Executive Master in Finance (EMF)

The Executive Master in Finance (EMF) program is tailored for “high flyers” working in services and industries.

It is a modular program which enables executives to earn an Executive Master in Finance (EMF) while pursuing full time work. The program is targeted towards:

  • Young executives from varied cultural, academic and professional backgrounds who are ambitious and have the potential and desire to work towards a successful management career.
  • Companies wishing to bring their young managers to the skill levels of top leaders while working on their company’s project.

Life Changing Experience

One of the roles of business schools throughout the world is to provide their surrounding economy with managers who know how to add value to their company’s projects. To do so, business schools need to listen to and even anticipate the needs of businesses and translate them into skills and competencies taught in their revolving program.

Over the last two decades, the exponential growth of globalization has brought about the need to produce and sell in networks, think in multicultural terms, be global and act local and set up international projects. This new economic setting makes fundamental management skills more crucial. A proficient command of management skills, an ability to work with partners from new horizons and an understanding of the cultural aspects of markets are assets when it comes to winning contracts, delivering products and services and setting up research and development projects.

With their expertise in teaching and research, their decades of experience in business teaching HEC Liège is well equipped to deliver an EMF centered on the needs of businesses, whether local or international, large or small, and within European or on a Worldwide scope.

The Executive Master in Finance (EMF) is an action oriented, industry driven program that will equip you with excellent financial knowledge and numerical skills to commence your career in any financial sector.

All participants will develop a strong understanding of corporate finance, asset valuation, invest management and various management techniques. We will enhance your analytical and quantitative skills and you will benefit from excellent case studies studied in the programed.

The course concludes with a business game: a substantial practical exercise that will enhance your skills in analyzing and operating a company in a competitive environment.

The EMF is a modular program consisting of the following 7 modules and Business Game over a period of 18 – 24 months.

No. Module Code Module
1 EMF521 Introduction to Finance and Accounting
2 EMF522 Corporate Finance
3 EMF523 Introduction to Financial Market
4 EMF524 Management Accounting
5 EMF525 Financial Analysis
6 EMF526 Financial Economy
7 EMF527 Financial Risk Management
8 EMF528 Business Game
The program consisting of 7 modules and Business Game.
EMF521: Introduction in Finance and Accounting
Module Synopsis

The importance of financial information in decision making by managers, market analysts and bankers requires deep knowledge and comprehension of accounting concepts and corporate finance.

The objective of this course is to introduce students to basic accounting mechanisms and use them in financial analysis in order to make decisions. Concepts will be studied in a European approach.

After this seminar, students should be able:

  • Learn a common language
  • Learn the basic accounting principles
  • Use the accounting analysis for a deeper knowledge of some technical aspects
  • Explain the budget and cost calculation aspects
  • Analyse accounting documents in order to understand the effect of various activities (results, ratios, operating reports,…)
  • Acquire a general overview of a company’s financial situation
  • Learn about financial analysis techniques
  • Study financing methods
EMF522: Corporate Finance
Module Synopsis

The purpose of this module is to furnish students with a general understanding of the financial decision making process. The module in general concentrates on developing a high level understanding of the tactical and strategic significance of the financial management function within organizations. It covers the main financial tools of the company reporting system and the means of analyzing corporate performance.

This module will also teach you not only how to create a budget and other tools that everyone from accountants to marketing managers and decision makers use, but also the critical thinking skills necessary to succeed in business. It is this combination of understanding the technique and how to apply it in the real world that empowers students to make business decisions.

EMF523: Introduction to Financial Markets 
Module Synopsis

This course aims at introducing analysis of financial markets. Several topics will be taught during the course such as a general presentation of the financial markets, its operation and financial products you can find. An introduction to portfolio management will also be discussed. This course is a prerequisite for advanced course in Market finance.

EMF524: Management Accounting
Module Synopsis

This course will discussed several topics such as : the relationship between general accounting and the management accounting, the classification of costs (variable-/fixed-, direct-/indirect-, full-/not), the calculation of full cost: the coefficient method, the homogeneous sections methods, activity based-costing, the notion of break even, etc.

At the end of this course, participant should be able to calculate the break even, analyze and make decisions: calculate cost prices (production cost price, commercial cost price, full cost price), full costs or partial costs, calculate profit or loses per costs or profit center and calculate the economic profitability of the company.

EMF525:  Financial Analysis
Module Synopsis

This course offers a sample of concepts, methods and tools allowing students to assessed and valorize the financial situation of a company, risks the company is facing, but also the level and the quality of its performance. The course will address topics such as financial analysis of the annual accounts, restructuring the balance sheet and income statement, analysis of the financial balance of the company (working capital, working capital requirement, net treasury), analysis of the financial. It will also cover the analysis of the annual accounts using the ratio method (liquidity, solvency, profitability, risk and added value), understanding and assessment of these financial ratios, dynamic reading (treasury and Statement of Cash Flows), evaluation methods of the company, economic added value for shareholders)

Prerequisite: Accounting


EMF526: Financial Economy
Module Synopsis

The course in Monetary and Financial Economics covers monetary theory and policy (Prof. Lionel Artige) as well as the management of financial institutions (Prof. Danielle Sougné). The program consists of 2 parts:

– Part 1 (Lionel Artige): Monetary economics

  • Money and the money market
  • The demand for money
  • The money supply: money creation
  • Interest rate
  • formation Monetary policy
  • Financial crises

– Part 2: The Foreign Exchange Market (Danielle Sougné)

  • Introduction to the Foreign Exchange Market
  • The different exchange rate regimes
  • Determination of exchange rates
  • Cryptocurrency

The objective of this course is to acquire knowledge in economics and finance in order to understand the working of the financial markets.


EMF527: Financial Risk Management
Module Synopsis
This advanced course will explore the financial risk management of financial institution and will give you an insight on the main financial risks such as: the market risk, the interest rate risk, the credit risk, the operational risk, the liquidity risk, etc. Diverse concepts of risk management will also been taught like stochastic process, coverage, Greeks, duration, copulae, Value-at-Risk, etc. The main goals of this course is to provide the students with necessary knowledge to understand the challenges of risk management with a strong emphasis on quantitative aspects thanks with concrete example and case studies.


EMF528: Business Game 
Module Synopsis

This course aims at having participants (working in teams):

  • discover the interaction between the major functions of a company (production, finance, marketing, human resources);
  • learn how to define policies, infer objectives & compare results with objectives;
  • train at decision-making

After this Course, participants should be able:

  • To recognize the Key Factors of Success of a project and to have some directions about how to leverage them,
  • To identify the role and the specific goals of the various players (inside and outside the project team) and to understand their influence, goals and expected benefits,
  • To integrate the benefit of an agile management
  • To realize the importance of a good communication, especially in a multicultural environment.

The simulation game consists of 5 teams of 5 participants each. Each team represents a company on a market, and competes with the four others. The participants make up the board of the company. The first half-day is devoted to presenting the game and briefing all participants. Each team makes 12 decisions, which comes down to one decision per quarter for 3 years. According to its decisions, and the decisions of competitors, the company receives a quarterly result sheet. After 3 simulated years of company life, the board has to present their results to their partners (shareholders, bank, works council). In the game, those partners are represented by all participants. The decisions of each team are analyzed and synthesized in a final report drawn up by the organizers.


To be eligible for the EMF program, applicants have to fulfil the following requirements:
  • Working experience of 5 years or a Bachelor degree.
  • Behaviour Skills and motivation.