Exchange Studies at HEC Paris
2019 Spring
As a Taiwanese student studying in Hong Kong, heightened awareness of diverging student composition, cultural norms, lecturing methods, and learning ambience surfaced after 2.5 years in HKUST. Despite differences in student demographics, instructing language, level of competition, and course objectives, the construction and organization of university courses are similar in Hong Kong and Taiwan. They were seminar-based with tutorials, and professors were mostly of academia background.
This semester in HEC Paris gave me a glimpse of the French education system, and although from an exchange student point of view, it triggered thoughts on student motivation, studying environment, and the joy of life-long learning.
The French education system
The French education system has enjoyed a reputation of being centralized, organized, and divided in various subdivisions. This semester in HEC Paris gave me a glimpse of one of their prestigious establishments — Grand Ecoles. Highly selective and rigorously prepared for, students dedicate 2 years to Prepa (prepatory classes, around 5% of population) after high school graduation, with entrance based on high school performance, in order to prepare for Grand ecole entrance exams. (in the case of business school grand ecoles)The Grand ecoles are focused solely on a single subject (HEC’s case in business), and they have a small admission size of a few hundred per year. “The cream of the cream”, as people say, as these elite institutions are regarded as highly prestigious and selective.
Yet, talking to one of my French-Israeli group mate gave me a different point of view. “The Prepa trainings were structured and rigorous, and my family had a celebration when I got the results.” “Yet, upon entering HEC, I found that classes weren’t as structured, it just wasn’t what I expected after 2 years of hard work.” He also talked about the rigorous processes undergone from various grand Ecoles in France, with debating, critical analysis, and interviews as part of the entrance process.
Upon discussion with a few exchange students, we found that we had group work experiences that were mutual. Last minute meetings, more laid-back presentation style, and ambiguous communication were some of the mutual impressions when working together. “After entrance of HEC Paris, it is not that hard to search for a job in the workplace”, said a French friend. Since entrance to the school is highly selective, some say that school performances are not highly emphasized in certain areas of business, thus explaining the lack of dedication to coursework quality, I guess.
Yet, there’s definitely a hard-working ethics, for those with a discipline on work. From the class discussions we had with professors and presentations I’ve listened to, I can roughly distinguish French students from accents. In general, work quality was high, questions were constructive, and classroom comments were of dense knowledge, constructive, and analytical. (Yet I took mostly classes from the Finance module, probably explaining personal characteristics and work ethics I’ve observed?)
HEC Courses
“Exchange is a time when you could dedicate time to subjects of your interest and loosen efforts for certain classes.” I really enjoyed 3 of the Finance modules courses taken in HEC: Derivatives trading, Credit Rating, and Venture Capital, ranked in that order. With professors from industry backgrounds, the courses were highly integrated with industry practices. Hands-on field experience, broad industry perspective, up to date connections with work practices were aspects that I enjoyed the most in these classes. I was really inspired by their passion and dedication for their fields and also by how knowledgeable and humble they were when sharing their personal experiences.
Derivatives Trading (Professor Bossard)
Derivatives trading by Professor Oliver is one of the top business courses I’ve taken, until this point of my undergraduate studies. Part of the reason is my huge interest in derivatives and global markets, yet the charisma and teaching methods of the professor, the strong application to industry, and the fast-paced setting of the course made it enjoyable (nerve racking sometimes haha) in multiple aspects. From simple introduction to derivative products, market participants, the Greeks, to first order hedging, teaching pace accelerated and the learning curve was extremely sharp.
Greeks and hedging strategies were areas that I self-studied with MIG pitches. Presentation was clear with the Hull’s textbook and some online manuals, yet real application of hedging strategies in trading portfolios was a part that I never understood thoroughly. In a 3 hour class, the Professor made everything crystal clear, from a bank’s hedging portfolio, market opportunities, to Greek hedging strategies. The class was highly interactive and stimulating- I had 100% focus and dare not to miss a word. With Kahoot real time quizzes, immediate learning curve feedback, and the Professor’s attentive checks on our understanding, I felt that I absorbed and built a strong basis on the “basics” of global markets. I’m extremely thankful for having this course in HEC, one of the biggest academic highlights of the semester.
Venture Capital
The VC course in HEC is divided into 2 sessions each week, the first half on professor lectures and second half when industry professionals are invited to share their experience and company expertise. We learn about concepts on board and paper, and the immediate application to industry was a course highlight. As the Venture Capitalists or PE fund partners shared daily tasks, I stepped into their shoes on day to day decision. The incredibly huge amount of opportunity and risk in in early stage start-ups, the special industry expertise needed in making investing decisions, the client responsibility, and the excitement of making a new discovery astounded me. Right before me was a man facing multi-million dollar deals, who has made several successful attempts in pivoting business models and also several mistakes in failed investments. The concepts in the courses reflected crystal clear with real time experience from professionals. Venture Capitial and PE is definitely an exciting part of the business world, interconnected with banking, capital raising, real-life companies, consumers, and future trends. With a curious heart eager to explore the complexity and fast development of the world, one is always appreciative for each learning opportunity.
Credit Rating (Professor Burger)
Credit rating is a specialized field, yet in depths understanding of industry players, rating methodology, and contemporary developments are taught in this course. The course was extremely well structured, starting off with introductions of the field, today’s needs (Sovereign, Government, Corporate debt) and practices, and ended with the evolvement of Basel regulations today. Highly integrated to industry practices, the course that inspired me the most was the last one, with introductions to the development of Basel practices for the past 2 decades. Aligned with developments of the financial industry, real-time field experience from the Professor, and comments on future industry development, the easily understandable and well delivered course enhanced understanding on a previously barren field of knowledge.
French Society
Another class that I truly enjoyed was French Society, a 6-week seminar on the stages of French development. From the Romanesque period, the medieval ages, the Renaissance, the 2 world wars, to contemporary French society, the course centered on history, arts, architecture, literature, and individuals (artists, politicians, writers etc.) back in time. Each seminar was a crash course on highly condensed historical recollections, yet highly integrated with what we see in France today. The ancient ruins of aristocratic chateaus, roman theaters, and memorial sites are within reach of a TGV ride to the country. The artistic landscapes portrayed, the artistic districts, to literary masterpieces are highly preserved and within reach. “Arts, architecture, and culture were easily accessible in France, enhancing the impressions and heightening the joyous learning experience.” Some of the places visited beforehand (Renaissance Loire chateaus, South of France Roman ruins, Paris artist hubs: St. Germain, Montmarte, and Marais) leapt alive from the lectures after introductions from the professors. It also stimulated my interest in visiting numerous French sites and diving into the depths of French literature after an understanding of the rich cultural and historical background.
Personal reflections
Lifelong learning is full of joy and surprises. I glimpsed the cultural depths of contemporary French society: senior residents flocking to arts exhibitions, commuters immersed in reading, and youngsters highly exposed to fashion, arts, and literature. It opened up a rich world of pursuits in history, architecture, arts, literature, and culture, with endless opportunities of enriching discovery. The mindset cultivated applies universally, no matter the rich Chinese history, Taiwanese roots, or contemporary Hong Kong culture. There is always something out there, for the curious heart to learn and explore.
