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Back to News 09/02/2017

Discovering the world of finance within the hospitality industry

Hi guys,

You want to apply for the MSc in International Hospitality Management but you don’t really know what are we doing in class? You want to have more information about what the semester looks like? Just read this article and you might find the answers to your questions.

We started the semester at the beginning of September (for a few of us) and October for the others. After an integration week with the different master students from our two schools, we went to Chassagny to do a “boot camp” day with students from emlyon business school. We spent another day discovering our cohort through different activities and the last day we had a movie project with students from Institut Paul Bocuse’s Master in Culinary Innovation. 

During this first semester, we had several classes. Some of them are mandatory and others are elective courses.

As mandatory classes we had:

  • Strategic Management
  • Innovation Management
  • Statistics
  • Entrepreneurship
  • Introduction to Financial Statement.
  • Mandarin

For the elective courses we had to select minimum 2 courses between the following ones:

  • Hospitality Marketing
  • CRM and Electronic Market Place
  • Service Design
  • Team Management
  • Managing Service Quality
  • Diversity Management

There is a course that we really enjoyed. It was Introduction to Financial Statement. It seems weird to like and enjoy such a class because there is nothing fun with Finance, but the teacher made the class fun. This class was a week long. One week with the same person, studying one course. Looks awful doesn’t it … but it wasn’t. 

Mr Amit Sharma, our teacher, originally from India, is an Associate Professor of Hospitality Management/Finance, and Director of the Food Decisions Research Laboratory in the School of Hospitality Management at Penn State University in Pennsylvania, USA. 

At the beginning, the teacher introduced financial statement and gave us the reason why we should pay attention to it. Then, this was followed by working on a project.  We had to create the financial statements for a hotel and restaurant or for a restaurant and a bar.  Each student chose the project, the location and the type of business. All our projects were unique. Mr Sharma drove us through the different steps. We made some assumptions thanks to information that we found online or thanks to the class knowledge. At the end, we analyzed different ratios useful to study our financial statements. Our course was evaluated through different quizzes. The last quiz was about our project and the analysis of the statement.

The really positive thing about this course is that we learned how to understand a template of financial statement. We can now use our work for our entrepreneurship project.

We noticed that all our classes are linked to help us in our entrepreneurship project. Teachers are giving us the tools to make the right financial decision, to develop a good marketing plan, to work with a diverse team, to manage the service quality of our company and to be creative in order to differentiate ourselves.

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