Accounts & Restructuring
Summer Program
When & Where?
On-Campus: June 16 - 27 Summer 2025
Applications are OPEN for Summer 2025.
Want to know more? Join us for a webinar.
WHEN: Tuesday 25th March @ 1.15pm CET
The Academic Director, Professor Olivier Levyne, will join the Recruitment Manager and answer all your questions.
Why this Summer Program?
Imagine accounting being taught in a compelling and engaging fashion!
This refreshing approach, dedicated to firms' accounts with a strong emphasis on financial modelling*, will ensure success in what may otherwise be considered a challenging field. Illustrated by high profile restructurings, including the recent Boeing deal, this program is a must for anyone targeting the Big Four accounting firms. A specific focus is also proposed on financial institutions’ accounts and on the impacts of solvency regulations on their values.
This program will provide a set of tools that will prove indispensable before plunging into the world of Private Equity or M&A in session 2. Stand out from the masses by joining this pivotal program and assuring a rock-fast foundation on which to build your career in the world of Finance.
- Created and taught by leading HEC Paris Professors
- A perfect balance of theory and practice to prepare for your next position in investment or corporate banking
- Courses based on a combination of class lectures and discussions, applications to real-life case studies and group projects.
- Earn an HEC Paris Certificate following successful completion of the program.
*With its emphasis on financial modeling, various Excel models will be built from scratch during this Summer Program. Such models will include the same level of details as simulations prepared by investment banks.
Content Overview
Corporate finance comes with its own complex technicalities. Investment bankers emphasize, however, that practicing M&A (Mergers & Acquisitions) or ECM (Equity Capital Markets) without a solid grasp of accounting principles is unthinkable. M&A clients, for instance, need clear insights into how a proposed deal will affect the stock price and the future indebtedness capacity of their firm. Providing accurate answers to these questions relies on simulating post-transaction financial statements, enabling bankers to project the deal's impact on the company's financial outlook.
This Summer School program equips students with a foundational understanding of essential principles, beginning with statutory accounts and advancing to consolidated accounts within an IFRS (International Financial Reporting Standards) framework. To promote clarity and accessibility, terms like “debit” and “credit” are avoided, and account numbers are not referenced. Instead, transactions are directly recorded in the balance sheet and income statement, while the cash flow statement is built simultaneously, ensuring a holistic view of financial operations.
A full understanding of consolidated accounts requires a specific focus on some norms that will be detailed, as well as the impacts of solvency regulations. In this context, the following pivotal topics will be dealt with:
- Building of statutory accounts: balance sheets, income statements and statements of cash flows
- Preparation of consolidated accounts
- Diagnosis based on consolidated accounts
- Analysis of debt restructuring plans
- Analysis of a deleveraging plan
- Specific focus on Boeing's accounts and its mega equity raise
- Financial accounts and solvency constraints for banks and insurance companies
Learning Objectives
Upon successful completion of the program participants will be able to:
- Understand pivotal accounting principles
- Prepare consistent statutory accounts
- Integrate deferred tax assets and liabilities in advanced simulations
- Build consolidated accounts including restatements
- Comment on firms’ consolidated accounts
- Optimize a restructuring in the background of a deleveraging process
- Prepare a professional presentation to pitch an advisory role in a restructuring
- Convince existing shareholders to accept a huge dilution to rescue their firm
Pre-requisites
This program is suitable for beginning level business or economics students. All core concepts will be explained during the class.
The program also welcomes applicants with experience in the field, who are seeking to refresh their skills, and to gain concrete real-life applications.
Assessment
All participants are expected to be in class, come with questions and participate in group discussions and workshops.
Grading will be determined as follows:
- Presence & Participation 10%
- Individual Assignments 40%
- Group Project 50%
Participants who successfully complete the program will earn 5 ECTS credits. Full attendance is required to obtain the Program Certificate.
All students who are seeking credit are encouraged to consult their home academic institution to validate credit transfer.
The Summer Experience
