ICCF @ HEC Paris

ICCF @ HEC Paris is the benchmark certificate in corporate finance.

Designed by Pascal Quiry, reknown author of the ‘Vernimmen’, affiliate professor at HEC Paris and former M&A Managing Director at BNP-Paribas, this certificate has already enrolled 1,700 persons worldwide.

See the presentation by Pascal Quiry

Language
FRENCH

Upcoming session
9 MAY 2017

Enrolment fees
2,100.00 €

ENROLL

Curriculum

Jouer la video
See the presentation by Pascal Quiry

ICCF @ HEC Paris comprises of three courses and three case studies :

1. Financial Analysis
See detail
2. Corporate Valuation
See detail
3. Investment and Funding Decisions
See detail

The course and case studies require about 70 hour work, spanning over six months.

They get you ready for the final exam that you will take in a Pearson Vue center, in any of 150 countries around the world.

Financial Analysis

Faculty
Pascal Quiry

Objectives
The goal of financial analysis is to diagnose the past in order to understand the present and try to predict the future. The learning objective of this course is to provide its followers with a clear, simple and effective methodology, enabling them to successfully complete financial analyses independently.

Jouer la video

May-June 2017

P&L account
Cash-flow statement
Economic asset
Introduction to financial analysis:
Why perform financial analysis?
Common mistakes
Roadmap and structure

First part: Margins analysis
Concept
Added value

α. Acquisition of fixed assets

State of depreciation of fixed assets
Investment policy: state of depreciation of fixed assets vs. Capex

β. Working capital requirements
Concept
Characteristics
Calculations

α. Dynamic approach

β. Static approach

α. Economic profitability
Concept
Measure

β. Return on equity
Concept
Measure
Limits

γ. Leverage
Concept
Measure

Conclusion

A real company’s case…

1. 40 numerical questions

2. 500 word essay

Corporate Valuation

Faculty
Pascal Quiry

Objectives
This course presents the main methods and approaches in corporate valuation and stresses out difficult points they entail. You will be able to compare results obtained from these various approaches and to draw conclusions out of these differences.

Jouer la video

September – October 2017

It is necessary to understand and master the concepts of discounting and compounding.
α. Why value corporations?

β. Two methods, two approaches
Direct approach, intrinsic method
Direct approach, relative method
Indirect approach, intrinsic method
Indirect approach, relative method

Selecting multiples
Application to case study
Average, median and regression
Which years to consider?
Application to case study
Cost of capital
Common mistakes
From economic asset valuation to capital valuation
Patrimonial methods
Opco and Propco methods
Caveat
Conclusion
Further thoughts
Etude d’un cas réel d’une société cotée dont vous serez amené à produire une valorisation en mettant en oeuvre les principales méthodes et approches vues pendant les 4 semaines de cours et à réfléchir aux fondements de sa valeur.

Investment and Funding Decisions

Faculty
Pascal Quiry

Objectives
With a clear vision of a company’s financial health and of its valuation, we are now equipped to make financial decisions.

This course presents the main concepts and operational tools in this domain, in order to make sound decisions or to give the proper advise: should this investment be made? How sould it be funded?

Jouer la video

November – December 2017

Introduction

Investment decisions
Toolbox
Net Present Value
Internal Rate of Return
Payback
Others

Traditional approach
Modigliani & Miller
Pecking order theory
Other approaches
Traditional approach
Main concepts
Choice factors
Accounting and financial criteria
Debt structure
Covenants
Debt renegociation
Why keep cash?

Conclusion

ICCF @ HEC Paris Exam

The 2 hour final exam comprises 120 questions. It can be taken in any Pearson Vue center around the world, in 150 countries.

Conditions to obtain the certificate are as follow:
active participation in all three courses;
minimal grade of 50% at each case study;
minimal grade of 60% at the final exam

The final grade is calculated as the weighted average case studies grades (30%) and final exam grade (70%).

For more information, contact us:

email: info@ff.institute