Stéphane Lefrancq defended his thesis in management science at the University of Paris Dauphine in 2006. He previously graduated from the University of Lyon II with a DSCG. He worked as an internal auditor and then as an accounting manager in the banking sector (investment banking in particular) for more than 15 years. He is now a lecturer at Cnam and a member of Lirsa. He works on accounting standardization and more particularly on financial instruments.