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CourseContents CORPORATEFINANCIAL MANAGEMENTPROGRAM (IFAC) 2016 Program Director: Hélène Löning INTRODUCTIONWEEK IFAC ‐ Corporate Financial Management 2015‐2016 HEC Paris – Corporate Financial Management (IFAC) Accounting Game Karen Guidée Accounting Game Overview & Learning Outcomes This 2‐day seminar aims at: Kick‐starting the year in a lively way, Getting to know each other and benefiting from other students’ experience, Enhancing oral presentation skills, Refreshing students’ memory with short/ready‐to‐use/high‐level accounting sessions. Key Topics Understanding the IFRS framework Analyzing consolidated financial statements: o Components (statements and notes) o Specific disclosures to reflect material information and industry characteristics o Consolidation process Teaching Methods Mix of lectures, business cases and role‐playing games drawn from recent financial news. Course Organization Course of 12 hours: 4 x 3 hours Prerequisites Accounting basics Grading Not applicable Professor’s Short Bio Karen Guidée is a senior manager who has worked with Mazars for 8 years. She specializes in leading listed audits, and serves large groups operating internationally. She graduated from ESSEC in 2004 and spent 3 years in Mazars’ New York office. After a two‐year experience in consulting with Bain & Company, she joined the Manufacturing & Resources practice in Mazars’ Paris office in 2009. HEC Paris – Corporate Financial Management (IFAC) Introduction to Team Dynamics Olivier Piazza Introduction to Team Dynamics Overview & Learning Outcomes This course is designed as a team building session enabling each student to connect with his classmates while having the opportunity to elaborate and clarify the shared goals and values of the newly forged team. The two‐sessions program helps understand the mechanics of functional teams, providing students with the basics of a team‐oriented mindset. Key Topics Team dynamics: Team building, stages of team development, shared goals setting, common rules and values, collective intelligence Facilitation skills: Collaborative spirit and workshops, business gamification Storytelling: visualize, share, communicate Positive psychology: emotions, success and well being / happiness at work Teaching Methods Experiential learning through a team building process Reflective analysis based on key analytical frameworks Course Organization Course of 6 hours: 2 x 3 hours Prerequisites None Grading Attendance is compulsory (Introduction week) Professor’s Short Bio Olivier Piazza is an executive coach specialized in leadership development, team dynamics and change facilitation. Olivier currently teaches leadership, team dynamics and management at HEC Paris, Rouen Business School and Cergy Pontoise University where he is a co‐director of the Executive Coaching Diploma. Previously, Olivier held various positions in diverse organisations, from sales rep, marketing manager, or advertiser to general manager, mainly in the healthcare publishing sector. This professional journey led him to discover and understand different business settings, from big multinationals to small French companies. He holds an Executive Coaching Master’s Degree from Cergy Pontoise University, an Executive MBA from HEC Paris and is a graduate of the Nantes‐Atlantic National College of Veterinary Medicine. HEC Paris – Corporate Financial Management (IFAC) Back to Costing Professor: H. Löning Back to Costing Overview&LearningOutcomes This course is designed as a revision course, which will enable you to refresh the main basic concepts seen in the M1 MAC course. It also includes an English‐French glossary for acquiring the terminology in both languages whatever the language you took the MAC course in M1. KeyTopics 1. Basic cost concepts: variable, fixed, direct and indirect costs, overhead, contribution margin, gross margin and net margin, direct costing/absorption costing, overhead, cost of good sold (COGS), … 2. Basic profitability related concepts: breakeven point & breakeven analysis, theory of constraints, accounting flows, process & job costing, equivalent units 3. Concepts related to OH allocation: cost object, cost pool, cost driver, allocation rate, burden rate, peanut butter costing, activity based costing TeachingMethods Mix of lectures and short/long problems or cases. Participation from students is required in class along the lectures; case group work is made in class. TeachingMaterial The textbook most suggested for revising the basic concepts is: ‐ Jiambalvo James, Managerial Accounting, 5th edition, 2012, Wiley International Alternative textbook: ‐ Bhimani A., Horngren C.T., Datar S.M., Foster G., Rajan M., Management and cost accounting , 6th edition, 2015, Pearson CourseOrganization Course of 9 hours: 3 x 3 hours HEC Paris – Corporate Financial Management (IFAC) Back to Costing Professor: H. Löning Professor’sShortBio Hélène Löning, Associate Professor at HEC, also received her PhD from HEC (1994). She has been a research fee doctoral student at the LSE and a visiting scholar at the University of Southern California. She has taught all different programs at HEC (GE, MBA, Executive education), is a former ITP student and currently supervises three doctoral students. Her research interests are related to the social and organizational aspects of management control and accounting tools, including budgeting, performance management systems and risk management systems. CORECOURSES ( FORALLSTUDENTS ) IFAC ‐ Corporate Financial Management 2015‐2016 HEC Paris – Corporate Financial Management (IFAC) Advanced Financial Accounting Pascale Defline Advanced Financial Accounting Overview&LearningOutcomes Advanced knowledge in financial accounting is required for any job connected with consulting, audit or financial management. This course intends to enable IFAC major’s students: ‐ to master the accounting treatment of many complex operations, as well as the main issues related to these accounting techniques, ‐ to get a skills base, strong enough to understand and interpret financial information coming from companies, ‐ to grasp the accounting policy led by a company in all its aspects. KeyTopics This course treats of complex accounting operations related to accounting principles, valuation of tangible and intangible assets, amortization policy, provisioning policy, securities portfolio and long‐term contracts, as well as all connected accounting and tax issues. For each concerned topic, the course presents the differences between French standards and IFRS. It focuses also on impacts resulting from the accounting policy chosen by a company to prepare its financial statements. TeachingMethods Learning all these concepts requires from students readings and prior preparation of cases and exercises. CourseOrganization 7 sessions of 3 hours each. Prerequisites The same as Major’s prerequisites. Grading A final two‐and‐a‐half‐hour test in December for half of the final grade (marks averaged with the results of Carine Boiteau’s mid‐course test). The grade takes into account class participation. Professors’ShortBio Pascale DEFLINE is an affiliate professor in Accounting and Management Control Department of HEC Paris. With an Msc degree from HEC in 1991 Paris, she received her Ph. D. in Public Management from the CNAM‐Paris in 2011. Her Ph. D. dealt with profitability and public investment choices. She teaches financial accounting to students of the Grande Ecole Program. Before coming to HEC Paris, she taught at Paris‐Dauphine University and at Paris Ouest Nanterre University. She spent before 9 years in the audit firm KPMG and in financial directions, after one year in a humanitarian mission in Thailand. HEC Paris – Corporate Financial Management (IFAC) International Accounting Framework Christophe Marion International Accounting Frameworks Overview & Learning Outcomes At the end of the course, students should: ‐ Be aware of the major accounting frameworks around the world ‐ Know that frameworks evolve and might converge ‐ Understand the key concepts of IFRS’ conceptual framework ‐ Master the accounting treatment of some significant transactions in IFRS and US GAAP (and how they differ from French Gaap): pensions, leases, stock options, financial instruments and hedging ‐ Be convinced that IFRS is not about fair value Key Topics Topic 1: What is a conceptual framework? Topic 2: Key accounting principles in Fr, US, IFRS (and how they differ) Topic 3: Accounting for leases Topic 4: Accounting for pensions Topic 5: Accounting for stock options Topic 6: Accounting for financial instruments and hedging Topic 7: First time adoption of IFRS Topic 8: Financial reporting and disclosures Teaching Methods The course is based on many real life examples and financial statements. Keynote speaker invited to comment of world convergence in accounting. Case study. Course Organization Course of 24 hours: 8 x 3 hours Prerequisites Some knowledge of accounting (any framework) Grading Be on time, listen actively (questions are more than welcome. Be also prepared to answer some). Final test. Professor’s Short Bio H86, Christophe Marion has worked internationally (London, Paris, New York and West Africa) as an auditor. Expert comptable (French chartered accountant) since 1994, he worked for Mazars and PwC. He founded FinHarmony in 2001 and specializes in training and consulting. HEC Paris – Corporate Financial Management (IFAC) Group Financial Reporting/Consolidation (cours en français) Sophie de Oliveira Bretxa Group Financial Reporting/Consolidation Overview&LearningOutcomes This course aims at developing advanced skills required to interpret, analyze and prepare consolidated financial information according to international standards. At the end of the course you should be able to: ‐ prepare basic consolidated financial statements for a group, ‐ understand the main issues of the consolidation process, ‐ analyze and interpret consolidated statements, ‐ understand the conceptual difficulties which arise when consolidating the accounts of a group: calculation and impairment of goodwill, presentation of non‐controlling interest, consequences of a disposal of a subsidiary. KeyTopics ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Group company reporting objectives The consolidation process Methods of consolidation : Full consolidation, Proportional integration, Equity method Accounting treatment for the acquisition of companies and determination of Goodwill. Purchase price allocation process and main issues Impairment tests on Intangibles and Goodwill Harmonization of group accounting policy and other adjustments to consolidated accounts Elimination of activity between group companies Accounting for Groups with foreign operations Accounting for Group tax adjustments and deferred taxation TeachingMethods Mix of lectures and short cases studies completed with real‐life business case studies in order to apply key concepts introduced in lectures. CourseOrganization Course of 24 hours: 8 x 3 hours Prerequisites Intermediate Financial Accounting HEC Paris – Corporate Financial Management (IFAC) Group Financial Reporting/Consolidation (cours en français) Sophie de Oliveira Bretxa Grading Your final grade in this course will be based on a midterm examination, and a final examination. For the final examination you will have to prepare consolidated financial statements according to IFRS standards. Professor’sShortBio Sophie de Oliveira Bretxa is an acknowledged specialist in consolidated accounts and IFRS standards. She has published a number of works, including " La Consolidation des Comptes" (published by Ellypse) and gives courses on consolidation and IFRS standards in a number of higher education establishments (HEC, Paris XII) and at Les Echos Formation. For 12 years, she was an authorized representative at Mazars, specializing in audit and the production of consolidated accounts. She then joined COGIS where she designed and supervised the development of the consolidation tool, KEOPS. Since 1 July 2008 she has been a partner at Denjean & Associés and head of the consolidation and IFRS department Her work includes: ‐ Assistance in the production of consolidated accounts in accordance with French standards and IFRS; ‐ Review of consolidation procedures and assistance in complex technical matters; ‐ Organization of consolidation seminars for groups; ‐ Implementation and adaptation of consolidation tools; ‐ Establishing procedures and producing consolidation guides and instructions; ‐ Audits of consolidated or individual accounts. Sophie de Oliveira Leite is Civil Engineer, Chartered Accountant & Auditor, and also graduated from HEC. HEC Paris – Corporate Financial Management (IFAC) Strategic Management Accounting Hélène Löning Strategic Management Accounting Overview&LearningOutcomes This course is primarily a strategy course, not an accounting course, but looks at how strategy can be inspired by management accounting. It uses concepts imported from management accounting to illuminate strategic analysis. Because it is strategy‐oriented, the course is not primarily a technical course focused on costing systems. Instead, the course applies profitability management methods and costing concepts to business situations. The main focus of the course is how profitability is generated (or deteriorated). At the end of the course you should be able to: ‐ Develop an understanding of different managerial accounting concepts for strategy such as: activity costing and cross segment analysis, cannibalization effects, value chain analysis, low cost value creation, kaizen costing, lean management & lean accounting, target costing; ‐ Know when they should be used for improving the business profitability; ‐ Identify how a given company generates superior profitability: What is the business model? What triangle cost‐value‐profitability is at work? Who pays and what for? What cost structure has been chosen? What management methods have been implemented to respond to the strategic choices? What decisions regarding outsourcing and off shoring have been made and why? The course will be useful if you would like to work in management and strategic consulting but also more broadly to fulfil any position as a business financial analyst or management accountant in a company’s Finance department. You will then have to serve as a « Business Partner » and co‐owner of earnings with the CEO and you will need to develop a clear understanding of the strategic development of the profitability of the business in which they operate – or that they analyse. KeyTopics Activity costing and cross segment analysis, Cannibalization effects, Value chain analysis, Low cost strategy value creation, Kaizen costing, lean management & lean accounting, Target costing. These concepts should help you address the main topic of the course: What is the relationship between the value to the client created by a company, its costs, and its profitability? HEC Paris – Corporate Financial Management (IFAC) Strategic Management Accounting Hélène Löning TeachingMethods 1. Mix of lectures and cases. Cases must be imperatively READ in advance by the students. Please bring laptops that you may need in‐class upon request. 2. Student‐led group project. TeachingMaterial All the course information, problems, cases and slides will be posted for each session on K‐Hub. The cases are printed and given in a handbook to the students at the beginning of the course. The textbook most suggested for revising the basic concepts (see Back to Costing course) is: ‐ Jiambalvo James, Managerial Accounting, 5th edition, 2012, Wiley International Alternative textbook: ‐ Bhimani A., Horngren C.T., Datar S.M., Foster G., Rajan M., Management and cost accounting, 6th edition, 2015, Pearson Some readings supporting the course can be found in: ‐ Shank J. & Govindarajan V., Strategic Cost Management: the new tool for competitive advantage, 2008, The Free Press, NY. CourseOrganization Course of 18 hours: 9 x 2 hours Prerequisites Introductory cost concepts and managerial accounting Notions from a strategy course Grading 45% Group assignment: Project: Analysis of the business model – how profitability is constructed – in a chosen firm/industry – PPT and final presentation 30% Individual exam: one essay question on the concepts of the course and one calculative question on one of the cases seen in class (open book) 25% Individual assessment of case reading: systematic or random question on the case to be read at the beginning of the class (no documents allowed) HEC Paris – Corporate Financial Management (IFAC) Strategic Management Accounting Hélène Löning Professor’sShortBio Hélène Löning, Associate Professor at HEC, also received her PhD from HEC (1994). She has been a research fee doctoral student at the LSE and a visiting scholar at the University of Southern California. She has taught all different programs at HEC (GE, MBA, Executive education), is a former ITP student and currently supervises three doctoral students. Her research interests are related to the social and organizational aspects of management control and accounting tools, including budgeting, performance management systems and risk management systems. HEC Paris – Corporate Financial Management (IFAC) Business Performance Management Sebastian Becker & Véronique Malleret Business Performance Management Overview & Learning Outcomes The objective of the course is to introduce students to advanced topics and key tools of budgeting and performance management. The course aims are to analyse and discuss these for a specific corporation or business unit. Key Topics The course is organized in three parts and covers the following topics: Part I: Advanced topics of performance management (Financial performance measures, Strategic maps and Balanced Scorecards, incentives management) Part II: Advanced topics of budgeting (evaluating a budgeting system and understanding improvements to it); Part III: Performance measurement and management of service activities. Teaching Methods Lectures, cases, interactive exercises Course Organization Course of 18 hours: 6 sessions x 3 hours Prerequisites M1 core course: Performance Measurement and Management (PMM) Grading Preparation of memos and presentation of students’ works (in groups) Professors’ Short Bio Sebastian D. Becker is an assistant professor at HEC in the accounting and management control Department. He teaches in the MBA, EMBA and PhD program and researches budgeting. Véronique Malleret is a professor at HEC, in the accounting and management control Department. She teaches in the Grande Ecole program and in various Executive Education programs. Her research activities are focused on performance evaluation of service industries and service activities. HEC Paris – Corporate Financial Management (IFAC) Project Management Joseph Nehme Project Management Overview&LearningOutcomes The Information Systems (IS) industry is highly project oriented. Mastering the concepts and techniques of project management is imperative for companies competing in the today’s economy where every investment should be justified and measured against its outcome. Consulting & Auditing Services companies and financial Institutions tend to extensively use projects to organize their activities. Most initiatives are managed under a program / project structure before being transferred to operations. In this course participants will gain a strong working knowledge of IS Project Management. They will be faced with project management challenges in general and in the IS industry in particular. Participants will learn how to put that knowledge into practice and capitalize on it in order to improve the management of their projects. KeyTopics Topic 1: Project Definition and Organization Topic 2: Project Planning, Control and Risk Management Topic 3: Stakeholder Management and Project Management Office TeachingMethods ‐ Cases ‐ Course Slides ‐ Simulations CourseOrganization Course of 18 hours: 6 x 3 hours Prerequisites None Grading Course evaluation will be based on the following: ‐ Class participation and presentations (60%) ‐ Project Management Plan to be submitted at the end of the course (40%) HEC Paris – Corporate Financial Management (IFAC) Project Management Joseph Nehme Professor’sShortBio Joseph Nehme is an Affiliate Professor in the department of Operations Management and Information Technology at HEC Paris. His teaching assignments include Project Management and Supply Chain courses for the MS, Grande École and Executive Students. He also teaches Project Management at École Polytechnique. He holds a PhD in innovation and project management from Polytechnique ‐ Montreal. He was part of the MINE (Managing Innovation in the New Economy) program, the largest social science research program in Canada where he studied innovation dynamics in major technology and consulting firms in North America, Europe and India. His main research focuses on Project Management and Innovation dynamics in the IT Industry. He is also managing an international research project that is exploring new policies to foster renewable energy and sustainable development. Furthermore, Joseph accounts for several years of business experience in consulting and technology management. He managed several large programs for major financial institutions in North America and Europe. HEC Paris – Corporate Financial Management (IFAC) Financial Statement Analysis Yun Lou Financial Statement Analysis Overview & Learning Outcomes This course is intended to develop skills for the strategic analysis of financial reporting, and to develop experience in evaluating financial performance as well as the risk of default. A company’s financial reports convey a wealth of useful information about its business. Indeed, financial reports are the primary means by which managers communicate company results to investors, creditors and analysts. These parties use the reports to judge company performance, to assess creditworthiness, to predict future financial performance, and to analyze possible acquisitions and take-overs. Users of financial statements must be able to meaningfully interpret financial reports, construct measures of financial performance. To enable meaningful comparison across business, accounting regulators have developed a set of standards and rules that provide guidelines to the reporting firms. Nevertheless, these standards and rules still allow mangers considerable discretion in reporting the firm’s results. Since company managers choose among a set of available accounting procedures when preparing their reports, we need to learn about accounting choices in order to achieve a thorough understanding of the reports and their link to the underlying business activity and economic reality. Key Topics Session 1 Session 2 Session 3 Session 4 Session 5 Session 6 Introduction to financial statement analysis Accounting Analysis HBS Case: Revenue-recognition problems in the communications equipment industry Financial Analysis Ratio analysis Cash flow analysis Mergers & acquisitions HBS Case: The Talbots, Inc., and Subsidiaries Banks’ financial analysis HBS Case: Citigroup 2007: Financial Reporting and Regulatory Capital Credit analysis and prospective analysis Teaching Methods Developing expertise in financial statement analysis requires a significant amount of practice. We will therefore approach this task by learning the relevant theory and experimenting with its applications. We will look at “textbook” cases as well as at financial statements of real companies. Course Organization Course of 18 hours: 6 x 3 hours HEC Paris – Corporate Financial Management (IFAC) Financial Statement Analysis Yun Lou Prerequisites Core Financial Accounting Core Corporate Finance Grading Assignments (group): 30% Final Exam (individual): 70% Professor’s Short Bio Yun LOU is an Assistant Professor of Accounting at HEC Paris. She received her PhD in Accounting from London Business School. She has been teaching in the International Master of Finance and MBA programs since she arrived in HEC Paris. Her research interests include the role of accounting information in debt markets, disclosure, auditing, corporate governance, and private equity. She also has been awarded AXA and LABEX ECODEC research funds. HEC Paris – Corporate Financial Management (IFAC) Economic Performance and Value Creation (cours en français) Franck Quentin Overview&LearningOutcomes Understanding the value creation process and how economic performance is assessed is a cornerstone not only for financial analysis but for many activities such as performance management, financial communication, strategic and financial advisory, investment, mergers and acquisitions. This course has been designed in this large perspective and aims at explaining both the theoretical and practical aspects of the approaches and indicators used to assess the economic performance and value creation capabilities of a company. KeyTopics Topic 1: What is value creation? How is it estimated? What are the links between economic performance and value creation? Topic 2: What are the key indicators of economic performance? How are they computed? What are the restatements to apply on the company’s accounts? Topic 3: How should the evolution of such indicators be analysed over time? TeachingMethods Lectures, exercises and case studies CourseOrganization Course of 18 hours: 6 x 3 hours Prerequisites Notions of accounting and strategy Grading Final real case study in small group (50%): analysis of the consequences for a listed international group of a significant merger operation on its economic performance and value creation capabilities. Written test (50%): multiple‐choice questions, open questions and exercises. Professor’sShortBio Franck Quentin has been teaching finance at HEC since 1999. Former ESCP Europe student and former director at Ernst & Young specialized in corporate valuation, he now manages a venture capital company dedicated to early stage development that he founded in 2009. HEC Paris – Corporate Financial Management (IFAC) Systèmes d’Information pour Financiers Jérôme Huber, Olivier Meullemeestre & Frédérik Schulmeister Systèmes d’Information pour Financiers Overview&LearningOutcomes Ce cours s’adresse à ceux qui pourraient être amenés à travailler avec une direction des systèmes d’information (DSI), une direction financière ou une direction de l’audit interne. Soit directement, à travers des audits ou du pilotage, soit indirectement, à travers les outils financiers et les projets liés à ces outils au sein des départements financiers. Il présente l’ensemble des aspects fonctionnels et techniques qui concernent les systèmes d’information au sein des Directions Financières des Groupes. Il permet également d’appréhender les enjeux sous‐jacents aux choix des solutions qui viennent supporter les activités opérationnelles et métiers. Il a pour ambition de permettre aux étudiants d’appréhender : ‐ Les fonctionnalités applicatives de systèmes financiers ‐ Les liens entre les métiers financiers et les Systèmes d’Information ‐ Les projets liés aux systèmes financiers A la fin de ce cours, vous devriez être capables de : ‐ Identifier les axes de performance de la DSI et leurs impacts sur la performance des métiers ‐ Comprendre les éléments à prendre en compte dans le choix d’un logiciel et les implications de ce choix sur la qualité de service et la performance financière globales des parties‐prenantes ‐ Connaître les principaux systèmes financiers et les basiques de manipulations d’un système de consolidation ‐ Appréhender les risques lors de la mise en place d’un système financier KeyTopics Sujet 1: Présentation des SI Financiers Comment sont organisés les systèmes au sein des départements financiers ? Quels sont les principaux systèmes du marché (reporting, consolidation, trésorerie, etc…) et à quoi servent‐ils ? Sujet 2: Processus de reporting Comment est traité un processus de reporting financier dans les systèmes actuels ? Des exercices pratiques permettront de se familiariser avec l’utilisation d’un logiciel de consolidation Sujet 3: Pilotage de la performance d’une DSI Comment les directions des systèmes d’information s’organisent‐elles pour maîtriser l’évolution des systèmes et renforcer leur alignement aux objectifs stratégiques de l’entreprise ? Quels sont les enjeux propres d’une DSI en matière de performance et de choix sur le long terme ? Un cas pratique sera consacré aux prises de décisions clés préalables au lancement d’un projet. Sujet 4: Implémentation d’un système financier Comment sont gérés les projets de mise en œuvre de systèmes financiers ? Quels sont les risques rencontrés lors des projets ? Comment s’assurer de la fiabilité des systèmes ? HEC Paris – Corporate Financial Management (IFAC) Systèmes d’Information pour Financiers Jérôme Huber, Olivier Meullemeestre & Frédérik Schulmeister TeachingMethods Mix de cours et d’études de cas. Les sujets 1 et 2 sont basés sur des présentations, des exemples pratiques, des exercices et d’études de cas. Les sujets 3 et 4 sont principalement enseignés à travers des présentations et études de cas. CourseOrganization Cours de 18 heures, réparties en 6 x 3 heures. Prerequisites Connaissances en gestion de projets Connaissances en comptabilité Grading La note finale tient compte de la participation aux exercices pratiques et d’une étude de cas en petits groupes. Professor’sShortBio Jérôme Huber est l’associé en charge du département Audit des Systèmes d’Information de Mazars. Certifié CISA et sur SAP, il a une expérience de 17 années en audit et conseil des Systèmes d’Information et notamment : les projets ERP, la gouvernance des SI, l’analyse de données et la sécurité des Systèmes d’Information. Olivier Meullemeestre est en charge du domaine Référentiels et Opérations de Gouvernance au sein de la Direction IT Groupe de BNP Paribas. Il a une expérience de 18 ans dans le domaine des Systèmes d’Information essentiellement dans le secteur bancaire. Frédérik Schulmeister est l’associé en charge du département Consolidation & Reporting de Mazars. Expert‐Comptable spécialisé en conseil opérationnel sur les processus financiers, il a une expérience de 17 années sur les problématiques métiers et systèmes au sein des directions financières. HEC Paris – Corporate Financial Management (IFAC) Re‐engineering des systèmes analytiques (cours en français) Alexandre Lamy Re‐engineering des systèmes analytiques Présentationetobjectifspédagogiques Le cours est conçu sur le mode des études en Médecine : examiner un vrai cas et déterminer comment l’amener au meilleur niveau de fonctionnement organisationnel (d’une part), comment le doter d’outils modernes de Business Performance Management (d’autre part). Objectifs pédagogiques : 1. Préparer aux actions de conseil, en qualité de consultant ou d’auditeur. 2. Acquérir des techniques d’investigation de systèmes organisationnels complexes et pratiquer le re‐engineering. 3. Que les étudiants, dès leur premier emploi, ne craignent d’aborder les techniques et complexité en rapport avec les systèmes analytiques. 4. Accentuer le « savoir‐faire » au travers d’une exploitation concrète des savoirs. 5. Réfléchir, débattre et appréhender les liens entre choix techniques et philosophies de management. 6. Accessoirement, apporter d’ultimes recommandations aux étudiants pour améliorer l’attrait de leurs présentations orales et renforcer leur impact personnel lors de ces présentations en entreprise. Méthodespédagogiques 1. Exposés de l’enseignant sur les techniques & méthodologies mises en œuvre. 2. Présentations par l’enseignant de solutions correspondant à des configurations opérationnelles. 3. Entraînements des étudiants au « comment faire » à partir du traitement complet ‐ en fil rouge sur l’ensemble de la séquence ‐ d’un cas unique et réel, filiale française d’un groupe industriel international. 4. Travail collectif, par sous‐groupe de 4 étudiants Organisationducours 4 séances de 3 heures Evaluation Qualité des présentations orales individuelles et collectives (25 %), dossiers d’étape (25 %), qualité du dossier collectif final remis en fin de séquence (50 %). HEC Paris – Corporate Financial Management (IFAC) Re‐engineering des systèmes analytiques (cours en français) Alexandre Lamy Professor’sShortBio Alexandre LAMY est professeur affilié au département Comptabilité et Contrôle de l’école HEC dont il est diplômé. Il y enseigne à la grande école, en MS, au MBA, à l’eMBA ainsi qu’à HEC Executive Education où il assure et la Direction Pédagogique de l’Executive Mastère Gestion Financière et la Direction Pédagogique du CESA Business Performance Management. Lauréat de l’HEC Teaching Award Pierre Vernimmen en 2007, et short listé par le vote des étudiants en vue de ce prix en 2004, 2005, 2006, 2007 et 2010. Auteur d’articles dans diverses publications dont LES ÉCHOS et LE FIGARO, il intègre dans ses enseignements la restitution de son expérience professionnelle acquise au sein de groupes internationaux ‐ ou français cotés au CAC 40 ‐ ainsi que d’un groupe de distribution coté à Paris dont il a assuré la direction générale. Ses responsabilités l’ont aussi amené à conduire des négociations de dossiers complexes avec les Pouvoirs Publics français (CIRI / Direction du Trésor), les présidents de banque et les groupes industriels concernés. Il est administrateur et membre du comité stratégique d’HydroExploitations, administrateur de Fondation Finance Investissements et associé co‐fondateur de la SA « La Table de Cana » entreprise privée à but humanitaire (SJ) pour la réinsertion professionnelle en sortie de milieu carcéral. JOB‐ORIENTEDCOURSES ( FORALLSTUDENTS ) IFAC ‐ Corporate Financial Management 2015‐2016 HEC Paris – Corporate Financial Management (IFAC) External Audit Pierre Phan Van Phi External Audit Overview&LearningOutcomes Introduction to a profession, its standards and methods. Practice oriented course. KeyTopics Role of the auditor, professional standards, legal and regulatory requirements Audit approach based on the understanding of the business risks and control environment, including fraud assessment Design of the audit strategy and testing approach Implementation of the audit approach TeachingMethods Advanced Theoretical Framework Business Case Studies Role‐playing scenarii CourseOrganization Course of 12 hours: 4 x 3 hours Prerequisites Accounting Basics Curiosity and passion Grading Test: group assignment and final presentation (100%) Professor’sShortBio Pierre is a partner at EY. He heads the IFRS Professional Practice Group for France, Luxembourg and Maghreb. He manages a team of IFRS experts, providing support to EY clients and teams for the preparation of IFRS financial statements. He also provides, or has provided, IFRS technical support to engagement teams of 10 of the largest 40 listed groups in France, including 4 groups which are also listed in the US. HEC Paris – Corporate Financial Management (IFAC) External Audit Pierre Phan Van Phi He is a member of many international working groups within EY Global dealing with complex technical matters and a member of the EY EMEIA IFRS Desk, which coordinates and enforces IFRS technical positions in Europe, Middle East, India and Africa. He often designs and delivers IFRS training courses, both for internal and external audiences, in France and abroad, and is a regular speaker at IFRS events in France. He has participated in the writing of IFRS articles and books, including 2 publications on the application of IFRS by large European listed groups in 2007 & 2008 ( « IFRS: les pratiques des grands groupes européens »). He participates to various technical working groups within the French National Standard Setter (Autorité des Normes Comptables, ANC) and the French Association of Statutory Auditors (Compagnie Nationale des Commissaires aux Comptes), where he is also a member of the accounting committee for listed companies (Bureau du Comité Comptable du Département des Marchés Financiers de la CNCC). Prior to becoming a full time IFRS Expert, he was an auditor for 12 years. HEC Paris – Corporate Financial Management (IFAC) Transactions and Due Diligence insights Céline Appel & David Willems Transactions and Due Diligence insights Overview & Learning Outcomes The main course objectives are as follows: • Understand how companies and/or businesses are purchased/sold (i.e. the transaction process) • Make the participants familiar with the various parties usually involved in a transaction (including PE Firms) and understand their role in and expectations of the transaction process. • Understand what a due diligence is and how it fits into the global transaction process. Understand what the typical analyses performed during a financial due diligence are and how the findings of a due diligence may affect the company value, the transaction price and the different clauses included in the Share & Purchase Agreement. • Better understand the role and activities of a Transaction Services practice. Key Topics Topic 1: The transaction process (various parties involved, key milestones, buyers and sellers expectations…) Topic 2: What is a due diligence? What are the different kinds of due diligences (Buy Side, Sell Side, Vendor Assistance). What are the main objectives of a due diligence? Topic 3: Focus on key analyses performed during a due diligence: Quality of Earnings Analysis, Analysis and normalization of Working Capital, Quality of Net Debt Analysis, review of projections… Teaching Methods Plenary sessions (40%), Case study (30%), Exercises (10%), Interactive Q&A sessions (20%) Course Organization Course of 12 hours (4 x 3 hours) Prerequisites Good knowledge in Accounting, Financial Analysis and Valuation Grading • • • • • Attendance (15%) Active listening and participation (20%) Oral presentation of case study (in small groups) (20%) Written preparation of a case study (in small groups) (20%) Final individual Test (25%) HEC Paris – Corporate Financial Management (IFAC) Transactions and Due Diligence insights Céline Appel & David Willems Professors’ Short Bio Céline Appel is a Senior Manager in the Transaction Services department of PwC. After graduating from HEC in 1997, Céline joined PwC as a financial auditor and moved to Transaction Services in 2001. From 2002 to 2005, she spent three years in Germany. She has extensive experience in assignments serving both financial and strategic buyers engaged in acquisitions, mergers, divestures, restructuring and carve‐outs in the financial sector. Davis Willems is a Partner in the Transaction Services department of PwC in Paris. He has spent 21 years with PwC, with the most recent 17 years focused exclusively on mergers and acquisitions. David leads the Technology industry sector for our Deals business, and co‐leads our Private Equity industry group. He has served both financial and strategic buyers in a large number of transactions, including many cross border acquisitions. He is a British citizen. HEC Paris – Corporate Financial Management (IFAC) and Managerial and Financial Economics (MFE) Strategic Consulting: Problem Solving Method Thomas Mirman Strategic Consulting: Problem Solving Method Overview & Learning Outcomes This course is an introduction to the management consulting industry with a focus on case resolution and problem solving methodology, which is developed through real life cases solved by student teams. Key topics Consulting industry Management consulting approach, tools and frameworks Problem solving methodology and application to real life examples Teamwork tools and practices Teaching Methods This course is as interactive as possible: academic content is illustrated by real life examples, and an important focus is set on student work, through frequent breakouts in classroom or home work on real cases. Students will also have the occasion to practice interview cases, individually or in group. Course Organization 12 hours (4 x 3 hours) + 3h First four courses take place in HEC campus, last course in McKinsey office in Paris. Prerequisites Some business background. This course is directed to any student with an interest in understanding the consulting industry and some of the tools that can be used to help organizations improve performance and become more effective. Grading Grading will be based on class participation and case final presentation to a professional jury. HEC Paris – Corporate Financial Management (IFAC) and Managerial and Financial Economics (MFE) Strategic Consulting: Problem Solving Method Thomas Mirman Professor’s Short Bio Thomas Mirman is an Engagement Manager in the Paris office of McKinsey. He mainly serves banks on their retail and investment banking activities on strategic and operations topics. He holds an M. Sc. from HEC (Majeure Finance), and worked for a financial consultancy firm for three years before joining McKinsey. HEC Paris – Corporate Financial Management (IFAC) Investors’ Relations Bénédicte Thibord Investors’ Relations Overview & Learning Outcomes This financial communication course is designed to help students in a lively and interactive manner, to better understand financial communication constraints, context and interactions with the different actors, brokers, issuers, and investors. The purpose is to provide to the student the capacity in their future jobs, to be ready to manage this type of problem or challenge on a pragmatic way. At the end of the course, the student should have: ‐ Acquired a global vision of financial communication general principles and legal context ‐ Identified key operational financial communication challenges for a listed company, illustrated by financial market actors ‐ Understood what is a global vision of market context change and what are market actors expectations regarding financial communication ‐ Understood what is at stake with accounting policies and accounting rules regarding financial communication Key Topics Topic 1: Regulation and Risk Management ‐ General Principles ‐ Legal Constraints ‐ Financial communication risks Topic 2: Financial Communication and Investor Relations: in practice ‐ Main objectives, organization and tools ‐ Large caps vs Small Caps: Case studies Topic 3: New Financial Communication challenges ‐ Communication to Rating agencies and Credit ‐ SRI Communications ‐ Mifid2 and Liquidity fragmentation Topic 4: Equity Story and Financial Markets ‐ Morning Meeting ‐ Equity Research in practice and Financial Communication ‐ Investors mapping: long‐only vs hedge fund Teaching Methods Mix of lectures and short/long cases, testimonies from professional of the sector and on‐site visits Course Organization Course of 12 hours: 2 x 3 hours + 1 x 6 hours HEC Paris – Corporate Financial Management (IFAC) Investors’ Relations Bénédicte Thibord Prerequisites General notions of corporate finance, financial markets, financial analysis, legal environment Grading Group case study: European benchmark of investors relations practices (comparing 3 to 4 companies on a specific topic) Professor’s Short Bio Bénédicte Thibord has been Head of Corporate Access and Client Management at CA Cheuvreux since 2008 and Global Head of SmartConnect Services at Kepler Cheuvreux since 2013 notably in charge of corporate/expert access, roadshows and conference activities. Previously, she worked for ten years at PricewaterhouseCoopers as a banks/insurance auditor, then as a capital markets consultant.She holds a master's in banking, finance and insurance from University of Paris Dauphine, as well as a Certified European Financial Analyst diploma from the French Society of Financial Analysts (SFAF). She has teached a course in financial communication at French business school HEC for 10 years. FILIEREDSCG‐DSCGTRACK IFAC ‐ Corporate Financial Management 2015‐2016 HEC Paris – Corporate Financial Management (IFAC) Comptabilité des Sociétés – Fusions & Acquisitions (cours en français) Carine Boiteau Comptabilité des Sociétés – Fusions & Acquisitions Overview&LearningOutcomes Des connaissances approfondies en comptabilité sont indispensables à l’exercice de tous les métiers liés au conseil, à l’audit ou au management financier. Ce cours a pour objectifs de permettre aux étudiants de la majeure : ‐ de maîtriser les traitements comptables d’opérations complexes, ainsi que les enjeux liés à ces techniques, ‐ d’acquérir un socle d’expertises suffisamment solides pour comprendre et décrypter l’information financière produite, ‐ d’appréhender les différentes dimensions de la politique comptable menée par l’entreprise. KeyTopics Le programme est consacré aux fusions et opérations liées (UE 4 du DSCG). Il s’agit de comprendre et maîtriser les points essentiels d’opérations complexes de rapprochement d’entreprises : les fusions absorption, fusions réunion, apports partiels d’actifs et scissions. TeachingMethods Les séances sont consacrées, après un point de cours, à la résolution d’applications pratiques (cas et exercices) en groupe de travail. Pour ceux voulant approfondir le cours et préparer le passage de l’épreuve 4 du DSCG, des lectures complémentaires sont indiquées pour chaque point abordé. CourseOrganization 6 x 3h = 18h Prerequisites Identiques aux pré‐requis de la majeure. Grading Test final Professors’ShortBio Carine BOITEAU, docteur en Sciences de Gestion (Université Paris Dauphine), est Maître de Conférences à l’Université Paris Descartes et à l’IUT de Paris où elle enseigne la comptabilité financière aux étudiants de la filière CCA (comptabilité, contrôle, audit). Elle a créé puis assuré la direction du diplôme de licence CSIC (contrôle et systèmes d’informations comptables) pendant 8 ans et est membre du Conseil d’Administration de l’Université Paris Descartes. Elle enseigne par ailleurs à Dauphine (Magistère de Sciences de Gestion) et à la Sorbonne Abu Dhabi (Master Banking and Finance & HR Management). HEC Paris – Corporate Financial Management (IFAC) Finance à court terme – Trésorerie (cours en français) Laurent Bertrand & Jean‐Marc Vinot Finance à court terme ‐ Trésorerie Overview&LearningOutcomes L’objectif de ce cours est de sensibiliser aux différents aspects de la gestion de trésorerie corporate : gestion de la liquidité et gestion des risques de change et de taux. A l’issue de ce cours les étudiants auront pu comprendre les enjeux de la gestion de trésorerie, les produits de financements et de placements court terme, les problématiques et les produits de couverture des risques de change et de taux. KeyTopics Définition et importance de la trésorerie – Les leviers d’optimisation de la trésorerie par l’optimisation du Besoin en Fonds de Roulement Enjeu et techniques de la gestion quotidienne des liquidités : les principaux produits de financement et de placement Court Terme Les enjeux et les principaux produits de couverture des risques de change et de taux Les techniques d’optimisation de gestion de trésorerie groupe TeachingMethods Exposés théoriques pour les aspects conceptuels, complétés d’illustrations pratiques. CourseOrganization Course of 12 hours: 4 x 3 hours Prerequisites None Grading Test final d’1h30 HEC Paris – Corporate Financial Management (IFAC) Finance à court terme – Trésorerie (cours en français) Laurent Bertrand & Jean‐Marc Vinot Professor’sShortBio Laurent Bertrand : Directeur Financements et Trésorerie Elior Group Avec plus de 15 ans d’expérience dans le domaine de la gestion de trésorerie et des financements, Laurent BERTRAND intervient sur tous les domaines de ce métier, allant de la gestion des moyens de paiement jusqu’à la structuration de financement obligataire public. Manager d’une équipe de 10 personnes, il a évolué au sein de structures de groupe coté et également dans un contexte de LBO. Intervenant formateur au sein de l’AFTE (Association Française des Trésoriers d’Entreprises) sur des sujets de financement et de centralisation de trésorerie, il participe également au programme de mentorat de SciencePo Paris. Jean‐Marc Vinot : Consultant et formateur Trésorerie Corporate Une expérience de plus de 30 ans de Trésorerie Corporate comme directeur Financement Trésorerie de différents groupes industriels ou de services et notamment dans des contextes LBO. Depuis 2010 consultant en gestion de Trésorerie Corporate. Depuis 2013 formateur (formation continue) au sein de l’Association Française des trésoriers d’entreprises (AFTE) En 2015 expert trésorerie de BPI‐Université dans le cadre du partenariat BPI‐AFTE. HEC Paris – Corporate Financial Management (IFAC) ERP – Enterprise Resource Planning (cours en français) Yann Dufief & Emmanuelle Fines Laurent ERP – Enterprise Resource Planning Overview & Learning Outcomes This course covers the following topics: Presentation of SAP ERP, modules and functionalities (theory and exercises on SAP training environment) ERP Implementation, Maintenance and Auditing approaches Key Topics Topic 1: ERP definition and ERP market Topic 2 & 3: SAP functionalities & usage of SAP ERP for purchasing, sales and finance Topic 4: SAP internal control and security Topic 5: ERP Projects and lifecycle Topic 6: case study / assessment – ERP Audit & Advisory Teaching Methods Theoretical course illustrated with professional examples ERP case study for a company, including both audit & consulting approaches Use of SAP ERP Course Organization 6 sessions of 3 hours each = 18h Courses take place on HEC campus except for sessions 2 & 3 (Saint‐Gobain office) Prerequisites Global knowledge on Information Systems Project management and Supply Chain HEC Paris – Corporate Financial Management (IFAC) ERP – Enterprise Resource Planning (cours en français) Yann Dufief & Emmanuelle Fines Laurent Grading ERP case study based on a real company story. Based on this case, different presentations have to be done by students groups: Two groups will propose Audit approaches and two others will present an Advisory & Consulting scenario. Professors’ Short Bio Y. Dufief is in charge of the Corporate ERP coordination for Saint‐Gobain Group. He is currently managing relationship and sharing knowledge between the IT Applications teams from Saint‐Gobain businesses. In his previous positions, M Dufief was CIO for several industrial divisions at Saint‐Gobain (Glass, Abrasives, Ceramics and Insulation) and at BSN GlassPack group (Packaging). He has a diploma of civil engineer from Ecole Spéciale des Travaux Publics Paris + a Master in Business Administration from IAE Paris. E. Fines Laurent is Director IT Organization & Governance for Saint‐Gobain DSI Groupe. She is currently managing relationship with IT teams from businesses to guaranty harmonized processes and tools. Before Saint‐Gobain, she was IT Advisory senior manager at Ernst& Young France. She has a diploma of Telecommunications Engineer (Telecom Paris). HEC Paris – Corporate Financial Management (IFAC) Mastering & Auditing IT Risks (cours en français) Gérard Pomper Mastering & Auditing IT Risks Overview&LearningOutcomes This course is designed for students who need to understand the impact of Information Technologies on Financial information reliability. Most financial data flows are supported by information systems which have become more and more powerful but also complex and vulnerable. Consequently, the audit approach now includes IT considerations such as an assessment of the IT risk level or the use of information residing within the systems in order to improve the efficiency of audit work. In a first part, this course focuses on the organization of an information system and the main associated risks. It then shows how these elements influence the audit strategy. Two specific topics are then detailed. The first focus is on the use of techniques like Data Analytics to perform efficient audit procedures. A second focus is made on information systems security (e.g. data leakage, hacking, cyber criminality, etc). At the end of the course, the student should be able to: ‐ understand the risks related to the use of an information system within companies and the impact they have on the approach to perform a financial audit. ‐ understand the powerful use of IT tools to perform the audit and the way they can help auditors to improve the efficiency of the audit and assess the reliability of information. ‐ understand the main information systems security risks within an organization and their impact KeyTopics Topic 1: Understanding the building and operating of a company information system Topic 2: Understanding the risks related to an information system Topic 3: The approach of a financial audit in a computerized environment Topic 4: Performing an audit with the help of IT Data Analysis tools Topic 5: Information System security risks and awareness TeachingMethods Mix of lectures, short/long cases, videos Each course is presented by the professor and an IT manager currently working in an audit firm CourseOrganization Course of 18 hours: 6 x 3 hours Prerequisites None HEC Paris – Corporate Financial Management (IFAC) Mastering & Auditing IT Risks (cours en français) Gérard Pomper Grading Individual exam (MCQ): 80% Active participation to the course: 20% Professor’sShortBio Gérard POMPER, former partner at Ernst & Young, is a graduate from ESCP and also holds a master in IT management (MIAGE) from Dauphine University. After ten years with JP Morgan in internal audit and IT development he joined Ernst and Young where he developed and managed the Information Systems audit and risk consulting group for France and Southern Europe. He is currently General Manager of the French Chapter of ISACA a large international association of more than 110.000 members dedicated to “trust in” and “value from” information systems. HEC Paris – Corporate Financial Management (IFAC) Controlling in the Manufacturing Sector (cours en français) Fanny Najmann Controlling in the Manufacturing Sector Overview&LearningOutcomes La fonction Contrôle de gestion des grands groupes connaît des transformations majeures ces dernières années. Plus que jamais garants de la fiabilité de chiffres et de l’information, ainsi que de la qualité des processus de contrôle interne, les Directeurs du Contrôle de gestion se sont transformés en véritables piliers du pilotage stratégique, rôle accru par le contexte de crise actuel. Ce sont ces réalités et problématiques nouvelles de la fonction « Gestion‐Finance » que le cours cherche à montrer de façon concrète aux étudiants. KeyTopics Pratiques budgétaires des grands Groupes Pilotage stratégique (tableaux de bord, KPI …) TeachingMethods Le cours Renault Management Control est un cours applicatif reposant sur un cas réel élaboré avec Renault en 2006 et mis à jour en 2012. Il doit permettre aux étudiants, « mis en situation », d’exercer leur sens critique et de développer des propositions crédibles en s’appuyant sur les données du cas et en utilisant les apports théoriques vus précédemment (voir pré‐requis). Les étudiants travaillent en groupe. La synthèse de leurs propositions est présentée à un jury, présidé par un responsable du contrôle de gestion de Renault. CourseOrganization Cours de 12h réparti entre deux séances d’1h30 et 3 séances de 3h. Prerequisites Cours de Business Performance Management (V. Malleret & S. Becker). Grading Préparation et présentation du cas en groupe par les étudiants. HEC Paris – Corporate Financial Management (IFAC) Controlling in the Manufacturing Sector (cours en français) Fanny Najmann Professor’sShortBio Fanny Najmann a fait l’essentiel de sa carrière dans le monde Automobile. Elle a occupé différents postes de contrôleur de gestion et de directeur financier en France comme à l’International. Elle a animé le management de la performance dans des fonctions très opérationnelles (Supply chain, Achats …) et appréhendé les aspects du contrôle stratégique à travers des responsabilités plus Corporate. Elle partage aujourd’hui son temps entre l’enseignement et des missions de conseil en contrôle de gestion. Fanny Najmann est diplômée de l’ESSEC. HEC Paris – Corporate Financial Management (IFAC) Droit pénal des affaires (cours en français) Nicole Stolowy Droit pénal des affaires Overview&LearningOutcomes Le cours vise à une compréhension des incriminations pénales des dirigeants et des personnes morales. La méthode pédagogique consiste dans la qualification pénale de certaines situations juridiques et dans l’analyse des sanctions pour la société. KeyTopics Topic 1: Procédure pénale Topic 2: Responsabilité pénale des personnes morales Topic 3: Responsabilité pénale des dirigeants Topic 4: Banqueroute TeachingMethods Etude de cas et rédaction de consultations sur le risque pénal CourseOrganization Course of 18 hours: 6 x 3 heures Prerequisites Cours obligatoires de la GE (cours de droit introductif et de droit des sociétés M1, fiscalité M1) Grading Cas à traiter par petit groupe (3 ou 4 étudiants au max) Professor’sShortBio Nicole STOLOWY, Docteur habilité en droit, CAPA, responsable de la majeure SFJI. HEC Paris – Corporate Financial Management (IFAC) Gestion fiscale des entreprises et des groupes (cours en français) Martine Rossetti Gestion fiscale des entreprises et des groupes Overview&LearningOutcomes L’ambition de ce cours est de fournir aux étudiants : ‐ Une maîtrise des mécanismes au cœur des problématiques fiscales en matière de fiscalité des entreprises. ‐ Une préparation efficace aux principales notions fiscales exigées pour l’UV1 du DSCG. KeyTopics Topic 1 : La décision de constituer une société : impacts fiscaux du choix de la structure ‐ le régime des apports ; ‐ les différences d’imposition entre sociétés de personnes et sociétés de capitaux ; ‐ le traitement au regard de l’ISF Topic 2 : Le développement de la société ‐ les modes de financement de la croissance ou de l’activité et leur impact sur le résultat imposable ; ‐ le traitement fiscal de la croissance externe : acquisitions, fusions de sociétés ; ‐ la fiscalité des flux intra groupes : circulation des dividendes, notion d’acte anormal de gestion ; ‐ l’option pour l’intégration fiscale et le fonctionnement d’un groupe intégré. Topic 3 : La société et l’administration fiscale ‐ un aperçu des règles de contrôle et de contentieux fiscal ; ‐ le panorama de l’arsenal anti évasion fiscale. Topic 4 : La fin de la société ‐ la dissolution de la société ; ‐ la transmission de la société. TeachingMethods Alternance d’exposé du professeur et de discussion. Un poly est fourni : il reprend les présentations faites en séance, des documents d’actualité et d’analyse et des énoncés de cas d’application illustrant les thèmes traités. Ces cas sont à préparer par les étudiants et corrigés en séance. Des corrigés écrits sont fournis pour chaque cas. CourseOrganization 6 séances de 3 heures. Prerequisites Niveau du cours de M1 GFE (le dernier poly sera fourni). HEC Paris – Corporate Financial Management (IFAC) Gestion fiscale des entreprises et des groupes (cours en français) Martine Rossetti Grading 80% final test, 20% mid term Professor’sShortBio Professeur affilié au Groupe HEC, Responsable du cours de M1. Responsable de l’offre de formations en fiscalité chez Francis Lefebvre Formation. INTERNATIONALTRACK(CMA) IFAC ‐ Corporate Financial Management 2015‐2016 HEC Paris – Corporate Financial Management (IFAC) Managing Finance (CMA) Hélène Hertz Managing Finance (CMA) Overview & Learning Outcomes This course intends to give a good understanding of how CFOs, business controllers or management accountants support decision making and drive business performance in multinational companies. Being an efficient finance manager requires the ability to think strategically as well as operationally, with a wide breadth of knowledge on a variety of financial topics. The program of this course is based on a number of topics tested in the North American CMA* qualification (Certified Management Accountant), the most recognized qualification internationally for management accounting professionals. *The Institute for Management Accountant (IMA) is a worldwide association of financial professionals and accountants. By the end of this course, students will have a comprehensive view of the management of financial performance in international companies with both operational and strategic aspects. In addition, this course will provide an excellent support to students willing to prepare for the CMA qualification. Key Topics ‐ Decision support ‐ Financial Statements Analysis ‐ Investment analysis ‐ Performance Management ‐ Ethics ‐ Risk Management and Internal Controls Teaching Methods Mixture of lectures / pre‐reads, small cases/ exercises with a few real – life business cases. Course Organization Course of 20 hours (6 x 3 hours + 1 x 2 hours) Prerequisites Basics of management and financial accounting, strategic management. HEC Paris – Corporate Financial Management (IFAC) Managing Finance (CMA) Hélène Hertz Grading Participation and 2 hour final test. Professors’ Short Bio Hélène Hertz is professional trainer in finance and accounting management for private companies, as well as a visiting teacher at HEC. Graduated from HEC (majeure finance) in 2002, she worked over 11 years in multinational companies (consumer goods) as a finance manager in a variety of operational and strategic roles. Her belief is that the best finance managers are not the most “technically expert”, but rather the ones that are able to keep the broader picture in mind while deep ‐diving into specific topics. Having worked in London she is adamant of the “boost” an internationally recognized qualification such as CMA can be to one’s career and supports HEC in encouraging students to take the examination. HEC Paris – Corporate Financial Management (IFAC) Valuation & Transactions Péter Harbula & Christian Pajot Valuation & Transactions Overview&LearningOutcomes Valuation and Transactions seeks to provide students with a more in depth vision of financials valuation and how such techniques are used in different types of transactions (M&A, leveraged buy‐outs etc …). Students will become more familiar with the DCF model and its pitfalls, discount rate computation, valuation using market references for company valuation, leveraged buy‐out perspectives, financial modelling and M&A transactions. KeyTopics Topic 1: Company, Strategic and Financial Analysis Topic 2: Valuation Techniques, Cost of Capital, Investment Decisions Topic 3: M&A transactions, Leveraged Buy Out (LBO) Transactions TeachingMethods A mix between corporate finance theory, in class exercises / case studies and homework assignment based on a case dedicated to financial modelling under MS Excel. Students should be prepared to work on multiple homework assignment case studies, in small groups, almost for every course. CourseOrganization Course of 24 hours: 8 x 3 hours Prerequisites Courses in accounting, financial analysis, and basic financial valuation skills Grading 10 ‐ 15% class participation, 85% ‐ 90% class problems and homework assignment. Professors’ShortBio Péter Harbula (PhD Paris II Assas and MsC Budapest University of Economic Sciences in Business Administration) is the executive director of corporate finance of the Edenred Group (former Accor Services) and oversees in his role M&A transactions, joint venture creation, investment decisions and valuations. Prior to Edenred, Péter spent 8 years in Deloitte Finance’s valuation and modelling group in Paris. Christian Pajot is the Partner in charge for Deloitte Finance’s valuation and modelling practice. He has an experience of over 20 years in company valuation for various contexts, such as transactions, corporate reorganization, purchase price allocations and fairness opinions. HEC Paris – Corporate Financial Management (IFAC) Practice of Short‐Term Finance Louis Bollaert Practice of Short‐Term Finance Overview & Learning Outcomes According to the CFO annual survey, capital management and long term financing make up 15% of the CFOs agenda which in turn means that … current assets management make the other 85%! This should come at no surprise as current assets management is where Finance teams meet, interact and support the rest of the organization in the day to day life of the company. Current assets management is no less complex than capital management. Across jurisdictions it is reported that 50% of bankruptcies are the consequence of the poor management of current assets and amongst the above mentioned 50%, half again are the result of the bankruptcy of one or more customers of the company. The objective of this course will therefore be to provide you with keys to understand the prominent topics of current assets management by focusing on the working capital and the treasury management. We will also touch upon the international trade support that your finance teams should provide to your company. Following this course, you should be able to: understand the major hurdles of current assets management work out the working capital and short term financing needs of a company answer the following questions: ‐ what’s the optimum growth of any given company ? ‐ what’s the optimum working capital of any given company ? ‐ should I increase the payment terms of my customers ? ‐ should I reduce my payment terms to my suppliers ? ‐ how should I decide to make credit to a customer ? ‐ how should I organize my relations with my bankers ? …. Key Topics Topic 1: working capital management (3 hours) Topic 2: trade credit and market tools (2 x 3 hours) Topic 3: safeguarding international trade (3 hours) Teaching Methods Visiting professors from firms (Euler Hermes) management will share their experience through theoretical and practical cases. HEC Paris – Corporate Financial Management (IFAC) Practice of Short‐Term Finance Louis Bollaert Course Organization Course of 12 hours: 4 x 3 hours Prerequisites Standard knowledge in accounting and finance Grading Final exam (1h30) Professor’s Short Bio Louis Bollaert: HEC alumni (2004), I started my career as a consultant in a strategic consulting firm. Then I joined Bouygues Telecom as an internal auditor and as a case team leader. After this experience I worked as project manager on the “Bbox” project, which brought Bouygues telecom to become in a few months an Internet Provider. Then, I had the opportunity to join Euler Hermes Teams, as Head of Product and Services within the Marketing Department. After 3 years of exciting projects and products launches, driven by the economic crisis, I decided to move to the Sales Teams, in charge of the main brokers of the Company, dealing around 90% of the portfolio. My goals were retention of the policyholders, new business and profitability of the contracts, thanks to a team of account managers and Sales people. Then I moved to the Group Euler Hermes as head of Distribution, both for brokerage and banks as distributors. Finally, I joined Aon France, the world leader of insurance brokerage, as head of Trade credit, trade finance, surety and political risks. HEC Paris – Corporate Financial Management (IFAC) Ethical Decision Making in Accounting Cédric Lesage Ethical Decision Making in Accounting Overview&LearningOutcomes Scandals such as Enron, WorldCom, Madoff, etc… made clear that ethics is a key dimension to any accounting training program. The purpose of this course is to help student develop the ethical commitment required for accountants, and more broadly for managers, in their professional obligations and duties. We intend to raise difficult ethical challenges and to provide frameworks that inform about common patterns of success and failure in managing ethics and corporate responsibilities. KeyTopics Topic 1: Basic knowledge of Ethical Theories Topic 2: Fraud behavior models Topic 3: Institutionalization of ethics in firms Topic 4: Multiple stakeholders context and related conflicts of interests TeachingMethods Throughout the course, we will regularly engage in class discussions to pool ideas and experiences from the group. We will use case studies to strengthen your analytic and problem solving skills. CourseOrganization 4 sessions of 3 hours each Prerequisites Intermediate accounting course Grading Grades are based on class participation (20%), two individual written reports on cases analyzed in class (2x30%), and a final ethical decision making assessment (20%). Professor’sShortBio Cédric Lesage is Associate Professor at HEC Paris. He has co‐authored 2 books and published articles in academic journals. His main current research interests focus on Auditing, mainly from a behavioural perspective, as well as fraudulent behaviors in firms. HEC Paris – Corporate Financial Management (IFAC) Pricing (cours en français) Alexandre Lamy Pricing Présentationetobjectifspédagogiquesducours Dans l’élaboration et le suivi des plans opérationnels, le dirigeant stratège devient tacticien vite confronté à un objectif de création de valeur à partir d’une allocation stratégique des ressources (costing) au service du client pour structurer son offre en attributs que des clientèles seront disposées à payer (pricing). On est là sur des interactions et leviers majeurs de la performance. Les principaux objectifs du cours Pricing sont les suivants : 1. Traiter des missions en rapport avec le cadrage des services chargés d’arrêter, manager ou appliquer quotidiennement les outils de pricing, à l’aune d’une vision de l’offre, de ses produits, de ses services associés, tous reconsidérés au regard des seuls attributs que le client est prêt à bien rémunérer. 2. Relier le pricing à une théorie des rapports de force, à partir des sous‐jacents philosophiques correspondants. 3. Aborder les concepts de prix, élasticité de la demande au prix, modes de fixation des prix, seuils de prix, contexte de guerre des prix, théorie de la relation prix / profit. 4. Maîtriser les différentes méthodes de fixation des prix et les technologies en rapport avec le Yield Management, le Revenue Management, la méthode du profit escompté et la tarification. 5. Examiner la pertinence des concepts de prix psychologique, effet Veblen, prix connu, prix rond, prix discriminatoire, prix courant, prix d’imitation, prix de marché, prix de sélection, prix de pénétration, prix d’appel, prix gratuit. Méthodespédagogiques 1. Exposés de l’enseignant (techniques & méthodologies mises en œuvre. 2. Traitement de cas, exemples pratiques et professionnels. 3. Dossier de recherche individuel réalisé par chaque étudiant Organisationducours 4 séances de 3 heures Evaluation Qualité du dossier de recherche réalisé par l’étudiant (70 %) Présence et participation aux séances (30 %) HEC Paris – Corporate Financial Management (IFAC) Pricing (cours en français) Alexandre Lamy Professor’sShortBio Alexandre LAMY est professeur affilié au département Comptabilité et Contrôle de l’école HEC dont il est diplômé. Il y enseigne à la grande école, en MS, au MBA, à l’eMBA ainsi qu’à HEC Executive Education où il assure et la Direction Pédagogique de l’Executive Mastère Gestion Financière et la Direction Pédagogique du CESA Business Performance Management. Lauréat de l’HEC Teaching Award Pierre Vernimmen en 2007, et short listé par le vote des étudiants en vue de ce prix en 2004, 2005, 2006, 2007 et 2010. Auteur d’articles dans diverses publications dont LES ÉCHOS et LE FIGARO, il intègre dans ses enseignements la restitution de son expérience professionnelle acquise au sein de groupes internationaux ‐ ou français cotés au CAC 40 ‐ ainsi que d’un groupe de distribution coté à Paris dont il a assuré la direction générale. Ses responsabilités l’ont aussi amené à conduire des négociations de dossiers complexes avec les Pouvoirs Publics français (CIRI / Direction du Trésor), les présidents de banque et les groupes industriels concernés. Il est administrateur et membre du comité stratégique d’HydroExploitations, administrateur de Fondation Finance Investissements et associé co‐fondateur de la SA « La Table de Cana » entreprise privée à but humanitaire (SJ) pour la réinsertion professionnelle en sortie de milieu carcéral.
