The Magistère in Banking, Finance, Insurance is a curriculum of excellence which prepares high-level practitioners capable of adapting successfully to the rapid changes of modern finance. For more than 30 years, this three-year program (from the third year of the Bachelor’s degree to the second year of the Master's) has trained experts in the various banking, finance, auditing, consulting, and insurance professions. The program alternates between academic courses, projects, meetings with professionals, and internships, and encourages its students to gain an international perspective through its prestigious partnerships in Europe, the United States, and Asia.
The second year of the Master’s in Economics and Finance: Banking, Finance, and Insurance is divided into two semesters spread between the end of August and the end of February. Students specializing in Market Finance or Corporate Finance. Students wishing to write a thesis can pursue a research track. Courses are taught by academics or working professionals who are specialists in their field. Courses blend independent work, group work, dossier review, and “serious games” in the Bloomberg Room. Python training is provided in partnership with a Fintech company, and students work on a project under the mentorship of professional programmers. Students have the opportunity to spend a semester or a year (in the case of a dual degree) studying abroad in the United States, in Canada, within the prestigious QTEM network, or in Singapore or one of many European partner universities.
There is a particular focus on technological innovations in finance such as digitalization, blockchain, and AI. Students can attend additional lectures over the course of year on sustainable and responsible finance, and the impact of big data on finance. All students learn the basics of machine learning. Students who wish to can work on a start-up project and present it to a review panel at Station F.
Over the course of their Magistère, students have the opportunity to earn three diplomas:
There are three steps to the admissions process:
Every year, several Magistère students decide to take advantage of the university’s international partnerships with prestigious institutions such as Berkeley, Carnegie Mellon, Bocconi, LSE, and HKUST to study abroad during the second year of their Master’s degree (the end of third year of the Magistère). Some may pursue a thesis at a French or foreign university.
The number of graduate students at each of the following universities depends mainly on their willingness to study for an additional year after obtaining their BFA Magistère degree. Students wishing to study there are required to sit for the TOEFL and GMAT.
Partner Universities:
Language of instruction : French
Teaching hours : 6
ECTS : 3
Lecturer in charge : Imen BEN TAHAR (https://dauphine.psl.eu/recherche/cvtheque/ben-tahar-imen)
Language of instruction : French
Teaching hours : 36
Course content:
1. Introduction aux processus de diffusion et lien avec les équations aux dérivés partielles; 2. Modèle de Black et Scholes; 3. Modèles à volatilité locales et volatilité stochastique; 4. Introduction aux modèles de taux
Skills to be acquired:
Modélisation stochastique (Modèles de diffusion) en Finance et application à l'évaluation et couverture des produits dérivés
Mandatory prerequisites
Bases en calcul de probabilité (variables aléatoire, espérance, espérance conditionnelle)
Recommended prerequisites
Bases de calcul stochastique en temps continu (martingales, mouvement Brownien) ; Modèle de Black & Scholes pour l'évaluation et la couverture de produits dérivés.
Weighting : 1.00
ECTS : 3
Language of instruction : French
Teaching hours : 36
Weighting : 1.00
ECTS : 3
Lecturer in charge : Jean-Philippe LEFORT (https://dauphine.psl.eu/recherche/cvtheque/lefort-jean-philippe)
Language of instruction : French
Teaching hours : 15
Weighting : 1.00
ECTS : 3
Language of instruction : French
Teaching hours : 24
Course content:
Class focuses on the pricing of exotic options and equity derivatives structured products with complex pay-offs. It is divided into 6 sessions of three hours each. Class alternates the teaching of the theory and practical applications. Monte- Carlo simulations are performed using Microsoft Excel. Local and stochastic volatility concepts are introduced, then applied practically. Impact of hedging techniques for such instruments are discussed. At the end, students are capable of building from scratch, pricing models for any complex equity derivative instrument.
Skills to be acquired:
The class aims at giving students the fundamentals of quantitative pricing for complex Equity derivatives products.
Mandatory prerequisites
Probability Theory.
Recommended prerequisites
Common knowledge of probability theory. Ability to complete Python programing
Assessment:
The exam consists of a final project where each student has to perform the pricing of a specific equity derivative instrument using Monte-Carlo simulation. Attendance to the course, is taken into account for final grading.
Weighting : 1.00
Bibliography, recommended reading:
Quantitative Finance- Paul Willmott-WILEY
ECTS : 3
Language of instruction : French
Teaching hours : 24
Weighting : 1.00
ECTS : 3
Lecturer in charge : Denis BEAUDOIN
Language of instruction : French
Teaching hours : 24
Course content:
The course aims at grasping key financial asset management principles and concepts, their goals, major means, common tools & constraints, in a search of a "reasonably optimal" portfolio.
I-A review of investment processes, techniques and models over time
II-Investment Process: investment philosophy, investment universe, asset selection, portfolio construction, risk monitoring, reporting
III-Diversification, factors & risk premia
IV-Risks & return assessment (VaR, CVaR, EVT, major ratios)
V-Directional & non-directional strategies for relative or absolute expected returns
VI-SRI, ESG and other non-financial inputs
VII- Case studies (investment themes & asset managers)
Skills to be acquired:
Understanding asset management's purpose and optimization.
Understanding uncertainty reduction techniques to improve investment decisions over time.
Portfolio construction & risk-return analyses.
Mandatory prerequisites
Prior knowledge of major financial markets instruments (equities, bonds, forex, commodities, derivatives
Recommended prerequisites
Open mindedness
Assessment:
Two team-based class presentations: a first one about a pre-approved theoritical subject, and a second one being a feedback following a meeting with a CIO or a CEO of a Paris-based asset management company (meetings arranged by the lecturer)
Weighting : 1.00
Bibliography, recommended reading:
Not easy: Expected Returns - An Investor's Guide to Harvesting Market Rewards, by Antti Ilmanen, Wiley Finance (2011) Bedside reading: The Intelligent Investor, subtitled "The definitive book on value investing", by Benjamin Graham, Harper Business Essentials (2006) Easier and entertaining: Fooled by randomness, subtitled "The hidden role of chance in life and in the markets" by Nassim Taleb, Penguin Books (2007)
ECTS : 3
Lecturer in charge : Mathias GARCIA REINOSO
Language of instruction : French
Teaching hours : 15
Course content:
The course is structured around four interconnected pillars: stress management, presentation skills, active listening, and decision-making with its inherent unconscious biases. These themes are not treated in isolation; they are explored in an integrated, iterative manner, reflecting the way they interrelate in real-life professional settings.
We begin with stress, examining its origins through a neuroscientific and evolutionary lens, and move towards concrete strategies for managing it in high-stakes or emotionally charged situations. Presentation techniques build on this foundation, focusing on the impact of voice, body language, and emotional regulation in communicating ideas with clarity and presence. Active listening, feedback, and negotiation are approached through practical exercises that emphasise empathy, clarity, and adaptability. Decision-making and cognitive biases are addressed throughout the course as a thread that runs through all interactions, shaping both what we perceive and how we respond.
A continuous blend of theory and practice shapes the learning experience: scientific insights are immediately tested through discussion, reflection, and real-world application. Depending on the group’s needs and interests, additional topics such as time management, strategic thinking, or intercultural communication may also be explored.
Skills to be acquired:
This course aims to equip students with essential skills in leadership and interpersonal communication, with an emphasis on the practical application of theoretical concepts. Drawing on insights from neuroscience, behavioural science, and the science of learning, the course helps students better understand how people think, decide, and interact (starting with themselves). They will learn to recognise and manage stress, develop more effective communication strategies, and improve their ability to listen, give feedback, and navigate negotiation scenarios. The course also emphasises the importance of adapting and growing, encouraging students to develop habits of self-awareness and continuous learning. Throughout, particular attention is given to decision-making and unconscious biases, which are consistently integrated into the learning process to deepen their understanding of human behaviour in leadership contexts.
ECTS : 3
Lecturer in charge : Florence PISANI
Language of instruction : French
Teaching hours : 24
Course content:
The aim of the course is to provide students an overview of the interaction between the macro-economic environment and financial markets developments. There are four chapters: I. How market participants follow and respond to the business cycle: an analytical framework II. The interest rate markets III. The stock markets IV. The exchange rate markets
Skills to be acquired:
At the end of the course, the students should have a better grasp of the interactions between financial markets and macro-economic evolution of advanced economies.
Recommended prerequisites
Some basic macro-economic background and an interest in financial markets
Assessment:
A presentation, including the use of visual aids and possibly a final exam (with a quiz and an essay-type question).
Weighting : 1.00
Bibliography, recommended reading:
- Brender A. et F. Pisani (2001), Les marchés et la croissance, Economica, Paris. - Brender A. et F. Pisani (2010), Global imbalances and the collapse of globalised finance, CEPS, Brussels. - Gurkaynak R., B. Sack et E. Swanson (2004), « Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements », Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System. - Kozicki S. et G. H. Sellon Jr. (2005): "Longer-Term Perspective on the Yield Curve and Monetary Policy", Economic Review, Federal Reserve Bank of Kansas city, Fourth Quarter - Wright J. H. (2007): "The yield curve and predicting recessions", Staff working papers in the Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System.
ECTS : 3
Lecturer in charge : Katia MULLER MEZIANI (https://dauphine.psl.eu/recherche/cvtheque/meziani-katia)
Language of instruction : French
Teaching hours : 21
Weighting : 1.00
ECTS : 6
Lecturer in charge : Alexandre ALLAUZEN (https://allauzen.github.io/)
Language of instruction : French
Weighting : 2.00
ECTS : 6
Language of instruction : French
Teaching hours : 27
Course content:
- Seance 1: Introdution + test de niveau pour construire les groupes de travail.
- Seance 2 -> 5: Remise à niveau Python.
- Seance 6: Analyse et visualisation des données financières - detection d'opportunités d'arbitrage via analyse de carnets d'ordres sur plusieurs marchés.
- Seance 7: Delta Hedging automatisé - liquidité et market impact instantané - KPIs d'execution optimale.
- Seance 8: Smart order routing et applications.
- Seance 9: présentation des papiers de recherche.
- Seance 10: Examen final
Skills to be acquired:
- Bases développement python - techniques d'entretiens pour les élèves les plus avancés.
- principes de trading algorithmique, automated hedging, automated market making et execution optimale.
Assessment:
- 20% : moyenne de 5 Quizzs de 10 min
- 40% Présentation d'un papier de recherche en groupe
- 20% Examen finale écrit
- 20% Examen de code et d'interprétation
Weighting : 2.00
ECTS : 6
Language of instruction : French
Teaching hours : 30
Weighting : 2.00
ECTS : 3
Language of instruction : French
Teaching hours : 18
Weighting : 1.00
ECTS : 3
Lecturer in charge : Dominique DEDIEU
Language of instruction : French
Teaching hours : 33
Course content:
I – Infrastructures des marchés financiers réglementés et alternatifs à travers les exigences d’intégrité, de transparence, de résilience et de liquidité.
Informations financières réglementées et les obligations en découlant, à charge des émetteurs et des investisseurs à l’occasion soit des opérations de financement (IPO, JPO, Private equity), soit de leur seul présence sur le marché, soit encore des opérations d’investissement (franchissement des seuils ou OPA).
II – Impératifs, notions, obligations et intérêts de la conformité, l’éthique, la compliance et la déontologie dans les secteurs de la banque, la finance et l’assurance : régulation et régulateurs, gestion et approche par les risques, sanctions internationales, conflits d'intérêts, infractions financières.
Présentation et analyse des dispositifs préventifs et des obligations de transparence : lutte contre le blanchiment d’argent sale et le financement du terrorisme, lutte anticorruption, protection des données et RGPD, devoir et plan de vigilance et reporting extra financier.
III - Finance et financements durables : conformité aux droits humains, de l'environnement et principes de gouvernance de durabilité
Skills to be acquired:
Aptitude à appréhender les marchés financiers à travers la réglementation de leurs conditions de fonctionnement ainsi que celles des opérations de financement et d’investissement qui s’y déroulent.
Aptitude à appréhender la notion et la gestion de la prévention de tous risques liés aux activités financières, bancaires et assurantielles, les notions et la gestion de conformité, d'éthique et de déontologie dans ces domaines
Aptitude à appréhender les notions de durabilité, soutenabilité et ESG/RSE dans la finance, la banque et l'assurance, par le prisme des réglementations européennes, internationales et françaises
Mandatory prerequisites
Droit des sociétés ; Conformité/compliance
Recommended prerequisites
Droit bancaire, Droit des sociétés, Ethique et Conformité
Assessment:
Examen sur table (QCM), projet personnel (cas pratique) en fin de semestre et bonus de participation
Weighting : 1.00
Bibliography, recommended reading:
www.legifrance.gouv.fr AMF : www.amf-france.org https://www.amf-france.org/fr/lamf/la-regulation-lamf/sengager-pour-une-finance-durable https://www.amf-france.org/fr/recherche/resultat?form=global&key=Lutte%20anti%20blanchiment&sort%5Bfield%5D=date&sort%5Bsort%5D=DESC www.europa.eu www.boursedeparis.fr; www.euronext.com; Code Monétaire et financier https://www.legifrance.gouv.fr/affichCode.do?cidTexte=LEGITEXT000006072026&dateTexte=20200514 ACPR https://acpr.banque-france.fr https://acpr.banque-france.fr/page-sommaire/lutte-contre-le-blanchiment-des-capitaux-et-le-financement-du-terrorisme https://www.economie.gouv.fr/tracfin https://www.agence-francaise-anticorruption.gouv.fr/fr https://www.hatvp.fr
ECTS : 3
Lecturer in charge : Martine CARRE-TALLON (https://dauphine.psl.eu/recherche/cvtheque/carre-tallon-martine)
Language of instruction : French
Teaching hours : 87
Course content:
Les rapports de stage de première année de Master (BFA2) sont l'occasion pour les étudiants de prendre du recul sur leur expérience et d'être capable d'en tirer un bilan constructif pour définir leur projet professionnel. Les rapports de dernière année de Master (BFA3) permettent aux étudiants de développer une problématique et de prendre conscience qu'ils ont déjà acquis une expertise sur leur domaine.
Skills to be acquired:
Le rapport de stage de fin d’études montre les qualités de réflexion et les aptitudes d’analyse de l’étudiant(e) à partir d’une expérience professionnelle. Il témoigne de la recherche d’une problématique à partir des missions effectuées lors du stage.
Les rapports proposés par les étudiants à cette occasion ne doivent donc pas être simplement descriptifs, factuels, sans réel apport personnel, ou réelle réflexion.
Le travail de rédaction du rapport de stage doit être le temps privilégié qui permet à l’étudiant(e) de mûrir une réflexion, de développer une problématique en lien avec l’orientation professionnelle retenue. Cette réflexion peut être valorisée lors des entretiens d’embauche et permet de faire le lien entre la démarche académique (l’analyse, la prise de recul, le raisonnement, la connaissance de la littérature théorique sur le sujet) et l’expérience professionnelle (les missions à mener, les tâches à réaliser, la mise en situation, la maîtrise des outils). Cette prise de recul est indispensable aux postes de management mais aussi à la créativité, et à l’innovation.
Assessment:
A la fin de la première année de Master (BFA2), un stage de minimum 3 mois est obligatoire. Un stage de fin d'études (6 mois) est requis en fin de dernière année (BFA3). Les étudiants doivent rendre deux rapports séparés en fin de M2.
Seul le rapport de BFA3 est soutenu à l'oral devant un jury en septembre (session 1) ou novembre (session 2).
Weighting : 1.00
ECTS : 3
Lecturer in charge : Sylvain BENOIT (https://sites.google.com/site/sylvainbenoit87/)
Language of instruction : French
Teaching hours : 12
Course content:
Sujet 1 : Mesures de risque de marché (Volatilité, Value-at-Risk et Expected Shortfall) – modèles ARCH/GARCH univariés
Sujet 2 : Tests de validation des mesures de risque (couverture non-conditionnelle, conditionnelle, test d’indépendance, super exception)
Sujet 3 : Risque systémique et régulation macroprudentielle (Absorption ratio, MES, SRISK, Delta CoVaR et établissements bancaires d’importance systémique) – modèles ARCH/GARCH multivariés (CCC, DCC, BEKK)
Skills to be acquired:
Ce cours a pour objectif de développer les compétences techniques des étudiants (applications sous Python) afin qu'ils soient capables de manipuler facilement des séries de rendements financiers. A la fin du cours, l'étudiant est donc capables d'identifier un processus sous-jacent sur les rendements financiers lui permettant de construire une mesure de risque de marché comme le demande le comité de Bâle dans ses accords éponymes qui règlementent le secteur bancaire. Au-delà, des aspects pratiques, ce cours développent les différents aspects de la réglementation prudentielle.
Recommended prerequisites
Programmation en Python. Cours de séries temporelles (modèles SARIMA).
Assessment:
Examen final en salle machine.
Weighting : 1.00
Bibliography, recommended reading:
Hull, J. C., 2015, Risk Management and Financial Institutions, 4th Edition, Wiley Finance. Jorion, P., 2011, Financial Risk Management Handbook, Wiley Finance Roncalli, T., 2009, La gestion des risques financiers (2e edition).
ECTS : 3
Lecturer in charge : Karim JACQUELIN
Language of instruction : French
Teaching hours : 18
Course content:
Rétrospective historique des Modèles de Risque et Théories sous-jacentes
Concepts et Mathématiques des indicateurs de risque généraux avec APT (Volatilité - Tracking Error - Beta - Corrélation...)
Concepts et Mathématiques des indicateurs de risque avancés avec APT (VaR Monte Carlo - Attribution de risque - Stress Testing...)
Cas pratiques d'utilisation des indicateurs de risque pour analyser et gérer les risques de portefeuilles en société de gestion
Evaluation des risques et des performances des fonds
Cas pratiques d'utilisation du risque pour gérer, optimiser et construire des portefeuilles : gestion quantitative avec des préférences explicites, intégration de critères ESG...
Skills to be acquired:
Suite à la formation l'étudiant aura acquis une compréhension du modèle de risque et de la méthodologie APT.
Le cours vise aussi à montrer l'intérêt de l'approche multifactorielle statistique APT pour:
- comprendre, analyser et gérer les risques de portefeuilles d'actifs financiers.
- utiliser les concepts de risque pour gérer des portefeuilles en société de gestion avec une approche quantitative.
Recommended prerequisites
Théorie Moderne de Gestion de Portefeuille (MEDAF, Volatilité, Frontière efficiente...)
Assessment:
Participation
Travail en groupe
Examen sur table
Weighting : 1.00
Bibliography, recommended reading:
Allocation d'Actifs - Théorie et pratiques (Chapitre 6 - Gestion du risque)
ECTS : 3
Lecturer in charge : Didier JEANNEL
Language of instruction : French
Teaching hours : 18
Weighting : 1.00
ECTS : 3
Lecturer in charge : Sylvain BERTHELET
Language of instruction : French
Teaching hours : 24
Course content:
Raison d'être of commodity futures markets : three different approaches. Relationships with cash commodity markets and other asset classes. Examples, hedging and trading strategies.
Skills to be acquired:
Market mechanisms, instruments (futures and options) and the basis (difference between the cash price and the future price).
Recommended prerequisites
Economics basics.
Assessment:
Written exam following the lecture.
Weighting : 1.00
ECTS : 3
Lecturer in charge : Mohamed BENKHALFA
Language of instruction : French
Teaching hours : 15
Weighting : 1.00
ECTS : 3
Language of instruction : French
Teaching hours : 12
Weighting : 1.00
ECTS : 3
Lecturer in charge : Alexandre ALLAUZEN (https://allauzen.github.io/)
Language of instruction : French
Weighting : 1.00
ECTS : 3
Lecturer in charge : Jonathan LEVY
Language of instruction : French
Teaching hours : 16
Weighting : 1.00