Education‎ > ‎

ECOMFIN Track of MSc in Management


%20DOWNLOAD%20THE%20ECOMFIN%20TRACK%20BROCHURE

Aims: it is an "ADD-ON", complementary to other tracks

The track aims at providing an ADD-ON across 3 dimensions:
  1. Skills complementary: courses linking theory and practice (with case studies and guest speakers) are complementary to other finance tracks and ESSEC chairs.
  2. Time compatibility: the limited number of core courses in the track facilitates the integration of the corresponding workload in time schedule.
  3. Expertise enhancement: the highly visible status of expertise in energy & commodity markets enhances opportunity to stand out in a fast growing domain of skills.

Target Jobs

 Functions Industries
 Commodities and energy trading Conventional energy production
 Financial derivatives trading Renewable energy production
 Energy and commodities sales Commodity international carriers
 Structured products origination Raw material supply
 Energy and commodity origination Processing industries
 Risk management and analysis Market analysis services
 Quantitative market analysis Financial services
 Energy portfolio management Transportation and storage
 Hedge fund management R&D services

Program Objectives of the track

Participants will achieve the following learning goals:
  • Develop a comprehensive and strategic view of energy and commodity market issues
  • Gain professional insight through case studies and practical examples
  • Master major energy and commodity price modeling frameworks in context of high volatility
  • Focus on major energy finance concepts and contract structuring strategies
  • Develop hedging and proprietary trades in commodity markets
  • Learn how to assess and manage energy and commodity price risk exposure

Core ECOMFIN Courses of the track

  4 Core compulsory courses Specific learning goals
T1 or
T3
FINM31164 Marchés financiers or 
FINM31165 Financial Markets
  1. Acquiring major financial concepts (= notions and relations) arising in basic derivations: pay-off function, static replication, arbitrage vs. speculation.
  2. Measuring the time value of money: interest rates, accrual rules, building a discount function.
  3. Structuring linear derivatives in computing: pay-off, valuation and hedging eg. forwards, futures, swaps.
 T2FINM31213 Agri-food Commodity Markets
  1. Understanding price mechanisms on international markets and the impact of commercial and agricultural policies on price formation.
  2. Mastering the effects of actions made by stakeholders (hedgers, arbitragers and speculators) using futures markets.
  3. Using appropriate method of risk management on international commodity futures markets in order to mitigate risks of price volatility.
 T3FING3115 Energy and Commodity Markets and Products
  1. Acquiring major concepts (= notions and relations) arising in commodity market theories and practices: spot-forward prices and parity, backwardation and contango.
  2. Learning basic features (= structure and products) of selected financialized energy and commodity markets: metals, conventional energy, commoditized services.
  3. Training in the financial calculus of commodity trading: problem solving, exploiting basic trading opportunities.
 T3FING31113 Commodity Risk Management for Corporates
  1. Acquiring major concepts arising in commodity risk monitoring and management: position metrics, risk metrics, dynamic modelling.
  2. Structuring financial hedges (= strategies and products) against financial and nonfinancial corporate exposure to uncertainty: forward portfolio, custom hedges, structured packages.
  3. Building stochastic models to simulate markets scenarios for commodity derivative pricing and portfolio risk monitoring: Spot vs. forward modeling, Monte Carlo method.
  4. Training on practical cases in commodity model implementation and operational risk management: Gibson-Schwartz (1990) model implementation, airline industry safety management.

ECOMFIN Track Program Rules and Schedule

Master in Finance:
  • 4 Core ECOMFIN Courses
  • 6 ECOMFIN Webinars, with live attendance

Grande Ecole - MSc in Management

To enter the track a candidate is required to validate "FINE31123 Fondements de la finance" or éFINE31124 Principles of Finance" with a minimum grade of 12/20. 
This course is a fundamental finance course which is compulsory for every ESSEC Grande Ecole student.
 
  • 6 Seminars of ESSEC Finance Chair
  • Ethics Seminar in Finance  FING 31402
  • 6 ECOMFIN Webinars, with live attendance
  • 4 core ECOMFIN course
  • 3 elective courses among:
Elective Courses
  • ECOA31123 Macroeconomic theory and development
  • FINE31126 Finance d’entreprise or FINE311128/FINE32109 Corporate financial management
  • FINM31261 Portfolio & Investment
  • FINM31162 International finance or FINM31163/FINM32203 Finance International
  • FINM31270/FINM32107 Options or FINM31271 Options
  • FINM31224 Advanced Options
  • FINM32217 Advanced Derivatives Markets
  • FINM31266 Trading et organisation des marchés
  • FINM31275/FINM32229 Hedge Funds
  • IDSM31183 Financial mathematics
  • IDSM31182 Mathématiques pour la finance or IDSM31183 Finance internationale
  • IDSS31263 Méthodes statistiques
  • IDSS31267 Financial econometrics
  • FING31251 Bank Management
  • FINE32217 Firm Valuation
  • FINM32407 Risk Management Project

Key Features

  • Program extent: a good blend of academic theory and professional know-how.
  • Skills complementarity: course outlines are either new or in continuation with courses in the existing finance tracks (General, Market, Corporate) as well as in ESSEC chairs and tracks offered by other departments.
  • Time compatibility: the limited number of courses in the new track facilitates the integration of the corresponding workload in the time schedule of existing chairs and tracks.
  • Expertise enhancement: the subject matter’s highly visible status makes it an enhancement opportunity to stand out in a fast growing field of competences and skills.

A Worldwide Network of Excellence

ESSEC Faculty
  • Andrea RONCORONI
  • Francis DECLERCK
  • Sofia RAMOS
  • Romeo TEDONGAP
  • Jean-Pierre INDJEHAGOPIAN

Practitioners
  • Alessandro MAURO, Global Association of Risk Professional (GARP) Energy Oversight Committee
  • Elisa SCARPA, Head of Market Analysis Edison Trading
  • Jeanne LUBEK Associate Director in NERA Energy and Environment consulting
  • Philippe JOUBERT Executive Chairman Global Electricity Initiative World Energy Council (WEC)
  • Marie-Pierre FERY, Procurement Finance Controller, Nestlé UK
  • Stéphane VANRENTERGHEM, Trade & Origination Manager, Cargill
  • Franck VAN TONGEREN , Head of Trade and Agriculture Directorate OECD

Endorsed by the Energy and Sustainable Development Club
  • Supplying relevant information and current news about the energy and sustainable development sector to the ESSEC alumni community
  • Providing analysis on important financial, economic and industrial issues
  • Developing quality partnerships with other organizations and professional clubs
  • Promoting dialogue with ESSEC students on topics related to energy and sustainable development

ECOMFIN Track Keynote Seminar 2016-17

Measuring and Managing Corporate Operational Risk in an Airline Industry 
  • The Airline Business
  • Safety Management System in a Flight Operations Environment
  • Case-Study: Mid-Air Collision
  • Case-Study: US Airways Case: FLIGHT 1549: A Miracle?
  • Case-Study: A Safety Investment
When: June 7, 2017
Where: ESSEC Business School, Cergy Campus, France
How: Click here to register

Academic Directors

Andrea Roncoroni
Professor of Finance
ESSEC Business School




  
Francis Declerck
Associate Professor of Finance
ESSEC Business School

Over the last thirty years, wholesale energy sectors have undergone deregulation across global markets. Since 1992, international trade policies (at WTO) and agricultural policies have also removed barriers to trade. Public utilities and commodity industries have become market operators acting in a highly competitive environment where prices are free to fluctuate according to the law of supply and demand. Energy sources have become commodities traded in bulk across organized marketplaces. 
This process calls for the use of appropriate financial tools aimed at managing the market risk affecting energy and commodity linked positions of financial and industrial companies, driving effective trading strategies and performing skillful capital allocation. Market economics, financial analysis, risk management and security trading constitute the crosssectional core of a new body of knowledge that the Energy and Commodity Finance Track (ECOFIN) aims at addressing.