This intensive core curriculum gives you a foundation in the fundamental practices of business including finance, accounting, marketing, economics, leadership, strategy, business ethics, and broad management skills essential to succeed in any career.
The first period consists of five courses that form the basis for INSEAD's innovative curriculum. These courses, taught from an international perspective, include the basic concepts of microeconomics, financial reporting, statistical tools and decision heuristics, valuation and investments, and managing individuals and working in teams.
All corporations have a story. The story includes a plot (their strategy), a conflict (their competition), and character development (their operations that execute the strategy). A firm tells its story in financial terms via its accounting reports. In this course participants develop their financial accounting literacy skills so that they may better understand that story. You will not become an accountant, but rather a knowledgeable consumer of financial information. You can use this knowledge in many ways: as an investor, financial advisor, management consultant, competitor, or employee of the firm. Learning takes place in a collaborative atmosphere where you are challenged to develop your critical thinking and communication skills.
The purpose of this course is to increase your effectiveness and skill in observing, understanding and leading behaviour in organisations. It is a class in applied behavioural science, which takes ideas and frameworks from psychology, social psychology and sociology and explores their implications for leadership and managerial practice. It is also designed to launch your study group at INSEAD and turn it into a laboratory for your personal learning. Sessions cover issues such as: communication in organisations; the role of individual differences in explaining behaviour; influence in a group setting; giving and receiving feedback; managing work; negotiation; and leadership.
This introductory finance course covers fundamental concepts in corporate finance and capital markets. The goal is to give you a set of tools and analytical frameworks that will prove useful, regardless of your eventual career. The first part of the course covers basic valuation concepts and techniques, such as time value of money and Discounted Cash Flows (DCF). It also gives you an understanding of how to make value-creating investment decisions and how to use the DCF approach to value a company. The second part delves deeper into the trade-off of risk versus return and teaches you how to apply these concepts to optimise investment portfolios. It also looks at the difference between systematic and unsystematic risk and the implications for calculating a company's cost of capital and market value. Finally, the third part investigates executives financing choices and the effect of borrowing (leverage) on risk, return and the value of the company.
Ultimately, it is the prices paid and charged by a company that determine how economic value is divided between the business, its consumers and its suppliers. This course teaches you how to use structured thinking based on microeconomic theory to understand how economic fundamentals such as demand, cost, market structure and government policy shape the prices that prevail in a market. By the end of the course you will know how to: construct a fact-based, logically grounded analysis of a competitive market; identify the categories of costs that are relevant for critical business decisions; construct models of how government interactions affect prices; make proft-maximising price decisions based on the interplay between cost and demand; and use several useful game-theory based models of competition.
The goal of this course is to provide a solid foundation in probability and statistics for subsequent courses at INSEAD and for a management career beyond. After all, most management decisions are made under conditions of uncertainty. So you will need a framework for thinking about problems involving uncertainty and, building on this framework, some tools for interpreting data. These are precisely the tools and frameworks that this course provides. While some technical analysis is essential, the content is presented from the perspective of a future manager, rather than from the viewpoint of a technician. As well as learning from lectures, exercises and case studies, you will use computer software to make calculations and analyse data.
Consists of six courses which offer you the pillars of operating a business enterprise, building on the foundations established in Period 1, and showing how integration of functions helps in managerial problem-solving.
Following the financial innovations of recent decades, modern corporate finance has become a highly complex area of expertise. This course, which consists of three parts. The first provides you with an introduction to basic derivative securities, in particular options, futures and forwards. The main focus is on understanding how these instruments are priced, and who trades them and why. The second part covers the application of options pricing to corporate finance. It gives you an insight into real options, the valuation of convertible securities, executive stock options and risk management. The third part gives you a grounding in the traditional topics of corporate finance: financing policy (beyond the Modigliani-Miller theorem), pay-out policy (dividends versus share repurchases) and investment policy (the special case of mergers and acquisitions). The material is analytical and you will need a working knowledge of basic mathematics and statistics.
Imagine you want to start your own business and need to sell a new product or service. First you must understand the market you are going to be operating in. How big is it? Is it growing? Who are the main players? What is the competition like? But this knowledge is not helpful without a second step: understanding how potential customers make their choices and how to segment them into different groups. Third, you must develop your long-term marketing strategy by choosing a target segment and defining the benefits of your product or service for these customers. Fourth, you must make your tactical decisions about how to communicate, deliver and capture the customer value. Finally, you have to monitor performance continually. These steps are at the heart of marketing management and will be the focus of this course. Remember, marketing is a process and not a company function!
Being successful within an organisation, whether as a newly hired analyst or a CEO, requires an in-depth understanding of how organisations work. Effective managers and leaders must learn not only how to develop winning strategies, but also how to implement them with the help of other people. The goal of this course is to arm you with the skills and knowledge required to understand and act upon the key issues facing organisations within today’s dynamic global environment. This course builds on Organisational Behaviour 1 but focuses on concepts related to organisational design, power, culture, and strategy - each of which is critical to effectively functioning in and leading organisations.
This course explores the uses of accounting information for internal planning, decision-making, and performance evaluation. The main objective of the course is to equip you with the knowledge to understand, evaluate, and act upon the many financial and nonfinancial reports used in managing organisations.
A firm’s managerial accounting system serves two fundamental purposes. First, managing the firm requires financial and nonfinancial information about the firm’s products, services, processes, assets, and customers. This information provides the key inputs into a wide range of analytical tools to understand the firm’s current value creation and support value-based decision making. Second, economic complexity requires owners or top managers of a firm to delegate the rights to make critical business decisions to managers at all levels of the firm. The firm’s information system plays a key role in providing incentives to these managers and evaluating their performance.
Businesses create value by supplying products or services to satisfy customers' demands. But the inflexible nature of both supply and demand can lead to costly mismatches between them resulting in unsatisfied customers or wasted resources. In this course, you will acquire techniques to limit the occurrence and the impact of such mismatches and thus gain a competitive advantage for your organisation. The course has two parts. First, in Business Process Analysis and Improvement you will study tools and case studies that enable you to analyse, improve and design activities within the company. Second, in Supply Chain Management you will turn your attention to the external environment: sourcing raw materials and delivering goods to the customer.
Why are some companies consistently more successful than others? Why do some companies get ‘left behind’ when their environment changes, while others power ahead? What can senior managers and executives do to drive the performance and growth of their companies in the face of intense competition, uncertainty or even radical disruption in their industries? How can strategy professionals help these executives? This course equips participants with tools and skills required for developing strategies:
- Assessing a company’s sustainable competitive advantage,
- Analysing industries and competitors,
- Developing and implementing strategies at both business and corporate levels.
Participants develop the ability to choose and combine appropriate tools and concepts into professional end-to-end strategy workouts, as performed in the real business world.
The Psychological Issues in Management elective focuses on the psychological forces that influence the exercise of management and leadership. Its purpose is to enhance participants’ personal and professional ability to lead mindfully, effectively and responsibly in a range of contemporary workplaces. P.I.M. incorporates a significant reflective component, both individual and with others. It is best suited for those who view professional and personal lives as deeply intertwined, who view work as a potential source of personal meaning and fulfilment, and who aspire to do work that clarifies and reflects who they are.
Looks at the big picture: showing the interdependence between each of the functional areas of business, and how they are all affected by the turbulent, competitive and international environmental context in which corporations operate.
As every issue of the Financial Times illustrates, politics is a major force in shaping businesses worldwide. As you progress in your business career towards higher-level management, your ability to assess and handle the political environment will become an increasingly significant skill. This is particularly true if, like most INSEAD graduates, you will be doing business internationally or outside your home country. The purpose of this course is to help you develop this vital ability. Sessions cover issues such as: understanding politics; state structures; varieties of capitalism; industrial policy; international and regional regimes; the future of international politics; international political economy and the WTO; and the power of NGOs.
Individuals, companies, governments and international organisations all operate within an economic environment that influences their performance. In order to minimise the risks and to capitalise on opportunities arising from macroeconomic conditions, companies must constantly monitor changes in interest rates, exchange rates, monetary/fiscal policy, inflation, unemployment and phases of the business cycle. The goal of this course is to build your understanding of these mechanisms and the way they determine the evolution of the global economic environment. The focus is highly applied. It relies on collecting and manipulating economic data (each group is assigned a different country) and reading prescribed press articles (usually from the week preceding the session).
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