This workshop is only open to students in the Thesis stream. If you are in the Supervised Project stream, you must register to the ETHI 66200(A) workshop. -
RECH 66218AThesisSubjectRecherche, thèse, mémoireProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesOtherInstruction modeOn-site learningCredits24See the course webpageImportant notesCourse in French: RECH 66218 For more information, please check this page www.hec.ca/en/students/my-program/msc/thesis
If your previous training does not meet the requirements of the specialization, you will need to take one or more preparatory undergraduate courses. You have one year to take these courses, preferably at the start of your MSc studies.
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FINA 20210AFutures and OptionsSubjectFinanceProgramBachelor’s degree (BBA)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The following topics will be covered: Introduction to derivatives markets; Forward and Futures market operations; Hedging strategies using futures; Determining forward prices; Futures on interest rates; Interest rate swaps; Options market operations; Options price determination and uses; Use of option contracts to determine hedging strategies.See the course webpageImportant notesCourse in French : FINA 20210 Prerequisite(s) : FINA 10200(A)
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ECON 20806AIntroduction to EconometricsSubjectÉconomieProgramBachelor’s degree (BBA)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The focus of the course will be on interpreting the links between variables from different data sources, taking into account the theories set out in the other courses. The course will begin with a presentation of different existing data structures: cross-sectional data, time series, or longitudinal data. The course will then primarily focus on the classical linear model and its statistical properties, including the choice of a functional form, hypothesis testing, the use of dichotomous variables and the interpretation of estimation results. Various issues must be addressed, including the problems of serial correlation, heteroscedaticity, and endogeneity. The advantages and disadvantages of each of the proposed solutions will be discussed. Each facet of the course will be practically applied using real data.Themes covered
- Bivariate Linear Model
- Multivariate Linear Model
- Specification and Functional Form
- Heteroskedasticity
- Autocorrelation
- Instrumental Variables
- Introduction to Panel DataSee the course webpageImportant notesCourse in French : ECON 20806
Supervised project
Supervised project
- 12 courses (36 credits)
- Supervised project (9 credits)
3 specialization courses
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FINA 60204ACapital Market TheorySubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3It reviews the microeconomic foundations of decision-making under uncertainty and as well as the basic mathematical and statistical techniques used to derive key results. Students will learn about - measures of risk aversion - empirical asset pricing puzzles - equilibrium risk-sharing and savings behaviour - the role of asymmetric information - models of inefficient equilibria - arbitrage and market completeness Upon completion, students will have the tools needed to read and understand the literature on capital markets and asset pricing.See the course webpageImportant notesCourse in French : FINA 60204
-
FINA 60222ACorporate FinanceSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3In this course, we'll examine the main topics in corporate finance, including capital structure, financing policy, cash management, corporate governance issues and mergers and acquisitions.Themes covered
Introduction and review of principles of valuation; Corporate legal forms; separation of ownership and control; Project evaluation; estimating cash flows; risk and return
Capital Structure: Capital structure irrelevance and relevance Valuation with leverage; capital budgeting
Financing policy; Equity financing: IPOs and SEOs; Debt financing and leasing; Financing over the life-cycle ( Square Inc.: Financing a Unicorn )
Liquidity management: Cash management Payout policyWorking capital management
Corporate Governance; Agency conflicts; Board of directors; CEO compensation; Case study: The TELUS Share Conversion Proposal;
Event study analysis; Principles of event study analysis; Empirical applications
M&As; Mergers; Acquisitions; Case study: $19B 4 txt app WhatsApp...omg!See the course webpageImportant notesCourse in French : FINA 60222
Cours mutuellement exclusif(s) : FINA 60200(A) Vous ne pouvez pas vous inscrire à ce cours si vous avez réussi le cours FINA 60200(A). -
FINA 60232APrinciples of Derivatives PricingSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The structures and assumptions of standard derivatives securities models are explored in details. The student's critical judgment on the evaluation and use of derivatives is developed. The course is divided into three parts: 1) The lognormal model of stock prices through a conceptualization of derivatives as expected values of future cash flows; 2) Principles of derivatives pricing through dynamic replication approaches; 3) Financial distress cases related to the use of derivatives and the lessons that can be learned for managers of financial and non-financial enterprises.Themes covered
Preliminary concepts
Binomial model
Calculations with normal and lognormal distributions
Lognormal price model
Risk measures and other uses of Black-Sholes
Corporate application: corporate debt and default risk
Exotic options: pricing by simulation
Overview of derivative pricing models
Brownian Motion and Ito's Lemma
Risk-neutral process and forward pricing
The Black-Scholes equation
Financial disasters and derivatives: lessons from recent historySee the course webpageImportant notesCourse in French : FINA 60232
Préalable(s): Être admis à la M. Sc. Finance. Cours mutuellement exclusif(s) : FINA 60205(A), FINA 60211(A) Vous ne pouvez pas vous inscrire à ce cours si vous avez réussi le cours FINA 60205(A) ou le cours FINA 60211(A).
2 methodology courses
-
MATH 60230AEmpirical FinanceSubjectMathématiquesProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3This course is divided into four blocks. In the first two blocks, advanced methods in empirical finance are presented to students. The concepts covered include financial data analysis, visualization of financial data, as well as the numerical implementation of key concepts in finance (for example, the calculation of financial ratios, valuation of bonds, estimation of the yield curve and portfolio optimization) using actual financial data. The second block presents a review of fundamental concepts in statistical analysis and an introduction to statistical methods used in empirical finance. Students will learn how to apply these methods to financial data. The last block deals with advanced linear regression, panels, robust and clustered standard errors, and fixed effects. Emphasis is placed on the choice and appropriate use of methods for research in empirical finance.Themes covered
- Financial databases available at HEC Montréal.
- The empiricist workflow: from idea to reproducible research.
- Fundamental concepts in programming: variables types flow control debugging documentation an overview of scientific libraries and their use to calculate financial ratios and manipulation of financial data.
- Data visualization: Features of a good graph and choice of graph for the representation of financial data.
- Advanced programming for finance research: profiling object-oriented programming with use for yield curve estimation and portfolio allocation by numerical optimization.
- Common probability distributions (PDF CDF and their inverses).
- Random numbers generation and the use of density functions for estimation and visualization.
- Property of estimators confidence intervals and hypothesis tests.
- P-values p-hacking and ethics in empirical financial research.
- Nonparametric statistics.
- Simulations and bootstrapping method for statistical inference.
- Simulations of parametric models in finance.
- Common uses of linear regression.
- Panel methods in finance.
- Robust and clustered standard errors pooling and fixed effects.See the course webpageImportant notesCourse in French : MATH 60230
Préalable(s): Être admis à la M. Sc. Finance. Cours mutuellement exclusif(s) : FINA 60203(A), MATH 60207(A) Vous ne pouvez pas vous inscrire à ce cours si vous avez réussi le cours FINA 60203(A) ou le cours MATH 60207(A). -
MATH 60231AFinancial EconometricsSubjectMathématiquesProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3Themes covered
- Asset pricing models: CAPM and APT PCA Futures Models Fama-MacBeth Fama-French and conditional factor models.
- Overfitting.
- AR and VAR models: specification model selection impulse response functions and applications in finance (variance decomposition Campbell-Shiller present value decomposition momentum trading tests of market efficiency).
- Forecast evaluation and combination (Diebold-Mariano and Giacomini-White).
- Probit logit and NLLS.
- Density forecasting and PIT tests.
- ML and QML Estimation
- Value at risk.
- Inference: delta method and likelihood ratio tests.
- Numerical optimization: an overview of popular algorithms constrained optimization and practical applications.
- GARCH volatility modeling: estimation and diagnosis.
- Event studies in finance.
- Penalized regressions (LASSO Ridge and ElasticNet).See the course webpageImportant notesCourse in French : MATH 60231
Préalable(s): MATH 60207(A) (Co) ou MATH 60230(A) (Co) Être admis à la M. Sc. Finance. Cours mutuellement exclusif(s): 60203(A), 60210(A). Vous ne pouvez pas vous inscrire à ce cours si vous avez postulé ou réussi le cours 60203(A) ou le cours 60210(A).
1 MSc program course
-
GEST 60401AComparative Perspectives on Societal Issues and Business OrganisationsSubjectGestionProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The course is based on the reading and discussion of fundamental texts in social science, more particularly in economics, sociology, anthropology and history. The objective is for students to apprehend major social and environmental issues and to see business organizations from a global perspective. The course thus aims at supporting students in becoming critically minded and ethically oriented actors of society and of the business world, in order to address business ethics issues and major social and environmental issues in a more informed and reflexive way. A key aspect of the course is coteaching: two instructors - one from the Department of applied economics, one from the Department of management - coteach the course, thereby providing comparative perspectives on major social and environmental issues, business organizations, and management.Themes covered
- The emergence of Western modern society
- The model of modern Western society and its social and environmental implications
- The economic and social foundations of business organizations
- The individual and collective driving forces of business organizations
- The business organization in the face of major social and environmental challengesSee the course webpageImportant notesCourse in French : GEST 60401 It is highly recommended to take this course at the end of the program.
You can either choose:
- 6 optional courses, or
- 5 optional courses and 1 elective, or
- 4 optional courses and 2 electives
Optional courses
Profile - Market finance
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FINA 60206ADerivative ProductsSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3It first covers the diffusion model with an introduction to stochastic calculus and a deep examination of the Black-Merton -Scholes framework. Then it deals with the discrete time approach (binomial and trinomial trees) and the issues related to replication (managing Greek parameters, transaction costs). The course will review the numerical methods of finite differences and Monte Carlo simulations. In the second part, exotic options will serve as an advanced application of stochastic calculus (for analytical evaluation) and of numerical methods. Then, the course will focus on the modelling of volatility in discrete time (Garch models) as well as in continuous time (stochastic volatility models). It will end with a brief introduction to jump-diffusion models.Themes covered
- Diffusion Models
- Black-Merton-Scholes Model
- Discrete Time Approach
- Replication of Derivatives
- Quasi-Analytical Models for American Options
- Exotic Options
- Numerical Methods
- Volatility Modeling
- Models with jumpsSee the course webpageImportant notesCourse in French : FINA 60206
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
FINA 60201AFixed Income SecuritiesSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The student is exposed to the recent developments and practices regarding fixed income securities that are typically used in financial institutions and corporations. The following topics are examined: interest rate swaps; the management of interest rate risks; risk-neutral valuation for fixed-income securities; term structure models; mortgage-backed bonds; interest rate options; credit risk.Themes covered
1. Introduction to rates zero coupon and swaps
2. Nelson-Siegel model and Risk Management
3. Risk-neutral valuation
4. Short term interest rate processes
5. Mortgage back securities and binomial approaches
6. Term structure of interest rate models
7. Options on interest rates
8. Fixed income securities and credit riskSee the course webpageImportant notesCourse in French : FINA 60201
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
FINA 60208AFinancial institutionsSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3This course allows students to understand how financial institutions function and their influence on corporate actions of firms in their portfolios. Main topics include lending decisions and monitoring activities by banks and nonbank lenders such as shadow banks and fintech companies; incentives and performance of mutual funds and hedge funds, as well as their involvement in firm policies; sell-side analyst forecasts of firm performance. The course will employ an empirical approach based on papers published in top academic journals.Themes covered
Bank lending decisions
Loan contract design
Banking regulations and shadow banking
Mutual funds and hedge funds
Corporate governance shareholder voting and activism
Sell-side analyst coverageSee the course webpageImportant notesCourse in French : FINA 60208
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A), et FINA 60204(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
FINA 60212AInternational Portfolio ManagementSubjectFinanceProgramMaîtrise en gestion (M. Sc.)Instruction modeOn-site learningCredits3Relevant to a career in international portfolio management or as a player in the exchange rate and commodity markets, as well as in consulting to multinational companies. The theme of exchange rates is the unifying thread throughout the course. The problem of exchange rate risk is analyzed from the point of view of forex traders, portfolio managers, and financial officers of commercial firms. The theoretical elements of this course will be applied in real case studies, as well as in understanding the various crises that have shaken international financial markets recently.Themes covered
Portfolio management
Exchange rate market
International financial markets
Exchange risk
Risk managementSee the course webpageImportant notesCourse in French : FINA 60212
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
FINA 60202APortfolio ManagementSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3We also analyze different performance measures, delegated portfolio management, environmental, social and governance (ESG) as well as machine learning and artificial intelligence (ML/AI) considerations in portfolio management.Themes covered
1. Introduction to portfolio management
2. Markowitz-style portfolio allocation - Theory
3. Markowitz-style portfolio allocation - Practice
4. Portfolio allocation à la Black-Litterman
5. Forecasting and machine learning and artificial intelligence (ML/AI) considerations in portfolio management
6. Long-term portfolio allocation à la Merton - Theory
7. Long-term portfolio allocation à la Merton - Practice
8. Factor investing - Theory
9. Factor Investing - Practical
10. Performance measurement
11. Environmental social and governance (ESG) in portfolio management
12. Delegated portfolio managementSee the course webpageImportant notesCourse in French : FINA 60202
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A), et FINA 60204(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
MATH 60837ATime Series EconometricsSubjectMathématiquesProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The goal of the course is twofold: (1) develop a comprehensive set of tools and techniques for analyzing various forms of univariate and multivariate time series; (2) show how to use econometric software such as Matlab or RATS to estimate time series models. The topics include stationary univariate models (ARMA), non-stationary univariate models (ARIMA), regime-switching, multivariate time-series models (VAR and cointegration), and conditional heteroscedasticity. The tools developed in the course represent a key ingredient to address many research questions in the fields of finance, financial engineering, economics, and marketing. Moreover, the student will become familiar with econometric models and forecasting techniques routinely used by financial and economic institutions as well as business companies.See the course webpageImportant notesCourse in French : MATH 60837
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FINA 60221AWealth ManagementSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The course is centered on the saving and consumption decisions of households in a life-cycle model. This involves examining the decisions of households with respect to consumer credit (such as credit cards or term loans), mortgage borrowing, portfolio choices, and insurance decisions. In doing so, the course also addresses financial biases, financial literacy and education, as well as financial advice. For each theme covered in the course, a theoretical framework is presented and confronted to empirical facts.Themes covered
1) Consumption-saving decisions in a life-cycle model
2) Income shocks and income risk
3) Consumer credit
4) Mortgage borrowing
5) Portfolio choices and human capital
6) Behavioral biases
7) Financial literacy and education
8) Financial advice
9) Insurance decisionSee the course webpageImportant notesCourse in French : FINA 60221
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière
Profile - Business finance
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FINA 60220AAssurancesSubjectFinanceProgramMaîtrise en gestion (M. Sc.)Instruction modeOn-site learningCredits3The insurance market is one of the most mature and sophisticated ones in capitalist societies, where risk management and risk sharing are at the very foundation of capital markets. Insurance plays a crucial role in managing personal and corporate risks. The aim of the course is to introduce the insurance industry to M.Sc. students in finance, financial engineering, applied economics and applied financial economics. Students will learn about the functioning and the challenges of this industry, as well as about the organizational structure of the insurance market and market failures.Themes covered
1. Insurance Demand
A. Individuals' demand for insurance; B. Corporate demand for insurance; C.Annuities and pensions.
2.The Insurance Company
A. The technology - Pooling of risks insurability ownership structure and distribution; B.Underwriting; C.Premium calculation; D. Accounting and reserving; E. Solvency and market discipline; F. Reinsurance and securitization.
3.Asymmetric Information
A. Models of asymmetric information; B. Empirical evidence of asymmetric information in insurance markets.
4.Special Topics
A. Pension plans B. Climate risk C.The value of a statistical lifeSee the course webpageImportant notesCourse in French : FINA 60220
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
FINA 60223AApplied Corporate FinanceSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The goal of this course is to deal with advanced topics in the area of corporate finance with a data-driven focus. The course will help prepare students for their supervised projects and master theses in the area of corporate finance. The course is organized based on scientific articles in the field of corporate finance. It emphasizes the issues of research design, causality, and identification applied to corporate finance. The course focuses on a pre-selected topics (investment in (in)tangibles, financing decisions, agency problems, competition, startup financing) and illustrates different approaches to analyzing these topics.Themes covered
Capital structure and CEO managing styles based on panel-data models
Agency problems based on potential outcomes
Investment competition and financing startup financing based on difference-in-differences
Debt maturity competition and investment based on matching methods
Payout policy and entrepreneurial finance based on regression discontinuity design
Financing decisions and analysts' forecasts based on event study analysisSee the course webpageImportant notesCourse in French : FINA 60223
Cours mutuel. excl.: FINA60200(A) - Préalables: FINA60222(A)Co et si: - M. Sc. finance : MATH60207(A) ou 60230(A), et MATH60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A) - M. Sc. écon. fin. appl.: MATH60837(A) - Être admis à la M. Sc. ing. financière -
MATH 60816AApplied Econometrics and Machine Learning in EconomicsSubjectMathématiquesProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3This course aims to provide an "advanced introduction" to tools commonly used by practitioners of econometrics. Therefore, relatively little attention will be devoted to rigorous demonstrations. The main idea of this course is to describe what are the appropriate tools according to the type of problem faced by the practitioner, including the tools in terms of software ( R and Stata). The exercises will be used to facilitate the absorption of the covered equipment. Part of this course will be devoted to what is commonly called in the jargon "program evaluation" which consists essentially of the set of methodological tools used to measure the impact of interventions, such as the effect subsidized daycare centers on women's participation in the labor market or even fertility. Another portion of the course will cover the basics of what is called statistical learning and its more and more common use in economics.Themes covered
Causality and the experimental ideal
Endogeneity
Longitudinal methods
Dichotomous and polychotomous choice models
Program and policy evaluation
Statistical LearningSee the course webpageImportant notesCourse in French : MATH 60816
Cours mutuellement exclusif(s) : MATH 80816(A). Vous ne pouvez pas vous inscrire à ce cours si vous avez postulé ou réussi le cours MATH 80816(A). -
FINA 60208AFinancial institutionsSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3This course allows students to understand how financial institutions function and their influence on corporate actions of firms in their portfolios. Main topics include lending decisions and monitoring activities by banks and nonbank lenders such as shadow banks and fintech companies; incentives and performance of mutual funds and hedge funds, as well as their involvement in firm policies; sell-side analyst forecasts of firm performance. The course will employ an empirical approach based on papers published in top academic journals.Themes covered
Bank lending decisions
Loan contract design
Banking regulations and shadow banking
Mutual funds and hedge funds
Corporate governance shareholder voting and activism
Sell-side analyst coverageSee the course webpageImportant notesCourse in French : FINA 60208
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A), et FINA 60204(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
FINA 60218ARisk ManagementSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The course is mainly dedicated to the corporate finance dimension of risk management by presenting different theoretical models that justify risk management, and by performing empirical verification of different theoretical propositions. It also proposes statistical modeling to identify the importance of different risks and of their variations according to economic cycles. Default, liquidity and operational risks during the financial crisis that began in 2007 are analyzed in detail.Themes covered
1. Risk management: definition and historical development
2. Theoretical determinants of risk management in non-financial firms
3. Risk management and investment financing
4. Significant determinants of risk management of non-financial firms
5. Choice of hedging instruments and maturities in the oil industry
6. Value at risk: measurement implications and back-testing
7. CVaR or conditional VaR
8. Market risk VaR in portfolios with options
9. Regulation of bank risk and use of VaR
10. Bank credit risk: scoring of individual risks
11. Portfolio management of credit risk
12. Quantification of banks' operational risk 13. Liquidity risk
14. Structured finance risk management and financial crisis of 2007-2009
15. Risk management and corporate governance 16. Value of risk management
17. Optimal financial contracts and incentives for borrowers 18. Climate risk: measurement management and climate derivatives
18. Term structure of risk: forecasting and the calculation of VaRSee the course webpageImportant notesCourse in French : FINA 60218
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A), et FINA 60204(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
FINA 60209AVenture Capital and the Finance of InnovationSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3Fundamental aspects of the financing of innovation and venture capital formation and investing. Understanding the phenomena and practices related to the financing of innovation and the management of venture capital through the review of empirical analyzes and through the analysis of cases.Themes covered
1) capital formation and investment
2) evaluation of innovation projects and innovative companies
3) characteristics of financing structures and relationships with fund managers
4) risk analysis and management
5) ethical issues activism of VC fund managers and executive compensation.See the course webpageImportant notesCourse in French : FINA 60209
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière
Profile - Risk management
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FINA 60220AAssurancesSubjectFinanceProgramMaîtrise en gestion (M. Sc.)Instruction modeOn-site learningCredits3The insurance market is one of the most mature and sophisticated ones in capitalist societies, where risk management and risk sharing are at the very foundation of capital markets. Insurance plays a crucial role in managing personal and corporate risks. The aim of the course is to introduce the insurance industry to M.Sc. students in finance, financial engineering, applied economics and applied financial economics. Students will learn about the functioning and the challenges of this industry, as well as about the organizational structure of the insurance market and market failures.Themes covered
1. Insurance Demand
A. Individuals' demand for insurance; B. Corporate demand for insurance; C.Annuities and pensions.
2.The Insurance Company
A. The technology - Pooling of risks insurability ownership structure and distribution; B.Underwriting; C.Premium calculation; D. Accounting and reserving; E. Solvency and market discipline; F. Reinsurance and securitization.
3.Asymmetric Information
A. Models of asymmetric information; B. Empirical evidence of asymmetric information in insurance markets.
4.Special Topics
A. Pension plans B. Climate risk C.The value of a statistical lifeSee the course webpageImportant notesCourse in French : FINA 60220
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
FINA 60201AFixed Income SecuritiesSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The student is exposed to the recent developments and practices regarding fixed income securities that are typically used in financial institutions and corporations. The following topics are examined: interest rate swaps; the management of interest rate risks; risk-neutral valuation for fixed-income securities; term structure models; mortgage-backed bonds; interest rate options; credit risk.Themes covered
1. Introduction to rates zero coupon and swaps
2. Nelson-Siegel model and Risk Management
3. Risk-neutral valuation
4. Short term interest rate processes
5. Mortgage back securities and binomial approaches
6. Term structure of interest rate models
7. Options on interest rates
8. Fixed income securities and credit riskSee the course webpageImportant notesCourse in French : FINA 60201
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
FINA 60208AFinancial institutionsSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3This course allows students to understand how financial institutions function and their influence on corporate actions of firms in their portfolios. Main topics include lending decisions and monitoring activities by banks and nonbank lenders such as shadow banks and fintech companies; incentives and performance of mutual funds and hedge funds, as well as their involvement in firm policies; sell-side analyst forecasts of firm performance. The course will employ an empirical approach based on papers published in top academic journals.Themes covered
Bank lending decisions
Loan contract design
Banking regulations and shadow banking
Mutual funds and hedge funds
Corporate governance shareholder voting and activism
Sell-side analyst coverageSee the course webpageImportant notesCourse in French : FINA 60208
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A), et FINA 60204(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
FINA 60218ARisk ManagementSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The course is mainly dedicated to the corporate finance dimension of risk management by presenting different theoretical models that justify risk management, and by performing empirical verification of different theoretical propositions. It also proposes statistical modeling to identify the importance of different risks and of their variations according to economic cycles. Default, liquidity and operational risks during the financial crisis that began in 2007 are analyzed in detail.Themes covered
1. Risk management: definition and historical development
2. Theoretical determinants of risk management in non-financial firms
3. Risk management and investment financing
4. Significant determinants of risk management of non-financial firms
5. Choice of hedging instruments and maturities in the oil industry
6. Value at risk: measurement implications and back-testing
7. CVaR or conditional VaR
8. Market risk VaR in portfolios with options
9. Regulation of bank risk and use of VaR
10. Bank credit risk: scoring of individual risks
11. Portfolio management of credit risk
12. Quantification of banks' operational risk 13. Liquidity risk
14. Structured finance risk management and financial crisis of 2007-2009
15. Risk management and corporate governance 16. Value of risk management
17. Optimal financial contracts and incentives for borrowers 18. Climate risk: measurement management and climate derivatives
18. Term structure of risk: forecasting and the calculation of VaRSee the course webpageImportant notesCourse in French : FINA 60218
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A), et FINA 60204(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière -
MATH 60837ATime Series EconometricsSubjectMathématiquesProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The goal of the course is twofold: (1) develop a comprehensive set of tools and techniques for analyzing various forms of univariate and multivariate time series; (2) show how to use econometric software such as Matlab or RATS to estimate time series models. The topics include stationary univariate models (ARMA), non-stationary univariate models (ARIMA), regime-switching, multivariate time-series models (VAR and cointegration), and conditional heteroscedasticity. The tools developed in the course represent a key ingredient to address many research questions in the fields of finance, financial engineering, economics, and marketing. Moreover, the student will become familiar with econometric models and forecasting techniques routinely used by financial and economic institutions as well as business companies.See the course webpageImportant notesCourse in French : MATH 60837
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FINA 60221AWealth ManagementSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The course is centered on the saving and consumption decisions of households in a life-cycle model. This involves examining the decisions of households with respect to consumer credit (such as credit cards or term loans), mortgage borrowing, portfolio choices, and insurance decisions. In doing so, the course also addresses financial biases, financial literacy and education, as well as financial advice. For each theme covered in the course, a theoretical framework is presented and confronted to empirical facts.Themes covered
1) Consumption-saving decisions in a life-cycle model
2) Income shocks and income risk
3) Consumer credit
4) Mortgage borrowing
5) Portfolio choices and human capital
6) Behavioral biases
7) Financial literacy and education
8) Financial advice
9) Insurance decisionSee the course webpageImportant notesCourse in French : FINA 60221
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière
Applicant from another field
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FINA 60215ASustainable FinanceSubjectFinanceProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The course will introduce the challenges associated with the environmental concerns, social responsibility, and governance (ESG) of corporate financial decision makers, investors, and portfolio managers. Students will learn to apply the research methods in sustainable finance. The course is divided into six blocks. The first addresses sustainable corporate finance decisions. The second and third blocks discuss climate risk management and corporate governance issues. The fourth block develops the asset pricing theory in the context of sustainable investments. Topics covered include the carbon risk premium and ESG metrics. The fifth block analyzes sustainable investments, their performance, and their use in portfolio management. Student presentations on current research topics in sustainable finance conclude the course.Themes covered
Sustainable corporate finance
Corporate investment and environmental responsibility (game theory analysis tragedy of the commons).
The role of regulators in the transition to a low carbon economy; the market for carbon emissions rights.
Green and social bond issuance; social impact investment in private equity and venture capital.Climate risk management
Methods to evaluate climate risk (scenario analysis).
Instruments to manage climate risk (weather derivatives the market for carbon trading) and their applications.Corporate governance
Application of the difference-in-difference estimator and natural experiments to the concept of governance.
Incentives for a long-term perspective (executive compensation).
Responsibilities of the board of directors; diversity.ESG Measures
Cross-sectional asset valuation models (the carbon premium).
ESG methodologies interpretation and limitations.
Demand for socially responsible funds.Performance of sustainable investments
Factor models to assess the performance of ESG portfolios.
Sustainable investments and performance evaluation.
Green and social bonds and their performance.See the course webpageImportant notesCourse in French : FINA 60215
M. Sc. finance: Préalable(s): MATH 60207(A) ou 60230(A), et MATH 60210(A) ou 60231(A), et FINA 60211(A) ou 60232(A) M. Sc. économie financière appliquée: Préalable(s): MATH 60837(A)(Co) ou être admis à la M. Sc. ingénierie financière
Electives
- A master's or PhD-level course at HEC Montréal
- Maximum of 1 master's-level course (3 credits) at another university
All courses at another university must be pre-approved by the academic advisor for the specialization.
1 compulsory activity and the supervised project
Before completing the 9-credit supervised project, you must successfully complete the non-credit activity.
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ETHI 66200AResponsible Conduct of Research: From Norms to PracticeSubjectÉthique et gouvernanceProgramMaîtrise en gestion (M. Sc.)LocationOtherInstruction modeAsynchronous distance learningCredits0Throughout this course, students will become familiar with what constitutes ethically and responsibly conducted research. They will be able to identify and assess potential problems and misconducts, to recognize individual and institutional responsibilities, and to mobilize appropriate mechanisms for resolution. The course will enable them to identify problematic situations in research and deploy appropriate analyses and/or procedures to prevent or manage them.Themes covered
Responsible conduct of research (RCR): History and definitions
The values underlying the responsible conduct of research
Framing the responsible conduct of research
Responsible research conduct issues related to research contexts fields or methods
Research ethics
Good research data management
Conflicts of interest in research
Power issues in research
Dissemination of research results: good practices and issues
Societal impacts of research
Misconducts in researchSee the course webpageImportant notesCourse in French : ETHI 66200 All information about this course will be presented in ZoneCours. A synchronous distance learning session will be offered each term. For more information, visit the supervised project page.
This workshop is only open to students in the Supervised Project stream. If you are in the Thesis stream, you must register to the ETHI 66201(A) workshop. -
INDV 66202ASupervised ProjectSubjectProjet individuelProgramMaîtrise en gestion (M. Sc.)LocationCôte-des-NeigesOtherInstruction modeBlended synchronous learningOn-site learningCredits9The supervised project offers various means to showcase the knowledge they acquired. The "applied" dimension of projects constitutes the first characteristic of the supervised project stream. This can consist of an intervention mandate within an organisation (analysis work, intervention and recommendations with the use of support tools such as observation, interviews, surveys, documentary research) or a research mandate within the university (research mandate, case writing or expert opinion).Themes covered
The supervised project in one of the following forms:
A mandate to intervene in an organization (making a diagnosis; Participating in the planning and implementation of management practices; Designing tools and models that can be used as the basis for decision-making; Performance analysis of an organisation's activities; Making recommendations on a problem).
A university mandate (1) the study of a case; 2) a specific search mandate; 3) an expert opinion; 4) an entrepreneurial project).
See the course webpageImportant notesThe supervised project must last a maximum of 6 months, including report writing. To register, visit the supervised project page
Préalable(s) : ETHI 66200(A) (Co)
If your previous training does not meet the requirements of the specialization, you will need to take one or more preparatory undergraduate courses. You have one year to take these courses, preferably at the start of your MSc studies.
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FINA 20210AFutures and OptionsSubjectFinanceProgramBachelor’s degree (BBA)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The following topics will be covered: Introduction to derivatives markets; Forward and Futures market operations; Hedging strategies using futures; Determining forward prices; Futures on interest rates; Interest rate swaps; Options market operations; Options price determination and uses; Use of option contracts to determine hedging strategies.See the course webpageImportant notesCourse in French : FINA 20210 Prerequisite(s) : FINA 10200(A)
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ECON 20806AIntroduction to EconometricsSubjectÉconomieProgramBachelor’s degree (BBA)LocationCôte-des-NeigesInstruction modeOn-site learningCredits3The focus of the course will be on interpreting the links between variables from different data sources, taking into account the theories set out in the other courses. The course will begin with a presentation of different existing data structures: cross-sectional data, time series, or longitudinal data. The course will then primarily focus on the classical linear model and its statistical properties, including the choice of a functional form, hypothesis testing, the use of dichotomous variables and the interpretation of estimation results. Various issues must be addressed, including the problems of serial correlation, heteroscedaticity, and endogeneity. The advantages and disadvantages of each of the proposed solutions will be discussed. Each facet of the course will be practically applied using real data.Themes covered
- Bivariate Linear Model
- Multivariate Linear Model
- Specification and Functional Form
- Heteroskedasticity
- Autocorrelation
- Instrumental Variables
- Introduction to Panel DataSee the course webpageImportant notesCourse in French : ECON 20806
Deadlines for submitting admission applications
- Fall term: no later than March 1st
- Winter term: no later than September 15th
- Summer term: no admissions
International applicants
Apply in fall term to allow more time to obtain immigration documents (minimum 2 months). Please note, however, that it is possible to defer your admission to the following term free of charge if the deadlines are extended.
Conditions and required documents
Select the education system in which you studied:
Quebec or Canadian system
Quebec or Canadian system
Degree required
You must hold an undergraduate degree of at least 90 credits (bachelor's degree) in business administration or in a related field, or a degree deemed equivalent by the program administration.
The following fields of study are prioritized: actuarial science, economics, finance, engineering, and mathematics.
Minimum GPA
You must have earned GPA of at least 3.0 out of 4.3 for your undergraduate degree. If the university in which you completed this degree requires a higher GPA for admission to a graduate program, this is the average to take into account.
You have the required level of English if you meet one of the criteria showing that you are an English speaker by virtue of your education.
Otherwise, you must pass an English test or complete an English program with a level of intermediate-advanced.
Documents required for admission
You will need to provide documents as part of the admission process.
Capacity is limited for certain programs. HEC Montréal does not guarantee that all eligible applicants will be accepted.
French system
French system
Degree required
You must hold at least a general Licence degree or a State-recognized bachelor's degree after at least 3 years of university studies (180 ECTS) in management or a related field.
Not eligible:
- RNCP certifications
- Bachelor universitaire de technologie (BUT)
- Bachelor's and License degrees including a technical degree (BTS or DUT)
The following fields of study are prioritized: actuarial science, economics, finance, engineering, and mathematics.
Minimum GPA
You must have earned an average of at least 12 out of 20 for all years of university studies.
Admission test
You must pass one of the admission tests (TAGE MAGE, GMAT, GRE) before the deadline to apply for admission to a program. Certain tests are offered online.
Admission tests are compulsory unless, at the time you submit your application, you have successfully completed at least 45 credits of a Canadian undergraduate degree or at least 30 credits of a Canadian graduate degree. No exemption is granted on any basis other than for studies done in Canada.
You have the required level of English if you meet one of the criteria showing that you are an English speaker by virtue of your education.
Otherwise, you must pass an English test or complete an English program with a level of intermediate-advanced.
Documents required for admission
You will need to provide documents as part of the admission process.
Capacity is limited for certain programs. HEC Montréal does not guarantee that all eligible applicants will be accepted.
Another system
Another system
Degree required
You must hold a State-recognized university degree that provides access to a master's program at the home university (180 ECTS) in management or a related field.
Not eligible: bachelor’s or License degrees including a technical degree (BTS, DTS, or DUT).
The following fields of study are prioritized: actuarial science, economics, finance, engineering, and mathematics.
Minimum GPA
You must have earned an average of at least 12 out of 20 or a comparable average for all years of university studies according to the country’s grading system.
Admission test
You must pass one of the admission tests (TAGE MAGE, GMAT, GRE) before the deadline to apply for admission to a program. Certain tests are offered online.
Admission tests are compulsory unless, at the time you submit your application, you have successfully completed at least 45 credits of a Canadian undergraduate degree or at least 30 credits of a Canadian graduate degree. No exemption is granted on any basis other than for studies done in Canada.
You have the required level of English if you meet one of the criteria showing that you are an English speaker by virtue of your education.
Otherwise, you must pass an English test or complete an English program with a level of intermediate-advanced.
Documents required for admission
You will need to provide documents as part of the admission process.
Capacity is limited for certain programs. HEC Montréal does not guarantee that all eligible applicants will be accepted.
Estimated tuition fees
The amounts below are approximate. For the detailed amounts per credit or per term, see the tuition fee schedule for the thesis stream (PDF, 109 Kb) or the supervised project stream (PDF, 105 Kb). These amounts do not include the cost of health insurance, course materials, housing, or other expenses.
Each term, you will receive a bill with the exact amount you owe based on your credit load.
Fees are calculated per term for the thesis stream and per credit for the supervised project stream.
You pay the Quebec rate if you are a resident of Quebec according to certain criteria, such as having a Quebec birth certificate or a Québec Selection Certificate.
Total cost of a 45-credit program at full time
- Thesis (4 terms): $6,900
- Supervised project: $7,600
See if you meet one of the Quebec residence criteria.
You pay the Canadian rate if you are a citizen by birth or naturalization, an Indigenous person, or a permanent resident of Canada.
Total cost of a 45-credit program at full time
- Thesis (4 terms): $16,500
- Supervised project in English: $22,000
- Supervised project in French: $17,200
See whether you can receive an exemption and pay the Quebec rate.
Through an agreement between governments, you are eligible for an exemption allowing you to pay the Quebec rate instead of the international rate.
Total cost of a 45-credit program at full time
- Thesis (4 terms): $6,900
- Supervised project: $7,600
Check the conditions you must meet to receive this exemption.
You pay the international rate if you are from a country outside Canada. There is no exemption for your situation.
Total cost of a 45-credit program at full time
- Thesis (4 terms): $33,500
- Supervised project: $37,800
These fees give you priority registration for the course INTE 60004 Expérience Québec (in French) and a French language course to help you adapt to the Quebec and Canadian job markets.
See whether you can receive an exemption and pay the Quebec or Canadian rate.
To ensure the proper rate is applied, you may need to provide documents proving your legal status once you have been admitted.
Scholarships
Every year, HEC Montréal awards close to $1.6 million in scholarships and other forms of awards to M.Sc. students. What a great way to help finance your studies!
These scholarships, worth from $2,000 to $10,000, are awarded by the MSc in Administration program office to the top candidates admitted, based on their academic record at the time of admission.
There are no applications to be completed; successful candidates will be notified by e-mail.
Federal and Quebec government granting agencies award scholarships worth $20,000 and $27,000 to students with an excellent average and who wish to pursue their studies at the Master’s level.
Social Sciences and Humanities Research Council of Canada (SSHRC)
Annual $27,000 scholarships for students in all specializations except Financial Engineering, Data science and business analytics and Business Intelligence.
Deadline: December 1st every year
Natural Sciences and Engineering Research Council of Canada (NSERC)
Annual $27,000 scholarships for students in the Financial Engineering, Data science and business analytics and Business Intelligence specializations.
Deadline: December 1st every year
Fonds de recherche du Québec – Société et culture (FRQSC)
Annual $20,000 scholarships, awarded for two years, for students in all specializations except Financial Engineering, Data science and business analytics and Business Intelligence.
Deadline: Usually during the 2nd week of October
Fonds de recherche du Québec – Nature et technologie (FRQNT)
Annual $20,000 scholarships, awarded for two years, for students in the Financial Engineering, Data science and business analytics and Business Intelligence specializations.
Deadline: Usually during the 1st week of October
$15,000 scholarships awarded for a 4-6 months research internship in a company. Students in the supervised project or thesis streams are eligible for these scholarships.
Applications may be submitted at any time (ideally 3 months before the project begins)
Exemptions offered by HEC Montréal
HEC Montréal offers a number of differential tuition fee exemptions to international newly admitted in the thesis stream.
Agreement between the government of Québec and some forty countries
The Quebec government has agreements with some forty countries and a number of organizations, exempting students who come to study in the province from differential tuition fees. The quota depends on the student’s country of origin. Students must contact the persons responsible for managing this program in their home country.
For further information, see the page on exemptions from the diffrential tuition fees.
- Financial assistance from the Government of Quebec
- Work-study programs
- Research and teaching assistantships (RAs and TAs)