Higher Education and Post-Graduate Executive Programs in France: A Strategic Reference, 2006

How to Strategically Evaluate France Perhaps the most efficient way of evaluating France is to consider key dimensions which themselves are composites of multiple factors. Composite portfolio approaches have long been used by strategic planners. The biggest challenge in this approach is to choose the appropriate factors that are the most relevant to international planning. The two measures of greatest relevance to higher education and post-graduate executive programs are “latent demand” and “market accessibility”. The figure below summarizes the key dimensions and recommendations of such an approach. Using these two composites, one can prioritize all countries of the world. Countries of high latent demand and high relative accessibility (e.g. easier entry for one firm compared to other firms) are given highest priority. The figure below shows two different scenarios. Accessibility is defined as a firm’s ease of entering or supplying from or to a market (the “supply side”), and latent demand is an indicator of the potential in serving from or to the market (the “demand side”). Framework for Prioritizing Countries Demand/Market Potential Driven Firm Relative Accessibility Accessibility/Supply Averse Firm In the top figure, the firm is driven by market potential, whereas the bottom figure represents a firm that is driven by costs or by an aversion to difficult markets. This report treats the reader as coming from a “generic firm” approaching the global market - neither a market-driven nor a cost-driven company. Planners must therefore augment this report with their own company-specific factors that might change the priorities (e.g. a Canadian firm may have higher accessibility in Canada than a German firm). Latent Demand and Accessibility in France This report provides a detailed overview of factors driving latent demand and accessibility for higher education and post-graduate executive programs in France. Latent demand is largely driven by economic fundamentals specific to higher education and post-graduate executive programs. This topic is discussed in Chapter 2 using work carried out in France on behalf of American firms and authored by the United States government (typically commercial attachés or similar persons in local offices of the U.S. Department of State). I have included a number of edits to clarify the information provided. Latent demand only represents half of the picture. Chapter 2 also deals with micro-accessibility for higher education and post-graduate executive programs in France. I use the term “micro” since the discussion is focused specifically on higher education and post-graduate executive programs. Chapter 3 is also a stand-alone report that I have authored. It covers proxy pro-forma financial indicators of firms operating in France. I use the word “proxy” because the provided figures only cover a “what if” scenario, based on actual operating results for firms in France. The numbers are only indicative of an average firm whose primary activity is in France. It covers a vertical analysis of the maximum likelihood balance sheet, income statement, and financial ratios of firms operating in France. It does so for a particular Standard Industrial Classification (SIC) code. That code covers “colleges, universities, and professional schools”, as defined in Chapter 3. Again, while “colleges, universities, and professional schools” does not exactly equate to “higher education and post-graduate executive programs”, it nevertheless gives an indicator of how France compares to other countries for a proxy adjacent category along various dimensions. Chapter 4 deals with macro-accessibility and covers factors that go beyond higher education and post-graduate executive programs. A country may at first sight appear to be attractive due to a high latent demand, but it is often less attractive when one considers at the macro level how easy it might be to serve that entire potential and/or general business risks. While accessibility will always vary from one company to another for a given country, the following domains are typically considered when evaluating macro-accessibility in France: Openness to Trade in France Openness to Direct Investment in France Local Marketing and Entry Strategy Alternatives Local Human Resources Local Risks Across these domains, a number of not-so-obvious factors can affect accessibility and risk. These are covered in the Chapter 4, which is a general overview of investment and business conditions in France. Chapter 4 is also presented from the perspective of an American firm, though is equally applicable to most firms entering France. This chapter is also authored by local offices of the U.S. government, as is Chapter 2. Likewise, I have included a number of edits to clarify the provided information as it relates to the general strategic framework mentioned earlier.

1 INTRODUCTION & METHODOLOGY 1 1.1 What Does This Report Cover? 1 1.2 How to Strategically Evaluate France 1 1.3 Latent Demand and Accessibility in France 3 2 HIGHER EDUCATION AND POST-GRADUATE EXECUTIVE PROGRAMS IN FRANCE 5 2.1 Latent Demand and Accessibility: Background 5 2.2 Latent Demand: Market Composition 5 2.2.1 Higher Education 6 2.3 Accessibility: Obstacles 7 2.3.1 International Students Coming to the U.S. 7 2.3.2 Legal Studies in the U.S. 8 2.3.3 Business Studies in the U.S. 8 2.3.4 Learning English 8 2.3.5 Student Visas 9 2.4 Key Contacts 9 3 FINANCIAL INDICATORS: COLLEGES, UNIVERSITIES, AND PROFESSIONAL SCHOOLS 10 3.1 Overview 10 3.1.1 Financial Returns and Gaps in France 11 3.1.2 Labor Productivity Gaps in France 13 3.1.3 Limitations and Extensions 14 3.2 Financial Returns in France: Asset Structure Ratios 15 3.2.1 Overview 15 3.2.2 Assets - Definitions of Terms 15 3.2.3 Asset Structure: Outlook 16 3.2.4 Large Variances: Assets 17 3.2.5 Key Percentiles and Rankings 20 3.3 Financial Returns in France: Liability Structure Ratios 33 3.3.1 Overview 33 3.3.2 Liabilities and Equity - Definitions of Terms 33 3.3.3 Liability Structure: Outlook 35 3.3.4 Large Variances: Liabilities 36 3.3.5 Key Percentiles and Rankings 39 3.4 Financial Returns in France: Income Structure Ratios 50 3.4.1 Overview 50 3.4.2 Income Statements - Definitions of Terms 50 3.4.3 Income Structure: Outlook 52 3.4.4 Large Variances: Income 53 3.4.5 Key Percentiles and Rankings 56 3.5 Financial Returns in France: Profitability Ratios 63 3.5.1 Overview 63 3.5.2 Ratios - Definitions of Terms 63 3.5.3 Ratio Structure: Outlook 65 3.5.4 Large Variances: Ratios 66 3.5.5 Key Percentiles and Rankings 69 3.6 Productivity in France: Asset-Labor Ratios 82 3.6.1 Overview 82 3.6.2 Asset to Labor: Outlook 82 3.6.3 Asset to Labor: International Gaps 83 3.6.4 Key Percentiles and Rankings 86 3.7 Productivity in France: Liability-Labor Ratios 99 3.7.1 Overview 99 3.7.2 Liability to Labor: Outlook 99 3.7.3 Liability and Equity to Labor: International Gaps 100 3.7.4 Key Percentiles and Rankings 103 3.8 Productivity in France: Income-Labor Ratios 114 3.8.1 Overview 114 3.8.2 Income to Labor: Outlook 114 3.8.3 Income to Labor: Gaps 115 3.8.4 Key Percentiles and Rankings 118 4 MACRO-ACCESSIBILITY IN FRANCE 126 4.1 Executive Summary 126 4.2 Economic Fundamentals and Dynamics 126 4.2.1 Government Intervention Risks 126 4.2.2 Trade Barrier Risks 127 4.2.3 Labor Force 127 4.2.4 Major and Third Country Competitors 127 4.2.5 Infrastructure Development 128 4.3 Political Risks 128 4.4 Marketing Strategies 128 4.4.1 Distribution and Sales Channels for Food and Non-Food Items 129 4.4.2 Agents and Distributors 132 4.4.3 Finding a Partner 134 4.4.4 Contacting and Evaluating Potential Representatives 134 4.4.5 Negotiating an Agreement with a French Representative 135 4.4.6 Franchising Activities 135 4.4.7 Direct Marketing 135 4.4.8 E-Commerce 135 4.4.9 Joint Ventures and Licensing Options 136 4.4.10 Steps to Establishing an Office 136 4.4.11 Selling Strategies 136 4.4.12 Advertising and Trade Promotion 137 4.4.13 Pricing Issues 139 4.4.14 Terms of Payment 140 4.4.15 Logistics 140 4.4.16 Selling to the Government 140 4.4.17 Hiring Local Counsel 141 4.5 Intellectual Property Risks 142 4.5.1 Patents 142 4.5.2 Trademarks 144 4.5.3 Designs and Models 144 4.5.4 Copyrights 145 4.6 Import and Export Regulation Risks 146 4.6.1 Tariffs and Import Taxes 146 4.6.2 Trade Barrier Risks 147 4.6.3 Valuations on Imports 148 4.6.4 Internal Taxes 148 4.6.5 Controls on Exports 148 4.6.6 Documentation Required for Trade 149 4.6.7 Entering Temporary Imports 151 4.6.8 Labeling Issues 151 4.6.9 Restrictions on Imports 153 4.6.10 Local Standards 154 4.6.11 Adherence to Free Trade Agreements 157 4.7 Investment Climate 158 4.7.1 French Investment Regime 158 4.7.2 The Formal Investment Regime 159 4.7.3 Informal Impediments to Foreign Investors 160 4.7.4 Frances Privatization Program 161 4.7.5 French Government Participation in R&D Programs 161 4.7.6 Visas and Work Permits 162 4.7.7 Conversion and Transfer Policies 162 4.7.8 Expropriation and Compensation 162 4.7.9 Dispute Settlement 163 4.7.10 Performance Requirements and Incentives 163 4.7.11 Right to Private Ownership and Establishment 165 4.7.12 Intellectual Property Risks 166 4.7.13 Transparency of the Regulatory System 166 4.7.14 Capital Market Risks 166 4.7.15 Political Violence 167 4.7.16 Corruption 168 4.7.17 Bilateral Investment Agreements 168 4.7.18 OPIC and Other Investment Insurance 169 4.7.19 Labor 169 4.7.20 Free Trade Zone Options 170 4.7.21 Major Foreign Investors 170 4.7.22 Metals Industry 177 4.8 Trade and Project Financing 184 4.8.1 The Banking System 184 4.8.2 Foreign Exchange Control Risks 185 4.8.3 Export Financing 185 4.9 Travel Risks 187 4.9.1 Local Business Practices 187 4.9.2 Entry of Persons and Things 188 4.9.3 Electrical Characteristics and Communications 188 4.9.4 Transportation 188 4.9.5 Climate and Clothing 188 4.9.6 Bed and Board in Paris 189 4.9.7 Commercial Language 189 4.9.8 Useful Addresses 189 4.9.9 Country Data 190 4.10 Key Contacts 190 4.10.1 U.S. Embassy Trade-Related Contacts 190 4.10.2 U.S. Government Contacts in France 193 4.10.3 U.S. Government Contacts in Washington D.C. 194 4.10.4 U.S.-Based Multipliers 196 4.10.5 French Government Agencies 196 4.10.6 Market Research Firms in France 212 4.10.7 U.S. Banks in France 214 4.10.8 Logistics and Transportation Services 215 5 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS 220 5.1 Disclaimers & Safe Harbor 220 5.2 Icon Group International, Inc. User Agreement Provisions 221

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