1. Master in FInancial markets and Risk Evaluation (FIRE)
IAE Toulouse
2012/2013 E-brochure

2. A word from the director
IAE Toulouse has a very ambitious goal: to promote excellence in research
and to offer high level training in management combining up-to-date
academic knowledge and practice of the business world. Research activity
at IAE is sustained by a CNRS-affiliated research centre (CRM) and a PhD
programme covering all field of business. Our programmes are designed
to give students the opportunity to develop rigorous analytical skills,
creativity and ability to exchange ideas.
The Master in FInancial markets and Risk Evaluation is a remarkable example of our
strategy. It is born from the collaboration between our finance department faculty and
financial practitioners. Courses are challenging and thoughtful, and provide students with
in-depth knowledge of the workings of financial markets, as well as relevant practical
know-how. It is a unique opportunity to learn how to use financial models and why to use
them. I hope that students and partners will experiment our values of a human-sized
school that fosters thinking, open-mindedness, and mutual respect.
Pr Catherine CASAMATTA
Dean, IAE Toulouse

3. More than 50 years of humanism,
excellence and innovation
IAE Toulouse is one graduate school of management, one CNRS management research
centre, and one management doctoral school.
IAE Toulouse has 20 professors, 23 assistant professors, 34 associate professors, 5
international visiting professors per year, 350 professional experts or managers and 47
administration assistants.
The research activities of the school members span the main areas of management:
accounting, finance, human resources, marketing, and strategic management.
Over the past three years, the 41 permanent members of the research centre had 52
published or accepted papers in top economics and management journals.
IAE Toulouse is:
• 450 managers in executive education programs • 34 training programs
• 2500 students, including 350 international students • 18,000 alumni worldwide
• 76 PhD students • 5 student organizations
• 70 nationalities represented on campus • 75 partner universities

4. IAE Toulouse students (Exc. France)
EUROPE
NORTH 14%
AMERICA
3%
MIDDLE ASIA
EAST PACIFIC
3% 30%
SOUTH AFRICA
AMERICA 43%
7%

5. About IAE Toulouse
Teaching style
We use a variety of dynamic teaching methods to expand our critical thinking: lab experiments, case
studies, individual and group projects, interactive and online materials, and guest lectures.
Oral and written communication skills and team working are continuously used throughout our
courses.
IT facilities
Students benefit from a dedicated trading room equipped with a trading platform (GL-Trade), as well
as other software for the courses (SAS, SAP, Business Objects,…).
Students association
The IAE students association was created in 1955. It aims to foster integration and inter-student
relations at IAE. The association organizes parties, weekends away or longer trips. IAE students can
also suggest other ideas to the association's board.
Examples of 2011-2012 activities: integration party, ski weekend, carnival of Toulouse, halloween party
and a gala dinner. In 2012 they launched an Investment Society.
Junior Consulting
The IAE junior consultancy is a student-run think tank and management consultancy structure
established by IAE students in 2007. On a non-profit basis, it allows companies and organisations to
benefit from the IAE students' economics, managerial and financial expertise at advantageous rates.

6. The IAE Toulouse experience
Downtown environment
Located just a step from the Place du Capitole, the IAE Toulouse campus is an exciting environment with
everything you need, making it easy for you to deal with everyday life while focusing on your studies:
supermarket, cafes, restaurants, post office, launderette, banks, health centre…
It also offers plenty of rural possibilities: meadows, woods, lakes, montains and sea surrounding us and yet
just over an hour away from Toulouse by train.
Arts Centre - tab
The Arts Centre leads the UT1 Capitole President’s initiative to make the arts a central feature of the
University's academic mission. The Arts Centre is an academic unit that is home to the creative film
screenings, lectures and readings, dance, music, theater and visual arts programs. One of the main Arts
Centre priorities is also to promote knowledge sharing through close collaborations with the academic staff
of our University. The creation of these links between students & faculty must also reflect our campus'
reputation for scientific excellence.
Sports
We have all-weather pitches supporting sports including football, rugby, tennis, climbing, swimming, martial
arts...
Improve your French
There are several ways to improve your French:
 Free classes offered by Toulouse University (PRES) for exchange students
 "Language Resources Center" (CRL) at UT1: learning software programmes, tandem (conversation swop),
conversation groups, etc.

7. FIRE programme: Ethics, rigor & excellence
In-depth and intensive, the Master in FInancial markets and Risk Evaluation is fully run in
English.
Throughout the courses we stress the links between financial economics theories, quantitative
skills and key finance activities.
Finance is science, so quantitative skills are needed but finance is still business, so real-world
relevance is crucial. Therefore we offer up-to-date fundamental topics like empirical finance,
historical episodes, compliance or regulation.
In the same manner, we call on top practitioners with relevant experience to teach, a great way
to immerse the degree in undogmatic wisdom. They deliver 33% of the courses taught.
Topics are chosen in the economics courses for their relevance to finance in close consultation
with a panel of advisers from leading financial institutions (see the partnerships section).
Career objectives are analyst, actuarial assistant, asset management, consulting, insurance,
hedge funds, management consulting, private equity, research, risk management, sales,
structuring, trading, wealth management…
Course duration: September to september Assessment: Coursework/projects 47%
Class: 6 months Exams 53%
Internship: 6 months

8. Your courses
Asset pricing  Valuation of financial assets and arbitrage
 Fixed income markets
 Pricing with asymmetric information
 Computational finance
Economics of insurance  Microeconomics of insurance
 Trading
& financial markets  Design of structured products corporate and markets
Investments and risk management  Asset management
 Risk analysis
 Socially responsible investments & ethics
 Alternative investments and hedge funds
 Financial risk management
 Market risk management
Quantitative methods for insurance  Empirical finance
 Econometrics for finance
& financial markets  VBA for finance
 Excel for finance
 Life insurance
 Non life insurance
Internship  Practitioner lectures in finance & insurance
 Career development skills
 Internship

9. Practitioner lectures
• BEUZIT Cyril, global head of interest rate strategy, BNP Paribas (London): ECB,
sovereign debt crisis & financial markets.
• DELPECH Jean-François, head of equity research, ODDO Securities (Paris).
• FLEURY Nicolas, trader, CA-CIB (London): interest rate derivative trading.
• FOLDVARI Sandrine, quant, AHL (London): quantitative trading strategies.
• HAFID Hasnaa, advisor, IRDI/ICSO Private Equity (Toulouse): venture capital & growth
capital.
• de la RAITRIE Alexandre, relations investors, DNCA Finance (Paris): micro & macro
analysis.
• REUTENAUER Victor, credit quant analyst & vice president, Citigroup (London):
numerical methods & interest rate derivative.
• STRATFORD Christopher, international management consultant, ProDev Consultants
(Toulouse): helping public and private institutions prepare for intercultural change
(restructuring, acquisitions, privatisation...).
• TIBBI Philippe, Head of Amafi (association française des marchés financiers), professor
of finance at Polytechnique & radio host at BFM (Paris): « Les marchés financiers font-
ils la loi? »
• VIGUIER Laurent, commodities portfolio managers, Statoil (Stavenger - Norvège):
valuation of flexible gas, oil and power contracts.

10. A gateway to financial research
Our master programme offers a 'research track’ to prepare students for the doctoral
programme and PhD in Finance.
Students who choose to follow the research track will take specific research-oriented
courses. Specifically, the unit "Research methods in finance“ replaces certain
practitioners’ courses.
Moreover, students must write a short research thesis which may (but does not have to)
form the starting point for a doctoral dissertation.
Admission to the doctoral programme is then subject to excellent performance within the
FIRE programme, possibly some additional coursework, the development of a promising
research agenda, and the identification of an appropriate supervisor.

11. The teaching team
The quality of an academic programme undoubtedly depends on the quality of the
professors. The team teaching the FIRE programme is a mix of international researchers
and international practitioners who are among the best in their field of expertise.
International academic researchers
Christophe BISIERE (IAE-TSE), Christian BONTEMPS (TSE), Fany DECLERCK (IAE-TSE), Olivier
FAUGERAS (TSE), Alexander GUEMBEL (IAE-TSE), Augustin LANDIER (TSE), Sophie MOINAS
(IAE-TSE), Guillaume PLANTIN (IAE-TSE), Sébastien POUGET (IAE-TSE), Stéphane
VILLENEUVE (TSE) and Ekatarina VOLTCHKOVA (TSE).
International professional finance experts are from:
AHL (London), BNP Paribas (Paris), BNPP Fortis (Brussels), CA-CIB (London), Citigroup
Global Markets Limited (London), Courrèges Investment Solutions (Luxembourg), Deloitte
LLP (Brussels), DNCA Finance (Paris), HSCB (Paris), IXO Private Equity (Toulouse), Natixis
Asset Management (Paris), ODDO Securities (Paris), Société Générale (Paris), Statoil
(Norway).

12. Typical class
FEMALE STUDENTS NUMBER OF COUNTRIES
41% 5
Why did you choose the FIRE
programme?
Number of students Proportion of class IAE Toulouse is a very good school. The
20 with work experience in professors are kind and patient, and we
always have a further discussion in or
finance after the class. I chose the FIRE
Average age (range)
23 (20-25) 82% programme because here I can learn not
only finance theory, but also financial
practice and activities. I can prepare for
Previous education Average work experience my career.
How do you live the Toulouse experience?
Finance 76% 5 months I have lived in Toulouse for about two
years. For a foreigner, the city is
Engineering 12% beautiful, the life is comfortable, and the
people are friendly. It is not very big, but
Full-year internship
Economics 6% you could find all the things you want!
Social sciences 6% 12% Na LI
Current student on the FIRE programme

13. Elsa LADUGUIE
Current student on our FIRE programme
Why did you apply to IAE Toulouse in general and why do you want to complete the FIRE programme in particular?
I applied to IAE Toulouse because in my mind it is important to know how to lay bricks before becoming an architect.
Thus, I wanted to gain an experience that was not only theoretical but also had ties with the professional world.
That said I do not have regrets about any of the classes IAE offered me the opportunity to go to. In fact it's the
quality of teaching that made me enrol into the FIRE programme. I liked the idea of joint teaching at the crossroads
between the IAE and the TSE programmes. Through this approach I believe I will have an all-encompassing learning
experience.
You carried out a one-year internship at BNP Paribas Securities Services located in Paris, what were the strong
points?
This experience was fulfilling on many levels. Staying in the same workgroup for 16 months allowed me to
understand the intricacies of the workplace in more depth than 6 months would have allowed. I sometimes had
difficulties grasping some of the concrete aspects of the work, given my theoretical-oriented background, but getting
over this difficulty allowed me to bridge the gap between these two worlds and get a more wholesome point of view
of my professional future.
On a more personal note, I also got to learn a lot about a whole new city, meeting new people on a day to day basis,
helping me develop my capacity to adapt, all the while being a very rich human experience.
Do you recommend this to future students?
I definitely recommend this experience to future students. I feel that one gains more from an internship lasting more
than six months, as it allows a better understanding of not only one job but also of the bigger goals of the company
one is in. I would however warn them of the possible disappointment this internship might lead to when discovering
the great gap between the vision one might have of the job and the reality of it.

14. Internships
Courses take place from September to the end of March. Then students must write a professional
thesis and carry out a 6-month internship in order to graduate. It is however important to stress that
this professional experience may not be an internship per se. Our policy is that the best type of
internship is a full-time job or a VIE!
The following information on internships is based on the last 4 graduations (2009, 2010, 2011 & 2012).
Internships per region: Internships include:
Paris 67% AC and O Groupama
Toulouse 18% Airbus HSBC
France - others 5% Amundi Murex
Europe 4.5% Barcalys Bank Natixis
Asia 4.5% BNP Paribas Pricewaterhouse
Africa 1% COFACE Procapital
Type of working contract: Crédit Agricole Société Générale
Internship 94% Exane Studio Canal
CDD 4% Faurecia …
CDI 1%
VIE 1%

15. Internship sectors
SECTOR OF EMPLOYMENT JOB FUNCTION

16. Internships: additional information
The following information is based on Master FIRE 2012 graduates.
Salary per month: - Do you recommend the FIRE
Between 500-1,000€ 25% programme?
Between 1,000- 1,500€ 62% Yes 100%
More than 1,500€ 13% - Are the internships and courses
Working language: complementary goods?
French 56% Yes 100%
English 44% What are the strong points of the
Now that you are graduated: programme?
- Do you recommend the gap year? High quality courses, practitioner
Yes 75% courses, quantitative courses,
- Are you satisfied by the teaching
VBA courses, multidisciplinary &
team? team working.
Yes 100%

17. Career success
Employers in 2010 & 2011
Master FIRE 2010 & The average starting
are:
2011 salary is reported at
Actense
57 students €36,100 Airbus
Answers rate After 18 months Altran
82,46% alumni worked on Barclays
average for 2 different CFG Group
83% of graduates firms and/or 2 Coface
seeking employment different jobs Crédit Agricole
secured offers Exane
immediately after Working language
Lyxor Asset Management
completion English 35%
Mosaic Finance
Despite the turmoil in the
26% decide to pursue Oddo Options
financial sector, the further education: Ecole PwC
employment rate is about des Ponts, EM Lyon, HEC, SCOR
ISFA (Institute Actuarial & Société Générale
91% within 3 months of Financial Sciences), ISUP
graduation. Towers Watson
(Institute of Statistics)…
…

18. Employment per region
UK
4%
NORTH
AMERICA
7% PARIS
59%
TOULOUSE
21% ASIA
PACIFIC
7%
AFRICA
2%

19. Sector of employment
SECTOR OF EMPLOYMENT JOB FUNCTION

20. A few examples of student careers
Associate director Natural gas commodities portfolio managers
BNP Paribas Corporate and Investment Banking Stavanger Area – Norway
– Hungary Branch
Sugar & biofuel risk analyst
Brokerage business manager Bunge - London
BNP Paribas – London
Trade support associate
Coal derivatives trader Deutsche Bank – London
EDF Trading – London
Trading analyst
Commodity derivatives Société Générale Americas Securities – New
BNP Paribas – New York City York City
Front-office developer Treasury market risk analyst
Oddo Options – Hong Kong Crédit Agricole Corporate and Investment
Banking – New York City
Front-office support proprietary trading ABS &
CDO Treasury - money market sales
Natixis – London Crédit Agricole Corporate and Investment
Banking – Paris
Interest rate & derivatives trader - group ALM
BNP Paribas Corporate and Investment Banking …
– Paris

21. Career services
Individual career counselling and coaching sessions facilitate project definition, target
company search, and provide self-marketing counselling for students, including those
from outside France.
Personalized coaching
During the FIRE programme you will follow some career development skills courses: CV
writing, cover letter preparation, interview training, negotiation skills, cultural awareness,
networking skills, using social media to aid your job search…
IAE organizes a Career Development Skills Day which provides students with support for
their job research, interview preparation and career development planning.
You also have the possibility to follow SUIO recruitment workshops.
IAE Link
Each year, IAE organizes a Recruitment Forum. This forum enables students to meet with
recruiters from some of the largest and most prestigious banks and firms.
IAE Toulouse also provides to student an historical record of past internships.
Alumni network
By joining the IAE Alumni Association, you will be part of a solid, active network of
emotionally and intellectually 18,000 engaged alumni who support and further the IAE
Toulouse’s vision and serve as ambassadors around the globe.

22. Alumni information
NUMBER OF COUNTRIES
IAE TOULOUSE 34
ALUMNI
MORE THAN 300 JOB FUNCTIONS
18,000
MEMBERS MAIN SECTOR OF EMPLOYMENT
Services 42.3%
Master in Finance Industry 14.6%
Alumni
Banking, finance & insurance 14.5%
600
MEMBERS Administration 10.2%
IT 6%
…
ALUMNI SERVICES
IAE Toulouse Alumni Association
LinkedIn Network

23. Partnerships
The finance department has developed a strong and clear focus on developing
partnerships with company sponsored chairs. All these companies benefit from
international visibility and networking opportunities.
Our main partners are (click on the name to visit the website):
 Finance Durable and Investissement Responsible: Allianz Global Investors France,
Association Française de la Gestion Financière, Axa Investment Managers, BNP Paribas
Asset Management, Caisse des dépôts, Amundi, Dexia Asset Management, Ecofi
Investissements, Financière de Champlain, Fonds de Réserve pour les Retraites,
Groupama Asset Management, HSBC Investments France, Institut d'Economie
Industrielle, La Banque Postale Asset Management, La Compagnie Financière Edmond
de Rothschild AM, Macif Gestion, Natixis Asset Management, UFG-Sarasin AM.
 Market Risk and Value Creation – SCOR.
The aim of the chair is to support the theoretical and applied research on Risk sharing
mechanisms with the willingness to combine methodologies from financial economics,
industrial organization and econometrics.

24. Partnerships
 Investment Banking and Financial Markets - Fédération des Banques Françaises (BNP
Paribas, Calyon, Crédit Agricole AM, Paris Europlace Finance).
The FBF IDEI research chair studies the investment banking and financial markets value
chain. We are interested in the different steps of that chain, ranging from origination
and security design, to issuance, trading and liquidity, and post-trading. We develop
theoretical, empirical and experimental analyses of these topics, in close interaction
with market participants and banks. The partnership brings together academics and
practitioners to exchange ideas about investment banking and financial markets.
 Liquidity risk and Accounting Standards (Autorité des Normes Comptables & Caisse des
Dépôts).
This chair stress the link between market microstructure, market failure, accounting
standards & price discovery.
 Capital Market Dysfunctionalities: Paul Woolley Research Initiative.
 Banque de France

25. How to apply?
We expect our applicants to be exceptional. We will look for evidence that you have
a genuine passion for finance, and that you have the enthusiasm and motivation to
make the most of your time with us.
Requirements
 A good previous degree or equivalent in business & management, economics,
engineering, finance, law, mathematics, science or social sciences.
 Official test score reports:
– GMAT or TAGE-MAGE
– A Test of English as a Foreign Language (TOEFL) or Test of English for
International Communication (TOEIC) or International English Language Test
Scheme (IELTS): if English is not your native language or if you have not
completed your undergraduate degree in an English speaking country.
 Your university academic transcripts.
 A 1,000 word personal statement.
 A resume.

26. Criteria for admission
A good previous degree is required.
The program is taught in English, so English skills are required.
A good score at the TAGE-MAGE or GMAT will be sought but a high score does not
guarantee a place and a lower score does not automatically disqualify an applicant.
The ability of students to acquire analytical skills in theoritical and applied economics,
enthousiasm and character of the applicant will also be assessed through, for short-
listed candidates, the interview.
A sound background in mathematical and statistical tools is advantageous but not a
requirement. Students without such background will be expected to demonstrate a
willingness and ability to learn them.
A professional experience (internship or full-job) is a large advantageous.

27. Key figures
NUMBER OF APPLICANTS AVERAGE AGE (RANGE)
113 23 (20-30)
NUMBER OF APPLICANTS PER PLACE FEMALE APPLICANTS
5 52%
NATURE OF PREVIOUS DEGREE
NUMBER OF COUNTRIES
Mathematics 3.54%
Law 1.77% 20
Finance 70.80%
FRANCE 60%
Engineering 3.54%
ASIA 19%
Economics 15.93%
Business &
AFRICA 14%
4.42%
management
EUROPE 5%
0% 10% 20% 30% 40% 50% 60% 70%
AMERICA 1%

28. Graduate testimony #1
Can you give us a brief summary of your career so far and your current position?
Justine: After the FIRE programme I did a Market Risk Analyst / Portfolio Analyst internship at RBS Luxembourg (I got this
internship through one of the IAE lecturers) for 6 months.
Then I moved to London where I started to work as a Risk Analyst for Newedge (mostly on margining and credit risk) a French
Prime Broker, then after a couple of years I started a new role as Sugar Risk Analyst for Bunge (Agro Biz Trade House
worldwide but focused on sugar and ethanol in London) – I currently hold that position.
Raphael: After finishing my master, I moved to the UK and got my first job as a market risk analyst for RWE Trading. The role
was involving monitoring risk limits, elaborating risk reports and provide support in development of new businesses (capturing
optionality in coal physical contracts). After 2 years, I changed job and move to EDF Trading to do market risk analysis in Coal
and Freight in a Front Office environment. The role was different as my work was more focused on establishing plausible
scenarii and associated PnL losses and exit strategies with traders. Since the beginning of this year, I moved to a more
commercial role by joining the Coal derivatives desk as a junior trader. My current role involved providing hedging solutions to
internal/external counterparties to EDF and proprietary trading.
What are some important stages of your development?
Justine: The most important step to me will always be the IAE internship. That’s what decided the path of my career as well as
for that of most of my friends.
Then I would say my current job which is also my second one, as at this stage you get to the point where you know what you
want to do and what you are capable of and you start getting more significant responsibilities.
Raphael: Education wise, I think the key was to move into the UK one academic year as an Erasmus student. It gave me the
opportunity to chose my subject and to discover a new way to learn financial concepts. After this year spent abroad, I wanted
a master which could brings me new skills and practical tools to evolve in an working environment. The FIRE programme in
Toulouse was the perfect choice as the first year of the master is quite general and the second year gives you the opportunity
to specialize in one area in particular.

29. Graduate testimony #1
Courses, conferences, meeting. What are the most significant memories of your year at IAE Toulouse?
Justine: Mostly a degree that was easy to sell because (in the case of London) they quite like quantitative backgrounds and
VBA classes are here a big +++++
I must say I do not use any of what I learnt in theory in my day to day job (in the sense no one would ever ask you to do a BS
model in practice), but this helped me to have a very good understanding of financials markets mechanisms.
Raphael: What I like the most at IAE Toulouse was the fact that teachers were also doing research. As a result, lectures were
fascinating and really detailed. Nevertheless, the academic part of the formation was also combined by conferences given by
professionals already running successful careers, giving a more practical/applied approach of the concepts learnt previously.
The interactions with others students and the sense of belonging was also really strong, as the availability of the professors.
If you could give advice to future students who wish to prepare for a career in finance, what would it be?
Justine: To very carefully choose their final internship as this is what they will most likely end up doing for most of their career
(at least the first few years).
To get as much programming skills as possible. This really adds value and gives another dimension to their profile.
And... when going for job interview to stop acting like they are passing an exam. As paper / theory knowledge is one thing but
also need to show common / practical sense and understanding of business! So it’s good to know all the models but you need
to show you understand how this translates businesswise!
Raphael: I think if any advice it would be to be a careful about what internship to take and also not be afraid to move abroad. I
guess also the key to work hard and try to find new way to do things and innovate as much as possible.
Justine LAURREGUY (April 2012) Raphael Jacquin (April 2012)
Sugar Risk Analyst for Bunge, London Coal Derivatives Trader at EDF Trading, London
Master FIRE 2007 Master FIRE 2007

30. Graduate testimony #2
Can you give us a brief summary of your career so far and your current position?
Audrey: I carried out a 6 month internship with Société Générale CIB to graduate. After this internship I
was hired in the same department. My responsibilities included analyzing, producing and certifying trades
on the FX market. I had to insure that the deals and market information converge and to check if the
portfolio is correctly priced. We then published this result and linked it to the greek one.
Next I took a position as a Corporate Credit Analyst still at SG CIB where I score European groups and
prepare proposals to their credit requests. My working relationships are therefore senior bankers, front-
office traders and risk managers. Financial products that I used cover everything from currencies rate to
structured products. I’ve chosen that job because it is at the intersection of financial markets and
corporate finance.
Yannick: I am currently working as a Market Risk Analyst on Treasury where I work closely with the Traders
and the Risk Managers providing them analysis on the PnL and monitoring their Risk indicators (e.g.
VaR, Greeks, Foreign Exchange exposure...). The main activity of the Treasury desk here in New York is to
rise the liquidity for Credit Agricole in USD, CAD and MXN. I was previously in Paris at Credit Agricole CIB in
the same position but on Debt and Credit Market during my senior year internship (finalizing my Master 2).

31. Graduate testimony #2
According to you, what are the strong points of the FIRE programme?
Audrey: One strong point of the programme is that it covers a lot of topics and is very complete. We
learned from corporate finance to programming, which is very useful to evolve professionally later on. In
addition, the programme combines strong theoretical or mathematical courses with more practical
topic, such as asset management. We also benefit from professionals who help us to link what we learn in
class with the working environment.
Another very strong point is that course on visual basic. This is extremely useful because we are often
asked to spend a lot of time writing macros in Excel or Access! Having a strong foundation of computer
skills is attractive for companies, and can be a way to prove your autonomy.
The gap year is also very valuable!
Yannick: The great quantity of group projects was a strong point as it prepares you to be ready for your
internship. Having a deadline, working with others, using softwares (especially Excel) and presenting your
work. The projects were all year long and on a lot of different topics, it teaches you how to adapt and
change quickly from one subject to another.

32. Graduate testimony #2
For which reason did you choose IAE Toulouse and in particular FIRE program?
Audrey: I chose this programme because it’s organized on a human scale and is competitive with private
business schools because it has, in my opinion, a higher quality of instructors. I also chose the IAE for my M1
because I would be able to do internship each year and the programme is known by companies.
Yannick: After my Master 1 in Econometrics at the University of Toulouse and my gap year working at Societe
Generale Bank and Trust in Luxembourg, I wanted to get a degree that would not only specialize me in
Market Finance but also bring me a good level of general knowledge in Finance. I also thought that the IAE
would give me a good balance between theoretical knowledge and practical knowledge. My favorite course
was the Structured Product taught by Johann Barchechath in which we simulated a Front Office with Traders
Sales and Structurers.
If you should give an advice to future students who wish to prepare for a career in finance, what would it be?
Audrey: I would tell them to not pick and choose among the courses under the pretext of a pre-defined
career agenda because market and corporate finance are closely related. You shouldn’t disregard math or
data based courses, which can seem daunting, because they are the base of any future career. I would also
advice them to pick their end of studies work experience very well because a companies equate a good
internship with academic success. And lastly, work on your English!
Yannick: I would tell them to be willing to work all around the world. And by all around the world I mean not
only the already well-known finance places but the new ones such as Sao Paulo or Dubai (or others). There
will be a lot of opportunities to cease and, I think, this would make the difference to start a career.
Audrey Salattes (April 2012) Yannick BOUGARD (April 2012)
Analyst Credit Corporate - Middle Office PnL Treasury Market Risk Analyst
for Société Générale CIB, Paris for Credit Agricole CIB, New York
Master FIRE 2007 Master FIRE 2010

33. The finance department
The finance department has 21 full-time professors from IAE Toulouse and TSE, including 7
international members, graduated from the world’s greatest universities. It belongs to the Top
5% Top Level Institutions (as of April 2012) of the Repec ranking and is ranked 24th on 145.
The professors bring to the FIRE programme their teaching experience in well-known
international programmes such as Georgia State University, HEC Paris, London Business
School, New York University, Princeton University, University of California Santa
Barbara, University of Oxford, and University of Warwick.
Over the past three years, the permanent professors of the finance department have 40
published or accepted papers in the top-three finance journals and in top economics journals.
The finance department members are working on some of the most taxing and tremendous
problems facing the financial industry: banking, contract theory in continuous time, corporate
finance, insurance, investment, market microstructure, psychology and experimental
economics.
The department runs a highly successful Ph.D. programme with a strong placement record
and hosts visiting faculty members from leading US and European schools. It sponsors
about 20 research seminars and workshops per year by leading US and European academics.

34. Interview
You held a faculty position at the Saïd Business School of Oxford University, why did you
choose to join Toulouse?
Toulouse offers an outstanding research environment, particularly for someone with an
interest in financial economics, like myself. In addition I had spent some time as a visiting
researcher in Toulouse in the past. That allowed me to get to know other
researchers, notably the finance faculty at the IAE. I realized then that the working
environment was very friendly and cooperative. Getting along well with your colleagues is
very important. In deciding to come to Toulouse this was also an important factor.
Can you tell us a little about your research activity?
My research applies economic theory to a variety of finance problems. Recently, I have been working on the
international contagion of financial crisis. Globalization has increased international capital mobility with
potentially harmful consequences: “hot money” by international speculators sometimes flows out of a
country very abruptly, pushing that country into a crisis. The outflow may be in response to a crisis
elsewhere, effectively leading to contagion. Some well known economists (and many politicians) have argued
that too much capital market integration is therefore a bad thing and barriers to capital flows should be
erected so as to prevent contagion. In my recent research I show that this argument only tells one side of the
story. The other side is that free capital flows can also sometimes prevent a crisis from occurring by allowing
a country to import capital – without which it might face a liquidity or credit crunch. The argument in favour
of barriers to capital flows is therefore weaker than often made out to be.

35. Interview
To what extent is education in France different from that of the UK?
Universities in the UK tend to attract a larger number of foreign students so that the student mix is more
international. This is probably partly due to the status English enjoys as an international language. But in part
I think it is also due to the fact that UK universities have a strong interest in setting up high quality
programmes that foreigners wish to enroll in, since these often generate fees that form an important source
of income for universities. In terms of the course content and delivery, French education appears to
emphasize more the formal / mathematical aspects of problem solving. Here French students tend to
dominate the ones from the UK. On the other hand, students in the UK are expected to participate more
actively in class discussions and explain concepts and how they can be used to solve problems. This can be
pretty useful later in life, because students acquire a clearer understanding of when it is more or less
appropriate to use specific analytical tools, or how to apply them in new contexts. Moreover, an ability to
express oneself clearly is very important on the job.
What advice would you give a student who wants to work in the world of finance?
I think that in the transition from university to a job in finance, it is important to appreciate that one cannot
and should not simply apply finance models like cooking recipes. Someone who learns to use finance models
and concepts as a tool for reasoning and analysis will in my view come up with better solutions in practice.
Alexander Guembel
Professor of finance
IAE Toulouse
April 2012

36. Interview
Can you tell us a little about your background?
I studied at the IAE Toulouse where I obtained a Master and a PhD in Finance. After my PhD, I
worked for three years as an Assistant Professor of Finance at the Robinson College of Business
(Georgia State University) before coming back to Toulouse as a Professor. Last year, I was a
Visiting Professor at Princeton University where I taught courses on investments and
behavioural finance.
I learned a lot from my various stays in the US but I was always keen to come back to Toulouse
because of the wonderful atmosphere, both intellectual and personal, that surrounds the Finance Department at
the IAE Toulouse. I have a lot of great colleagues/friends in here and it provides me with a great working
environment.
Can you tell us a little about your research activity?
My research focuses on financial markets, using a multidisciplinary approach to understand what affects the value
of financial assets. For example, I use experimental methodology in order to understand how psychology affects
investment behaviour and performance. Recently, I have been interested in the psychology of speculation. Most
of the students of the Master in Finance have participated in the bubble game that Sophie Moinas and I designed
to understand the formation of speculative bubbles.
I am also currently working on the financial history of the Mills of Toulouse. Those Mills are amazing because they
were the earliest stockholding companies in the world. We have found stock prices of the Mills starting from 1372
(the year of creation of the Bazacle Mills Company) in the Haute-Garonne archives, and are analyzing how various
types of risks (from wars to epidemics) affected the financial returns of the Mills over almost six centuries.

37. Interview
Now more than ever, finance is a field which requires passion and commitment but also strong ethics
and advanced technical skills, how do these important issues impact your trading and asset
management courses?
I try to ensure that passion and commitment are always present in my courses by offering students a
mix between formal courses and more relaxed financial games and investment simulations. It is my
belief that learning by playing is not only fun but also effective! I always strive to introduce advanced
quantitative skills after students have had the chance to experience the concept during games and
simulations.
I also believe that the issue of ethics in financial markets is crucial not only to ensure proper functioning
of financial markets but more generally so that finance can be at the service of society. I am in charge of
a research centre named the “Sustainable Finance and Responsible Investment Chair”, joint with the
Ecole Polytechnique in Paris. The centre is sponsored by the major asset management companies in
France. We study whether and how moral values affect investment behavior.
If you could give advice to future students who wish to prepare for a career in finance, what would it
be?
Make sure you develop a technical skill (be it in mathematics, statistics, computer science, financial
analysis or accounting) and follow your dreams!
Sébastien POUGET
Professor of finance
IAE Toulouse
April 2012

38. Internet
For more information:
 Website: http://www.iae-toulouse.fr/1-36994-Specialite-Finance-de-Marche.php
 Contact: master2.finance@iae-toulouse.fr