MSc EconomicsTilburg School of Economics and Management

Yvonne van HapertProgram Coordinator

The team of MSc Economics

Dr. Jens PrüferAcademic Director

The Tilburg Ambition

The Tilburg MSc Economics in a Nutshell

The program

• About 80 students (20 February + 60 September), 50% non-Dutch

• 6 tracks, 20 courses, 20+ professors

• One degree: Master of Science in Economics

• Key characteristics:

1. small scale (about 30 students in most courses)

2. personalizable, lots of choice

3. taught by internationally reputed economics professors (Center forEconomic Research is top-5 Europe and top-20 in world in research)

• Keuzegids 2017: “Best MSc Economics program” (shared) in NL (out of 9)

���� This is a program for highly ambitious students. Lectur ers will be a expecting a lot from you --- and you will get a lot in re turn.

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Ambition of the program

Background: Economics is not a subject of analysis per se, it is a toolkit!

• Methods: game theory, econometrics, experiments, simulations, …

• Key concepts: Rational choice (& behavioral additions), equilibrium, optimum, marginal analysis, …

• Applications on questions from the economy (e.g. financial crisis, competition policy) and beyond (e.g. social norms, privacy)

Program’s goal: Teach students to master economics

• Entry requires 66 ECTS in micro/macro/math/statistics/applications

• Pre-master program (up to 30 ECTS) only for university graduates

• No specific micro/macroeconomics course in program!

• High bar allows focus on improvement of methods & expertise building

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How to improve your knowledge and expertise?

Improve your methodological knowledge

• Courses in game theory, econometrics, experiments & surveys

Learn to apply economic theory

• All 13 seminar courses contain assignments, cases, or papers, where you have to work on current economic problems

Develop your professional skills

• Two dedicated courses for skills development

• All seminar courses: class discussions, statistical analyses, (team) papers and presentations, etc.

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Professional and academic skills development

• Applied Economic Analysis 1 & 2:

• Mandatory, weekly meeting of entire cohort

• “Heart” of the program

• Combines career counseling & info on labor markets foreconomists, with guest lectures, training of communicationskills and on using open source software (Python)

• Academic skills: how to develop, work on, and write a paper (= master thesis)

• Data analysis

• Policy analysis

• Presentation skills

• Professional practice (ASSET-organized events as part of AEA)

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Structure of the MSc Economics program

Not losing track…

• Six tracks

• Idea behind tracks: offer a bundle of coherent courses related to one topic, which still allows for some flexibility

• Alternative: completely personalize your program!

• Compulsory: 1-3 methods courses + 2-3 seminar courses per track

• Further electives from MSc Economics courses + 1 Free Elective + potentially electives from other MSc programs (depends on track)

• Write MSc thesis on topic from track

• Get track name on degree certificate

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Course List and Specialization Tracks

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• Applied Economic Analysis 1 & 2: Sjak Smulders

• Econometrics 1: Ben Vollaard

• Econometrics 2: Otilia Boldea

• Game Theory 1: Wieland Müller

• Game Theory 2: Florian Schütt

• Experiments and Surveys: Eline van der Heiden

• Innovation and Networks: Bert Willems & Jens Prüfer

• Economics and Psychology of Social Norms and Strategic Behavior: Jan Potters

• Financial Markets and Institutions: Burak Uras & Harald Bennink

• Generational Economics: Lex Meijdam & Eduard Ponds

Our professors (2017-18)

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• Growth and Regional Development: Sjak Smulders

• Taxation: Harry Huizinga

• The Economics and Finance of Pensions: Roel Mehlkopf, Casper van Ewijk & Theo Nijman

• Competition Policy: Eric van Damme & Erik Brouwer

• Economics and Psychology of Risk and Time: Gijs van de Kuilen

• Environmental and Resource Economics: Daan van Soest

• Financial Economics: Michiel Bijlsma

• Health Economics: Peter Kooreman

• Labor Economics: Daniel van Vuuren

Seminar Environmental and Resource Economics

• Weeks 1-3: lecturer gives overview of field (based on journal articles)

• Weeks 4-9: students present papers (list of topics + introductory literature provided) + wrap-up of lecturer

• Fellow students prepare ≥ 1 question for discussion of every topic

• Evaluation:

• contributions to discussions (10%)

• presentations (30%)

• exam (60%)

Typical course setups

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Seminar Innovation and NetworksPart I: Economics of Network Industries • Week 1: Lectures (based on articles)• Week 2: Lab Sessions: Modelling a

competitive market • Week 3: Market game: Auctioning of

electricity portfolio among “firms” (in teams)• Weeks 4/5: Lectures & discussion of market

game

Part II: The Economics of Innovation• Weeks 5-6: Lectures on law & economics of

innovation system • Week 7-9: Open Source Development,

Competition and Policy Issues of Digital Industries, Big Data, Artificial Intelligence, and Blockchain+ weekly student presentations & class discussion (in teams)

Evaluation:• Assignments & participation (30%)• Written exam (70%)

MSc Thesis – What is it?

• 15 ECTS + 3 ECTS thesis proposal writing in AEA 2

• Type: combination of “applied” and “academic”

• Should be written on a relevant economic question (broadly defined)

• Can include data work

• Can be (extension of) theoretical model

• In special cases: can be qualitative work or extensive literature review

• Builds on and requires knowledge acquired in courses

• Think ahead! Thesis title is printed on your diploma � signaling for labor market

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Career perspectives

• National Alumni Enquete (fall 2016) on Tilburg’s MSc Economics:

• Time between graduation and first paid job: 56%: 1 month; 82%: 3 months

• Most graduates found job in industry, trade, transport, financial services, or with the government (25% abroad)

• 87% have a permanent job contract or expect to get tenure soon

• Average gross income p.m.: EUR 2542

• 95% are (very) satisfied with the Master program

• 73% agree (very) strongly that the Master prepared them well for professional life

• More details: https://www.tilburguniversity.edu/education/masters-programmes/economics/career/

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• About 25% of our recent graduates works abroad

• Recent international graduates:

• Business Data Analyst at ABN AMRO Bank

• Analyst at Accenture

• Pensions Strategist at APG

• Economist at Bank of England

• Advisor at Bank of Portugal

• Economist at Central Bank of Malta

• Business Analyst at Deloitte

Recent international graduates

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• Trade Finance Officer at ICBC

• Consultant at KPMG

• Junior Analyst at National Bank of Hungary

• Consultant at The World Bank

• PhD Candidate in Economics at Tilburg University

• Economist at Towers Watson

• PhD student at Trinity College Dublin

• Financial Business Analyst at Unilever

A Student’s PerspectiveKoen Jereskes

Past:

• Bachelor “Economie en Bedrijfseconomie” at Tilburg University

• Exchange to Buenos Aires, Argentina

• Customer Service Rabobank

• Education Committee: Student representative MSc. Economics

Present:

• MSc. Economics: Sustainability and Growth track (and Money, Banking and Financial Markets track)

• Intern at Agri Commodities, ABN Amro in Amsterdam

About me

Track Competition and Regulation

r

173-11-2017

1st semester:

• Econometrics 1

• Experiments & Surveys

• Game Theory 1

• Applied Economic Analysis 1

2nd semester:

• Econometrics 2

• Applied Economic Analysis 2

• Master Thesis

My Courses

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• Financial Market & Institutions

• Growth and Regional Development

• Taxation

• Financial Economics

• Environmental and Resource Economics

• Labor Economics

How a typical week in the MSc. Economics looked like

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Time Monday Tuesday Wednesday8.00

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Time Thursday Friday Saturday Sunday8.00

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Working on Group Assignments Working on Group Assignments

Applied Economic Analysis 1

Financial Markets & Institutions

Financial Markets & Institutions

Growth & Regional Development

Growth & Regional Development

TaxationEducation Committee Meeting

Training @TSVV Merlijn

Training @TSVV Merlijn

Work @Rabobank

Work @Rabobank

Soccer game @TSVV Merlijn

Work @Rabobank

Dinner with girlfriend

Free night for social events

Drinking some beers maybe

• Econometrics 1

o Focus on research design/ methods

o How can you interpret your quantitative analysis in a causal way?

What is the content?

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• Financial Markets & Institutions

What is the content?

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• Financial Markets & Institutions

o Research proposals

o Guest lecture on Asset Management

Example of assignments/ class “specials”

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• Growth and Regional Development

o Modelling Assignment & Policy Project:

o Develop a model regarding education

o Analyse effectiveness of education programmes

Example of assignments/ class “specials”

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• Labor Economics

o Analyze a dataset and present your own advice based on theory, data, and empirical research

o Guest lecture by Jonneke Bolhaar (CPB) and Jan-Maarten van Sonsbeek (Min. Social Affairs and Employment)

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 with excellent knowledge on their

specific research field

• International classroom (50-50)

• Small classes with room for interaction

• Tilburg is a small student city, which has a lot to offer

Why did I choose this Master & Tilburg?

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• More intense: faster pace and higher workload

• More emphasis on assignments/projects: learning by doing

• Improvement of research skills: Stata, Eviews & Python

• More emphasis on argumentation and presentation skills

• 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

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Why people choose Economics:

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Thank you very much for your attention!

Please do not hesitate asking your questions:

• Now

• In the break

• Via tisem-msc-economics@tilburguniversity.edu

• Or check https://www.tilburguniversity.edu/education/

masters-programmes/economics/

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…Backup…

Back-up slides

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Electives from other MSc Programs

• Electives from other MSc programs at TiSEM

• Usually approved, but your total course list needs to have an economics focus (rather than business)

• Electives from MSc programs outside TiSEM

• maximal 1 and only if it fits in your total course list

• For those contemplating about a research career:

• Possible to take one RM (research master) course as free elective� if passed and later entry into our RM, get waiver for course!

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Competition and Regulation

• In this track you will learn how to apply insights from Industrial Organization and Competition Law, to business strategies and to regulatory policies. Cases deal with, for example, the lack of competition in certain markets (electricity, telecommunication services) and the response by national governments and the European Union.

• This track is closely linked to the Tilburg Law and Economics research center TiLEC.

• Career perspectives: This track is advised to students who wish to work for competition authorities (e.g. the Dutch ACM), regulatory bodies, Ministry of Economic Affairs, large consultancy firms (PricewaterhouseCoopers), specialized economic consultancies on competition and regulation (Lexecon, Nera, Oxera), international organizations such as EU and OECD, and economic departments of large firms.

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Public Policy

• This track (formerly: Socio-Economic Policy) focuses on how governments can achieve their domestic policy objectives, design effective policies, and finance their activities.

• Career perspectives: This track is advised to you if you wish to pursue a 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.

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Sustainability and Growth

• In the 'Sustainability and Growth' track, you will learn how to analyze the sources of economic growth in a country or region, the barriers to growth and development they face, and the possible negative consequences of growth. You will be trained to evaluate policies and firm strategies towards development and sustainable resource use.

• The track is closely linked to the Tilburg Sustainability Center, a multidisciplinary research and policy advice institute.

• Career Perspectives: This track is advised if you wish to pursue a career in international organizations (World Bank), national governments (Ministry of Development Cooperation, Ministry of the Environment), non-governmental organizations, or internationally oriented consultancy firms.

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Money Banking and Financial Markets

• This track will train you in two sub-disciplines: Finance as well as Economics. You will get the opportunity to combine practical financial management to economic analysis of the markets you invest in.

• You will for example discuss problems in the Eurozone, International financial supervision, microfinance, bank-runs and systemic risk, and taxation of financial institutions.

• The track is closely linked to the European Banking Center, a Tilburg-based research network on banking and finance.

• Career Perspectives: This track is interesting for you if you aim for a career in banking (private but also central banks), in other private businesses that are regularly confronted with international policy making, or in (inter)national government.

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Behavioral Economics

• Many economic questions ultimately revolve around behavior and behavioral change. The track ‘Behavioral Economics’ will provide you with the knowledge and skills to effectively address such questions. It integrates insights from economics and psychology and builds on the principle that policy advice should be evidence-based and cannot rely on theory alone. The starting point is that individuals are not rational self-interested maximizers but that human 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.

• The track is closely linked to the Tilburg Institute for Behavioral Economics Research, in which economists, psychologists, and marketing researchers cooperate.

• Career Perspectives: This track is recommended to students who want to work in consultancy, policy advice and project management. The insights from behavioral economics are in high demand at financial institutions, insurance companies, multinational enterprises, as well as in regional and national government.

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Pensions Aging and Retirement

• The track 'Pensions, Aging and Retirement' will bring you a scientific 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.

• The track is closely linked to research institute Netspar which is a renowned institute involved in the development of financial products and facilities for the ‘old age’ European citizens.

• Career Perspectives: This track offers you a qualification that leads to a host of different career options in the public and private sector as well as academia, thanks to the growing demand for specialists with in-depth knowledge of the issues pertaining to aging societies.

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Program structure

EXPERTISE

EXPERIENCE

Methods courses Methods courses

Field courses (seminars)

Field courses (seminars)

Project work and Thesis

20%

50%

30%

1 year