MSc Economics Personalizing your Expertise and Experience in Economic Analysis
MSc EconomicsPersonalizing your Expertise and Experience in Economic Analysis
Yvonne van Hapert
Program coordinator,
Student advisor
Sjak Smulders
Program director
2009-2017
Jens Prüfer
Program director2016-…
Welcome!
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What do you want to know?
• Why a Master?• Why Tilburg?• Why Economics?• Career perspectives• Course program• Teaching philosophy• Entry requirements• Student perspective and experience
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Your choice…
• Why a Master?• Why Tilburg?• Why Economics?
Why a Master?
• Do you feel prepared already to be an account manager (or policy advisor, or …) soon enough?
• Or do you see the knowledge and skill gap?
You probably want to (further) build your own personal combination of • Expertise• Professional skills• Experience
Why Tilburg?
• Active student life, Tilburg city center: • Poppodium 013, Willem II
• Close to everything thanks to our own railway station.• Compact beautiful campus • Small scale university
• Personalized approach, • Approachable advisors and teachers• Easy to get involved in student associations boards
and projects.
More value for your time, effort and money!
Why Tilburg?
• Tilburg approach: • Theory-proof, evidence-based economic analysis.
• Unique balance between experience and expertise: • Career oriented.
• Tilburg student experience:• Flexibility in choosing your specialization.• Small scale, direct contacts, interactive, international.
• Tilburg expertise:• Excellent teachers, experienced in policy and
professional field, link to institutes.
Why Tilburg?
Times Higher Education Ranking:• Tilburg ranks 11th in the World for “Business and
Economics”. https://www.tilburguniversity.edu/current/news/press-release-TiSEM-THE-11th-position/ Note this is a ranking of the school rather than the program. In this ranking Tilburg is the best Dutch school.
• Other ranking: https://www.tilburguniversity.edu/current/news/press-release-elsevier-third-best-university-1/
Why Economics?
With (almost) a Bachelor degree in Economics…
• …continue with Finance, Accounting, or Economics?
Economics is broader, more flexible, and more academic • Economics is mainly a toolkit (economic theory + game
theory + econometrics + experiments) that can be applied to MANY different types of problems.
• Finance and Accounting are more like subjects. • This makes economics so much broader than alternative
masters.You can enter from outside Economics…
…Engineering, Liberal Arts and Sciences, Econometrics
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What is Economics?
• How do consumers and firms make decisions?• Which incentives will be effective?
• Monetary incentives• Regulation• Nudges and behavioral aspects
• Markets: • When do they work well, when do they fail?
• Mainly a social science:• With serious quantification (validation, prediction).
• analyze and advise • quantify and assess
• in firms• in financial institutions• for policy makers
What do Economists do?
Examples of first jobs of our alumni:
• Consultant
• Analyst in International Affairs
• Business Analyst
• Consultant Innovation & Finance
• Policy Advisor
• Rating Analyst
• Teacher
First Jobs of our Graduates (2009-2013)
University and research
Government
Financial sector
Private companies (non-financial)
Non-profit
Alumni MSc Economics (2009-2013)
What do Economists do?
Tilburg MECO
Deloitte, Rotterdam
Rembrandt Fusies en Overnames
Panteia, ZoetermeerInnovator at TNO Delft
SEO Economic Research, R’damPolicy advisor,
Govt of Curacao
Aethon Personeelsservice
Ministerie EZ
Raven Consulting
ECORYS, Rotterdam
Adviseur MVO en Duurzaamheid Ethincon
Delta Lloyd Amsterdam
Beleggingsadviseur SNS Utrecht
Autoriteit Consument en Markt, Den Haag
Máxima Medisch Centrum
DNB
Theresia lyceum Tilburg
ABN-Amro
RabobankVan Lanschot
Research Analyst, WorldBank
Brand Loyality
Central Bank of Turkey
CPB
Turkish Competition Authority, Ankara
South African Reserve Bank
Fujifilm Manufacturing Europe
Bulgarian Photovoltaic Association
Inter American Development Bank
Zwijsen College
PostNL
Ministerie van Sociale Zaken en Werkgelegenheid
PricewaterhouseCoopers PwC
Nationale-Nederlanden
Steward Redqueen
Energiedirect.nl
European Commission
IBM Nederland
Bain Capital, London
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Alumni
What our program looks like
Skill – focus of our program
• Professional practice• Economic analysis
• Sound background in theory and empirics...• But the aim is applying and using this
• Data analysis• Policy analysis• Presentation skills• Creativity
Program structure (September inflow)
EXPERTISE
EXPERIENCE
Methods courses Methods courses
Field courses (seminars)
Field courses (seminars)
Project work and Thesis Proposal
20%
50%
30%
1 year
Thesis Writing
Program structure (February inflow)
EXPERTISE
EXPERIENCE
Methods coursesMethods courses
Field courses (seminars)
Field courses (seminars)
20%
50%
30%
1 year
Thesis writing and project workThesis proposal
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Courses: numbers and workloads
• Methods 4x3 ECTS
• Seminars and electives 5x6 ECTS• Applied Economic Analysis 2x3 ECTS• Thesis
12 ECTS
Total group size: 60-80 students
Average class size in seminars: 25 students
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Applied Economic Analysis
Platform course for all students (6ECTS)• Preparing for career and experiencing what economists do
• Guest lectures by professionals
• Inside the Business Day and Talent management (both in cooperation with Asset|Economics)
• Learning how to generate and communicate ideas and build knowledge• How to structure economic analysis
• Open source software and simulation skills
• How to write project proposals (including Thesis proposal)
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Methods Courses
Choose 4 out of 5: (“Methods”, 3 ECTS each)• Econometrics I• Econometrics II• Game Theory I• Game Theory II• Experiments and surveys
Note: no math course (you need to know calculus, optimization, probability theory)
Field Courses
Choose 5 out of 13 (“Seminars”, 6 ECTS each)Examples:• Innovation and networks• Financial markets and institutions• Health economics• Economics and psychology of risk and time• Growth and regional development
Choose your own course program… …or choose a specialization track
Lots of choice…
Specialization tracks
When to choose? After four weeks: end of September, end of FebruaryShows up at your diploma
What to choose? Depends on (job) preferences…• Consultancy, strategy …all tracks…• Government, NGOs PubPol, Sust&Growth• Micro Comp&Regulation, Behav.• Macro MoneyBFM, Sust&Growth• Finance MoneyBFM• Unique, specialized, job-security Pensions
Specialization tracks in MECO program
Money, Banking & Financial Markets
Pensions, Aging & Retirement
Competition and regulation
Sustainability and Growth
Public policy
Behavioral Economics
Financial Institutions,Pension funds,Consultancy,NGOs, International Agencies,Government
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Track (1): Sustainability and Growth
sources of economic growth in a country or region, barriers to growth and development, and possible negative consequences of growth. Evaluate policies and firm strategies towards development and sustainable resource use.
Core courses:
• Growth and Regional development
• Environmental and Resource Economics
Specials:
• Course European Environmental Law
• Field projects
Linked to Tilburg Sustainability Centre and Telos.
Work for DFID, IPCC, World Bank, European Commission.
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Traineeship - Example
Eva Maria Bille
at United Nations, Beirut
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Traineeship - Example
Eva Maria Bille
I am currently in Beirut where I am working for the United Nations Secretariat's Economic and Social Commission for Western Asia (ESCWA). I am working in the Social Development Division (SDD) in the Inclusive Social Development Section (ISDS). Acronyms are really a thing here...
I get to my office through the 2 security checks at around 9 in the morning, and am greeted with the flags of the Arab countries waving in the warm Lebanese weather and the UN flags flanking the glass doors. I have my own cubicle with my name on the door, a computer and a phone.
The United Nations is a great place to do an internship, because you get close to the real policy makers, and you have an opportunity to see how theories can and have been applied in real life contexts. I was given a lot of freedom in choosing my research topic, and my supervisors are hoping to publish what I write at the end of my internship. It is so rewarding to be writing something that will in one way or the other be presented to policy makers in the region.
I also participate in meetings and preparations of other reports, but I have not been asked to make copies or coffee or any other "typical" intern duties.
I am very happy with the opportunity for research affiliation and guidance, access to data and relevant topics, as well as getting to know the organisation from the inside. Tilburg University showed great flexibility when I decided to go here, and I feel like there is definitely a link between what I learned and what I am doing.
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Track (2): Public Policy
Design of national and international policy. Career as policy advisor in national governments (Ministry of Social Affairs, or other Ministries) or in international organizations such as the EU, as a researcher in applied research institutes (e.g., Netherlands Bureau of Economic Research (CPB)), or as a consultant with nationally or internationally oriented consultancy firms.
Core courses:
• Health Economics
• Taxation
• Labor Economics
• Economics and Psychology of Social Norms and Strategic Behavior
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Track (3): Behavioral Economics
Behavior and behavioral change; evidence-based; behavior is based on a bounded capacity to process information and on preferences that include a regard for such social norms as fairness and reciprocity.
Core courses:
• Economics and Psychology of Social Norms and Strategic Behavior
• Economics and Psychology of Risk and Time
Specials:
• Electives from Master in Economic Psychology
Linked to Tilburg Institute for Behavioral Economics Research.
Work for various ministries and public policy institutes.
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Example assignment
From track Behavioral Economics:• Students compare theories on risk behaviour• Design questionnaire on risk behaviour with
regard to flooding• Develop proposal for a new insurance and
analyse the potential market.
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Track (4): Competition and Regulation
Apply Industrial Organization and Competition Law, to business strategies and to regulatory policies; lack of competition in certain markets (electricity, telecommunication services) and the response by national governments and the European Union
Core courses:
• Seminar Innovation and Networks
• Seminar Competition Policy
Specials:
• Track meetings: competition in the news, movie, company visit and guest speakers.
Linked to Tilburg Institute for Law and Economics.
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Cases
From track Competition and Regulation:
• Competition cases European Union• Students analyze documentation • and defend positions
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Track (5): Pensions Aging and Retirement
understanding of the various aspects of aging. You will learn how economic theories and models can be applied to create solutions for financial institutions and government policy.
Core courses:
• Economics and Finance of Pensions
• Economics and Psychology of Risk and Time
• Seminar Generational Economics
Specials:
• Link to other NETSPAR tracks in Finance and Econometrics
• Track meetings organized by NETSPAR
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Netspar Track Community Program
• September: Introduction meeting• October: Internships meeting• November: Company Visit
in 2016: Robeco
• December: Christmas meeting Discussion and/or presentation on hot topic
• January: Attend International Pension Workshop• February: Internships meeting
Presentation of your first research proposal, seminar by a well-known guest speaker
• March: Company visit In 2015: a.s.r. pension fund and SVB
• May: Seminar on hot topic• June: Junior Pension Day
Presentation of the first results of your Master thesis
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Track (6): Money Banking and Financial Markets
Finance + Economics. Combine practical financial management to economic analysis of the markets you invest in. Eurozone, International financial supervision, microfinance, bank-runs and systemic risk, and taxation of financial institutions.
Core courses:
• Financial Markets and Institutions
• Financial Economics
• Corporate governance and Investment analysis
Specials:
• Excursion to Frankfurt
Linked to European Banking Centre
Entry requirements
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• Unconditional admission for students with Bachelor’s degree in Economics or Economie and Bedrijfseconomie (EBE)
• Other programs: premaster might be needed
• Example: liberal arts colleges
• See advised 3rd year courses in ‘Program Description’ (on ESG).
For Tilburg students: http://feweb.uvt.nl/pdf/2011/DoorstroomBachelor2011-2012_def.pdf
Other Dutch universities:http://www.tilburguniversity.edu/education/masters-programmes/economics/application/
Entry Requirements
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1. Educational background/diplomas• A Bachelor’s degree in Economics or in a similar program (e.g., in Econometrics) from a
university that is recognized by the program management
• A solid academic background in economics, especially:
• Macroeconomics (minimum 12 ECTS)
• Microeconomics (minimum 12 ECTS)
• Game Theory (minimum 6 ECTS)
• Mathematics (minimum 12 ECTS)
• Econometrics / Statistics (minimum 12 ECTS)
• And at least 2 applied Economics courses (in total minimum 12 ECTS), for instance (but not exclusively!):
• Environmental Economics (minimum 6 ECTS)
• Public Economics (minimum 6 ECTS),
• Development Economics (minimum 6 ECTS)
• Industrial Organization (minimum 6 ECTS)
• Our Admissions Board may give you the opportunity to rectify deficiencies (max. 30 ECTS) during a Pre-Master's program.
Entry Requirements
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2. GRE General Test
• It is compulsory for this program to submit your GRE General Test.
• Our incoming students usually score above the 75% percentile. The GRE institution code for Tilburg University is 0730.
• Students with a relevant degree from one of the official partner universities of the Tilburg School of Economics and Management are exempted from the GRE requirement. To find out if your home university is on the list, please check our website overview of partner schools or send an e-mail to [email protected].
3. English language proficiency
You need to demonstrate proficiency in English by submitting the results of either:
• TOEFL with a minimum score of 575 (paper-based) / 233 (computer-based) / 90-91 (internet-based).The TOEFL institutional code for Tilburg University is 9860.
• Academic IELTS score with a minimum of 6.5 score overall and a minimum score of 6.0 on individual parts of the test.
• Cambridge English test results: Advanced (CAE) or Proficiency (CPE) results.
• An English proficiency test is not required if you are an English native speaker, i.e. if you are a citizen of, or have obtained your university education in English for at least three years in one of the following countries: Australia, Canada (with exception of Quebec), New Zealand, United Kingdom, Ireland and the United States of America. For all other countries, the English language test is compulsory.
Entry Requirements
For all students:• Enroll via Studielink
Non TiSEM students who want to enroll in a (Pre-)
Master also need to:
• Submit an application for admission
For more information go to:www.tilburguniversity.edu/education/masters-programmes/admissionprocedure/feb/
Admission & Application
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http://www.tilburguniversity.edu/nl/onderwijs/masteropleidingen/economics/
www.tilburguniversity.edu/Ask-TiSEM
Further information
Master Economics Student perspectiveDian van Rooi
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Past:
• Bachelor “Economie en Bedrijfseconomie” at Tilburg University
• Exchange to Seoul, South-Korea
• Chairman study association Asset | Economics(and Treasurer Asset)
Present:
• Money, Banking &Financial Institutions track (and Sustainability and Growth)
• Author Blog Committee Asset | Economics
• Working at the alumni association VvTE
About me
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1st semester: • Econometrics 1• Experiments & Surveys• Game Theory 1• Game Theory 2
2nd semester:• Econometrics 2
• Master Thesis
My Courses
• Financial Market & Institutions• Growth and Regional Development• Innovation and Networks
• Financial Economics• Environmental and Resource Economics
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What is a typical week in the MSc Economics?Time Monday Tuesday Wednesday8.00
9.00
Group Meeting Growth& Regional Development Game Theory 210.00
Group meeting Game Theory 2
11.00
Group meeting Game Theory 2
Group meeting Applied Economic Analysis 1
12.00
13.00
Innovation&Networks14.00 Group meeting Game Theory 2
15.00
Financial Markets&Institutions
Applied Economic Analysis 1
Growth & Regional Development16.00
17.00 Group meeting Game Theory 2 Help with bookkeeping - Asset
18.00
Dinner with Friesland Campina - Asset
Writing Blog Article - Asset | Economics
Photoshop workshop - Asset | Economics
19.00
20.00
Meeting VvTE21.00Time Thursday Friday Saturday
Sunday
8.009.00
Help with bookkeeping - Asset Innovation & Networks Making minutes VvTE10.0011.00
Read papers Financial Markets & InstitutionsBlog meeting Asset | Economics
Watching videos Innovation& Networks
12.00
Making slides for this presentation13.00
Party cousin
14.00 Read Growth & Regional Development15.00
Financial Markets & Insititutions Meeting VvTE16.0017.00
Growth & Regional Development18.0019.00
Dinner and going out Dinner and going out20.0021.00
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• Econometrics 1o Focus on research design/ methodso How can you interpret your quantitative analysis in a
causal way?
What is the content?
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• Experiments & Surveyso How to create a survey?o Running experiments/ analyze surveys
What is the content?
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• Innovation and Networks
What is the content?
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• Financial Markets & Institutions
What is the content?
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• Experiments & Surveyso Create your own experiment on a behavioral topic of your
choice, run it & analyze the datao Guest lecture by CentERdata
o How to professionally set up surveys
Example of assignments/ class “specials”
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• Financial Markets & Institutions
o Research proposalso Guest lecture on Asset Management
Example of assignments/ class “specials”
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• Growth and Regional Developmento Modelling Assignment & Policy Project:
o Develop a model regarding educationo Analyse effectiveness of education programmes
Example of assignments/ class “specials”
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• Flexibility in creating the Master’s Degree you want
• Many courses to choose from
• Approachable professors
• International classroom
• Small classes
• Applied teaching
• Renowned University
Why did I choose this Master & Tilburg?
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• Faster pace and higher workload
• Applied
• More hands-on/ practical
• Guest lectures
• More emphasis on assignments/ projects
• Reading of academic papers
• You can make it as specialized as you want
Bachelor vs. Master
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When should you choose Economics?
If you are interested in:
• Not only business-related questions but also policy questions
• Functioning and failure of markets
• Reasons behind patterns of economic behavior
Why people choose Economics:
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