ESSEC Business School

The École Supérieure des Sciences Economiques et Commerciales (ESSEC) was founded in 1907 as an economic institute by Ferdinand Le Pelletier in Paris. Its creation was in agreement with other schools of commerce created by Catholic institutions such as HEC Nord (which later became EDHEC) by the Catholic Institute of Lille or ESSCA by the Institute Catholic of Angers. The Falloux law of 1854 enabled the rise of religious secondary education. The difficult context for the Church, marked by the Dreyfus affair (1895) and the law of separation of Church and State (1905), pushed it to seek to regain influence by diffusing moral values in the business world and by training a new generation of business leaders.

In this context of struggle of religious congregations, especially Jesuits against the secular and republican ideology of the state, ESSEC was a late Catholic response to the creation of HEC. It was located at the École Sainte Geneviève (created by Jesuits in 1854) in the Latin Quarter. At its foundation, ESSEC had extensive material resources: small rooms suitable for work in reduced numbers and a chemistry laboratory. The first class had seven students, and study programs lasted two years. In 1909, an optional third year was introduced.

The curriculum was organised around law, accounting, languages, and technical studies. It was through the introduction of Christian moral values that ESSEC intended to stand out: students attended the apologetics conference each week at the Sainte Geneviève School Chapel. Technical education (calligraphy, shorthand, writing of commercial documents) was combined with scientific education (physics, chemistry, factory visits). It was possible to integrate the elementary section of the school by graduating first or by holding a non-scientific bachelor's degree, and to enter the first year by holding a bachelor's degree or coming from the elementary section and having passed an exam.

With the application of the law of separation of State and Church of 1905, the school premises were confiscated in 1913, forcing ESSEC to join the Catholic Institute of Paris. The ESSEC then took its current name. Their resources were reduced: they could only afford an amphitheater lent by the ICP, elementary education was suppressed and classes were taught by faculty members. The disciplines taught, which remained almost the same until 1960, were: languages, history of trade, commercial geography, political economy, law and accounting. Much importance was given to languages, with 10 hours per week (4 hours of English and German, 1 hour of Italian and Spanish). With seven law courses in two years, ESSEC tried to distinguish itself from a regular law school and sought legitimacy.

The school barely survived during the First World War: in 1914, it had only four students in the first year and two in the second. It was temporarily closed and reopened in 1915. The third year elective course was eliminated and the school only regained financial stability from 1920, when it took in more than 50 students in the first year, increasing to 150 in 1939. In 1923 the students' association was created: with a solidarity fund for war widows and orphans. In 1926 the first yearbook of graduates was published and in 1929 the first courses in business ethics were given.

Again the crisis of the 1930s slowed down growth: ESSEC had to reduce its enrollment rates to attract students, who preferred public service or regular law studies. The arrival of the hollow classes of 1914-1918 and the economic crisis made the situation even more difficult. The school was forced to accept high school graduates, uncertified examiners, and even free auditors who took uncertified courses.

In 1932 the Student Office (BDE) was created and in 1937 the first scholarships were distributed, starting a policy of social assistance.

The takeoff is done under the impulse of Camille Donjon from 1939 with the establishment of the selection at the entrance. A preparatory class for the exam was set up in 1941, which became a competition in 1947, the number of candidates permitting it. However, ESSEC refuses to join the unified system of écoles de commerce (ESC) established by the decree of 3 December 1947 the State now supports the implementation of preparatory classes on the territory (there were thirty at the time, for a twenty ESC). In exchange the ESC spend their schooling from two to three years and organize themselves into a network with tests and subjects common to the written competitions.

If HEC and ESCP join this system, ESSEC positions itself as a challenger and keeps its own preparatory classes and competitions. Two systems coexist as well. To be at the level of its competitors, however ESSEC passes its schooling from two to three years from the year 1947. This situation lasts until 1951, when ESSEC closed its preparatory classes to open to candidates of the public preparatory classes, more numerous, and thus avoid the marginalisation of its competition.

If the ESSEC management criticizes the university model, it understands that the legitimacy of the school goes through increased recognition of the state, which recognizes it in 1942 and aims to graduate from 1962. The school multiplies also the equivalences: French Railways and Bank of France in 1937, Postgraduate Diploma in Accounting (DESC) in 1967 and in 1970 ESSEC diploma allows to compete for ENA and CAPET.

Between 1945 and 1950, ESSEC innovates little and draws its academic credibility from the law, which meets the expectations of bourgeois families: 64% of students study law at the university in parallel with ESSEC in 1964. The Teaching methods are very academic and go through lectures. Pointers control the presence of students until the 1960s. Due to lack of resources and under the influence of the ICP, the initial promise of a pedagogy adapted to the rhythm of each one is not held.

In 1950, the first compulsory internship was set up. For a period of three months, it takes place at the end of studies.

From the 1950s, criticism is being heard against the guardianship of the ICP. ESSEC students claim their difference compared to other students in the faculty who do not form such a close-knit group. ESSEC does not have any legal or administrative autonomy of the ICP.

Associative life began in the early 1960s with the creation of the ESSEC Mardis in 1961 and the Junior Enterprise in 1967.

In 1960, Gilbert Olivier replaced Father Donjon at the head of ESSEC. The arrival of this layman at the head of the school, coupled with developments related to competition, will sway the Christian identity of the school. He began by launching a survey of students on the content of courses and the pedagogy put in place: only 47% of first year students were satisfied, 21% of second years and 22% of third years. The poorly personalised pedagogy and the preponderance of the courses of rights taught by professors of the ICP is denounced. The survey highlighted that 7% of first years students thought that ESSEC was passive, 29% of second years and 37% of third years.

Given the results of this survey, a gradual reform was put in place. Technical subjects such as chemistry and physics were abandoned, teaching content adapts to the company and the human factor is taken into account with the introduction of courses in sociology and human resources. In 1965, marketing classes appeared. Method conferences are set up, such as at HEC and Sciences Po, and programmed teaching is imported from the United States. Recruitment diversified with the opening of the Admis on Title (AST) in 1966 which also marked the opening of the school to women, preparatory classes not yet being open to them.

The entrance exam was reworked in 1969 with the disappearance of the tests of chemistry and physics and especially a remodeling of the oral exam which now aimed to test the logical reasoning of the candidates and not only their knowledge. Psychotechnical tests and personality interviews are introduced. Gilbert Olivier also tried to reform the program of preparatory classes to bring them closer to commercial education but gave up due to opposition from HEC and other ESC.

The numbers are growing and the school is running out of space. It now occupies three amphitheatres at the ICP and in 1971 administrative services moved to Boulevard Raspail. In 1965 a commission was set up to reflect on the possibilities of moving ESSEC. Projects are planned in Bagneux or Gentilly then abandoned. On July 5, 1967, an option was taken by ESSEC on a site in the new town of Cergy-Pontoise where the current campus will be built. At the same time, ESSEC emerges from the PKI. In 1968, the ICP recognized its financial and administrative independence. In 1969, the ESSEC group was founded, consisting of the school, CERESSEC (Research Center) and ISSEC (Institute of Executives). The ICP nevertheless retains one third of the seats of the board of directors and the appointment of the director of the school must be approved by the rector of the ICP, which also retains a right of scrutiny over ESSEC professors.

The move to Cergy-Pontoise is variously welcomed by the community: the students (600 at the time) deem absurd, especially since no train leads directly. You have to take a train to Nanterre and then a shuttle. It should be noted, however, that an aerotrain project was planned to connect La Défense to Cergy in less than ten minutes. It will be abandoned in 1975 and line L dessert Cergy since 1979 and the RER A since 1988. Some teachers fuel the controversy, aware that such a move necessarily entails a renewal of faculty. The students live together in the HLM of ALEGESSEC, contributing to their cohesion. The new school "extends over and includes a large amphitheater of 300 seats, eight small amphitheatres with 80 seats equipped with closed circuit television, a computer center, a large language laboratory, a library, a sports hall, a restaurant university and 48 classrooms ". The building is an anti-campus: the school is inserted in the city and open to the outside, mixing pupils and inhabitants unlike that of HEC in Jouy-en-Josas. Its reception areas (foyers, cafeterias, chapel) were to be available to the cergyssois. In exchange, the students had the equipment and housing HLM of the city.

Before 1971, ESSEC relies mainly on executives working in companies for its teaching. From its location in Cergy, ESSEC is setting up a permanent faculty. The grants awarded by FNEGE to finance studies in the United States of young professors or executives wishing to return to teaching to fill the French "management gap" allow ESSEC to build a pool of qualified teachers . In 1972, out of 20 professors, there were 9 former ESSECs having completed their training in the United States. The arrival of FNEGE Fellows, who have come back from the United States full of ideas, will initiate the reform of the curriculum. A common core is set up in the first year based on fundamentals while a course à la carte is introduced from the second year. It is still in effect today. A minimum duration of 12 months of internship is also set up, that the student can achieve when he wishes. The initial Jesuit project of a pedagogy based on the empowerment and individualization of studies thus returns in a secularized way.

The ESSEC selectivity is increasing significantly: from 700 candidates in 1960 to 2800 in 1973.

To move to Cergy, ESSEC, with no public funds, is heavily indebted to the Caisse d'Epargne and ANFESP (National Association for the Financing of Private School Equipment), the Council General of Val d'Oise vouching. The repayments amount to 4 to 5 million francs a year. These financial expenses represent 11.7% of the ESSEC budget in 1975 (compared to 5% for INSEAD). The operating budget exploded from 6 million francs in 1972 to 28 million in 1979. Tuition fees increased and reached Template: Unity in 1978–1979, double that of HEC. In 1979, the financial crisis erupted, exacerbated by a context of high interest rates and an economic slowdown related to the oil shock. The school has a deficit of 10.4 million francs this year. The apprenticeship tax, continuing education and the involvement of elders are considered as sources of funding, but still too weak to meet deadlines. The question of the nationalization of ESSEC and its attachment to the university is put on the table, ideas coming within the field of possibilities with the election of François Mitterrand to the presidency of the Republic.

Gilbert Olivier is strongly opposed to it, seeing it as a failure of the initial project of the school to emancipate itself from the higher education system.

In 1999, the school decided to change the name of its Grande Ecole program to the name of MBA (Master in Business Administration), an Anglo-Saxon standard normally reserved for executives who already have many years of experience. ESSEC intends to highlight its accreditation by the AACSB (American accreditation body) and the 18 months of internships of its students, the highest figure of all French business schools. It is followed in this way by ICN Nancy and ESC Grenoble. ESSEC then reviews its international agreements to bring them to the MBA or Master level. An ESSEC student doing a double degree with a partner university can come back with a more traditional MBA (for executives who already have professional experience) issued by this partner.

This positioning of MBA is criticized by HEC, EM Lyon or University Paris-Dauphine, so much so that Ali Laïdi in his book Secrets of the economic war (2004) says that HEC would have mounted a destabilization operation ESSEC by attacking its MBA position. The case leads to an opening of investigation by the Paris Chamber of Commerce and a categorical denial is brought by HEC.

In 2005, ESSEC expanded its campus with the inauguration of the Nautile building for teachers and in 2007 with the multipurpose room of the Dome (2,700 standing capacity) and the Galion. The achievements are signed Marc Seifert, son of Ivan Seifert who designed the original campus in 1973. They are a continuation of existing buildings. In 2008, the library was enlarged and renovated as was the restaurant area in 2009.

In March 2006, ESSEC Business School inaugurated a campus in Singapore within the National Library, the ESSEC Asian Center.

In 2010, ESSEC presents its strategic plan for 2010–2015. The program portfolio is repositioned: the EPSCI (post-baccalaureate program) becomes the bachelor of ESSEC, the name of MBA is abandoned for that of MSc in Management. The group's communication is unified under the name ESSEC Business School. A fundraising of 150 million euros is planned. The aim is to be one of the 20 best Business Schools in the world, to join the 10 best schools in Asia and to make a lasting impression in the top 5 in Europe. The abandonment of the name of MBA is a real strategic break for the school. His program did not appear in the Financial Times ranking of Masters in Management since its creation in 2005 nor in the MBA because of its hybrid nature. The general manager of the time, Pierre Tapie, however, does not regret this decision in 1999, because he believes that the school has gained notoriety. In fact, in 2007, the Wall Street Journal ranked ESSEC MBA Template Grande École: 7th in the world, ahead of HEC and INSEAD.

The school multiplies double-degree agreements: with the Indian Institute of Management Ahmedabad in 2006, with Centrale Paris and the University of Keio in 2009, with the École du Louvre, ENSAE and Saint-Cyr in 2010, with ENS in 2011, with the University of Queensland and three South Korean institutions in 2014 or with Bocconi University in 2015.

In 2014, Jean-Michel Blanquer, the new director general of the school appointed in 2013, announced the strategic plan "ESSEC 3I 2020" (Internationalisation, Innovation and Involvement). The internationalisation goes through, among other things, a new ESSEC Asia-Pacific campus, which opens in 2015 and an ESSEC Africa campus which opens in 2017, innovation through a strategic alliance with CentraleSupélec, and involvement by the possibility for students to create their own courses and setting up mentors. The school launches its first MOOCs and inaugurates its fablab, the K-Lab.

In 2014, the school motto "You have the answer", in place since 2010, was replaced with "The Pioneering Spirit". Throughout its history, ESSEC has indeed been illustrated by some innovations that were subsequently taken over by other business schools.

ESSEC was the first French business school to create a student forum in 1961, Les Mardis ESSEC, and a Junior Enterprise in 1967, Junior ESSEC Conseil. In the 1960s, it was also the first business school to diversify its recruitment with the admission on title (AST) of students not passing through the preparatory classes (in 1966) and to open the access of the school to women (in 1969). At the beginning of the 1970s, ESSEC was the first business school to set up an à la carte program for its students. Today, this flexibility is one of its hallmarks: students can choose 70% of their courses and place them at the time of their choice in their schooling. In 1975, the school supported the creation of the first bachelors in France by founding the EPSCI, which in 2010 became the bachelor of ESSEC.

In 1986, it was also the first French business school to partner with large companies to create corporate chairs. That same year, it was one of the first schools to launch a specialized master's degree, the creation of this label within the Conférence des grandes écoles dating from 1986 as well. In 1991, the school signs an agreement with ISUP allowing its students to obtain the degree of actuary, making ESSEC the only French business school offering the possibility to its students to become actuary. In 1994, it introduced the first business apprenticeships in higher education.

In 1997, it was the first school outside North America to be accredited by AACSB (the leading accreditation body for business schools).

In 2000, ESSEC is the first French business school to host a business incubator, called ESSEC Ventures, which is also a nursery and seed fund, after setting up its entrepreneurship sector in 1999.

In 2002, ESSEC is the first major school to set up an equal opportunities program with the PQPM program (A Great School, Why Not Me?). It was followed in this way by 80 grandes écoles and universities and contributed to the birth of Cordées de la Réussite in 2008.

In 2015, it became the first business school in the world to offer its students the opportunity to create their own courses.

In a more general way, the pedagogy set up is innovative with a first trimester focused on the preparatory class / school transition, SPOCs, MOOCs, inverted classes and learning by doing.

The undergraduate program was initially created in 1975 by ESSEC Group to prepare students to meet the needs of French firms launching operations on the international market. It was formerly known as EPSCI, "École des Practiciens du Commerce International", and is now referred to as "ESSEC Global BBA".

The Global BBA is designed for high-achieving candidates graduating from high school (in France "Baccalauréat"), and lasts for four years. The ESSEC BBA is ranked No. 1 post-secondary program in France, e.g. No. 1 in 2015 ranking of French news magazine Le Point for the seventh consecutive year,[30][31] and was the first to obtain AACSB and Equis accreditations.

With a network of top-tier international partners, the ESSEC Global BBA offers its students wide international opportunities.[32] At the end of the program, each student will have completed a minimum of 12 months of coursework abroad (each student will do two exchange programs abroad), a one-month humanitarian project and between 11 and 18 months of professional experience, which may also take place abroad.

First ESSEC Graduates, class of 1909

ESSEC's postgraduate programme is its Master of Science in management, designed for students with no professional experience (instead of managers with 3–5 years of experience like US MBA programs).[33] It is the flagship program of the school as it was ranked third best in management in the world by the Financial Times in 2019.[34]

The ESSEC MSc in management has been historically designed for candidates who have completed French preparatory classes after high school diploma and passed a competitive entrance examination known as the concours, or have a university degree (Bachelor or Master). Application is now also open to non-French students: students with a university degree of three years or more received outside of France can also apply.[35] Students from classe préparatoire will spend two to three years after Baccalauréat only to prepare for the national entrance examination of Grandes Ecoles which includes a written part (lasting three weeks) as well as an oral part (one to four days for each grande école).[36] It is commonly considered as the most prestigious path after High School in France (only 5% of a generation will be admitted to a prépa) with Law and Medecine, and consists in intensive courses in Mathematics, History and Geography, Economy, Literature, Philosophy, and two foreign languages. In 2015, among more than 20 000 students enrolled in classe préparatoire (business section),[37] 5 614 applied to ESSEC concours (considered as one of the most difficult), only 890 were invited to oral examination and 380 were eventually admitted.[38] This means an acceptance rate of 6.77%.

ESSEC was the first French institution to offer an à la carte program – whether following courses at ESSEC or at a partner institution, going abroad or focusing on an associative project etc.

In 2015, 70% of ESSEC MSc in Management graduates found a job before graduation[39] and 95% within three months after graduation, with an average annual salary equal to $81,712.[40] It has been ranked joint first in 2015 for salary among French business schools by Le Point.[41] According to a survey published by Emolument in 2014, ESSEC graduates working as finance analyst in London earn on average more than graduates from Oxford University or Cambridge University (respectively €89,000 against €86,000 and €84,000).[42] ESSEC graduates were hired in the following companies, among others: Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, McKinsey & Company, The Boston Consulting Group, Bain & Company, L'Oréal, Procter & Gamble, Amazon.com, Google, etc.[39] In Choiseul's 2015 French top 100 executives under 40 ranking, 16 graduated from ESSEC,[43] the highest number among all French Business schools.

The Master in Finance replace the old Master Techniques Financières since 2016. The Master in Finance is recognized by the French Higher Education and Research Ministry as master's degree. The Master in Finance has a partnership with the Chartered Financial Analyst (CFA). It is one of the most selective program of the school as it was ranked fifth best in finance in the world by the Financial Times in 2018.[44]

There are three specialized tracks:

• Corporate Finance: M&A, Private Equity, ECM, DCM, Equity Research, Leveraged and Project Finance;
• Financial Markets: Sales, Trading, Risk Management and Portfolio Management;
• FinTech & Analytics: Quantitative Asset and Risk Management, Data-based Market Making and Trading and Quant Hedge Funds (with a solid Math/Physics degree).

ESSEC graduates were hired in the following companies, among others: Goldman Sachs, J.P. Morgan Chase, Morgan Stanley, Rothschild, Lazard, BNP Paribas, Citi, HSBC, Morgan Stanley, BIG4, etc.

The Advanced master's degrees are accredited by the "Conférence des Grandes Ecoles" in France. These programs are specialised to allow students finishing their studies or young professionals to complete their initial training (usually scientific or engineering) by acquiring complementary knowledge.

The Global MBA at ESSEC Business School is a 12-month, full-time MBA program with an emphasis on emerging markets and experiential learning preparing post-experience students for an international career. It offers two Majors allowing students to specialise in the following area: Luxury Brand Management, Strategy and Digital Leadership.[45]

The PhD trains future professors, researchers and consultants at the highest international level. The goal is to prepare students not only to master methodologies, but also to advance knowledge and play an active role in the international academic community. Before starting their dissertation work, students must follow a two-year program of courses and seminars that ends with Preliminary Examinations and a Dissertation Proposal. The curriculum starts with an intensive period of interdisciplinary training common to all students. This is followed by rigorous research training for the chosen field of specialization.

More than 5000 managers participate in ESSEC Exec Ed programs every year, primarily at La Défense campus, located in the heart of Paris’ financial district, but also at ESSEC's Singapore campus and at ESSEC's partner institutions – located on all continents - throughout the world.

ESSEC and Mannheim Business School launched their common Executive MBA Program in 2004. Building on the excellent reputation as one of the first established Executive MBAs in Europe by ESSEC since 1994 several modules are proposed in Mannheim, Paris, Singapore and various other locations worldwide in renowned partner business schools.

Launched in Singapore in October 2014, the ESSEC Executive MBA Asia-Pacific is a modular programme designed to address the ever-changing demands on senior management operating in the Asia-Pacific region. With residencies in China and USA, the programme aims to provide participants exposure to an excellent global network of contacts and new insights from a strong faculty team to support them in developing their vision and strategy for Asia. "

ESSEC Asia-Pacific campus launched the ESSEC M.S. in Marketing Management and Digital to "enable students to succeed in the marketing trades and access management functions in marketing or digital marketing field in various industries."[46] Although the specialized programme primarily takes place at ESSEC's Singapore campus,[47] it consists of international study tours[48] and on-hand professional experiences such as business case-study projects with partner companies like Bain and Company and Gucci,[49] mandatory internship[50] and networking opportunities.[51] It has been ranked as the fifth-best Master's programme specializing in the field of marketing by Eduniversal in 2019[52] and boasts a hundred-percent employment rate[53] within six months of completion of the programme.[54]