European Business News

The Double: European Business Competition


Founded in 2007, The Double is a European business competition held at HEC. A group of foreign students at the school organized the event upon entering HEC, and the competition is now recognized as the premier business competition held at the school. The Double unites top business school students from across Europe and working professionals to challenge, inspire, involve, and compete together, enhancing business, anticipation, and negotiation skills in a spirit of entrepreneurship.

The Games

The Double, so called because of the dual nature of the event, is composed of two business simulation exercises. The Consulting Game consists in a business simulation. During the simulation, teams of participants, each representing a company, compete against each other on a market defined by the simulation situation. The managers of these companies (the team members) make periodical decisions concerning their business which encompass the areas included in the simulation package. In their decisions they must take into account the rules of the market defined by the game (size of the market, available products, human and financial resources) as well as other diverse constraints imposed by the changing environment (legal, cultural, economic, technological, human, etc.). Unlike traditional competitions, the students from each University are split between several teams headed by a professional from a consulting firm who will act as a guide. In addition, the professionals rotate, ensuring everybody a great chance to discover different approaches to problem-solving.

The second game is an investment banking simulation. The Investment Banking competition starts with an ‘Open outcry’ followed by a ‘Sales & Trader case’. The Open Outcry market is meant as an "icebreaker" event during which everyone trades a single index futures contract. A live news feed affects the underlying index and consequently, the futures prices. Participants are able to trade futures contracts with one another via an outcry system. The Sales & Trader case stresses the on-the-spot decision making process that liability traders must execute when competing to fill orders arriving from buy-side institutions. Traders transact multiple securities on an electronic market with one another, in an attempt to generate the most profits from liquidity trading and commission based order filling. Teams are again formed by mixing students from different schools with different professional as advisers.

After these one-day competitions, the investment banking and consulting teams are paired to resolve an M&A case. The winning teams are chosen by a panel jury composed by prominent members of the academic and business world.


Students from the best business schools in Europe participate in this event. They come from the 17 CEMS management schools and many nationalities, reflecting the cultural diversity of Europe as a whole. They have varied backgrounds, but the one thing uniting them is a passion for competition and team-work, which is what The Double offers.

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