There's a not a massive gap in the quality of the students of the outcomes. IESE is generally ranked slightly above HEC but, for example, this year HEC is higher. However, IESE is way harder and heavier than HEC. Generally, it's very hard to get into the grandes ecoles, and when you are there it's taken for granted that you are smart. Your role there is to accelerate, acclimatize, contextualise, specialize and network. IESE is harder work, and the students can't avoid their weaknesses, be that quant work or group work. In different ways, that different is also one of managerial cultures between their countries. However, it also reflects the division of labour between IESE and ESADE which is reflective of the difference between those schools owners, Opus Dei and the Society of Jesus.
Indeed, the long programme at IESE is the traditional format and is the better one for changers, those who are shifting country, role, industry. The track without an internship is better for those who are accelerating on the same path. That's true everywhere, of course. The longer the format, the more chances you have to make a transition.
In a nutshell - Generally, IESE is a better school for finance.
http://rankings.ft.com/businessschoolrankings/top-mbas-for-finance-2018
Duncan, thank you so much for views on those programs - just what I was looking for.
You did mention Opus Dei, and while I did read about the school's association with them, I wonder to what extent it should matter, given that I practice a different religion, and if that will affect one's stay there.
While the longer format favors IESE, do you feel outcomes just might be better for students at HEC when it comes to Finance, given that the French economy is more robust, and let's say has more room for that sort of a talent? As far as the rest of EU/UK is concerned, as you said, they're both similarly placed, and might (or perhaps should) lead to similar outcomes.
As far as language is concerned, IESE definitely integrates Spanish actively, and I feel you could graduate having solid Spanish skills by the end of the program. I didn't find much info for HEC, but I suppose the bilingual degree option at IESE would be better regardless. Although, for what it's worth, even though Spanish is spoken more widely, I'm not sure if it's the language that will unlock more doors for MBA candidates when compared to French, and even more-so in the Finance industry. That's just my hunch largely, but would love to hear on this from to you.
Finally, tailoring of goals matter, and I feel nationalities and work permits can make or break those. From my LinkedIn research, it seems Indian (or even non EU) students are more successful at being placed outside their home country when compared to IESE, which came as a bit of surprise really, given that the latter has the edge for those looking to make those sort of jumps. Any thoughts?
And on a related note, I was wondering if you would place the Alliance Manchester Business School in the same bucket as HEC/IESE. The 18 month format is similar in length, but I don't think the kind of outcomes in the Finance and/or Consulting industry would be the same. Although the two year Post Study Work visa would be great to have, and might just tip the hat in AMBS's favor (or perhaps the likes of Warwick/Cass/Imperial) as far as non-EU folks are concerned.
Super keen to hear your thoughts, and once again, I applaud your efforts in helping out prospective MBA students. Thank you!