Master's in International Financial Management

"Three profound changes in our environment have given corporate finance a somewhat renewed position.

With globalisation, firms must find resources that are both greater and of more diverse origins than they did a few years ago. The principal aim of corporate finance is therefore to optimise the financing of the development of the firm.

In an environment that is always turbulent, where change is the first priority of management, firms must be able to measure the performances of the players in such change. Here we find the second function of corporate finance: make it possible to identify new skills and favour their action in order to accelerate the implementation of new strategic directions.

Finally, we can note that firms are increasingly compelled to interact with financial markets where they must reveal their strategies, development plans and results. The third function of finance is therefore to develop communication that is clear, honest and rigorous, enabling the firm to maintain the confidence of its partners."

Olivier Tabatoni, Faculty Advisor

SMBG Ranking: the Master International Financial Management of the IAE Aix is ranked among the best Programmes in Finance.

Objective

The aim of the International Financial Management specialty is to prepare students for positions in this renewed financial atmosphere. Thus, it includes strategy, the institutional environment, practices and tools that will enable them to contribute to the success of their firms.

This programme is essentially concentrated on the advanced study of the financial mechanisms of firms and financial institutions. The most recent developments related to financial markets, financial strategy and control are presented in all their academic and professional aspects.
The programme also endeavours to broaden the knowledge of the participants from an international point of view.

Admission Requirements

1st year of the Master's Programme (Master’s of Science in Management only):

For admittance: a first university degree obtained after at least 3 years of higher education (Bachelor or equivalent qualification or 180 ECTS in the EU context)

Admission based on the following: TAGE-MAGE or GMAT; TOEFL, TOEIC or IELTS (DELF2 for non-French speakers); professional career goals; previous studies; an interview.

2nd year of the Master’s Programme:

For admittance into the Master’s in Management: a first university degree obtained after at least 4 years of higher education (Bachelor or equivalent qualification or 240 ECTS)

For admittance into the specialised Master’s of Science in Management: a first university degree obtained after at least 4 years of higher education in the field of Management Studies (Bachelor or equivalent qualification, or 240 ECTS in the EU context)

Admission based on the following: TAGE-MAGE or GMAT; TOEFL, TOEIC or IELTS (DELF2 for non-French speakers for the Master’s of Science in Management only); professional career goals; previous studies; an interview.

Organisation of Studies

First year of the Master's:

The first year of the Master's of Science in Management provides general courses on the Management of Organisations. It is the same for all of the students who will then choose their specialty for their second year. However, they will have the possibility, at the same time as the common-core syllabus, to discover the various specialties offered in second year through specific training courses called "The Positions of".

Second year of the Master's:

Students begin training in International Financial Management in the second year.

The academic year is divided into four periods:

The first four months (September-December) are dedicated to learning the basics.

During the next 3 months (January-March), students can etiher do an apprenticeship or a intership in a company.

The next 2 months are spent at IAE Aix in order to acquire more specific skills.

The last period consists of a job/internship of three to six months or a second apprenticeship experience until the end of the contract.

Programme Overview

The class is limited to 30 to 40 participants.

The schedule of classes has been set up in order to provide free periods each week so that students can perform, individually or in groups, the diverse and frequent work in the field that is required. The pedagogic methods used are the following: case studies, simulations, presentations of experience by professionals, workshops, conferences.

This speciality can be followed in apprenticeship.  Two periods in a firm are planned: in January-March and from June until the end of the contract.

Structure and Content of the Programme

Courses Provided


		
				Controle de Gestion
				

					French
					– 24 hrs. 
					– Sem. 3 
					– 3 ECTS 
					– Delphine CHAZALON
					
					
Vérifier l’acquisition et/ou acquérir les connaissances dans le domaine de l’analyse, de la prévision et du contrôle des coûts ;
Savoir prendre des décisions opérationnelles et stratégiques grâce à l’analyse des coûts en connaissant les méthodes de calcul de coût conduisant au contrôle de gestion.

				

				
			
	

	

		
				Global Strategy
				

					French
					– 24 hrs. 
					– Sem. 3 
					– 3 ECTS 
					– Pierre MESCHI
					
					
This course aims at helping students in diagnosing and formulating corporate strategies in an international setting (generic, growth and international strategies). To this purpose, the course will emphasize the understanding of concepts and tools related to the strategic diagnosis and management. Students will experiment these concepts and tools by using the case study method. These concepts and tools will allow students to 1/ elaborate a process aiming at assessing the industry and the resources of the company (namely, segmenting the industry, identifying the key success factors of each segment, positioning of each segment within the competitive system map, diagnosis of the industry’s competitive forces, positioning of every industry’s company within a strategic map, and determining the main distinctive resources and competences of the company), 2/ formulate a strategic plan matching the corporate resources with the environment requirements, and 3/ develop growth strategies (international expansion strategies).


				

				
			
	

	

		
				Financial Analysis
				

					English
					– 18 hrs. 
					– Sem. 3 
					– 1 ECTS 
					– Didier Yon
					
					
The objective of this course is to present financial statement analysis
from the point of view of the primary users of statements: shareholders and credit analysts. The first step is to identify financial information sources and processes and to understand the firm’s business model. Risk and return analyses are also extensively analyzed.

				

				
			
	

	

		
				Negosim Business simulation
				

					English
					– 18 hrs. 
					– Sem. 1 
					– 1 ECTS 
					– Olivier TABATONI
					
					
Nowadays’ business world is ever more turbulent. It requires new types of behaviours, competitive strategies and measures of performance. The NegoSim Business Simulation provides a unique learning opportunity to address those challenges and experience the many paradoxes modern leaders have to live with. 

 

            Managing firms located in different countries, NegoSim participants have to develop policies in line with the most recent developments in strategy, finance and competitive partnership, and practice international negotiation in a full internet context.

				

				
			
	

	

		
				Valuation and Modelling 
				

					English
					– 24 hrs. 
					– Sem. 3 
					– 3 ECTS 
					– Pierre CASANOVA
					
					
An in-depth study of practical and theoretical financial aspects and implications of valuation and modeling for Mergers and Acquisitions and Venture Capital. Among the topics discussed are the Basic Valuation Tools, Discounted Cashflow Models, Relative Valuation Models, the techniques and procedures to build valuation models. 

Reference will be made to recent corporate M&A as well as Venture Capital deals.

				

				
			
	

	

		
				Environnement Economique
				

					French
					– 24 hrs. 
					– Sem. 4 
					– 3 ECTS 
					– Marc HENRY
					
					
L’objectif de ce cours est double : 
-fournir un cadre de référence facilitant l’analyse de  l’environnement économique global dans lequel opèrent aujourd’hui entreprises et institutions financières 
-s’assurer de la maîtrise d’un minimum d’outils d’interprétation des évènements économiques contemporains.
Pour cela, l’enseignement vise 3 niveaux :
- compréhension des processus élémentaires (ex : inflation)
- mise en évidence des relations fondamentales (ex : PTI)
- identification des enjeux majeurs (ex : gestion de la dette publique).
L’orientation est macro-économique et internationale autour de 4 domaines-clés et de leurs interactions : Performance de l’économie, Régulation publique, Taux d’intérêt, Taux de change. 
Une attention particulière sera portée au rôle des acteurs de régulation de l’activité économique : Banques Centrales, Gouvernements et Organisations internationales.
Les séances utiliseront sur 2 types de ressources :
-des exposés didactiques par l’enseignant pour introduire les thèmes, revoir les concepts et outils de base, et proposer des synthèses
-des présentations en séance par les participants sur des thèmes prédéfinis et s’appuyant sur des rapports (voir le Guide des présentations).

				

				
			
	

	





International Seminars (to be chosen from those proposed)
The International Seminars, designed to broaden participants' horizons, not specialise them, are taught in English by foreign guest lecturers. They are offered to all IAE participants from all degree programmes, ensuring a lively mix of diverse groups. These seminars are highly interactive.

		
				Identifying a career Path that suits you

				

					French
					– 21 hrs. 
					– Sem. 2 
					– 0 ECTS 
					– ACKER Bill
					
					
o        Using psychological tests to look at yourself to see what kinds of jobs you would find congenial and where your personal qualities would bring you success
o        Looking underneath the job titles in your CV and the course titles of your formal studies and qualifications to understand the themes that run through your career
o        Looking underneath the job titles of careers you might pursue to appreciate the competences involved and interpersonal styles appropriate to those careers
				

				
			
	

	

		
				Project Management
				

					French
					– 21 hrs. 
					– Sem. 2 
					– 0 ECTS 
					– John ALGAR
					
					
The seminar objective is to provide participants with the basic skills of Project Management and to understand the role that it has in achieving business strategy.
Specific objectives are:
	To understand the relationship between project objectives and business objectives. 
	To learn the basic tools and techniques of modern project management
o	To identify the work requirements of each project
o	To create achievable plans based on the work required
o	To understand the issues relating to monitoring and control
	To understand the elements of project risk management
	To recognise the value of effective teamwork and management and their contribution to the success of a project. 
	To improve personal and team skills
				

				
			
	

	

		
				Global Presentation and Public Speaking Skills
				

					French
					– 21 hrs. 
					– Sem. 2 
					– 0 ECTS 
					– Fiona CASEY
					
					
This seminar was originally developed for the key commercial managers of international advertising agencies who wanted to able to acquire an easy, fast yet effective approach to making presentations. Since then, it has been offered in multinationals for managers from more than 25 countries who work with colleagues and clients from around the world. Indeed, making presentations in front of international audiences has become a skill that managers are expected to master and yet many are unprepared for the challenge. This course, for the students of IAE, allows them to hone their presentation skills for international audiences. At the end of the session, they should be able to:
- gain awareness of diverse cultural expectations in communication and set realistic objectives for their presentation,
- adapt their presentation style for an international audience and acquire techniques to structure it in an appropriate way,
- overcome « stage fright » and enjoy speaking in public.
Participants will be able to use what they have learned in the seminar not only at IAE but also in their future professional context.
				

				
			
	

	

		
				Creativity Builds Business
				

					French
					– 21 hrs. 
					– Sem. 2 
					– 0 ECTS 
					– CLOUTIER Guy  
					
					

				

				
			
	

	

		
				Ghandi,his thoughts and relevance in modern management

				

					French
					– 21 hrs. 
					– Sem. 2 
					– 0 ECTS 
					– JAIN J.K.
					
					

				

				
			
	

	

		
				Sales Management
				

					French
					– 21 hrs. 
					– Sem. 2 
					– 0 ECTS 
					– Gorm KUNOE (Norway)
					
					
The seminar objective is to provide participants with some knowledge of marketing and sales to understand the crucial role of the sales plan, and the importance the management of this crucial plan has for any market oriented company. 
Specific objectives are:
1.	To understand the importance of sales and sales management to the company
2.	To learn how important the individual managers’ selling skills are to the organisation
a.	How the sales manager stand out as a person
b.	How the company’s organisation should interact with the sales plan
3.	To understand how marketing and selling should interact
4.	To improve personal attitude to selling and the correct and effective management of sales

				

				
			
	

	

		
				Business Ethics

				

					French
					– 21 hrs. 
					– Sem. 2 
					– 0 ECTS 
					– PAINTER  Mollie
					
					

				

				
			
	

	

		
				Leadership and the Management of Cross-Functional Teams
				

					English
					– 21 hrs. 
					– Sem. 1 
					– 3 ECTS 
					– Thomas SHERMAN (Switzerland)
					
					
The programme focuses on the leadership of cross-functional project teams and task forces established to achieve a specific objective in a limited time frame – particularly in the area of product innovation and product design. More specifically, the course explores the “internal dynamics” of such work groups: recognising, understanding and managing the interpersonal relationships between team members and the impact those dynamics have on overall team effectiveness.

The different dimensions of “team life” explored include: understanding sources of interpersonal compatibility and incompatibility; managing conflicts and differences of opinion within a range of behavioural styles; identifying two types of roles (task and maintenance) critical to the efficient and effective long-term functioning of teams; identifying and using a range of “influence styles” with people (peers, superiors and external clients) over whom one possesses no hierarchical authority; developing a critical but neglected competency in managing “ad hoc / temporary” work groups: the power of observing behaviour in order to influence it.

Beyond the dynamics of teams, we will also explore the following issues: leadership strategy (the matching of leadership style to collaborators’ developmental  needs); leadership career responsibility (matching people to the right job and right organisation); and differences in styles of perceiving and analysing information (managing differences of opinion emerging from diverging interpretations of data).
				

				
			
	

	

		
				Negotiation
				

					French
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Robert THOMAS (USA)
					
					
Negotiation is the art and science of securing an agreement. This seminar is designed to develop and enhance your negotiation skills.  You will learn the most current negotiation theories and techniques while simultaneously employing your learning in a series of negotiation exercises and role-play simulations. The seminar focuses on understanding the behavior of individuals, groups and organizations in the context of competitive situations. The course is designed to be relevant to a broad spectrum of negotiation problems that are faced by any manager whose duties require interpersonal contact.
				

				
			
	

	

		
				Coaching for Performance
				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Eoin BANAHAN (UK)
					
					
The object of this seminar is to explore the growing importance of “coaching”, as an effective management and leadership tool and familiarise participants as to how it can be used to improve individual and organisational performance.
Specifically, participants will:
•	Explore the concept and practice of coaching as an appropriate approach to managing people in today’s organisations.
•	Become familiar with contemporary models of coaching and learn to apply them.
•	Learn how to structure a coaching session and practice key learnings.

				

				
			
	

	

		
				Culture Awareness and Intercultural competence
				

					French
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Christoph BARMEYER (Germany/France)
					
					
Domestically and globally, the multicultural workforce has become a reality: Global firms must understand the cultural dynamics and have to manage cross-cultural interaction throughout the organization, from the shop floor to the executive committee. This course addresses the challenges managers face when working in international and multicultural environments. It is designed to develop cultural awareness, knowledge and competencies. Such skills are required in collaborative processes to deal with human systems as multinational teams or global organizations. This course will 
•	provide the students with a theoretical background concerning culture, management and human resources
•	encourage cultural awareness, knowledge and competencies  by self-experience
•	help to overcome intercultural communication barriers

				

				
			
	

	

		
				Management Learning from the Arts
				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Ariane BERTHOIN ANTAL (Germany/France/USA), Sybren TIJMSTRA (Netherlands)
					
					
The purpose of this seminar is to enable the participants to gain some insight into how the arts can 
•	enhance their understanding of the experience economy trend 
•	expand their approach to managing innovation and change
•	enrich their development as leaders
The seminar will draw illustratively on multiple forms of art with diverse media inputs.

				

				
			
	

	

		
				Conflict resolution tools for Managers

				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Jeanne CAPODANO (France and Canada) 
					
					
- Discover your own conflict resolution style, what are your assets and what skills you might need to develop.
- Learn about the causes of conflict, the influence of individual perceptions, the place of feelings and needs. 
- Explore several conflict resolution tools to resolve workplace conflicts in a constructive manner: active listening, non-violent communication, “the evaporating  cloud” process, mediation. 
- Improve your skills with practical exercises.
- Assess your skills and progress with a daily journal and personal summary on the last day (this work will be considered as the seminar assignment). 

				

				
			
	

	

		
				Philosophy and Business
				

					English
					– 21 hrs. 
					– Sem. 1 
					– 3 ECTS 
					– Paul CLAUDEL (France)
					
					
A good look at leadership from a brand new perspective. The seminar will emphasize a series of key factors that leaders must pay attention to to improve people’s performance and…happiness. The brainstorming will be bases on the use of a philosophical approach versus a psychological one.
				

				
			
	

	

		
				Mergers and Acquisitions: A Non-Financial Perspective to Success
				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Nancy HUBBARD (USA/UK)
					
					
The objective of this seminar is to help participants better understand the complexities and issues facing companies which acquire. These topics covered will be:
	Target selection and strategy
	Pre-acquisition planning
	The psychology of acquiring
	Communication during acquisition
	Acquisition implementation
	Approaching joint ventures and alliances
The information will be illustrated through theories, case studies, practical consulting tools, exercises and debate.

				

				
			
	

	

		
				Corporate Responsibility

				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Ticiano Costa JORDAO (Czech Republic)
					
					
The course aims to train professionals  in order to develop business strategies in which are incorporated the interests of all stakeholders: clients/customers, employees, shareholders and the communities under the area of influence of the organization, besides considering the environmental aspects and impacts of their services and products, in all their production stages. The course offers theoretical and practical notions based on case studies of different public and private organizations.   

During the course the following topics will be discussed:    
	Evolutionary historic of business mentality in the organizations all over the world.  
	Benefits of the Corporate Responsibility in the organizations.  
	Definition of the main concepts related to the partner-environmental responsibility (triple bottom line, etc).  
	The application of the Corporate Responsibility in the whole supply chain.
	Supporting tools for the development of a sustainable corporate strategy and monitoring of results sustainability indicators and elaboration of Corporate Responsibility reports (

A large variety of case studies related to the application of the Corporate Responsibility in different organizations in the world will illustrate theses discussions.

				

				
			
	

	

		
				Market Innovation and Technology-Market Transfer
				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Luis Filipe LAGES (Portugal)
					
					
The seminar objectives are:
	to become familiar with the importance of product innovation in modern organizations,
	to demonstrate the importance of taking into consideration stakeholders’ needs and requirements in innovation as well as in any management decision. 
	to understand how diverse tools and techniques from different management fields might be combined to allow firms to compete in a complex and ever changing global context
	to learn:
o	 how to create a successful innovation, 
o	 how to apply the process of technology-market transfer,
o	 the process of new product development, 
o	 how to bring a product into a new market.

				

				
			
	

	

		
				Brand Management
				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Peter REED (Australia)
					
					
The seminar objective is to provide participants with the basic skills of brand management and to understand the role that brands play within an overall business strategy.
Specific objectives are to:
	To provide an understanding of the brand concept
	To provide an understanding of the role of brand management 
	To learn the basic tools and techniques of modern brand management including:
o	Managing co-branding strategies
o	Branding at the corporate level
o	Umbrella branding strategies
o	Individual branding strategies
o	Branding in developing markets
o	Global branding strategies
	To provide students with the tools to develop effective branding strategies

				

				
			
	

	

		
				Strategic Communication for Tomorrow's Global Leaders
				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Marietjie WEPENER 
					
					
The main aim of the programme is to focus on the importance of strategic leadership communication. The objectives are:

- To identify the leader’s communication role in different contexts and to integrate it successfully with the rest of the management process
- To become acquainted with basic leadership communication competencies required to communicate effectively in demanding situations
- To investigate the leader’s role in engaging in strategic long-term relationships with key stakeholder groups in order to contribute to building strong reputations
- To understand and manage complex communication challenges (communication for change, crisis management, media management and globalisation)
- To emphasise the importance of an integrated communication approach
				

				
			
	

	

		
				Strategic Management of Innovation for Competitive Advantage 

				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Robert DE FILLIPPI (USA)
					
					
This primary purpose of the seminar is to examine how innovation can be a source of competitive advantage for firms. Seminar participants will learn the following:

	 The many types of innovation and why it is so difficult to innovate
	 How to identify an innovation’s potential impact on markets and competition
	 Why firms often reject radical innovations and the consequences of those choices 
	How customers and technology adoption cycles influence innovation adoption and success 
	How to utilize innovation strategically to foster a company’s growth and competitive success.

				

				
			
	

	

		
				Managing and Marketing Global Brands

				

					French
					– 21 hrs. 
					– Sem. 2 
					– 0 ECTS 
					– FRANCH Josep
					
					
One of the effects of globalisation has been the increase in the number of global brands, which are representing a higher percentage of the earnings of multinational or global firms. Effectively managing and marketing these global brands is a challenge for many organisations at a time where companies are becoming more and more complex. This seminar sets out to provide some clues on the challenges an international marketer may face in trying to manage and market a brand in the global market. Real and current case studies will be discussed in the seminars. Students are therefore advised that they are expected to read and prepare the cases and the seminar materials before and during the seminar.

By the end of the seminar, students should be able to analyse the competitive position of a brand in the global market, design alternative marketing strategies, and develop the corresponding marketing mix for a global market.
				

				
			
	

	

		
				Leading Change Projects
				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Georg KRAUS (Germany), IS
					
					
Change management can be seen from two perspectives – from those implementing the change and from the recipients of change. The view of change management varies strongly if you are the manager demanding the change versus the employee who may be unsure what the consequences are for him.

These two views of change management can be referred to as: 
•	Organizational change management
•	Individual change management 

In this seminar the student will learn how to lead change processes in such a way to :
•	minimize the unfavourable and minimise the positive ones
•	avoid unnecessary turnover or loss of valued employees
•	eliminate any adverse impact on your customers
•	achieve the desired business outcomes as soon as possible  

				

				
			
	

	

		
				Sustainable Development in Business: Green Wash or genuine commitment?
				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– René MORETTI (France), IS
					
					
Sustainability, despite  being  a  relatively new term, has already been overused and corrupted, and Business is generally considered as greatly being responsible  in the present failure of sustainable development. This is right and wrong: There are a lot of bad, but also good examples, but it is clear that what has been positively done is far from being enough.
The seminar is intended
•   to  define  what  actually  is sustainable development: the only way to
leave  a  viable  heritage  to  future  generations,  and therefore a major objective for human being •   to  analyse  the  drivers  and  the  effects  of business activity, and particularly in global companies •  to discuss sustainable indicators and ways to address value creation
•   to  design  a  practical  management process that can be useful for any
decision-maker  who  intends  to  contribute to building a more sustainable world


				

				
			
	

	

		
				Multinational Corporate Strategy and Competitiveness – US Perspective and Experience

				

					English
					– 21 hrs. 
					– Sem. 2 
					– 3 ECTS 
					– Richard TORRISI (USA), IS
					
					
The primary purpose of the seminar is to analyze the global competitiveness and strategies of U.S. firms and compare their experience with and applicability to non-U.S. firms.

•	To provide participants with a general understanding of the process of strategy formulation and implementation by U.S.based global companies.
•	To examine the strategies by which these firms enhance their global competitiveness.
•	To review their performance in the context of their strategic objectives in the current global economic environment.
•	To assess the relevance of traditional models of strategy formulation and environmental scanning.

				

				
			
	

	




Internship or apprenticeship


The internship or apprenticeship in a firm is performed over two periods of at least 3 months. The apprentice is placed in teams in the finance department under the supervision of an internship or apprenticeship advisor. He or she is systematically associated with one or several missions during the internship period in the department. In the framework of his or her mission, he or she participates in all stages of the mission(s) from the preliminary work in the field to the writing and presentation of the internship report.



 Thesis


The thesis must be on a subject that has both practical and theoretical implications. The subject of the thesis is decided by the firm, the IAE Aix and the student. The interests of the firm take priority. In any case, the student should focus on the theoretical aspects of the domain in question. Reflection, critique, innovation and the quality of references are the points that will be examined in particular prior to looking at the operational usefulness of the document. The thesis constitutes a true professional reflection on financial issues. Parallel to the acquisition of the practical knowledge required for the profession of auditor, the aim of these research works is to give students the possibility to contribute to the development of their future profession. Student theses are a valuable contribution for finance professionals.
Examples of Missions assigned to Students
Determination of the EVA of subsidiaries, Development of a consolidated report    of a middle office, Financial communication after an IPO, Setting up of an ABC    method, Setting up of a business plan, Risk analysis of treasury activities,    Development on an international fund.
Profile of Positions Accessible for Future Graduates
Graduates find positions that are very diverse in the domain of finance and    banking. The following list provides a brief look at this diversity: Credit    analyst, Treasurer, Project risk analyst, Financial auditor…
Examples of Firms that haved hired Graduates of this Programme
AGF, Alcatel, Alstom, AXA banques, Banques Populaires, CIC, CMA-CGM, Crédit Lyonnais, Crédit du Nord, CPR, Deloitte, EDF, Elf Aquitaine, FN AC, France Telecom, IBM, Lafarge, Lloyds, Martin Maurel, Natexis, Paribas Allemagne, Pernod-Ricard, Price Waterhouse, Renault, Schlumberger, Unilever…