Brochure Engelstalige masters Economie en Management

Tilburg School of Economics and ManagementMaster’s programmes 2011-2012

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Dean’s Welcome 3

Tilburg University 4

Tilburg School of Economics and Management 7

Rankings and Accreditations 7

Accounting 8

Econometrics and Mathematical Economics 21

Economics 29

Economics and Finance of Aging 38

Finance 48

Information Management 57

International Management 69

Marketing Management 77

Marketing Research 86

Operations Research and Management Science 98

Quantitative Finance and Actuarial Science 107

Strategic Management 115

Supply Chain Management 124

Admission and Application 133

Tuition Fee 134

Contact 135

Welcome to Tilburg University

Thank you for your interest in the English taught Master’s programmes

of the Tilburg School of Economics and Management. You will find

relevant information about these programmes in this brochure,

including course descriptions, interviews with students, alumni and

professors, and case examples.

Tilburg University has been ranked in the first position in the

Netherlands’ nationwide annual rankings for many years now.

Furthermore, international rankings of research output in academic

journals tell us that we rank among the top three schools in both

Business and Economics in Europe. As our reputation continues to

grow, so will your credentials in the eyes of future employers around

the globe. At Tilburg, we are your gateway to Europe, connecting you

to a worldwide business, economics and academic network.

I hope the information in this brochure will help you to select a suitable

Master’s programme. Moreover, I sincerely look forward to receiving

your application and to welcoming you to Tilburg University.

Yours sincerely,

Prof.Dr. Kees Koedijk

Dean

Tilburg School of Economics and Management

Dean’s Welcome Table of contents

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Tilburg UniversityProgressive. Innovative. Inspiring.

Partnerships & Academic Cooperation

The Tilburg School of Economics and Management has established institutional agreements with a number of selected top universities

worldwide to facilitate long-term academic cooperation and to increase the international exposure of the School. These bilateral agreements

contain various initiatives, such as student exchange programmes and other forms of study abroad, staff mobility and dual degree

programmes. For more information, please visit: www.tilburguniversity.nl/partnerinstitutions.

When you study at Tilburg University, you know you are at one of

Europe’s most respected institutions.

Founded in 1927 as a school of economics, Tilburg University regularly

takes the leading position in the international rankings. It is known for

its international orientation – 800 students from more than 65 countries

study at Tilburg University – its progressive teaching methodology,

and innovative programmes. With a mission to inspire and challenge

students, staff and alumni to reach their full potential, you will

find the highest standards prevail at Tilburg in teaching, scientific

research, and in our campus facilities.

Tilburg University awards approximately 1,750 Bachelor’s degrees, 1,700

Master’s degrees and 60 PhD degrees each year, while 1,600 staff

members teach and support over 12,000 students within six schools.

These schools are:

Tilburg School of Economics and Management •

Tilburg School of Humanities •

Tilburg School of Catholic Theology •

Tilburg Law School •

Tilburg School of Social and Behavioral Sciences •

TiasNimbas Business School •

Aging, market forces, individualisation, religious differences. Key

issues that are relevant to today’s society. With its research and

education, Tilburg University strives to contribute to a better society

and to a better understanding of the problems surrounding these issues.

Through investigation, learning and understanding, we discover new

ideas and insights, day after day.

Understanding society

http://www.tilburguniversity.nl/partnerinstitutions

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The Tilburg School of Economics and Management is Tilburg

University’s largest School and the most prestigious one in the

Netherlands. The School enjoys high rankings for its excellent quality

in education and research, for example, it is the current number one

economics research institute in Europe and the number three business

research institute. With about 500 staff members, the Tilburg School

of Economics and Management offers a wide range of undergraduate

and graduate programmes in the fields of Economics and Business to

approximately 5000 students.

Education and research are provided by the School’s eight different

departments: Accountancy, Econometrics and Operations Research,

Economics, Finance, Fiscal Economics, Information Management,

Marketing, and Organisation and Strategy.

Rankings and Accreditations One of the best universities in Europe, and you can join us.

Rankings No. 1 in Europe in Economics according to the latest research ranking •

provided by the European Economic Association

No. 3 in Europe and no. 52 worldwide in Business according to the •

latest research ranking provided by the School of Management,

University of Texas at Dallas

No. 3 in the Tilburg University Research Ranking https://econtop.uvt.nl of all European institutions and #23 of all institutions worldwide.

Tilburg University is the best Dutch University in this list.

No. 1 in the Netherlands in Fiscal Economics in Elsevier´s Higher •

Education Review 2009

No. 1 in the Netherlands in Economics in Elsevier’s Higher Education •

Review 2009

No. 1 in the Netherlands in Econometrics and Operations Research in •

Elsevier’s Higher Education Review 2009

No. 2 in the Netherlands in International Business Administration in •

Elsevier’s Higher Education Review 2009

For more information on the latest rankings and accreditations of

Tilburg University, please visit our website:

www.tilburguniversity.nl/rankings and http://www.tilburguniversity.nl/university/achievements/rankings/elsevier/>

AccreditationsTilburg University is accredited by the world’s leading accreditation

bodies. Our Economics and Business Administration programmes are

accredited by:


http://www.tilburguniversity.nl/rankings

http://www.tilburguniversity.nl/university/achievements/rankings/elsevier/

http://www.tilburguniversity.nl/university/achievements/rankings/elsevier/

https://econtop.uvt.nl

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Accounting

At a Glance

Name Accounting

Duration 1 year

Type Full-time

Title Master of Science

Language of Instruction English

Best Preparatory Bachelor’s Bedrijfseconomie, International Business or International Business Administration programmes (former Business Studies), Fiscale Economie Core Courses Advanced Financial Accounting, Financial Information in Capital Markets, Corporate Financial Reporting, Financial Statement Analysis

Career Prospects Controller, Financial Manager, (assistant) Accountant for firms, banks and consulting agencies, PhD track

Start September

Information Days 25 November 2010 and 19 May 2011

More Information www.tilburguniversity.nl/masters/acc

http://www.tilburguniversity.nl/masters/acc

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CharacteristicsThe MSc Accounting offers students an in-depth and scientific

understanding of financial and management accounting as well as

corporate financial reporting and related issues. At the start of the

academic year, students need to choose between the two different

tracks we offer, namely the Accountancy Track and the Accounting Track.

The Accountancy Track has a strong focus on the set-up and control of

external financial reporting and prepares students for the post-Master’s

programme ‘Registeraccountant’ (RA - in Dutch). The Accounting Track

is recommended for students who wish to continue with the post-

Master’s programme ‘Registercontroller’ (RC – in Dutch) and also offer

opportunities for students interested in pursuing the CFA® designation.

Core accounting courses are supplemented by electives from related

fields of Finance and Organisation.

Is this the right programme for me?If you want to pursue an international career as a financial specialist,

then the Accounting Track certainly is the perfect choice for you.

The programme is also ideal for students who are interested in a job

with financial institutions like banks, insurance companies or other

investors. In addition, the Accounting Track offers a solid foundation to

grow into general management positions. Depending on the electives

you choose, you can also use the Accounting Track as preparation for

the post-Master’s programme ‘Registercontroller’ (RC – in Dutch).

As mentioned previously, the Accountancy Track is aimed at the post-

Master’s programme ‘Registeraccountant’ (RA - in Dutch).

Case

In the years before the global financial crisis, banks had realised a rapid

growth through financial innovation, such as bundling mortgage loans

into special pools and selling these to outside investors. However,

recently the underlying loans in these structured products became

increasingly risky and lost value, while investors were led to believe no

change in underlying risk had taken place. As these packages were sold

only temporarily, banks eventually had to reacquire these at a much

lower market value. In September 2008, prominent American and

European banks went bankrupt and the world started to experience its

worst crisis since the 1930s. Accounting rules are at the heart of the

bank crisis. The international accounting standard board (IASB) in

London came under great political pressure to change its fair value

accounting rules that affect the valuation of these structured products,

and eventually proposed in June 2009 that these packages could be

priced based on the bank managers’ estimate of expected cash flows.

The IASB suspended the mark-to-market accounting rules for those

illiquid assets so that the banks could retain their equity and thus can

start lending money again. In September 2009, the G20 top backed the

IASB in its effort to promote IFRS as the world’s single accounting

standard, since they believe one standard will bring more stability in the

financial markets.

Politicians and banks bend international accounting rules

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ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours

of study. You will take 4 or 5 core courses and 2 or 3 electives of 6 ECTS

each, and write a Master’s thesis of 18 ECTS. The first semester starts in

September, with exams in December and January. The second semester

runs from January to June, but is divided in two. From January to March,

you will take courses. From April onwards, you will be able to focus on

writing your Master’s thesis.

This programme is provisional. For more information about the

programme and the courses, please check the electronic study guide

on our web pages at www.tilburguniversity.nl/studyguide

CFA programme partnerAs of 2009 our school has been awarded the status of a CFA

programme partner. Within the Master’s programme in Accounting it is

possible to follow the Chartered Financial Analyst (CFA) track.

This implies that the courses within this track cover at least 70% of the

CFA Program Candidate Body of Knowledge (CBOK). Students within

the CFA track will be exposed to the concepts and principles that

investment professionals around the world have deemed integral to

global practice.

The CFA programme partnership signals to you and the marketplace

that our MSc is closely tied to professional practice, and that the

courses within the track are an excellent preparation for the CFA exams.

Erik Leseman, President of CFA Society of the Netherlands (photo left) and

Prof.Dr.Philip Joos, Director MSc Accounting (photo right) during signing

ceremony of partnership between Tilburg University and CFA Institute on

June 18, 2009.

Advanced Financial Accounting The course focuses on specific financial accounting topics related to

business combinations, consolidated financial statements, foreign

operations, and derivative financial instruments. This advanced course

relies on International Financial Reporting Standards (IFRS).

Accounting Theory This course provides an overview of the elements that affect

financial reporting quality. Recent advances in academic research

are used to discuss how regulation, auditors, financial institutions,

investors, accounting standards and compensation structures affect

management’s reporting decisions. Each element is illustrated with

examples from the financial press or excerpts from financial statements.

You will have a better understanding of the financial reporting

environment, reporting incentives and ethical issues.

http://www.tilburguniversity.nl/studyguide

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Corporate Financial Reporting The primary objective of this course is to advance your understanding of

financial accounting under International Financial Reporting Standards

(IFRS). Topics include tangible and intangible assets, impairment

issues, special cases of revenue recognition, deferred taxes, segment

reporting, and employee benefits. Class materials also include IFRS

standards and case studies.

Financial Statement Analysis During the first part of this course a framework for financial analysis

and valuation will be presented. The four phases of this framework

(strategy analysis, accounting analysis, financial analysis and future

focused analysis) will be discussed in detail. The second part of this

course focuses on the different applications of financial analysis, such

as investment decisions and the valuation in case of mergers and

takeovers. These subjects will be examined by using case studies from

the real business world. Students will also analyse and value a

corporation during group assignments.

“Through in-house days I became more familiar with accounting practice

and became curious about the job of accountant. I decided that the MSc

Accounting was the perfect way to academically prepare myself for a career

in the accounting industry. During my Master’s year I decided to pursue an

internship and business course. In November I joined an audit team of

PricewaterhouseCoopers for one day and learned that as an accountant

you should be able to understand the business behind the figures and also

be able to socially interact with clients. That for me is the perfect

combination. Internships are available year round at the big four

accountancy companies; Deloitte, KPMG, Ernst & Young and

PricewaterhouseCoopers, but also at the small or middle sized accounting

companies. You can choose to join an audit team for one day but there are

also possibilities to join the team for a couple of months as a full

employee. In March I participated in a business course in Barcelona.

During three days we worked on an accounting case and also made

ourselves familiar with the company and business culture. A perfect

opportunity to experience the business culture is writing your Master’s

thesis at one of the accounting companies. You will write your thesis at

their office and the company provides you with a laptop and personal

company advisor. After the Msc Accounting and the earlier mentioned

experiences I now feel confident to enter the job market.”

Susanne Bouwmeester The Netherlands, student of the MSc in Accounting

“I feel confident to enter the job market”

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Adopting a new set of accounting principles, such as International

Financial Reporting Standards (IFRS), improves the comparability of

financial reports among firms. However, changing accounting rules

imposes costs on preparers and auditors: they face nonrecurring costs

to adapt systems, train personnel, and gain experience in interpreting

the new standards. However, it also requires extra attention from the

investment community. Investors and financial analysts use financial

statements as a primary source of information to make their investment

decisions. Insufficient knowledge could result in (temporary) under- or

overvaluations of the firms’ shares. Most managers clearly prefer not to

have their firm undervalued for all kinds of reasons: it makes it more

costly to raise new capital, it is likely to increase the chances of a hostile

takeover, job security might be lower, and their own equity portfolio

might be worth less. On the other hand, they also want to avoid

overvaluation, since overvaluation means they might be held legally

liable for failing to disclose information relevant to investors.

To prevent such misvaluations, managers should communicate

information in press releases or conference calls in addition to posting

their financial statements on the corporate website.

The year 2005 is a milestone in financial reporting: more than 7000

publicly listed companies in Europe switched to IFRS. Right before

the switch, many investors and analysts voiced their concerns about

(the interpretation of) the new rules and were submerged in uncertainty.

Managers therefore organised meetings with analysts and published

additional documents where they reconciled their local GAAP financial

statements with IFRS in more detail. According to Christensen et al.

(2008) and Horton et al. (2008), these reconciliation reports are

associated with significant stock market reactions, suggesting that

investors’ beliefs are indeed altered by these reports. However, the

timing of these documents also seems to be important; if the release

was delayed, no price reaction was observed.

“We have given ourselves the task to incorporate academic research in

every course we teach. This means that students learn how to study

accounting issues at a fundamental level. In addition, they also need to

be able to apply those fundamental concepts to real business problems.

We even ask students to come up with alternatives for existing theories!

The MSc programme in Accounting is attractive to students for at least

two reasons. The first one is that students are trained to become both

managers and financial specialists. Besides the financial focus of the

programme, students will also gain sufficient knowledge of organisation

and strategy. This means that our graduates will have a broad business

background. The second reason to choose MSc Accounting is the

preparations we offer for two post-Master’s programmes, namely

Accountancy and Controller. Students who wish to continue with

academic research, can enter the Research Master’s programme in

Business, Accounting track. In general, the job opportunities for our

students are outstanding and the opportunities for PhD students from

Tilburg are excellent – both nationally as well as internationally.

Other schools are jealous of our department.”

Communicating a change in accounting standards

Case Prof.Dr. Jan BouwensProfessor of Management and Financial

Accounting. Studied at Tilburg and Melbourne

and worked at Nyenrode Univerity. Since 2004

Professor of Accounting at Tilburg University,

main research topic is performance

measurement system design

“Others are jealous of our department”

18 19

Career ProspectsAfter completing this Master’s programme, you may start your

professional career as an accounting specialist in accounting or

management control positions in companies, with a consultancy firm,

but also in financial analysis in banks, insurance companies or other

institutional investors. More specifically, in positions such as controller,

accountant, financial manager and financial analyst. If you follow the

Accountancy track, you can enter the part-time Post-Master RA

programme while you work at an accountancy firm.

Admission RequirementsIn order to have direct access to the Master’s programme in

Accounting, you need a Bachelor’s degree in Bedrijfseconomie,

International Business, International Business Administration

(former Business Studies) or Fiscale Economie.

Students with a Bachelor’s degree in Economie en Informatica and

Economics (former IEF), including the course Accounting 2 also have

access. If you want to follow the Accountancy track, it is highly

recommended that you take Intermediate Management Accounting and

either Intermediate Financial Accounting or Comparative Financial

Accounting. If you have a relevant university degree of another

university, the Admission Board will assess your application. For more

information see chapter ‘Admission and Application’.

Prof.Dr. Philip JoosProfessor of Financial Accounting

“I cannot emphasise enough the importance of ethical behaviour in financial reporting”

“Accounting Theory is a course in which we discuss the academic

financial accounting literature. We discuss issues related to financial

reporting quality, such as why we have regulation, why we need

enforcement, how stock markets react to earnings releases, how

managers should be compensated, how accounting information helps

in decision making. I encourage active class participation during the

lectures and the student presentations. At the beginning of the

millennium we saw a tsunami of corporate scandals where CEOs

commit fraud and violate the accounting rules (Enron, Computer

Associates, Xerox, Ahold, Lernout & Hauspie, Parmalat). They financed

their lavish lifestyle with the millions they looted from their companies.

Instead of maximising shareholders’ firm value, they maximised their

own wealth. As a result, investors’ trust, in the capital markets as an

efficient capital allocation mechanism and financial reporting, was

broken. Governments around the world rushed to implement new

corporate governance codes. I believe strong and effective enforcement

is a necessary condition to have a highly transparent reporting system

and efficient capital markets. Heavy sentences for fraudulent CEOs are a

clear public signal and might prevent other CEOs in doing the same. An

active Securities Exchange Commission, with real powers to investigate

reporting irregularities, is a key building block in a capital market, and is

also the key to success in the implementation of the new International

Financial Reporting Standards. I cannot emphasize enough the

importance of ethical behaviour in financial reporting. Our partnership

with the CFA institute further offers the students the opportunity to

learn the CFA Institute Standards of Practice and Code of Ethics.”

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“After graduating, I first traveled through South-America for a couple

of months, so when I came back I was full of energy to start working.

A new job, a new city (I moved to Amsterdam), and a whole new daily

routine. Although I already gained some working experience during my

studies, having a full-time job still turned out to be quite different.

I am very happy with my current position as junior controller at the

financial reporting department of Albert Heijn. Together with a team of

young and enthusiastic colleagues I am responsible for the performance

measurement of all operating companies of Albert Heijn. This means

that one day we could be analysing the financial consequences of

a certain strategy, another day we are drawing up reports for the

management team, or making forecasts about the future performance

of e.g. Albert Heijn, Etos or Gall & Gall.

The work environment is very dynamic and I find it fascinating to see

the outcomes of important decisions (that are taken on basis of our

analyses) directly back in the stores. In addition, as I am enrolled in the

talent programme, I regularly take part in trainings which contribute to

my personal development.

Next year I will start with the Executive Master’s programme of Finance

and Control.

Many people might not realise that solid knowledge about accounting

and financial processes is vital in understanding any business. It is not

just important for accountants or controllers. This Master’s programme

provides a solid background and therefore ensures you are already one

step ahead.”

Linda Buiks The Netherlands, Alumnus of the MSc Accounting

“Knowledge about accounting is vital in understanding business”

Econometrics and Mathematical Economics

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CharacteristicsThe programme Econometrics and Mathematical Economics focuses

on the mathematical and quantitative analysis of economic problems.

While Econometrics makes an explicit link between statistical techniques

and the economic problem formulation, Mathematical Economics

structures the economic problem, using models that incorporate both

competitive and cooperative aspects. Applications deal with auctions,

labour market, capital investment, industrial organisation, strategic

behaviour of firms, and individual decision making. This programme

enables you to scientifically apply mathematical and statistical methods

to analyse and solve quantitative problems in economics and business for

governments, companies, non-profit sectors or consulting firms.

In addition, you will be provided with a solid basis to pursue a scientific

career in economics or business.

Is this the right programme for me?The MSc Econometrics and Mathematical Economics is an intense and

rigorous programme, which offers you an exceptional opportunity to

earn a highly regarded graduate degree in the challenging field of

quantitative economics. Alumni in this field do not need to worry about

their future. The programme is taught entirely in English by a range of

carefully selected top researchers and well-known professors in the field.

At a Glance

Name Econometrics and Mathematical Economics

Duration 1 year

Type Full-time



Best Preparatory Bachelor’s Econometrics and Operations Researchprogramme

Core Courses Track Econometrics: Econometric Theory, Micro-Econometrics, Empirical Finance, Quantitative Models in Marketing, Panel Data Analysis of Microeconomic Decisions

Track Mathematical Economics: Dynamic Real Investment, Advanced Game Theory, Nonlinear and Robust Optimisation, Seminar Competitiveness of the European Economy, Incomplete Information

Career Prospects Government, consultancy, large companies, nonprofit sector, science

Start September


More Information www.tilburguniversity.nl/masters/eme

http://www.tilburguniversity.nl/masters/eme

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Track Econometrics (E) Core CoursesEconometric Theory•

Empirical Finance•

Micro-Econometrics•

Panel Data Analysis of Microeconomic Decisions•

Quantitative Models in Marketing •

ElectivesThe core course not selected above•

Dynamic Real Investment•

Financial Models•

Advanced Game Theory•

Issues in Finance and Insurance•

Management Science•

Nonlinear and Robust Optimisation•

Operations Research and Management Science in Practice•

Pension System Design•

Simulation•

Other courses, to be approved by the examination committee•

Track Mathematical Economics (ME)Core Courses



Micro 3 (Incomplete Information)•


Seminar Competitiveness of the European Economy•

ElectivesThe core course not selected above•


Financial Models•





Panel Data Analysis of Microeconomic Decisions•


Simulation•

Other course, to be approved by the examination committee•




•

Prof.Dr. Dolf Talman Professor of Game Theory and

Equilibrium Programming

Coordinator MSc Econometrics and

Mathematical Economics

“Learn the newest theories,techniques and applications”

“The Master’s programme in Econometrics and Mathematical

Economics focuses on tools from mathematics and statistics that are

used to analyse economic problems in a quantitative way. You will learn

how to apply modern methods and techniques, so that later on new

mathematical or statistical tools can be developed instead of simplifying

or adjusting the problem in order to utilise known tools. All our teachers

are members of the renowned research institute CentER of our

university. CentER creates the excellent environment and facilities to

publish in high quality international journals and to teach on a high

scientific level. It guarantees that our Master’s students in Tilburg learn

the newest theories, techniques and applications.”

Balazs Toth Hungary, Alumnus of the MSc

Econometrics and Mathematical Economics

“I heard positive reports about Tilburg”

“After receiving a Master’s degree in Investment Analysis in my

homeland Hungary, I pursued the idea of obtaining another more

specialised one abroad. My search was based on three main aspects,

namely an English taught programme, a university with an excellent

reputation and the financial affordability. In addition, I had heard some

positive reports about Tilburg from students at my previous university,

so making the final decision was easy for me. Because of my interest in

mathematics and econometrics, I chose the MSc programme in

Mathematical Economics and Econometric Methods. It is one of the

most international programmes of Tilburg University, which creates a

very advantageous situation for students, facilitating the integration and

socialisation of students from all cultural backgrounds. After finishing

my course work, I started an internship at a Dutch insurance company.

My Master’s thesis focused on interest rate modeling and measuring

the effect of interest rate movement on the risk position of companies.

Currently, I have a permanent job there. Among others I have

participated in developing actuarial models for different insurance

products, taken part in calculating the capital position of the company

on a regular basis. The recent financial situation creates new challenges

day by day.


26 27

Firms choose their size (capacity) before they choose the price of the

product, depending on the choices of their competitors in the market.

This strategic behaviour can be modelled as a two-stage noncooperative

game in which firms choose their capacity in the first stage

and their prices in the second stage. A pre-stage could be to decide to

enter the market or not. A multi-stage game can be solved by first

solving the game in the last stage for all possible outcomes of the

second-last stage and then by solving the game of the second-last stage

knowing the solution of the last game in the stage, and so on. The final

solution of the game in the first stage then determines the solution at

all stages. Thus, whether the firms enter or not, how much capacity is

chosen and which prices are set.

Games and Cooperative BehaviourThis course offers you insights in models from cooperative game theory

in which cooperative behaviour is the central feature of social or

economic interaction. Main topic is the problem of dividing the gains

from cooperation in a fair way.

Micro-EconometricsHow can microeconometric and behavioural models and techniques

be applied to analyse economic issues? The relation between data,

econometric models and techniques, and economic models, will be

studied and several economic applications are given.

Panel Data Analysisof Micro-economic DecisionsIndividuals and households often make similar decisions every year,

taking into account changes in prices and other factors. Examples are

consumption expenditures, savings and portfolio choices (including

investments house ownership or a retirement plan), labour force

participation and labour supply decisions, decisions on smoking,

drinking and other health related behaviour, investments in durable

goods, etc. This course presents theory and applications of

econometric panel data models that can be used to analyse how

such decisions are made.

Dr. Pavel Čížek Lecturer Econometrics

and Mathematical Economics

“A unique cross section through classicaland modern econometric methods”

“As an econometrician, I develop new estimation methods with

applications in labour economics, finance, and so on. And since any

method is useless if nobody can use it correctly, I highly value and like

very much the programme Econometrics and Mathematical Economics.

In my opinion, it presents a unique cross section through classical and

modern econometric methods as they are applied in micro-economics,

industrial organisation, finance, and many other fields with emphasis

on real applications and understanding the story data tell us.

In addition, students have the possibility to go deeper under the surface

and widen their understanding by choosing electives.”

The Multi-Stage Game

Case

28

Career ProspectsWith a Master’s degree of Science in Econometrics and Mathematical

Economics your job opportunities are in governmental agencies,

research institutes, consultancy agencies or research departments of

large companies, banks, insurance companies, non-profit sector and

pension funds. Many alumni later on become manager of the

department they started their career in or they move to a position where

they fulfill management tasks in combination with their regular tasks. A

scientific career in econometrics, mathematical economics, operations

research or quantitative economics is also possible. After this MSc

programme, you can apply for the second year of the Research Master’s

programme in Business or Economics of CentER Graduate School. After

that, you might enter a PhD track and subsequently proceed as post-doc

or tenure-track assistant professor. Many of today’s professors in

economics have a background in Econometrics and Mathematical

Economics.

Admission RequirementsTo successfully complete the Master’s programme in Econometrics and

Mathematical Economics, you must have a solid background in

mathematics and statistics. With a Bachelor’s degree in Econometrics

and Operations Research, or equivalent, you can be admitted to the

programme. But also any Bachelor’s degree with sufficient

demonstrated knowledge of mathematics and statistics will generally

result in admission to this Master’s programme. In that case, the

Admissions Board will assess your application. For more information

see chapter ‘Admission and Application’.

To be sure that you meet the required entry levels, you should review the

following literature:

Bain, L.J. and M. Engelhardt: Introduction to Probability and•

Mathematical Statistics (Duxbury, 2nd Edition 1992)

Sydsaeter K. and P. Hammond: Essential Mathematics for Economic•

Analysis (Pearson Educational Limited, Essex 1974)

Lay D.C.: Linear Algebra and its Applications (Addison-Wesley,•

2nd Edition, Amsterdam, 1997).

Economics

29

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At a Glance

Name Economics

Duration 1 year

Type Full-time



Best Preparatory Bachelor’s programme Economics

Four Tracks Competition and Regulation, Socio-economic Policy Resources, Development and Growth, International Economics and Finance

Career Prospects General management, government, applied research, consultancy, policy maker at (inter)national institutions

(EU, IMF, NMa, WTO, etc.), PhD track

Start September


More Information www.tilburguniversity.nl/masters/ec

CharacteristicsThe world economy has been in big turmoil over the past years.

The world economy became increasingly more integrated, when

markets for many goods and even services got an international scope.

This allowed firms to expand and open economies to flourish. But also

the risks and problems of international integration have become

apparent. Firms are now exposed to the big fluctuations of world

demand and to tough international competition. Governments depend

more and more on an international capital market that can be volatile.

Failing international (financial) market regulation, irrational investment

behavior, and strategic actions make sound economic decision making

a complex and challenging task. Both firms and governments have to

cope with markets that are not just bringing together demand and

supply in an efficient way, but have to take into account systematic

inefficiencies, imperfect regulation, asymmetric information among

market participants, and other market failures.

The Master’s Programme in Economics at Tilburg University aims to

deepen your understanding of how markets function, when they fail,

and what the implications for strategic behavior are by the various

market participants, including companies, market organisations, and

the government. You can choose among four tracks within the

Master’s: Competition and regulation; Socio-economic policy;

Resources, development and growth; and International economics and

finance. You are trained to handle the complex and dynamic problems

of the modern economy and are taught how to gather, process, and

analyse information, and how to communicate the results of the

analysis in an effective way.

Prof.Dr. Sylvester EijffingerProfessor of Financial Economics,

Jean Monnet Professor of European Financial

and Monetary Integration, Research Fellow

CEPR and CESifo, Board member European

Banking Center, visiting professor of Harvard

University (2003 and 2008)

“Tough but fun.That’s better than dull and easy!”

“The seminars and electives in this Master’s programme are taught by

the most reputed professors of Tilburg University. These professors are

not only well-known because of their academic publication and citation

record, but also renowned in policy circles. They are considered to be

the leading professors in the Netherlands and in Europe too. Of course,

the teaching by these professors is based on ‘frontiers of science’

research and ‘state-of-the-art’ policymaking. It’s tough but fun.

That’s better than dull and easy!

My recent research on the accountability and transparency of the major

central banks in the world, amongst others, is important for one of my

courses in this Master’s programme. In that perspective, it is also

relevant to know that I am a member of the Panel of Economic and

Monetary Experts of the European Parliament since 2000 for the

accountability and transparency of the European Central Bank.

Furthermore, I have advised the European Commission in January 2003

about the redesign of the Stability and Growth Pact. Another focus of

my research is, therefore, the interaction between European monetary

and fiscal policy.”

http://www.tilburguniversity.nl/masters/ec

32 33

Is this the right programme for me?The MSc Economics is carefully designed to train students how to handle

the complex and dynamic problems of the modern economy. You are

taught how to analyse the complex problems of market failures and

strategic interaction, how to gather and process the relevant information,

and how to effectively communicate the results of your analyses. Our

economics graduates are in high demand with employers from both the

public and private sector. Moreover, recent research has shown that

economics graduates earn up to 24% more than the average graduate.


of study. You take seven courses of 6 ECTS each, and write a Master’s

thesis of 18 ECTS. The first semester starts in September, with exams in

December and January. The second semester runs from January to June,

but is divided in two. From January to March are reserved for course work;

from April onwards, you can focus on writing your Master’s thesis.

ECTSApplied Methods for Economists 6

At least four of the following courses (6 ECTS each): 24-36

Seminar Labour Economics•

Seminar Development and Growth•

Seminar Public Economics•

Seminar Environmental Economics•

Seminar Competitiveness of the European Economy•

Seminar Game Theory and Industrial Organisation•

Seminar Competition Policy•

Seminar Competition and Regulation in Network Industries•

Seminar Competition and Regulation in Health Care Markets•

Seminar Taxation and Trade•

Seminar Financial Economics•

Seminar Financial Markets and Institutions•

Seminar Investment Analysis•

Corporate Governance and Restructuring•

Maximum of two electives 0-12

Master’s Thesis 18




Tracks You have substantial freedom in selecting the courses you wish to take,

but that does not necessarily mean that all combinations of courses are

equally appealing. You can follow a clear track by choosing the right

topic for your thesis, by choosing the right combination of core courses

and electives, and by focusing your coursework on the topic you wish to

specialise in. We have identified four sets of courses that make up

packages with a distinct track.

Competition and Regulation‘Competition and Regulation’ consists of courses that focus on how

markets can be organised. This track has a clear Industrial Organisation

focus, as evidenced by the key courses Seminar Game Theory and

Industrial Organisation, Seminar Competitiveness of the European

Economy, Seminar Competition Policy, and the Seminars Competition

and Regulation in Network Industries and Health Care Industries.

This track is advised to students who wish to work for competition

authorities (e.g., NMa), regulatory bodies (such as DTe and OPTA),

Ministry of Economic Affairs, large consultancy firms

(PriceWaterhouseCoopers), specialised economic consultancies on

competition and regulation (Lexecon, Nera, Oxera), international

organisations such as EU and OECD, and economic departments of

large firms.

Alba Liko Albania, student of the MSc Economics

“Economics is part of everyday life”

“With globalisation taking place and the dynamic environment we live

in, it is pretty useful to understand economics. It is clear to see that

economics is part of everyday life. The Master’s programme in

Economics is quite broad, so you get the chance to study different fields

of economics as well as specialise in a particular track. I like the

majority of the courses, but I particularly like the Seminar Game Theory

and Industrial Organisation. It is very satisfying to understand complex

problems regarding decision making of players in different industries.

The professors in this programme are well-known academics coming

from different parts of the world. Besides the theory, they also cover

cases, academic papers and actual problems. This ensures that the

programme is really intensive and challenging, making Tilburg a decent

competitor for other Master’s programmes in Economics elsewhere.

So if you are looking for an internationally oriented university with a

good way of teaching and outstanding professors, then Tilburg should

definitely be on your short list. Moreover, the job opportunities you get

after obtaining this Master’s degree are also plentiful. What about my

own career plans? I would like to try consultancy first and I would also

like to work for the public sector (government) later. As I do not see

myself settling down in one country only, I am basically open to jobs

around the world.”


34 35

Socio-economic PolicyThe track ‘Socio-Economic Policy’ consists of courses that focus on how

governments can achieve their domestic policy objectives, taking into

account the constraints associated with ongoing international economic

integration. This track centers around the Seminars Public Economics

and Labour Economics. It is advised to students who wish to pursue a

career as policy advisor in national governments (Ministry of Social

Affaires, or other Ministries) or in international organisations 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.

Resources, Development and Growth‘Resources, Development and Growth’ focuses on the sources of economic

growth, the barriers to growth and development, and on the negative

consequences of growth. Key courses here are the seminars Development

and Growth, and Environmental Economics. This track is advised to

students who wish to pursue a career in international organisations

(World Bank), national governments (Ministry of Development

Cooperation, Ministry of the Environment), non-governmental

organisations, or internationally oriented consultancy firms.

International Economics and FinanceThe fourth track, ‘International Economics and Finance’, focuses on the

financial and international side of firm regulation and policy making.

Key courses are Seminar Financial Economics and Seminar Taxation

and Trade. Useful electives include the Seminar Game Theory and

Industrial Organisation and the Seminar Financial Markets and

Institutions, but also Seminar Competition Policy (for students

interested in competition issues in financial markets), and also

Investment Analysis and Corporate Governance (for students interested

in the investor’s side of the problem). This track is interesting for

students aiming for a career in banking (private but also central banks)

or in other private businesses who are regularly confronted with

international policy making, as well as for students who wish

to pursue a career as policy maker.

Pa Sinyan The Gambia, alumnus of the MSc Economics

“My decision to remain in Tilburg for this Master’s programme was

motivated mainly by the academic quality I knew would be guaranteed

at Tilburg University. Being taught by such internationally renowned

professors as Prof. Blommestein, Prof. Huizinga and Prof. Eijffinger, is a

huge privilege, as they are some of the brightest minds in Europe. I was

also very fortunate to work under the supervision of Prof. Blommestein

during my Master’s thesis, which meant that I could tap into the

knowledge of one of the foremost international experts in this field.

My Master’s thesis was titled ‘Transparency in the Management of

Public Debt’, and addressed an interesting area in the academic and

professional world of public finance management.

Over the course of my studies, I did an internship at the Central Bank of

The Gambia and one at the African Development Bank in Tunisia. These

were extremely valuable experiences, as they gave me an insight into the

areas that - up to that point – had remained solely theoretical. I was able

to observe the theories and concepts that I had become familiar with in

classes. I am currently working in Berlin for the German investment

promotion agency “Invest in Germany”. I am part of the Financing and

Incentives team that consults foreign investors that aim to invest in

Germany. My economics and finance background has proven to be

extremely valuable in this position. With the knowledge of finance and

economics gained during my time at Tilburg University, I am able to

advice investors on project financing options, as well as provide them

with macroeconomic analyses of the German economy.

This cross-cutting nature of the Economics programme makes me very

versatile in the working world. My future plans are to gain practical

experience in investment projects that will compliment my Tilburg

education, and to gain the opportunity to design, evaluate or manage

investment projects in the field of development economics. For this

goal, I believe that my time at Tilburg University has equipped me well,

both academically and personally.”

“I could tap into the knowledge of international experts”

36 37

Career ProspectsIn general, our alumni have outstanding career prospects and have

taken up influential positions at large enterprises (especially banks) and

consultancy firms all over the world, not to mention in government

ministries and other international institutes. All of our graduates obtain

employment soon after graduation. The Economics programme serves

as an excellent preparation for students who are aiming for a career in

consulting or as a policy advisor. Most of our graduates find their first

jobs in the private sector (internationally operating companies, banks,

management consulting firms, research bureaus), but they also find

jobs in public and non-profit sectors.

In addition, the Economics programme provides a very good

background for entering a Research Master’s or PhD programme, either

in the Netherlands or abroad. Because of the excellent reputation of the

Economics Department in both teaching and research, alumni of the

Master’s programme in Economics have a competitive advantage in all

jobs for which sound economic knowledge, strong economic intuition,

and sharp analytical and problem solving skills are required.

Admission RequirementsA Bachelor’s degree in Economics or in a similar programme

(e.g. in Econometrics) from a university that has been recognised

by the Admissions Board is required to enter the programme.

More precisely, a solid academic background is required in the fields of:

macro-economics•

micro-economics •

mathematics•

econometrics or statistics•

game theory•

And at least 5 ECTS in two of the below:

labour economics•

environmental economics•

public economics•

development economics•

international economics (i.e., both international trade and•

international finance)

European economics•

European financial and monetary integration•

industrial organisation•

A proficiency in English is also required.

Pre-Master’s programmeIf you have a Bachelor’s degree in Economics that does not meet all the

prerequisites, you may be advised to enter into a one-year pre-Master’s

programme after which you will be able to enter the Master’s

programme in Economics.

Free trade forces both individual firms and entire economies to

concentrate on doing what they do most efficiently by eliminating less

productive activities. In theory, making migration easier should have

similar effects, allowing a better matching of the supply of workers to

the demand and enabling workers with particular skills to relocate to

where those skills can be best put to use.

Some studies have found that the wages and employment of natives

(usually unskilled ones) fall when immigrant workers arrive. According

to the OECD, however, most studies have found that the negative effect

of immigration is small and short-lived. OECD also estimates that some

foreigners are more attractive for a country than others. Educational

levels, in particular, are crucial.

An immigrant who arrives with less than high school education is likely

to be a net drain on public finances, even when the future contributions

of the immigrant’s offspring are taken into account. An immigrant with

an education beyond high school, on the other hand, is desirable even

before his children’s future earnings are taken into account. For the

public purse, the most lucrative immigrant is a 21-year-old with

higher-level education; the least, one aged over 70 who did not finish

high school.

Both Australia and Canada use a point system to select those

immigrants that are of greatest economic value to their country.

This makes you wonder what other economic factors would be

considered for the point system besides age and education? To what

extent do you think such schemes can work? Also consider this case

when the imported labour is no longer productive.

Source: The Economist

Is immigration a drain on the public purse?

Case

39

At a Glance

Name Economics and Finance of Aging

Duration 1 year

Type Full-time



Best Preparatory Bachelor’s Economics, Econometrics and Operations Research, Bedrijfseconomie, or International Businessprogrammes

Core Courses Investment Analysis of Pensions and Aging, Macro-economics of Pensions and Aging, Micro-economics of Life-cycle behaviour

Career Prospects Insurance companies, pension funds, ministries, and other private and public sector institutions

Start September


More Information www.tilburguniversity.nl/masters/efa

Economics and Finance of Aging

38

http://www.tilburguniversity.nl/masters/efa

40 41

CharacteristicsDealing with an aging society is one of the major challenges

governments and businesses currently face. People tend to live longer

and take more precautions for their old age provision. Differences in life

courses between young people and previous generations are increasing,

and social security expenditure is lowered in several western countries.

These issues become increasingly important to our society. As such,

it gives you great research and job opportunities.

The one-year Master’s programme Economics and Finance of Aging is

the right choice to take on this challenge. This programme is very broad

and applies different perspectives like finance, economics and

econometrics to analyse aging related problems. The programme is

embedded in Netspar, Network for Studies on Pensions, Aging and

Retirement, located at Tilburg University. Netspar is supported by

universities and private and public institutions that have a keen interest

in Netspar’s research topics. Top lecturers of the affiliated universities

are involved in the Master’s programmes and specialists from the

private and public partners give guest lectures. Furthermore, students

will visit partner organisations and participate in workshops and other

Netspar events.

Guaranteed internshipsAn internship forms a unique and important element of the programme.

Netspar intermediates in finding a matching internship. In academic

year 2009-2010 the matching had a very high success rate. You are

supervised by a Netspar researcher and write a Master’s thesis based

on that internship. This set-up ensures that you write your thesis on a

subject that is relevant for the pensions and insurance sectors.

Is this the right programme for me?If you have a keen interest in economic and financial issues that are

related to aging combined with a proactive attitude, then this may well

be the right programme for you. You are challenged to actively

participate in the lectures, you receive assignments, and you are asked

to come up with your own suggestions to apply theory to real problems.

Lectures are given by top lecturers to relatively small groups of

students, creating opportunities for interaction between the lecturer and

the students. On top of that, this is the world’s first MSc in the field of

aging, pensions and retirement.


of study. You will take 5 core courses and 3 electives of 6 ECTS each, and

write a Master’s thesis of 18 ECTS. The first semester starts in September,

with exams in December and January. The second semester runs from

January to June, but is divided in two. From January to March, you will

take courses and prepare for the internship. From April onwards, you

will be able to focus on your internship and your Master’s thesis.

ECTSIntroduction to Economics and Finance of Pensions and Aging 6

Quantitative Research in Pension and Retirement Economics 6

Investment Analysis of Aging and Pensions I 6

Macro-economics of Pensions and Aging 6

Micro-economics of Life-cycle Behaviour 6

Two courses out of: 12

Health Economics and Aging•

Investment Analysis of Aging and Pensions II•

Psychology of Economic Behaviour•

Topics in Economics and Finance of Aging•

Master’s Thesis 18•




Jeroen Nijland The Netherlands, Alumnus of the MSc

Economics and Finance of Aging

“Strong focus on current issueswithin the pension sector”

“After completing both my Bachelor’s as well as my Master’s degree in

economics, I decided to further specialise in the field of pensions and

aging-related issues. This field was not completely new to me, as I had

already done the elective course Micro-Economics of Life-cycle

Behaviour. I liked this course so much that I decided to do a complete

Master’s programme in this field. An important aspect of these Master’s

programmes, is that the content is strongly related to current issues

within the pension sector. For instance, you start to understand the

problems that pension funds are facing in the light of the financial crisis.

This practical application of academic knowledge is something I continue

to use on a daily basis in my current job as pension advisor.

Until recently I worked for Heijmans, the third largest construction

company in the Netherlands. The fact that they have their own pension

fund made my job even more challenging. Together with four colleagues

at the pension department we were responsible for the pensions of all

Dutch employees of Heijmans. My main task was to check whether the

insurance companies are complying with the agreed pension schemes.

Moreover, I calculated the indexations, the additional costs as well as the

contributions. The next step in my career is to finish my actuarial degree.”


42 43

Introduction to Economics and Financeof Pensions and AgingWhat are the main issues underlying the current worldwide debate about

the aging of the population and its consequences for pension systems

from a microeconomic, a macroeconomic, and an institutional point of

view? This course emphasises the relationships between these three

perspectives. It considers the role of pension systems in redistributing

resources and sharing risks across and within generations.

Quantitative Research in Pensionand Retirement EconomicsThis course starts with a mathematic refresher and then focuses on the

use of empirical tools from statistics and econometrics in pension and

aging economics. The course discusses the main properties of a variety of

standard econometric models and their application to issues in aging,

retirement, pensions, saving, etc. You will learn to do empirical research

yourself and how to evaluate empirical research done by others.

Investment Analysis of Aging and Pensions I The focus of this course is on the investment decisions of institutions

as well as on individual agents that are related to aging and retirement.

Pension funds and insurance companies aim to offer (investment)

products that are attractive to participants or potential clients, select

investment portfolios and manage investment risks.

Macro-economics of Pensions and AgingMany western countries will be confronted with a doubling of the ratio

of pensioners to workers around 2040. This development raises many

policy issues. For example, how can state pensions and rising health

care expenditure be maintained in the future? How should the

government organise its taxation? Should pension schemes be

privatised? This course aims to give you a better understanding of the

challenges of aging on modern welfare states and pension systems.

Micro-economics of Life-cycle BehaviourThis course equips you with the tools to understand the micro-economic

arguments behind the debate about social insurance, social assistance

and tax policy. You will deal with models of retirement decisions and

decisions on saving for retirement and consumption. Emphasis will be

placed on the incentives for retirement and labour supply implied by old

age social security benefits.

“I chose this programme because it is very specialised in the field of

pensions and aging and it offers challenging courses such as

macro-economics, micro-economics and empirical research. For example,

you will learn how economic models can be estimated empirically

considering the aging effects. This programme suits my academic

ambition and my educational and professional background perfectly.

First of all, I studied a Bachelor in Economics and also took some extra

courses of the Master’s programme of Applied Mathematics in

Economics, so I was preparing myself for a challenging programme with

quantitative courses. Regarding my professional background, I worked in

the public and private sector of Peru in the topic of pensions, and I

realised that there is little empirical research on that topic. This lack of

applied research does not contribute to a better understanding of the

problems surrounding this issue. For that reason, I had an extra

motivation to choose this programme. Even though pension is a very old

topic, many countries have recently become more interested in. So, I am

convinced that there is a growing demand for specialised professionals

who know how to deal with the pressure of aging societies. In short,

prospective students should consider Tilburg University because it is

a very well ranked university with excellent professors and many fellow

international students. The courses are very challenging, but also well

structured and organised, so students do not have to worry about

anything apart from studying.”

Noelia Bernal Peru, Student of the MSc Economics and Finance of Aging

“Very well structured and very international programme”

44 45

The Pension Challenge

Case

The affordability of old age provisions is coming under pressure

because the Netherlands, like other EU countries, has to deal with the

consequences of an aging population. This is the challenge the

government, pension funds and the central organisations of employers

and employees, the so-called social partners, now face. Pension funds

play an important role in the Dutch pension system. The participants of

these pension funds pay premiums until retirement. In exchange, the

pension funds promise to pay pensions after retirement according to a

pension plan. In case of a defined benefit plan (more than 90% of the

pension plans), the pension funds promise to pay the participant, say,

70% of the last salary before retirement. To pay the promised pensions,

the pension funds invest the premiums in assets, like stocks and bonds.

The future returns on these investments are used to finance the

promised pensions. In case of a defined contribution plan the promised

pension payments depend on the returns (gains or losses) on the

pension funds investments in stocks, bonds, and real estate.

Questions:

1. Compare a defined benefit system with a defined contribution system

from a participant’s viewpoint.

2. What exactly is the challenge the social partners are facing?

3. Compare the financing of old age pensions through pension funds

with the alternative approach, where the government taxes the active

workers to pay the pensions of the retired workers. Discuss the

differences between the two pension systems, taking into account

the aging of the population.

Source:

International site Dutch Ministry SZW (Social Affairs and Employment)

www.internationalezaken.szw.nl.

The Netspar network

By entering the Master’s programme in Economics and Finance of

Aging, you are introduced to Netspar, a network for research and

education in the field of pensions, aging, and retirement. Netspar aims

to address the social and economic challenges of an aging population.

Its fundamental goal is to stimulate social innovation. This independent

network of academics and practitioners in the field is supported by

universities and private and public institutions. Many students do an

internship at one of the partner institutions.

Universities:

Tilburg University•

Maastricht University•

Utrecht University•

University of Groningen•

University of Amsterdam•

Erasmus University Rotterdam•

VU University Amsterdam•

University of Twente•

Industry:

ING•

ASR•

Cordares•

Interpolis•

Achmea•

Mn Services•

ORTEC Finance•

AEGON•

APG•

PGGM•

Cardano•

ABN AMRO•

Zwitserleven•

Other:

NOW•

SVB•

De Nederlandsche Bank•

stichting instituut gak•

Ministry of Economic Affairs•

Ministry of Finance•

Ministry of Education, Culture and Science•

Ministry of Social Affairs and Employment•

http://www.internationalezaken.szw.nl

http://www.netspar.nl/

46 47

Prof.Dr. Lans Bovenberg Founding father and Netspar Chair, Winner Spinoza prize (the ‘Dutch Nobel prize’) in 2004.

He is one of the most-cited Dutch economists in the national and international literature.

“Insurers and pension funds urgently need young talent”

Career ProspectsAs a graduate, you will have a broad scientific knowledge of modern

economics and finance, focused on the specific fields of aging, pensions

and retirement. The programme prepares you for a professional career

in the Netherlands or abroad at an insurance company, pension fund, or

private or public organisation working on pensions, aging, retirement,

health economics, etc. After graduation you can find positions in the

fields of strategy, policy, consultancy, investments, research, asset

liability management, control and treasury. All partners of Netspar have

clearly indicated that they have a need for graduates of this Master’s

programme. A PhD track and further orientation on a research career is

another possibility.

Admission RequirementsA Bachelor’s degree in Economics, Econometrics, or Business

Administration suffices for entry to the programme. If you have a

different degree the possibility to enter the programme will be judged

on an individual basis. More precisely, the courses in the MSc

programme Economics and Finance of Aging build on a solid academic

background at the Bachelor’s level in the fields of:

Macro-economics•

Micro-economics•

Statistics and Econometrics•

Financial Economics•

Mathematics•

Upon request, the Admissions Board may grant the opportunity to

rectify deficiencies during the MSc programme. You must be able to

function both independently and as part of a team of professionals

in the field and must therefore have good communication skills.

In addition, you must be motivated and interested in the practical

problems studied by Netspar. If you have a relevant university degree

of another university, the Admission Board will assess your application.

For more information see chapter ‘Application and Admission’.

Waivers and scholarships for all studentsFor the academic year 2011/2012, the Tilburg School of Economics and

Management has a maximum of 10 partial tuition waivers (reduction)

available for non-EEA students. Netspar sponsors 10 scholarships for

EEA students (including Dutch). These waivers and scholarships are

only available to students enrolled in the Master’s programme in

Economics and Finance of Aging. The waiver for non-EEA is

approximately u 3500. For EEA students the scholarship is u 3000.

“One of my research interests, and subject of this Master’s programme,

is risk sharing in the society. For young people absorbing risk is less

difficult than for old people. With the increasing number of old people,

risk sharing is becoming more expensive and challenging.

Taking risks is good for economic growth and innovation, as well as

entrepreneurship, but how to allocate the risk more efficiently through

pension systems, that is a difficult question. In order to deal with the

aging problem, we have to find the people who can best bear the risk.

Another issue of this Master’s programme, is the differences in life

courses between young people and previous generations. More women

work, people obtain better education, longevity is more common, etc.

This creates many new issues. Additionally, the government’s social

security expenses are cut in several western countries, as people take

more responsibility for their own future. The government, pension

funds and insurance companies are trying to find solutions for these

issues. They have an urgent need for new knowledge and thus for young

talent that can utilise this knowledge. Through internships our students

are offered a direct link to their future employers, such as pension

funds, insurers and government agencies. By combining working and

learning you use different perspectives like finance, economics and

econometrics, to analyse a single problem. At first glance, aging and

pensions may sound less relevant to young people. However, these

issues become more and more central to the future of societies

worldwide. If you would like to achieve your full potential, if you have

a keen interest in global issues, if you are able to combine various

perspectives and instruments, then this Master’s programme may be

the one for you!”

48 49

Finance

At a GlanceName Finance

Duration 1 year

Type Full-time



Best Preparatory Bachelor’s Bedrijfseconomie, International Business Administration (former Business Studies) or International Businessprogrammes

Core Courses Investment Analysis, Capital Structure, Empirical Methods in Finance

Career Prospects Chief Financial Officer, Financial Planner, Treasurer, Consultant, Investment Manager, Risk Manager, Investment Advisor

Start September Information Days 25 November 2010 and 19 May 2011

More Information www.tilburguniversity.nl/masters/fin

48

http://www.tilburguniversity.nl/masters/fin

50 51

CharacteristicsOur Master’s programme in Finance offers you a thorough education

in the essentials of investments and corporate finance. The core courses

in the programme focus on topics like the determination of a firm’s cost

of capital, the capital structure of a firm, risk and return characteristics

of investments, event studies, and portfolio management decisions.

The electives in the programme enable you to specialise in financial

management or investment analysis. These specialisations prepare you

for a professional career as chief financial officer (CFO), financial planner,

treasurer, portfolio manager, risk manager, or investment advisor.

In the first semester, all students take compulsory courses in

investment analysis, capital structure and empirical finance. This

ensures that every student knows the essentials of investments and

corporate finance. Next to the three compulsory courses you can

choose two electives in the first semester and two electives in the

second semester.

Prof.Dr. Luc Renneboog Professor of Corporate Finance, Academic Director of Master in Finance at TiasNimbas Business School,

CentER Fellow, Member of TILEC and Research Associate of ECGI (Brussels)

“It is the perfect jumping board towards a fine career”

“This Master’s programme offers students a thorough training in all

aspects of finance and also touches upon areas like Strategic Management

and Financial Accounting. The programme allows you to specialise in

either investment analysis or finance, for instance risk management,

(long-term) portfolio management, the technical aspects of valuation, real

options, capital restructuring, cost of capital determination and project

finance. But it also offers a broad business education, as the skills and

insights of the programme can be applied in many business situations.

Some examples are planning mergers and acquisitions, raising external

financing, bringing companies to the stock exchange and restructuring

corporations. The corporate finance training provided by this programme

can be used in many corporate settings. It is the perfect stepping stone

towards a fine career in industry, banking, or consulting.

Both large international companies like Unilever, DSM, Akzo, Shell as well

as smaller domestic firms, have recruited Tilburg students. In addition,

our students are also well prepared to work as financial experts in bank

divisions such as corporate finance, mergers and acquisitions, leveraged

buyouts, structured finance, equity valuation, etc.

All large Dutch banks, ABN AMRO, ING, Rabobank and SNS bank, and

many international banks such as Deutsche Bank, Merrill Lynch and

Goldman Sachs currently employ our finance alumni. Some alumni have

opted to work in financial consulting at McKinsey, Accenture, Deloitte

Corporate Finance, PriceWaterhouseCoopers, AT Kearney, FirstDutch and

Booz Allan Hamilton. Other employers who have hired our students are

venture capitalists, non-profit organisations, and the Dutch government:

the financial authority (AFM) and The Ministry of Finance.”

50

52 53

Is this the right programme for me?The programme is designed for students who are interested in

obtaining an academic background in business administration in

general and financial management and investment analysis in particular.

During the course of the programme you will learn how to solve

practical cases by using international scientific literature and discuss

case studies with fellow students. In general, career prospects within

the financial industry are outstanding, both on a national and an

international level.

CFA programme partnerAs of 2009 our school has been awarded the status of a CFA programme

partner. Within the Master’s programme in Finance it is possible to follow

the Chartered Financial Analyst (CFA) track. This implies that the courses

within this track cover at least 70% of the CFA Program Candidate Body

of Knowledge (CBOK). Students within the CFA track will be exposed to

the concepts and principles that investment practitioners around the

world have deemed integral to global practice. The CFA programme

partnership signals to you and the marketplace that our MSc in Finance is

closely tied to professional practice, and that the courses within the track

are an excellent preparation for the CFA exams.

Prof.Dr.Philip Joos, Director MSc Accounting (photo left), Dennis McLeavey,

Head of Education CFA Institute EMEA (photo middle) and Prof.Dr. Jenke

ter Horst, Director MSc Finance (photo right) during signing ceremony of

partnership between Tilburg University and CFA Institute on June 18, 2009.










on our web pages a www.tilburguniversity.nl/studyguide

ECTSCapital Structure (*) 6

Investment Analysis (* 6

Empirical Methods in Finance (*) 6

2 Electives from: 12

Corporate Governance and Restructuring (*)•

Corporate Valuation •

Derivative Securities and Risk Management (*)•

Investment Analysis of Aging and Pensions I•

Advanced Financial Accounting•

Strategic Management•


Financial Markets and Institutions•

Treasury Management •

Financial Statement Analysis (*)•

Financial Analysis and Investor Behaviour (*)•

Entrepreneurial Finance (semester 2)•


* These CFA-courses are compulsory for those students who wish to take

part in the Tilburg-CFA Institute partnership.


54 55

Wenjia Sun China, student of the MSc Finance

“It inspires me to think outside the box”

“When I was a Master student at Dongbei University of Finance and

Economics (DUFE) in China, majoring in Financial Management,

I attended a presentation of Tilburg University. I learned that Tilburg

is famous for economics, so I visited the website and searched further

information on the internet. DUFE cooperates with Tilburg University,

so the application procedure was quite easy and straightforward for me.

What I like about the programme is that my fellow students are from

different countries with different backgrounds and even the lecturers

have different nationalities. People share their ideas, stories and

experiences in this international environment, which is very inspiring,

especially when discussing international case studies. Capital Structure

is my favourite course because of its teaching style. This course mainly

focuses on the classic literature about financial decisions and capital

structure. We discussed the whole idea of the paper in the class room

and tried to understand every formula. In general, the lecturers are

always encouraging us to share our opinions and discuss them during

group assignments. Sometimes I find that my ideas are quite different

from the Dutch students, which inspires me to think outside the box.

This also applies to my internship at the internal auditing department

of Royal Wessanen. The stimulating working environment at this

multinational food corporation enabled me to learn so many things

within just a few months, so hopefully I can find a job in the

Netherlands after this internship.”

Capital StructureThis course will cover the most important theories in the field of capital

structure like information asymmetry, agency costs, signalling and

corporate control. We will discuss their validity using a broad range of

theoretical and empirical issues related to the management of a firm’s

equity and debt and its dividend policy. In the lectures four main topics

will be addressed: capital structure, security design, the decision

between private and public equity and law and finance.

Investment AnalysisThis course teaches the foundation of modern investment theory. Both

measures of (downside) risk (such as Value-at-Risk) and models for

expected returns (such as the CAPM and the APT model) will be

discussed in detail. Students will learn how to form optimal portfolios

for both short and long term investors (such as pension funds). The

final part of the course will deal with bond pricing and models for the

term structure of interest rates.

Empirical FinanceDuring this empirical course you will learn to apply empirical research

methods in finance. Many cases will be discussed. Questions like how

to measure whether publically announced information affects stock

prices (event studies), or how products like reverse convertibles

are structured and what their risk-return profiles are, will be

discussed in detail.

Prof. Dr. Jenke ter Horst Professor of Finance,

Academic Director of Master in Finance

“A broad understanding of financial theories”

“What I particularly like about the MSc in Finance is that it gives our

students a broad understanding of financial theories. Students will be

confronted with essential financial management topics like the capital

structure and the dividend policy of firms. Moreover, students will be

made aware of the basic elements of investments. Besides discussing

theories, students also have to apply their acquired knowledge in many

case studies and assignments.

Furthermore, most of the members of the Department of Finance at

Tilburg University have publications in top-tier finance journals like e.g.

Journal of Finance, Journal of Financial Economics, Review of Financial

Studies and Journal of Financial and Quantitative Analysis. This implies

that our lecturers have well developed academic skills and up-to-date

knowledge in the field of finance. As a student you will surely benefit from

it. The knowledge and skills you develop during the course of the

programme will undoubtedly be very important for a successful career in

the financial industry. I therefore hope to welcome you to our programme!”

56

Career ProspectsThe Master’s programme in Finance prepares you for a wide range of

professional careers, such as chief financial officer (CFO), financial

planner, treasurer, portfolio manager, risk manager or investment

advisor. As the programme offers you a solid education in business

administration in general and in financial management and

investment analysis in particular, this yields an attractive profile for

financial institutions like banks, insurance companies, investment

funds, and pension funds.

Admission RequirementsIf you have a Bachelor’s degree from Tilburg University in Bedrijfs-

economie, International Business Administration (former Business

Studies), or International Business you will have direct access to the

Master’s programme in Finance. If you have a Bachelor’s degree from

Tilburg University in Economie en Informatica (former Information

Management), Economie en Bedrijfseconomie (former Algemene

Economie) including the courses Finance 2 and Accounting 2, you will

also have direct access. If you have a Bachelor’s degree from Tilburg

University in Economics (former International Economics and Finance)

including the courses Corporate Finance and Accounting 2, you will also

have direct access.

For students with a Dutch Professional Bachelor’s in Business

Administration (hbo) a pre-Master’s programme is offered. If you have

a relevant university degree of another university, the Admission Board

will assess your application. For more information see chapter

‘Admission and Application’.

Chris Kaashoek The Netherlands,

Alumnus of the MSc Finance

“Dealing with the daily dynamics of thestock market”

“Immediately after finishing my Master’s degree in Finance, with a

specialisation in Investment Analysis, I was offered a job as equity

analyst at Kempen & Co, a Dutch merchant bank, in Amsterdam. This

job offer offer was very much welcomed by me, as I did my internship at

this company during the last three months of the Master’s programme.

Since January 2007 Kempen & Co is part of Van Lanschot Bankiers and

provides various specialised financial services in asset management,

corporate finance and securities brokerage. Clients include institutional

investors, financial institutions and high-net-worth private clients.

What I like most about this job, is dealing with the daily dynamics of the

stock market. Moreover, I have ample opportunities to use my analytical

as well as my commercial skills in dealing with clients and their financial

needs. I am planning to stay in this job for a while, as my tasks and

responsibilities suit my educational background and interests perfectly.

The fact that I work with other young, ambitious and enthusiastic

people is an added bonus. Many of my study friends are currently

working in Amsterdam so it is good to see that job opportunities are

plenty. My future plans? I am hoping to grow and further specialise as

an analyst. If my working life continues to be as fun and interesting as

my study life, I have nothing to worry about.”

Information Management

57

58 59

CharacteristicsThe Master’s programme in Information Management is based on

three pillars: transforming business with IT, managing knowledge for

business performance, and selecting and deploying the enabling

technologies. The first pillar revolves around the strategic application

of IT, which goes far beyond merely improving existing business

processes. Instead, it focuses on gaining competitive advantage by

fundamentally changing an enterprise. The second pillar of the

programme places knowledge management at its heart for the purpose of

innovation in different technological and market environments. The third

pillar is the technological pillar on which the programme is rooted.

It embodies state-of-the art methods and techniques to enable integrated

business processes, realising virtual supply chains and networked

organisations. Although technical aspects of information systems are

incorporated in the programme, the main emphasis is on managerial

aspects. In short, you will learn how to manage IT to transform an

organisation and improve business processes.

Is this the right programme for me?When you join this programme, you will be assured of a unique

educational experience, which combines the fields of ICT, Business and

Management. Amongst other things, you will learn to explore the

relationships between an organisation’s goals, its decision-making

processes, and the level of access to relevant information.

At a Glance

Name Information Management

Duration 1 year

Type Full-time



Best Preparatory Bachelor’s programme Economie en Informatica (former Information Management)

Core Courses Business Transformation and IT, e-Business, Business Process Integration, Advanced Resource Planning, Management of Knowledge and Innovation, Seminar Information Management

Career Prospects Business Process Analyst, IS project manager, IS Analyst /Architect, Systems Consultant, EDP Auditor,

IT-Manager, Chief Information Officer (CIO)

Start September


More Information www.tilburguniversity.nl/masters/im

http://www.tilburguniversity.nl/masters/im

60 61

Yiannis Nousis Greece, alumnus of the MSc Information Management

ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680

hours of study, offered over two semesters. The first semester contains

5 courses of 6 ECTS and starts in September, with exams in December

and January. In the second semester, February to June, you will take two

courses and write your Master’s Thesis. The Master’s programme in

Information Management offers a number of courses from which you

can choose to meet your personal interests. Choose at least 4 courses

out of:

Advanced Resource Planning•

Logistics and Information•

Business Intelligence•

Business Process Integration•

Business Transformation and IT•

Management of Knowledge and Innovation•

Method Engineering•

Besides these courses, you will participate in the Seminar Information

Management (6 ECTS) and E-Business (6 ECTS). Additionally, you can

select one course out of any MSc programme offered by the

Tilburg School of Economics and Management.




International OrientationClearly, there is a critical need for Information Management graduates

that can operate in a global business context. We therefore offer several

instruments to prepare our students for an international career. Firstly,

the lecturers are largely international, blending their way of thinking

and working with the content of the courses while sharing their

business and cultural knowledge. Also, several of our key lecturers have

been very active themselves in developing textbooks, which are not only

used in our global classroom but also all over the world, and published

at prestigious publishers such as Prentice Hall, Addison-Wesley, and

MIT Press. Moreover, the department of Information

Management has several international collaborations with

universities and institutes of high-international stature

such as UC Berkeley (USA), Tsinghua University

(China) and the University of South-West Wales

(Sydney, Australia). Lastly, Erasmus

collaborations exist with universities

throughout Europe, including Stuttgart

University (Germany) and Crete

University (Greece).

“The most interesting aspect of the Master’s programme in Information

Management is that it deals with an area that is relatively new and

modern. A lot of things we are learning now did not even exist five or

ten years ago. I also like the combination of the areas of business and

information technology. I did my previous studies in my home country

Greece and decided to do my Master’s degree at Tilburg University

because of the high rankings and excellent reputation.

I have very fond memories of my time in Tilburg. Besides my studies,

I tried to enjoy life in the Netherlands, get to know new places, meet

new people and find some spare time for my hobbies. I believe that the

student life in Tilburg for an international student is very enjoyable and

hospitable. There is a good connection between the international

students and the Dutch students. For instance, I like the fact that you

can live in The Netherlands easily without speaking Dutch, which is a

proof of the hospitality, open-mindedness and friendly character of the

Dutch people. I believe that the quality of life plus the beautiful Dutch

cities make the Netherlands a very good country to live in. Despite my

positive impressions of the place, I eventually decided to go back to

Greece after my graduation.

I am currently working for a group of companies mainly aiming at the

distribution of technology products (PC’s, computer games, security

systems etc.) to retail shops and offering web solutions. My duties in

this company are mainly IT support in windows clients and servers,

and support of the ERP system of the group. I am also involved in the

support and maintenance of the companies’ websites, web services and

telephony center and I am doing some technical documentation work.

Enough to keep me busy for the next couple of years, I would say!”

“What we are learning did not exist five years ago”


62 63

Prof.Dr. Piet Ribbers Professor of Information Management (CentER for Economic Research)

Member of the editorial board of Information & Management -

The International Journal of Information Systems Applications

“Intermediation and Demand Management”

“Information and Information Technology (IT) are an increasingly

integral part of products and services and the foundation of business

processes. Organisations must know how to make the right choices

with respect to the new IT systems and at the same time ensure that

existing business processes continue to receive a high quality service

from IT. The tight link between IT and organisational processes means

that the IT department is not alone in its responsibility for effective use

of information and IT. Getting more value from IT is an increasingly

important organisational competency.

The students of the MSc Information Management are not trained to be

computer scientists. Instead, they will be trained to recognise what kind

of IT the organisation needs and the possible impact of IT on business

(Demand Management). As intermediaries between the IT and the

business side, they can facilitate both with good knowledge of the

management domain, and the know-how to translate business

requirements into information systems specifications. Unlike computer

engineers, they will work with people, coordinate the work, and facilitate

the change. Therefore, communication skills are very important.

The programme is designed for people who will be working in a

position at the interface between information systems (automation)

and business functions, such as: business analyst, consultant, project

leader, account manager, systems developer or information manager.

Some may eventually become Chief Information Officers (CIO).

According to a recent study, the MSc Information Management is in

the top 5 programmes with the best career perspectives.”

Advanced Resource PlanningThis course is designed to provide an in-depth insight into the

management aspects of enterprise-wide systems, such as ERP, CRM

and SCM. Attention is paid to topics such as the feasibility of ERP,

critical success factors when introducing these systems, and

performance measuring of enterprise-wide systems.

Business Process IntegrationAfter a general introduction on business process modelling and

management, coordination theory and an overview of available

technology, the course considers four levels of process integration: data

integration, transactions, workflow, and contracts. The lectures are sup-

plemented by a computer lab project in which you can practice process

modelling and integration using state-of-the-art integration tools.

E-businessDuring this course you will obtain knowledge of recent developments in

e-business theory and practice and the effects of ICT infrastructure and

applications on e-business developments. E-business is not only about

e-commerce (doing business on the Internet) but also about the

consequences of e-commerce for the internal organisation of the firm,

the supply chains and the business processes.

Management of Knowledge and InnovationThis course focuses on the successful management of innovation from

a knowledge management perspective. It specifically concentrates on

the links between knowledge management and the structures and

processes that support innovation in different technological and market

environments. You will be asked to do some course assignments and

analyse the various steps in the innovation process.

Seminar Information ManagementThis seminar prepares you for the individual research work for your

Master’s thesis. It features guest lectures from both academia and

industry to inform you about latest developments in the field of

Information Management. The seminar starts with an introduction to

research methodology for Information Management. A selection of

articles from journals is presented and discussed. In addition, you will

have to choose from a number of research themes presented at the start

of the course. Within that theme, you will perform a collaborative research

project with your team, culminating in a research report or article.

64 65

“Today services are perceived as key to the productivity and economic

growth of advanced industrialised economies and are pivotal to the

development of a truly knowledge-based economy. The term

“services” covers a broad range of industries that produce value by

providing solutions to customers’ problems. Services are increasingly

traded internationally producing an eclectic array of economic

activities, varying from traditional logistics and banking services, to

innovative services in education, energy, healthcare, and

telecommunications.

While the services market has been booming and still continues to

grow despite the economic downturn, there is an acute shortage of

professionals world-wide with the appropriate skills and background

to meet the growing needs of the services sector. The emerging

discipline of Service Science tries to capture momentum related to

service economy growth, the global need for service innovation, and

the accompanying demands for service research and education to

deliver a new generation of T-Shaped service professionals. Service

Science aims at a unification of theories and methods from several

disciplines such as IT, business and management, business strategy,

management sciences, and economics, which it fuses together in

order to encourage innovation in how organisations create value for

customers and shareholders. A professional in the services economy

will be required to draw upon an intricate combination of the previous

cross-cutting skills, as well as relevant, specific industry domain

knowledge (e.g. finance, logistics, healthcare, and so on). In the MSc

Information Management we teach services science as an integral part

of the programme, thus providing skilled services graduates.”

Erasmus Mundus programme:International Master in Service Engineering (IMSE)

Many experts see the explosive growth in services as the next major

revolution in the world economy. Because service economies continue

to expand and powerful digital communications networks - such as the

Internet - evolve rapidly, companies are transformed from regional

businesses to globally integrated enterprises. The fast growing

discipline of services science and engineering is related to service

economy growth and the global need for service innovation. Research

and education in this field is therefore in high demand. This is in a

nutshell why Tilburg University has established cooperation with the

University of Stuttgart (Germany) and the University of Crete (Greece)

in offering highly-motivated students the International Master in Service

Engineering (IMSE).

The multi-disciplinary IMSE programme has been carefully designed at

the interface of software service systems and new globe-spanning

business processes to prepare students with a background in either

business or information technology to become the new generation of

service engineers. This full-time English-taught programme totals 120

ECTS credits and needs to be completed within 2 years. After a kick-off

summer school in Crete, students spend a semester in Germany,

followed by a semester in the Netherlands and Greece. The final

semester is devoted to thesis work, which includes an internship in an

internationally operating company or research institute either inside or

outside Europe. Upon completion, students earn a joint Master’s

degree in Services Science.

IMSE is also delivered in close cooperation with a number of top quality

research institutes, such as UC Berkeley (USA), the University of New

South Wales (Australia), Tsinghua University (China) and international

companies like ForthNet, IBM, Software AG, Accenture and

PriceWaterhouseCoopers. This not only guarantees a curriculum that

incorporates the latest developments in the field of service engineering,

but also stresses the global orientation of the programme.

Erasmus Mundus Scholarships For Academic year 2011-2012, there will be approximately 17 Erasmus

Mundus scholarships (Category A and B) available for European and

non-European applicants.

More informationThe application and admissions procedures for the IMSE programme

differ from those of the regular MSc programme in Information

Management, as described in the back of this brochure. Interested

students are therefore advised to check this website for further

information:

www.erasmusmundus-imse.eu

Prof. Dr. Ir. Michael P. Papazoglou Professor of Computer Science and Executive Director

of the European Research Institute in Services Science (ERISS)

“Service Science will have a profound impact on how businesses,government and individuals operate”

http://www.erasmusmundus-imse.eu

66 67

Merie Joseph India, student of the Erasmus Mundus IMMIT programme

“We have become friends for a lifetime”

Erasmus Mundus programme: International Master in Management of IT

Tilburg University takes part in The Erasmus Mundus Programme,

which aims to enhance quality in European higher education and to

promote intercultural understanding through co-operation with third

countries. Tilburg University has joined forces with Turku School of

Economics (Finland) and IAE Aix Graduate School of Management,

Université Paul Cezanne Aix-Marseille III (France) in offering highly

motivated students the International Master in Management of

Information Technology (IMMIT).

The IMMIT programme has been designed to prepare students with a

background in either business or information technology to become

“hybrid” managers at the interface between Information Systems and

business functions within an increasingly international business

context. This full-time English-taught programme totals 120 ECTS

credits and needs to be completed within 2 years.

The first year focuses on two topics, namely ‘Foundations in

International Business’ and ‘IT management skills’. In the second year,

the emphasis shifts towards integration issues such as the role of IT in

business transformation, management of IT-based innovation and

more specialised topics in international IT management. The second

semester is devoted to thesis work which includes an internship in an

international operating company, such as Shell, ING Bank, Procter &

Gamble or Nokia.

One unique aspect of the IMMIT programme is that all participants are

gathered in a cohort, i.e. the same group of students start and finish the

programme together. This cohort experience enables students to further

develop their cross-cultural awareness, which is needed in their future

work as ‘hybrid’ managers. The cohort moves to a new European

location each new semester, moving from France, to Finland and then

to the Netherlands. The location of the last semester (thesis) could be

anywhere in Europe.

Erasmus Mundus ScholarshipsFor Academic year 2011-2012, there will be approximately 17 Erasmus

Mundus scholarships (Category A and B) available for European and

non-European applicants.

More informationThe application and admissions procedures for the IMMIT programme

differ from those of the regular MSc programme in Information

Management, as described in the back of this brochure. Interested

students are therefore advised to check the procedures and scholarship

information on the IMMIT website: www.immit.eu

“During my Bachelor studies in Electronics and Communication

Engineering in Kerala – a beautiful state in South India – I was selected to

work for Infosys Technologies Ltd, a leading software company in India.

While working at a client location in Ipswich (UK) I applied for several

Master’s programmes, as I understood that it was the time for the next

step in my career. I eventually chose the IMMIT programme because of

the international exposure it provides with students from across the world

and universities located in three different countries in Europe. I was also

confident that the programme would boost my career by complementing

my technical skills with the necessary management skills.

The reality of the programme proved to be even more exciting and life

changing than I could ever dream of. Imagine three different

universities, three different teaching styles and three Master’s degrees

and mix it up with our cohort of 20 classmates from 13 different

countries across four continents and you will start to get the picture.

We met as strangers in France, moved together and closer in Finland

and became great friends in the Netherlands. We even have a group

motto: Sharing & Caring. It is great fun to travel around Europe together

and we regularly throw dinner parties with traditional food prepared

from our respective countries.

What about my plans for the future? In the short term, I see myself

working as IT project manager in an international company somewhere

in Europe. In ten years time, I would like to see myself as an IT

strategist of a major company, specialising in outsourcing strategies to

South Asia (with my networks in Indian outsourcing industry and the

networks I would have built in the industry in Europe).”

http://www.immit.eu/

68

Career ProspectsAfter successful completion of the MSc in Information Management,

you will be awarded an internationally recognised Master of Science

degree with excellent career prospects. Please find below some

examples of jobs that you will be eligible for after graduating:

Integrating IT and business strategy for large companies•

Implementation/Customisation of Enterprise Resource Planning•

(ERP) and other information systems•

Outsourcing operations as client manager (of ICT services suppliers •

or contact manager (of ICT service recipient)

Systems and business analysis•

Different types of careers are for example Business Process Analyst,

IS project manager, IS Analyst / Architect, Systems Consultant,

EDP Auditor, IT-Manager, Chief Information Officer (CIO). Type of

companies where you may end up working are consultancy firms in

business and ICT related projects, EDP-auditing firms, the government

and the non-profit sector, ICT and business research institutes.

In addition, this Master’s programme provides a good preparation

for a PhD in Information Management.

Admission RequirementsIf you have a Bachelor’s degree from Tilburg University in Economie en

Informatica (former Information Management), you have direct access

to the Master’s programme in Information Management. Furthermore,

a Bachelor’s degree from Tilburg University in Bedrijfseconomie,

International Business Administration (former Business Studies),

or International Business including the courses Databases,

Business Process Analysis I and Information Systems Strategy also give

direct access. If you have a relevant university degree of another

university, the Admission Board will assess your application. For more


International Management

69

70 71

Characteristics What do Wall Street, the bustling trade markets in Hong Kong and the

flower auction in Aalsmeer have in common? We live in an increasingly

connected world where business is often conducted on a global scale,

with customers and suppliers spread over many countries. Companies

that operate in an international business setting continue to look for

employees who are able to cope with such complexity. For this, you

need to accumulate a wealth of knowledge across all the main business

fields: accounting, marketing, management and finance. The Master’s

programme in International Management prepares you to understand

and manage this rapidly changing process of globalisation. During the

course of this full-time, one-year programme, you will expand your

knowledge of the practical and theoretical dimensions of international

management issues and you will learn how to deal with practical

business situations in a rigorous, effective way. The scope of the

programme is broad, although there are several opportunities for

specialisation in specific disciplines by choosing appropriate electives.

Furthermore, the MSc in International Management offers you teaching

based on both theory and cases.

Is this the right programme for me?The MSc in International Management is aimed at students with an

interest in international business and research. The programme offers a

student-centered approach to education, with room to work closely with

lecturers. Not only will you learn about doing business in a multilingual

and multicultural environment, you will also get the chance to study

together with dozens of like-minded international students. This mix of

cultural backgrounds helps create a lively exchange of experiences and

ideas, which clearly contributes to personal growth and gives you a

broad outlook on global business issues.

At a GlanceName International Management

Duration 1 year

Type Full-time



Best Preparatory Bachelor’s Bedrijfseconomie, International Business Administrationprogrammes (former Business Studies), or International Business

Core Courses International Financial Reporting & Analysis, International Marketing, International Management, and International Financial Management

Career Prospects General management positions in multinational companies

Start September


More Information www.tilburguniversity.nl/masters/man

http://www.tilburguniversity.nl/masters/man

72 73

Culture Clash at Daimler-Chrysler

Case


of study, offered over two semesters. The first semester starts in



you will take two courses. From April onwards, you will be able to focus

on your Master’s Thesis.

ECTSInternational Financial Reporting & Analysis 6

International Marketing 6


International Financial Management 6

1 Elective 6


Management Control•

Marketing Communication•


International Business Seminar 6

Elective 6





In the summer of 2009, Chrysler Corporation, an icon of the US

automobile industry was acquired by FIAT group. How could a once

manufacturing powerhouse fall prey to a smaller competitor?

Understanding what happened requires looking back several years.

Daimler-Benz and Chrysler Corporation announced a merger agreement

on May 7, 1998. The merger was announced to be one of equals. Before

the merger, Chrysler and Daimler-Benz were large regional producers

– Chrysler with the third-largest market share in North America,

Daimler-Benz with the majority of its sales revenues made in Europe.

Immediate growth opportunities would be created through using each

other’s facilities. However, after four years, it turned out that the merger

did not pay off as expected. Sales did not increase, synergy effects were

minimal, and stock prices seriously declined in the years following the

merger. The New York Times called the Daimler-Chrysler marriage ‘one

of the most disastrous mergers in history’.

Chrysler’s profits fell from $4.9 bn to $1.2 bn and its shares from $109

to $48 over the second half of 2000. Daimler’s operating loss for 2001

may be as large as 1.7 bn Euros. What went wrong with this merger?

The potential for synergy and growth looked promising.

The biggest obstacles in the merger were the cultural differences and

the inequality between the two parties. Daimler-Benz was the dominant

partner and imposed its own corporate imprint on the merged company

(Chrysler). Chrysler’s managers resisted the dominant role of Daimler-

Benz and defended their own interests and culture. The corporate

clash came down to the confrontation between the engineering culture

of Daimler, with its systems, precision, safety- and quality-oriented

approach, against the pay-for-performance culture of Chrysler with its

sales, marketing, and risk-oriented approach. DaimlerChrysler

announced on May 14, 2007, that it would sell 80% of Chrysler to

Cerberus Capital Management of New York, a private equity firm that

specialises in restructuring troubled companies, effectively unwinding

the original transaction. On October 4, 2007, A DaimlerChrysler

Extraordinary Shareholders’ Meeting approved the renaming of the

company. From October 5, 2007, the company has been titled Daimler

AG. The US company adopted the name Chrysler LLC when the sale

completed on August 3, 2007. In the spring of 2009 Chrysler was

acquired by FIAT to avoid its liquidation.

In the International Management programme we try to explain how

national culture affects organisational culture, and may affect

relationships with foreign businesses, as in the case of the merger

between Daimler-Benz and Chrysler. We also explain how to work in

companies that adopt different accounting standards, raise debt in very

different financial or banking markets, and sell to consumers with

different tastes. Last but not least, we explain the importance of

strategic management for turning such differences in opportunities

for company growth.

Prof.Dr. Steven R.G. OngenaProfessor of Empirical Banking

“Many places claim to be top, we are!”

“My main research interests are focused on finance. I am particularly

interested in the impact of the banking sector on the rest of the

economy. Both the banking and the financial sector are very globalised

and they fulfill a key allocative role in the functioning of the economy.

In other words, choices made in the financial sector may determine

outcomes everywhere around the world. My research focuses on bank

mergers and their impact on the borrowers and also banking geography.

One of the issues I am currently investigating, is the role foreign banks

play in transition economies.

Students in the Master’s programme in International Management will

clearly benefit from a direct transfer of knowledge from researchers at

the frontier. As students share the same interest in frontier knowledge

with their classmates, they will also benefit from being among the best

and most ambitious students in Europe maybe even in the world.

Tilburg University is one of the best places in Europe for studies in

economics, business, and law. Many places claim to be top, we are!

Tilburg is also located in a country that provides an excellent

environment for studying: non-hierarchical, direct, well-organised,

and international.”


74 75

Career ProspectsThe future is bright for those who see themselves working for a

multinational or internationally-oriented company based in their home

country or abroad, either doing business with foreign suppliers or being

sent out as an expatriate. In short, the possibilities for a successful

career in an international business setting are endless. Just a few of the

many examples in terms of job opportunities include: International

management trainee at ABN-AMRO in Hong Kong, Marketing manager

export division for Heineken, Planning and Control Officer at AT&T,

Investment Consultant at Hewitt Associates, Brand Manager Coca Cola,

Account Manager at OCE, Controller at Philips Electronics, Accountant

at Van Lanschot Private Bankers or Market Researcher at Unilever.

Next to a career in business, an MSc in International Management also

prepares you for a career with policymaking institutes such as the IMF

and the World Bank or ministries of a country, but also for a career at

research institutes or universities around the world. Of course a PhD

programme is also one of the options.

International Financial Reporting & AnalysisThis course focuses on four main topics, namely international financial

accounting, advanced financial accounting, the use of accounting

information for decision making and management control in an

international setting.

International MarketingThrough a number of traditional and interactive lectures students are

provided with a broad overview of the field of International Marketing.

Topics include global marketing, global markets and buyers and

fundamentals of international marketing research.

International ManagementThis course reviews the various theories of why firms become

multinational enterprises. In addition, we discuss more dynamic,

evolutionary theories of the internationalisation of firms. We also study

how multinational enterprises manage and control their international

subsidiaries, which includes a discussion of international human resource

management questions and ethics in an international perspective.

International Financial ManagementThe purpose of this course is to study all key international aspects of

international financial management like investment decisions, financing

decisions, foreign exchange risk management and working capital

management. A number of these topics will be studied with the help

of cases and problem sets.

Stela Souza Farhat Brazil, Alumnus MSc International

Management

“One of the greatest experiences of my life”

“During my Bachelor studies in my home country, Brazil, I attended an

in international student fair. At this fair I met a high school friend, who

recommended Tilburg University. After careful consideration, I decided

to follow her recommendation because of the strong reputation of

Tilburg University in the field of Business and Economics. Moreover, the

city of Tilburg has a strategic location in the heart of Europe and offers

affordable living costs in a lively student city. Coming from a city like

Sao Paulo, Tilburg provides me the pleasure of living in a peaceful place

with access to all the facilities of a big city. In the Netherlands there is a

very short distance to travel from one city to another, which

characterises the country with a special diversity and dynamism.

The most interesting aspect of the Master’s programme International

Management is the inter-disciplinary character and flexibility in selecting

the courses that interest me. Last year I was selected to be one of the

32 members of the United Netherlands delegation from different Dutch

universities. As part of this six months course in multilateral diplomacy,

I participated in a simulation in the Harvard National Model United

Nations and was given the Award of Best Large Delegation. This was

definitely one of the greatest experiences of my life, in terms of

challenge, international travel, social fun and self-development.”

76

Prof. Dr. Niels NoorderhavenProfessor of International Management

and co-Director of the Center

for Innovation Research

“A mix of theory and cases”

“Tilburg University has chosen a strategy of internationalisation and

high quality. This is reflected in the International Managemt

programme, where many of the instructors have PhDs from top US

business schools, and some of the faculty members are amongst the

top researchers in the world in the field of international business and

strategy. The Master’s programme in International Management offers

a mix of theory-based and case-based business education, all from an

international perspective.”




Master’s programme in International Management. Furthermore, a

Bachelor’s degree from Tilburg University in Economie en Informatica

(former Information Management), including the courses Marketing 2,

Financiering 2, Organisatie van de Onderneming and Accounting 2 also

give direct access. If you have a relevant university degree of another

university, the Admission Board will assess your application. The core

criteria are a Bachelor’s degree in a business-oriented subject, fluency in

English, and the ability to work both independently and as part of an

international team. For more information see chapter ‘Admission and

Application’.

The Master’s programme in International Management is very broad.

Therefore we require you to have a strong knowledge of the four core

fields in business: Accounting, Finance, Marketing and Management.

In addition, we require students to have a good level in Mathematics

and Statistics. This knowledge has to be on the same level as a good

Bachelor’s programme at a leading University. In general, we admit

students who have passed two basic courses in three of the four core

fields in business. Exceptions to these basic admission requirements

are made for students who have obtained a relevant Bachelor’s degree

with an excellent GPA, on a case-by-case basis.

Marketing Management

77

78 79

Would you like a beer?

Every year, people drink less and less lager beer. As the popularity of

special beers and wines increases, A-brands like Heineken, Amstel,

and Grolsch see their sales go down. How can they turn the tide?

Merges and takeovers of companies specialised in brewing special

beers are one way to deal with the drop in sales. On the other hand,

beer companies also need to distinguish themselves from their

competitors. As the generic differences between lager beers are small,

this is not an easy job.

The challenge is not only to be creative in what you communicate to

your consumers, you also need to get them involved. By creating buzz

on the internet, for example. World-leader Heineken succeeds well in

this: Its award winning Walk-in and Walking Fridge commercials

created a lot of commotion on various weblogs (over 6 million

internet views), especially when competitor Bavaria decided to

“spoof” the original Heineken commercial. Or you can get your

consumers involved by asking them to make their own beer

commercial for you. Fans of the Walking Fridge commercial were

invited to create a follow-up version of the commercial.

Beer is all about emotion. Beer companies attach personal traits to

their brands in commercials. Heineken, for instance, portrays an

image of being individualistic and international with a hint of

hedonism. Amstel, the number two beer in the Netherlands, is cosy,

friendly, and popular: “our beer”. Superiority is the trademark of

Grolsch. Despite the efforts of the big beer brands to communicate a

strong image to distinguish themselves from their main competitor,

they may have more to fear from the cheaper B-brands and generic

brands than from each other. The cheaper brands do not need to

spend a fortune on big advertising campaigns; they sell because of

their lower price.

In the MSc in Marketing Management, you will learn how to answer

the following questions: How can beer companies create a strong

brand image? How can they communicate the difference between an

A-brand and cheaper, generic brands? How can they create brand

loyalty? How can they measure the effectiveness of their advertising

campaigns?

At a Glance

Name Marketing Management

Duration 1 year

Type Full-time


Language of Instruction English and Dutch

Best Preparatory Bachelor’s Bedrijfseconomie, International Business Administrationprogrammes (former Business Studies), or International Business with the courses Services Marketing and Marketing Research

Core Courses Marketing Channel Management, Strategic Marketing Management, Brand Management and Marketing Communication

Career Prospects Various positions, such as marketing manager, account manager, sales manager, brand manager, consultant and lecturer

Start September

Information Day 25 November 2010 and 19 May 2011

More Information www.tilburguniversity.nl/masters/mm

Case

http://www.tilburguniversity.nl/masters/mm

80 81







ECTSBrand Management 6

Marketing Channel Management 6

Marketing Communication 6

Strategic Marketing Management 6

1 Elective from: 6

Advanced Marketing Research•

International Marketing•

Market Assessment •



Experimental Research•

Marketing Information Management•

Purchasing Management•

Survey Methodology•





CharacteristicsObtaining knowledge of market segmentation, insight in consumer

decision making and the use of marketing instruments are the core

tasks of any marketing manager. That is why these subjects form the

core of the varied offer of specialised courses in the Master’s

programme in Marketing Management. Marketing is a field with

many specialised disciplines, such as Brand Management, Marketing

Communication and Marketing Channel Management. You will focus

on issues like how to create brands, how to develop and test

advertisements and how to set up new distribution channels.

Is this the right programme for me?In this Master’s programme, you will link your existing knowledge in the

field of economics, organisation and strategy and economic psychology

to marketing theories. In addition, you will learn how to apply these

insights to real-life marketing problems. As a Marketing Management

graduate, you will have obtained a great deal of theoretical knowledge

as well as sufficient practical skills to carry out market research.

The Master’s programme in Marketing Management is an academic

degree programme, which forms an excellent starting point for various

positions in commercial management. The Master’s programme in

Marketing Management is offered in English and in Dutch. That means

that you can choose in which language you follow the core courses.

Elective courses are all in English.

If you are more into collecting and analysing marketing data and you

have good grades in Mathematics and Statistics, you can consider the

Master’s programme in Marketing Research.

Prof. Dr. Inge Geyskens Professor of Marketing

“Towards a successful career in marketing”

“How can you build a strong brand? How can you design and manage

an effective distribution channel? How can you increase customer

satisfaction with the services you provide? How can you successfully

take new products and services to the market? To successfully manage

the marketing mix in today’s increasingly volatile and competitive

marketplace, you need the right answers to these questions. Tilburg

University’s Master in Marketing Management is a comprehensive

programme that teaches you the latest knowledge and skills in the

marketing discipline.

I find our programme attractive for two reasons. First of all, courses

are taught by researchers who are internationally recognised experts

in their fields. The Marketing department is ranked as one of the top

research groups in Europe. As a result, all the latest scientific advances

will be shared with our students. At the same time, the Master’s

programme in Marketing Management is highly managerially relevant.

The curriculum has been designed in collaboration with experienced

practitioners. As such, the Master’s programme in Marketing

Management provides a bridge between theory and practice - the ideal

stepping stone towards a successful career in marketing.”

Prof.Dr. Henk Roest Professor of Marketing and

Chairman of the Marketing Department

“This programme opens many doors”

“The Marketing Department is internationally recognised as one

of the best in the world. Our team is constantly working on new

insights in strategic marketing management, consumer behaviour and

marketing modelling. Sharing these new theories and empirical findings

with students and training them to use this knowledge in real life cases

makes them better prepared for a wide variety of jobs in marketing

management and sales. The didactic skills of our staff and their

extensive experience in marketing and research are widely praised by

both our current students as well as our alumni. Our focus on state of

the art knowledge and skills is also reflected in the scope and depth of

the Master in Marketing Management curriculum, including Brand

Management, Strategic Marketing Management, and Advanced

Marketing Research. Students often base their Master’s Thesis on

an internship, which opens many doors to (inter)national companies

and organisations.”


82 83

Marketing Channel ManagementThis course focuses on creating and managing distribution channels.

Channels are inter-organisational systems designed to take products

and services from the factory to the end user. The key focus is on

channel design – how to set up new and change existing channels.

Another topic is channel management – how firms in a distribution

channel are able to co-operate and how these relationships sometimes

end up in conflicts and mismanagement.

Brand ManagementThe brand creates a transaction between the organisation and its

consumers. In this course, you will learn about Brand Equity – the

financial value of the brand for the organisation as a result of a strong

consumer preference for a particular brand. The way in which

consumers experience and relate to the brand will be the starting point

in determining the brand management activities of the organisation.

Strategic Marketing ManagementDuring this course students will learn how to write a strategic marketing

plan, which includes internal and external analysis, SWOT and strategic

options. Students will also become acquainted with a number of

relevant contemporary problem areas within strategic marketing, such

as product development and innovation, adoption and diffusion,

cooperative bonds and strategic networks and the learning organisation.

Besides the - in marketing terms - more traditional markets of

consumer goods, the course will also focus on business-to-business

markets and technology intensive markets.

Marketing CommunicationThe aim of this course is to gain insight in the various forms of

marketing communication. You will learn which skills are needed to

select an effective mix of marketing communication tools. In addition,

you will learn how to evaluate these tools on how effective they are in

providing information and how these tools can be used to convince

consumers.

Susanne Roelle Germany, Alumnus of the MSc Marketing Management

“This programme caters for a future career in marketing”

“During my Bachelor’s degree in International Business at Tilburg

University, I already knew that I was seeking a Master’s degree in

marketing later on. The crucial factor for me was that the complete

programme focuses on marketing only and that it therefore caters

for a future career in this field. For my Master’s thesis, I determined

the importance different groups of students assign to the instruction

language of Master’s programmes and identified students’ preferences.

Having defended my thesis successfully, I even won the Best Thesis

Award in Marketing!

Looking back, I can honestly say that I had a wonderful time throughout

my four years of studies in Tilburg. If you are an active person, you can

choose from an incredible number of possibilities to engage in

extracurricular activities. Personally, I have always been very active next

to my studies, which helped me improved my organisational skills and

my ability to work as part of a team. These skills proved to be quite

useful in my job search. My first job was at the Dutch headquarters

of Otto B.V., an international home shopping organisation. As the

Sales Promotion Coordinator, I was mainly responsible for all online

marketing communications. This included updating the homepage,

sending e-mail newsletters, setting up banner campaigns and creating

landing pages. However, not having encountered the challenge I had

hoped for, I soon realised that I needed a job in which I myself could

initiate and carry out marketing strategies and plans. This is exactly

what I am doing now in my current position of Marketing & Recruiting

Officer for the Tilburg School of Humanities. As such, I am responsible

for the marketing and the recruitment of two relatively new degree

programmes, which gives me the opportunity to be creative in

promoting the programmes (inter-)nationally.”

84 85

Career ProspectsThe combination of theoretical knowledge and practical skills gained in

this multi-disciplinary programme gives graduates a strong background

for positions ranging from commercial manager, consultant or account

manager to product developer at large or medium sized companies,

including banks, insurance companies, retail chains or the government.

Admission RequirementsIn order to have direct access to the Master’s programme in Marketing

Management, a solid basis is required in the areas Mathematics and

Statistics, Academic Training, Economics, Finance or Accounting,

Management, and Marketing (more specifically the courses Marketing,

Services Marketing, Consumer Behaviour and Marketing Research).

The Bachelor’s in Bedrijfseconomie, International Business

Administration (former Business Studies) or International Business at

Tilburg University give direct access to this Master’s programme,

provided that they include a course in Services Marketing and a course

in Marketing Research or equivalent. Students with a Bachelor’s degree

in ‘Economie en Informatica’ at Tilburg University additionally need to

have taken the courses Marketing 2: Consumer Behaviour and

‘Organisatie van de onderneming’ (in Dutch).

For students with a Dutch Professional Bachelor’s degree (hbo),

we have designed a tailor-made two-year programme. If you have a

relevant university degree of another university, the Admission Board



Eveline Roelink The Netherlands, Alumnus of the MSc Marketing Management

“The general atmosphere was always pleasant”

“A year ago I started my job as Product Manager Cosmetics for Dior, a

French company which produces and sells perfumes and cosmetic

products. I am responsible for a wide range of marketing and PR

activities, such as organising promotional activities at perfume stores

and developing good working relationships with key media contacts.

During the MSc Marketing Management I gained a lot of useful

knowledge about brands and marketing and how to make sure your

marketing efforts really work. I am sure that without this background, it

would be a lot harder to find such an amazing job at Dior.

I look back at my life as a student in Tilburg with a big smile. One thing

I remember quite clearly is how well-organised the exams were and how

you would always receive important information before the start of the

lectures. During exam periods I was completely focused on studying,

but it was always easy to ask questions to the lectures. The way of

teaching and general atmosphere were always pleasant, especially

because of the interactive nature of the classes. It really made it possible

for me to actively participate and learn how markets function. I am still

using these marketing insights on a daily basis in my job at Dior.”

87

Marketing Research

At a GlanceName Marketing Research

Duration 1 year

Type Full-time



Best Preparatory Bachelor’s Bedrijfseconomie, International Business Administration (former Business Studies), or International programmes Business with the course Marketing Research. Or Econometrics and Operations Research with the courses Marketing 1, 2 and Marketing Research. Core Courses Marketing Models, Market Assessment, Survey Methodology

Career Prospects Marketing Researcher, Consultant, Market Analyst, PhD track

Start September


More Information www.tilburguniversity.nl/masters/mr

86

http://www.tilburguniversity.nl/masters/mr

88 89

Wiebke Schlabohm Germany, Student of the MSc Marketing Research

“The programme immediately sparked my interest”

“Before coming to Tilburg I was studying Business Administration at

the Christian-Albrechts-University in Kiel, with a focus on Marketing

Management. I heard about the good reputation of Tilburg University in

a lecture by one of my professors in Kiel, which immediately sparked my

interest. I did some research on the internet and the courses on offer at

Tilburg in the field of marketing research sounded very fascinating to

me, so I decided to apply. In my opinion, studying abroad for one year

would be perfect to enhance my knowledge of marketing research and

to improve my English language skills.

I was thrilled to find out that I was offered a place in Tilburg. My first

impression of the city and the university were very positive, which was

largely due to the well-organised Welcome Week for new international

students. I also like the teaching styles in Tilburg a lot, because

traditional lectures are combined with interactive lectures. So plenty of

room for interaction and open discussion with the professors. In

addition, I learned how to handle specialised software to solve

marketing problems, so the education is really practice oriented. My

future plan is to stay in the academic world and to do a PhD in Cologne.

Before moving back to Germany, I need to finish my Master’s thesis in

Tilburg. My thesis focuses on the advertising behaviour of multinational

companies and how they allocate their advertising budgets

between their headquarters and their subsidiaries.”

CharacteristicsWhat is the effect of price promotions on company sales? How do we

measure the effect of price changes on the brand choice of an individual

consumer? The MSc programme in Marketing Research teaches you

how sound research can lead to more effective marketing decisions.

More specifically, you are trained to collect, analyse and disseminate

quantitative information in a systematic and objective way. By doing so,

you will be able to provide invaluable input to marketing managers, who

often operate in a complex and demanding environment in which they

make their decisions.

Is this the right programme for me?The MSc Marketing Research is aimed at students with an interest in

the collection and quantitative analysis of marketing data. By reporting

the results and drawing conclusions, marketing researchers are able to

support marketing decisions on pricing, advertising, segmentation and

other marketing issues. During the course of the programme, you will

learn how to use state-of-the-art research methodology to become a

highly trained marketing analyst.

90 91







TracksThe MSc in Marketing Research (MR) consists of two tracks: the

Strategic MR track and the Quantitative MR track. The Strategic MR

track is aimed at students with a Business Administration background

who would like to learn more about the marketing research process.

The courses in the programme cover all stages of the research process:

from setting up a study, collecting and analysing marketing data, to

the presentation of the results. Besides research oriented courses

such as Advanced Marketing Research, Marketing Models, Survey

Methodology, and Experimental Research, we also offer more

managerial courses such as Strategic Marketing Management, that

will enable you – as a marketing analyst - to communicate efficiently

with the marketing manager.

The Quantitative MR track is aimed at students with a mathematical

background who are interested in applying their econometrical

knowledge to the field of marketing. Besides advanced marketing

research courses that cover state-of-the-art research methodologies

used in marketing, such as Marketing Models, Market Assessment,

and Quantitative Models in Marketing, you will also have the

opportunity to broaden your econometrical knowledge in courses

such as Panel Data Analysis of Micro-Economic Decisions,

Micro-Econometrics, and Simulation.

The Strategic MR Track

ECTSAdvanced Marketing Research 6

Market Assessment

Survey Methodology 6

Strategic Marketing Management 6


Marketing Models •

International Marketing•

Panel Data Analysis of Micro-Economic Decisions•


Simulation•

1 Elective from: 6

Marketing Information Management•

Experimental Research•


Prof. Dr. Marnik Dekimpe Professor of Marketing Models

“How marketing models help take the mystery out of marketing”

“The modern marketing manager is presented with a new challenge:

how to analyse information accurately and efficiently, and how to

use it to enhance marketing productivity. Marketing models are

tools for achieving these objectives. The course Marketing Models,

by Prof.Dr. Marnik Dekimpe and Dr.Ernst C. Osinga, introduces

students to the state-of-the-art in implementable marketing models.

The emphasis is on models based on the statistical interpretation of

historical data available to the company. Questions we deal with are,

amongst others, how effective is advertising spending; will the frequent

use of price promotions make customers more price sensitive, and

therefore undermine the long-run value of a brand?; does it pay to invest

in trade-show participations, and what are key drivers of trade-show

effectiveness? By answering these questions we show how marketing

models help take the mystery out of marketing. Students will gain

firsthand experience analysing real-life data sets

in several homework assignments.

During the course, numerous examples from recent research are

presented. For example, we describe a recent study on the

categorydemand effects of consumer price promotions across over 560

consumer product categories in the Dutch supermarkets. Multivariate

time-series techniques were used to quantify the short- and long-run

effects of price promotions. These effects were subsequently linked to

variables such as the intensity of competition in each category, the

nature of the category, and the extent of advertising usage in the

category. Two important findings emerged from this study: long-run

primary-demand effects of price promotions are very rare, and

pricepromotion effectiveness is lower in categories with a lot of

imageoriented advertising, and in categories characterised by frequent

newproduct introductions. The study combines different things we find

important in research and teaching: the application of -one- advanced

econometric techniques to –two- managerially relevant problems and

-three- using real-life data.

92 93

Survey MethodologyEvery survey involves a number of decisions about its design and

implementation, and each decision you make has the potential to affect

the quality and validity of the results. How will the sample be chosen?

What mode will be used to pose questions and collect answers from

respondents? The course offers theoretical grounding in the key

components of survey methodology, from sample design and

measurement, to modes of data collection, non-response bias, statistical

estimation, to the psychology of asking questions, and questionnaire design.

Quantitative Models in MarketingThis course builds upon basic econometrics and marketing modeling

courses, by discussing more advanced models and methods for

analysing marketing problems. With the advent of (longitudinal) scanner

(panel) data, marketing models are becoming an indispensable part of

the marketer’s toolkit. This course will discuss modeling approaches for

stationary markets (both at an individual as well as an aggregate level)

as well as time series approaches to model marketing phenomena.

Panel Data Analysis of Micro-economic DecisionsIndividuals and households often make similar decisions every year,

taking into account changes in price and other factors. Examples are

consumption expenditures, savings and portfolio choices (including

investments, house ownership or a retirement plan), labour force

participation and labour supply decisions, decisions on smoking,

drinking and other health related behaviour, investments in durable

goods, etc. This course presents theory and applications of econometric

panel data models that can be used to analyse how such decisions

are made.

The Quantitative MR Track

ECTSPanel Data Analysis of Micro-Economic Decisions 6

Market Assessment 6

Quantitative Models in Marketing 6

12 ECTS from:

Advanced Marketing Research 6•

Marketing Models 6•

Structural Equation Models 3•

Theory-based Econometric Models in Marketing 3•

Micro-Econometrics 6•

Simulation 6•

1 Elective from:

Survey Methodology 6•

Marketing Information Management 6 •




on our web pages a www.tilburguniversity.nl/studyguide

Advanced Marketing ResearchDuring this advanced course you will cover a range of quantitative

methods such as correspondence analysis, conjoint analysis and latent

class analysis that are commonly used in the fields of segmentation

(consumer analysis) and positioning (competitor analysis).

Marketing ModelsThis course is aimed at formulating quantitative models within the field

of marketing and the use of these models in analysing data obtained

from consumer- or retail panels. You will learn how to apply these

models on an individual basis and you will understand what the

advantages and limitations of these models are.

Market AssessmentThis course provides an essential set of tools in today’s data rich, yet

turbulent environment. In any marketing decision making environment,

you will need to assess the effects of your marketing actions on the

customer, and on the competition. This course focuses on the most

frequently used and practical market assessment approaches to

making pricing and product decisions, and to advertising

and distribution decisions in a competitive environment.


94 95

Prof.Dr. Arthur van Soest Professor of Econometrics

“Finding out what drives marketing outcomes”

Career ProspectsMarketing researchers do not need to worry about their future, as job

opportunities are excellent, countless and broad. More specifically, there

is an urgent need for peoplewho have knowledge and skills in both

marketing and research methodology. In practice, marketing researchers

work for either research and consultancy firms or customers of these

firms. Hence, they work in different markets and often with a wide

variety of products (retailing, fast-moving consumer goods, services,

etc.), focusing on a range of marketing issues such as segmentation,

pricing and advertising. In addition, this programme is an excellent

basis for an academic career in marketing.

“Although my main field of interest is econometrics, the econometric

models and data collections I use in my research, are also used in

marketing research (but with different applications). For example, in

Bellemare et al. (Econometrica 2008) we introduce discrete choice

models to explain several decisions of the same respondents, accounting

for the fact that people have different preferences. The type of panel data

models used here can also be applied in a marketing research context

where people make repeated choices. Like in many other fields,

marketing research studies are more and more based upon data sets

where individuals or households make a number of decisions, not just

one decision. This is for example the case with scanner data where the

same people are followed over time, but also with stated preference data

where a survey asks people to make several (hypothetical) choices

among different sets of products. Panel data methods are particularly

useful to study repeated decisions over time. Moreover, the outcome in

marketing is often discrete (e.g., which product to buy from a small set

of available products, or simply the decision to buy or not to buy a

certain product), and a large part of the course is about models with

discrete outcomes.

If students are interested in the Master’s programme in Marketing

Research, they should be capable of analytical thinking and have a strong

interest in finding out what drives marketing outcomes. They need not

be excellent at mathematics, but they should not be afraid of using

statistical tools either. Many of our graduates find a job at a marketing

research department in large companies. But some of them work for

consulting companies that give advice to firms in designing their

marketing strategies. Or if students like to continue in an academic

career, then this Master’s programme gives them a head start.”

9796

Measuring the effectiveness of price promotions

Case

Consumers are confronted with a never-ending sequence of

promotional actions, such as price promotions and special displays

in shops. Recent numbers show that 24% of consumer purchases in

Dutch supermarkets and 38% of consumer purchases in U.S.

supermarkets are made ‘on deal’. The most prevailing form of

promotional action is the price promotion. What impact do price

promotions have on brand switching? How do the frequency and

timing of price promotions affect purchasing? What is the role of price

promotions in new product success? Do price promotions benefit

manufacturers, retailers, or both? How do competitors react to price

promotions? In the Marketing Research Master’s programme, we will

explore how advanced techniques involving quantitative models can be

used to provide an answer to these, and other, marketing questions.

Admission RequirementsIn order to have direct access to the Master’s programme in Marketing

Research, a solid basis in the following areas is required:

Mathematics and Statistics•

Academic Training•

Economics•

Management•

Finance or Accounting•

Marketing, more specifically the courses Marketing, Marketing •

Research and Consumer Behaviour

A Bachelor’s degree from Tilburg University in Bedrijfseconomie,

International Business (including the courses Marketing 1, 2, Marketing

Research and Consumer Behaviour) or Econometrics and Operations

Research (including the courses Marketing, Marketing Research and

Consumer Behaviour) gives direct access to the MSc in Marketing

Research. If you have a relevant university degree of another university,

the Admission Board will assess your application. We strongly advise

that students with a business administration background follow the

Strategic Marketing Research track, and students with a back-ground in

econometrics follow the Quantitative Marketing Research track.

For more information see chapter ‘Application and Admission’.

Birgit Smulders The Netherlands, Alumnus of

the MSc in Marketing Research

“A dream job with plenty of growth potential”

“I am currently working for KPN Zakelijke Markt as Junior Data Analyst.

I am responsible for the reports of the Customer Intelligence

department, and I am also involved in both IT and marketing. At the

same time, I am enrolled in the MIacademy, a three-year programme

offered by MIcompany. This high-level educational programme was

developed some years ago in close cooperation with KPN. Besides

regular courses I take part in several traineeships at various

departments within KPN or even at other partners in the MIacademy

programme, such as NUON.

The Master’s programme in Marketing Research has given me a solid

basis for my current job. One good example might be that I learned how

to calculate the value of a customer. Also the course Advanced

Marketing Research proved to be very useful in many ways. I therefore

would recommend the MSc Marketing Research to all students with an

interest in marketing issues and quantitative analysis. In short, you will

have sufficient marketing knowledge to advice and support your

marketing colleagues and at the same time your statistical knowledge

will be strong enough to judge if, for instance, market research was

carried out correctly. An ideal combination for a dream job with plenty

of growth potential.”

99

At a Glance

Name Operations Research and Management Science

Duration 1 year

Type Full-time




Core Courses Dynamic Capital Investment, Queueing Models, Simulation and Stochastic Models

Career Prospects Management and Operations Research Consultancy

Start September


More Information www.tilburguniversity.nl/masters/orms

Operations Research and Management Science

98

http://www.tilburguniversity.nl/masters/orms

100

Demand planning impact on supply chain bottom-line

Case

The development of a demand plan is typically a joint effort between

different functional units such as logistics, marketing, sales and the

upper management on the one hand, and between different business

units on the other. Starting a project to structurally improve the demand

planning often requires convincing all parties involved in such an effort.

The key is to quantify the bottom-line impact of an increased demand

planning reliability in the supply chain.

A Master’s student from Tilburg University studied the supply chain of

LG Philips Displays Europe. This study proposed a system dynamics

simulation modeling framework that allowed different managers to

examine how improvements in their demand reliability would impact

the overall corporate bottom-line. For example, supply chain managers

could investigate how proposed changes in the supply chain demand

forecasting structure, different suppliers, different logistics routes, or

alternative inventory methods, influenced the overall profitability.

The simulation model was tested and validated with real-life case data.

The model offered the opportunity to simulate future collaborative

forecasting scenarios. A number of fixed and variable cost elements

and a number of financial parameters were included in the model.

These included measuring the bottom-line impact of collaboration in

the chain, the expected payment periods of incoming and outgoing

invoices and the Weighted Average Cost of Capital. Overall, the

simulation results showed that by different demand (sales) planning

improvement strategies, the current planning reliabilities could be

increased to 90%, resulting in an increase in the Economic Value Added

of approximately 4.6 million Euros.

101

CharacteristicsThe programme Operations Research & Management Science (ORMS)

is a modern discipline and pre-eminently an applied field. Students

learn to solve complicated management decision problems in

manufacturing and service sectors. Some of these problems are mainly

concerned with design, while others are mainly operational in nature.

Using different modeling techniques, this programme provides the

tools for making the most effective decisions.

The MSc ORMS is interdisciplinary in nature, drawing on the techniques

from many fields. This programme is designed to provide students first

with a rigorous foundation in the theories and methods of mathematics

and statistics, economics, and organisation needed to analyse problems

from a systems approach. This is followed by course work which

includes a core in operations research, inventory and production

management, quantitative logistics, combinatorial optimisation,

and queueing theory.

Is this the right programme for me?The MSc Operations Research and Management Science is especially

designed for talented students who are eager to thoroughly analyse

complex quantitative problems. You are ready to study and solve both

practical and scientific problems by utilising a quantitative approach.

Additionally, you will learn to apply relevant computer software and

write and present reports and articles.

Prof.Dr.Ir. Dick den Hertog

Professor of Operations Research,

Coordinator MSc ORMS, former vice-dean

Research

“Mathematical models of practical decision problems”

“My research is closely related to practical problems. One of my

research areas is simulation-based optimisation. Nowadays, for many

decision problems deterministic or stochastic computer simulation is

used to evaluate possible decisions. Such a simulation run can be very

time-consuming. The aim is to find the best decision with as little

simulation runs as possible. Using these techniques, e.g. production

flow lines or inventory management systems can be optimised.

Operations Research and Management Science is pre-eminently an

applied science. Students of this Master’s programme like to make

mathematical models of practical decision problems in industry or for

the public sector, and to solve them with the help of mathematical

techniques. And if the existing techniques are not sufficient, it is a

challenge for them to develop new ones. Additionally, they like

quantitative techniques and have good ICT and communication

skills to really make the ORMS work in practice.”

103


of study. You will take the 4 core courses and 3 electives of 6 ECTS each,

and write a Master’s thesis of 18 ECTS. The courses are offered over

two semesters. The first semester starts in September, with exams in

December and January. The second semester runs from January to June,

but is divided in two. From January to March, you will take courses. From

April onwards, you will be able to focus on writing your Master’s thesis.

Core CoursesSimulation•




ElectivesCourses from the national netwerk LNMB•



Financial Models•





Panel Data Analysis of Micro-economic Decisions•

Other courses, approved by the examination committee•




102

Mirjam Groote SchaarsbergThe Netherlands,

Student of the MSc ORMS

“Many of the professors know the students by name”

“At the University of Twente I completed my Bachelor’s degree in

Industrial Engineering and Management. It gave me a solid business

foundation, but I was looking for a more in-depth approach of my

favorite topic, namely Operations Research. I put a lot of effort in

finding out which university would offer me the best Master’s

programme.

The excellent reputation of the Tilburg School of Economics and

Management came to my attention, so I attended the Open Day.

My first impression was very positive. The professors really made an

effort to find out whether my educational background was sufficient to

enter the programme.

In the beginning I discovered that my mathematics skills were a bit

rusty, but I managed to catch up quickly. The class size is around 30

students, which makes it easy to establish a good contact with the

professors – many of them know all the students by name, which is

quite unique. Although I am almost finished with my Master’s thesis

in modeling purchasing co operations as a cooperative game, I am not

ready to leave Tilburg just yet. More precisely, I will continue with the

Research Master (and hopefully a PhD afterwards) next year, which

confirms that I definitely made the right choice. “

SimulationSimulation is an Operations Research method often applied in business

practice, which uses computers to model the behaviour of a dynamic

system (for example, a production system or a telecommunication

network). These models are used to quantify the performance of these

systems, to optimise the system or to do sensitivity (‘what-if’) and

uncertainty (risk) analyses.

Queueing ModelsQueueing models are developed for the performance evaluation of

service systems for shared use, such as production and assembly

systems, traffic and transportation networks, and hospitals. Queues

build up through a combination of limited service capacity, uncertainty

of the arrival pattern of customers, fluctuations in the service times and

possible disturbances in the service process. This implies that queuing

models are stochastic, in general. On the basis of assumptions about

the arrival and service process performance, measures like the queue

length distribution and the waiting time distribution are determined

or computed.


105104

Career ProspectsAfter successful completion of the programme in Operations Research

and Management Science, you will be awarded an internationally

recognised Master of Science degree, with many career opportunities.

To give some examples, graduates in Operations Research and

Management Science can start

at Operations Research consultancy bureaus•

at management or logistics consultancy bureaus•

at firms developing logistics software•

as a management trainee, as an OR-specialist, •

or as a quantitative logistics specialist

a PhD in Economics or Business•

Admission RequirementsTo successfully complete the Master’s programme in Operations

Research and Management Science, you must have a solid background

in Mathematics and Statistics. With a Bachelor’s degree in

Econometrics and Operations Research, or equivalent, you can be

admitted to the programme. But also any Bachelor’s degree with

sufficient demonstrated knowledge of Mathematics and Statistics will

generally result in admission to the Master’s programme. In that case,

the Admissions Board will assess your application. For more




Bain, L.J. and M. Engelhardt: Introduction to Probability and •


Sydsaeter K. and P. Hammond: Essential Mathematics for Economic •


Lay D.C.: Linear Algebra and its Applications (Addison-Wesley, 2nd •

Edition, Amsterdam, 1997).

Ning Ma China, Student MSc ORMS

“Learn about core techniques for solving optimisation problems”

“First of all, I really like mathematics, programming and techniques.

After completing my Bachelor’s degree in Business Administration in

China, I was honored to be offered a place in Tilburg’s Pre-Master’s

programme in Logistics and Operations Management. During my first

year in Tilburg I discovered that ORMS is actually more suitable to me,

because it is all about the core techniques for solving optimisation

problems. So I changed to ORMS in the second year.

I can honestly say that almost every subject I took so far has exceeded

my expectations in terms of contents, level and quality. If I have to

choose a favourite, then it has to be combinatorial optimisation course,

although simulation, stochastic models and some other courses are

also extremely useful. Although I am currently the only Chinese student

in the ORMS programme, I feel comfortable enough as every lecturer

speaks good English, and my classmates are very nice and friendly.

Next academic year I am going to enroll in the second year of the

Research Master’s programme in ORMS. If I continue to do well, then

I hope to be able to stay in Tilburg for my PhD. In my opinion the

professors are very knowledgeable and kind, and above all always willing

to help as much as they can.”

Dynamic Capital InvestmentIn this course, you will develop your economic intuition concerning

the theory of investment under uncertainty (real options) and

deterministic dynamic models of a firm. The course provides you with

the mathematical tools needed to study deterministic and stochastic

dynamic optimisation problems. In particular, Itô’s lemma, (stochastic)

dynamic programming, optimal stopping, Pontryagin’s maximum

principle, and phase diagram analysis.

Stochastic ModelsThis course aims to increase the capability of analysing managerial

problems under uncertainty, which occur, for example, in inventory and

production control, telecommunications, maintenance, and insurance.

The emphasis is on providing insight and thorough understanding of

renewal theory and the theory of discrete-time and continuous-time

Markov processes, and applications in various areas.

107106

Prof.Dr.Ir. Jalal Ashayeri Professor of Supply Chain Management

“The future is bright”

“The Master’s programme in Operations Research and Management

Science (ORMS) combines the fields of economics, mathematics and

statistics to equip students with advanced tools to solve contemporary

management problems. Today, businesses and industries are

increasingly global and complex. Prompt, forward-thinking and

decision-making abilities are required to manage the design and

administration of production systems, supply chains, and supporting IT

solutions. In this programme, you will learn state-of-the-art operations

enabling tools that help business thrive. You will also have the

opportunity to participate in attractive internships at world-class

organisations, where you can solve real-life practical problems and write

a thesis. What sets ORMS programme apart is that its graduates ideally

are able to draw upon pertinent analytical methods and knowledge

throughout technology, engineering, science, and management. In this

labour market, there is huge demand for students who have theoretical

and applied knowledge of logistics, supply chain management, and

quantitative methods.

Enter ORMS Master’s programme! It is the field that specialises in

helping a wide array of management and executives turn a general, even

vague managerial-improvement idea into concrete plans and system

specifications. As the worthy profession of the twenty-first century, the

future is bright in many respects for Operations Research and

Management Science students.”

Quantitative Finance and Actuarial Science

At a Glance

Name Quantitative Finance and Actuarial Science

Duration 1 year

Type Full-time




Core Courses Dynamic Real Investment, Empirical Finance, Financial Models, Issues in Finance and Insurance and

Pension System Design

Career Prospects Analyst, researcher, consultant, actuary trader, risk manager

Start September


More Information www.tilburguniversity.nl/masters/qfas

108 109

Prof.Dr. Hans SchumacherProfessor of Mathematics,

Coordinator MSc QFAS

“Training at a high technical level”

“The Master’s programme in Quantitative Finance and Actuarial

Science at Tilburg University offers training in modern portfolio

management and risk control at a high technical level. The curriculum

includes advanced courses on the modeling of financial and insurance

markets on the basis of the theory of stochastic processes. Analytic as

well as empirical aspects are covered. Wherever possible, we address

finance and insurance in an integrated fashion so as to bring out both

the similarities and the differences between these fields. In this way, the

QFAS programme responds to the continuing process of integration of

financial and insurance markets. A wide range of electives is available

for students, including courses from the Master’s programmes in

Finance and in Economics and Finance of Aging.”

CharacteristicsThe central theme of the Master’s programme Quantitative Finance

and Actuarial Science is risk management, based explicitly on

quantitative models. Investors apply risk management to weigh risk

against return; insurers apply it to limit their risks by calculating the

appropriate premiums, and option traders balance their books by

calculating the sensitivities of their positions with respect to the

relevant risk factors. Topics include continuous time finance, empirical

applications from finance and the actuarial sciences, risk theory and

asset liability management.

Is this the right programme for me?The MSc Quantitative Finance and Actuarial Science is strongly focused

on the management of financial risks. For students who want to

continue in Actuarial Science towards the title of Actuaris AG, the QFAS

programme provides direct access to a post-Master professional

education programme offered by the Dutch Actuarial Institute.

http://www.tilburguniversity.nl/masters/qfas


of study. You will take 4 or 5 core courses and 3 electives of 6 ECTS

each, and write a Master’s thesis of 18 ECTS. From the core courses

listed below, you have to select at least 4 courses. The courses are

offered over two semesters.

The first semester starts in September, with exams in December and

January. The second semester runs from January to June, but is divided

in two. From January to March, you will take courses. From April

onwards, you will be able to focus on writing your Master’s thesis.

Core Courses (Cluster A)Financial Models•





Electives (Cluster B)The core course, not selected above•


Panel Data Analysis of Micro-economic Decisions•

Non-linear and Robust Optimisation•

Simulation•




Other courses, approved by the examination committee•




110 111

The importance of hedging

Case

In 1999, Equitable Life was the second largest life insurer in the United

Kingdom and was named ‘pension provider of the year’ by the pension

industry magazine. Founded in 1762, the company was proud to present

itself as the oldest mutual life insurer in the UK.

In December 2000, Equitable closed for new business and put itself up

for sale. There were no buyers. About a million policyholders were faced

with substantial reductions of their retirement benefits. How could this

dramatic downturn take place? The demise of Equitable was caused by

risks that were taken knowingly and willingly by the company’s financial

leadership. During the 1970’s and early 1980’s, Equitable had been selling

pension plans involving a guaranteed annuity return, that is, a minimal

interest rate to be paid on a given sum for the duration of the life of the

policyholder. The guaranteed rates were much lower than the actual rates

that were common in those days of high inflation. In the mid-nineties

however, interest rates went down considerably and when the guaranteed

rates became payable, Equitable sank into major difficulties.

A guaranteed annuity return is like an option contract, which may or

may not have value at the payment date depending on the level of

some related indicator such as a stock index or an interest rate.

Modern financial theory says that the risk involved in such contracts

can be greatly reduced through the application of hedging strategies.

The idea is to construct portfolios in such a way that losses in one part

are compensated for by gains in another part, and vice versa;

implementation of such strategies requires accurate valuation of future

liabilities and careful modelling of correlations. It would not have been

very expensive for Equitable to set up such a hedge in the time it sold the

contracts with the guaranteed annuity returns; even a coarse hedge would

have prevented most of the problems that the company got itself into.

Hedging is extensively discussed in the QFAS programme. It is one of the

objectives of the programme to ensure that QFAS graduates will succeed

where the Equitable management failed, namely to develop financial

products that are useful to customers, without creating undue risks for

the company that provides these products.


Issues in Finance and Insurance During this course, you will discuss topics from the recent journal

literature in the area of quantitative finance and actuarial sciences.

The contents of this course may change from year to year, depending

on recent developments. Some examples of subjects are: coherent risk

measures, prospect theory, premium principles vs. pricing rules,

allocation of risk capital, and modeling of dependence.

Pension System DesignRedesign of pension systems is high on the agenda in both in the aging

industrialised nations and in emerging economies. This course looks at

the main design issues and develops corresponding analysis tools such

as optimal life cycle investment and valuation of pension contracts.

Special attention is paid to the possible benefits of collective systems.

Career ProspectsAfter successful completion of the programme in Quantitative Finance

and Actuarial Science, you will be awarded an internationally recognised

Master of Science degree, with many career opportunities. To give some

examples, graduates in Quantitative Finance and Actuarial Science find

their way into:

Large financial institutions•

Pension funds•

Insurance companies•

Consultancy agencies like Watson Wyatt, William M. Mercer, •

Towers Perrin, etc.

Regulating institutions (central banks)•

Treasury departments of large companies•

PhD in Economics or Econometrics•

Dynamic Capital Invest-mentIn this course, you will develop your economic

intuition concerning the theory of investment under uncertainty (real

options) and deterministic dynamic models of a firm. The course

provides you with the mathematical tools needed to study deterministic

and stochastic dynamic optimisation problems. In particular, Itô’s

lemma, (stochastic) dynamic programming, optimal stopping,

Pontryagin’s maximum principle, and phase diagram analysis.

Empirical FinanceThis course is focused on the application of econometric methods to

the study of financial and insurance markets. Subjects that are covered

include: market efficiency and behavioural finance; predictability of asset

returns; factor pricing and performance analysis; long-term investment;

risk measures and regulation.

Financial ModelsThis course offers a systematic introduction to the mathematical

modelling of financial markets. Continuous-time models are discussed

extensively with applications to derivative pricing and hedging in equity

and bond markets. The course also includes a discussion of

computational techniques such as finite-difference schemes and the

Monte Carlo method.

Dynamic Capital InvestmentIn this course, you will develop your economic intuition concerning the

theory of investment under uncertainty (real options) and deterministic

dynamic models of a firm. The course provides you with the

mathematical tools needed to study deterministic and stochastic

dynamic optimisation problems. In particular, Itô’s lemma, (stochastic)

dynamic programming, optimal stopping, Pontryagin’s maximum

principle, and phase diagram analysis.

Empirical FinanceThis course is focused on the application of econometric methods to

the study of financial and insurance markets. Subjects that are covered

include: market efficiency and behavioural finance; predictability of asset

returns; factor pricing and performance analysis; long-term investment;

risk measures and regulation.

Financial ModelsThis course offers a systematic introduction to the mathematical

modelling of financial markets. Continuous-time models are discussed

extensively with applications to derivative pricing and hedging in equity

and bond markets. The course also includes a discussion of

computational techniques such as finite-difference schemes and the

Monte Carlo method.

112 113

Prof. Dr. Anja De WaegenaereProfessor of Actuarial Science

and Accounting

“Tackle problems that have social relevance”

“Together with Roger Laeven and Hans Schumacher, I currently teach

the Master course ‘Issues in Finance and Insurance’. This course

focuses on important breakthroughs as well as recent developments in

the academic literature in the fields of Finance and Insurance. Students

are required to read academic papers and prepare answers to a number

of discussion items related to the topic of the paper. My current

research focuses on ‘longevity risk’, which is the risk imposed on

pension and insurance providers due to the fact that the remaining

lifetime of individuals is uncertain. In the past century, we have

observed a significant increase in life expectancy. For example, the

expected remaining lifetime of a Dutch male retiree aged 65 increased

from 13.5 years in 1975 to 17 years in 2007. This past evolution clearly

suggests that further improvement is to be expected, which has

important consequences for pension funds and insurers whose

liabilities clearly depend on the remaining lifetime of individuals.

My current research focuses on development of models to forecast

future mortality, and to quantify the related uncertainties. As a

researcher, I particularly enjoy the challenge of trying to tackle

problems that have societal relevance and for which mathematical

modeling can provide useful insights.”

115

Admission RequirementsTo successfully complete the Master’s programme in Quantitative

Finance and Actuarial Science, you must have a solid background in

Mathematics and Statistics. With a Bachelor’s degree in Econometrics

and Operations Research, or equivalent, you can be admitted to

the programme. But also any Bachelor’s degree with sufficient

demonstrated knowledge of Mathematics and Statistics will generally

result in admission to the Master’s programme. In that case, the

Admissions Board will assess your application. For more information

see chapter ‘Admission and Application’.



Bain, L.J. and M. Engelhardt: Introduction to Probability and •


Sydsaeter K. and P. Hammond: Essential Mathematics for Economic •


Lay D.C.: Linear Algebra and its Applications (Addison-Wesley, •

2nd Edition, Amsterdam, 1997).

114

Anouk Loonen The Netherlands, Alumnus of

the MSc QFAS

“A good way to broaden your horizon”

“Before the MSc Quantitative Finance and Actuarial Sciences, I did the

Bachelor’s programme in Econometrics and Operational Research at

Tilburg University. I chose QFAS, because I have strong interest in finance,

risk management and actuarial sciences. Besides, this programme has a

solid quantitative basis, which would be very useful for my future career at

a financial institution. During my Master studies I also went abroad,

which I can recommend to anyone. I studied in Paris at Sciences Po. This

‘grande école’ is famous for its political courses. The teaching philosophy

was totally different from the one in Tilburg. The focus was mainly on

debating and fact finding instead of theory and modeling.

This proved to be a perfect preparation for my current traineeship at SNS

REAAL - a Dutch banking and Insurance service provider. My traineeship

in Risk Management lasts two years and enables me to work on several

different projects for different departments. So far I did assignments for

Asset and Liability Management, the Economic Capital department and

for Credit Risk & Pricing Management. It is very diverse, so I can keep my

options open and find out what I like best. Finally, I am doing several

training courses and exams, such as the Financial Risk Management

exam. This means that absorbing and applying knowledge does not stop

when you leave university – on the contrary!”

Strategic Management

117

CharacteristicsDuring the Master’s programme in Strategic Management, you will

be offered an integrated overview of strategic management, including

corporate, competitive and functional strategy making. Apart from

gaining insight into the strategies and managerial systems for

organisations that operate in an international context, you will also

find out what drives business performance over time. In addition,

the programme gives you the opportunity to select and apply

solution-focused concepts, tools and models in the context of

emerging strategic issues.

Is this the right programme for me?The MSc Strategic Management adopts a firm-level perspective and

prepares you for management positions and jobs in either internal

consulting (e.g. as member of a strategy or new business department)

or external consulting (as a management consultant employed by a

consultancy firm you do projects for external clients). So, if it is your

aspiration to join the ranks of general management in business

organisations or to become a (management) consultant, then this is

definitely the right choice for you.

116

At a GlanceName Strategic Management

Duration 1 year

Type Full-time



Best Preparatory Bachelor’s Bedrijfseconomie, International Business Administration (former Business Studies), Internationalprogrammes Business, or Economie & Informatica with the course Organisatie van de Onderneming

Core Courses Strategic Management, Strategy Process and Decision Making, Strategic Entrepreneurship, Corporate Level Strategy, International Management

Career Prospects (Management) Consulting, Business Policy, New business development or General Management

Start September


More Information www.tilburguniversity.nl/masters/sm

http://www.tilburguniversity.nl/masters/sm

Ahold

Case

Strategy DynamicsThis course enables you to build an integrated

and fact-based picture of how the resources of

a business are developing through time, as a result of their mutual

interdependence, management policies and external opportunities and

constraints. This course draws on the Strategy Dynamics approach,

developed at London Business School, which was developed to improve

the teaching and practice of strategic management.

Corporate-Level StrategyDuring this course you will gain knowledge about the most important

findings of academic research on corporate level strategy. This enables

you to understand how performance differences between large

corporations can be attributed to differences in strategies and

structures. You will also learn to critically review academic papers and

learn to apply the knowledge in practice.


multinational enterprises. Most of these theories are rooted in

economic theory. In addition, we discuss more dynamic, evolutionary

theories of the internationalisation of firms. We also study how

multinational enterprises manage and control their international

subsidiaries.

Strategic ManagementThis course covers key concepts and models in the area of business and

corporate strategy. Together, corporate and business strategy cover the

strategically important decisions on the scope and competitive position

of firms. Topics such as competitive rivalry, vertical integration and joint

ventures will be discussed in lectures and applied by means of case

discussions in tutorials. The wide array of topics in this course ensures

connections to various other courses in the programme.

Strategy Process and Decision MakingStrategy process covers both strategy formulation and implementation.

Strategy formulation covers analytical tools to support strategic decision

making but requires understanding of decision making styles and

decision making biases as well. Furthermore, successful strategies

require close integration of strategy formulation and implementation.

Strategy processes differ between organisations and between

individuals. For example, some organisations are more centralised than

others and individual decision making styles differ between rational and

more intuitive. This course teaches students to recognise strategy

process characteristics, potential decision biases and potential

implementation differences.

. ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours






ECTSStrategy Process and Decision Making 6


Strategic Management 6

1 Elective out of: 6


Corporate Valuation•

Management Control•

Management of Knowledge and Innovation•

Research Methods in Strategy 6

Corporate-Level Strategy 6

Strategic Entrepreneurship 6





118 119

Dr. Eric Dooms Lecturer Organisation and Strategy

Programme Coordinator of the MSc in

Strategic Management and the MSc in

Supply Chain Management

“Good implementation is just as important as good strategies”

“Unlike many other programmes in business, the Master’s programme

in Strategic Management does not depart from the strict separation

between functional disciplines but adopts a firm-level perspective.

Strategic Management is about the overall direction and organisation

of firms. So it requires solid knowledge of the many disciplines in

business and economics, but above all, it requires knowledge that cuts

through these disciplines. Anyone interested strategic issues at a

cross-disciplinary level should opt for the Strategic Management

programme at Tilburg University. Students develop knowledge that

helps them to recognise and resolve strategic issues in a variety of

contexts and firms. Specific attention is paid to strategy implementation

issues with the recognition that good implementation is just as

important as good strategies. Students learn that many strategic issues

are non-routine, ambiguous, and complex but are provided with a

framework for the systematic analysis of such issues.”

Dutch retailer Ahold had experienced a period of expansion into new

countries and businesses before it encountered severe problems at the

beginning of 2003. Share prices of Ahold had risen as a result of the

successful growth of the company, giving Ahold a solid reputation

among shareholders and increasing the status of its CEO to that of top

manager of the year in 2000. A few years later Ahold seemed to have

become a victim of its own success. Company analyses revealed

corporate executives’ inability to adequately control all the foreign

subsidiaries of the company, which had become increasingly diverse in

terms of business and international scope. Clearly, strategic

management is as much about decisions on the strategic direction of a

company, as it is about the ability to implement and control this chosen

direction.

It also appeared that the Ahold subsidiary Albert Heijn, the leading

Dutch supermarket chain, had served the purpose of generating cash

flows to finance the expansion into new business and geographical

areas, amongst others by boosting the price levels of products sold.

As a result of that, customers were increasingly turning away. To regain

the lost market share, Albert Heijn has changed its strategy drastically,

leading to severe price wars in the Dutch supermarket business.

Strategic management is also as much about deciding on what

businesses to operate in, as it is about deciding on how to compete

in each respective business.


Corporate-Level StrategyDuring this course you will gain knowledge about the most important

findings of academic research on corporate level strategy. This enables

you to understand how performance differences between large

corporations can be attributed to differences in strategies and

structures. You will also learn to critically review academic papers and

learn to apply the knowledge in practice.


multinational enterprises. Most of these theories are rooted in

economic theory. In addition, we discuss more dynamic, evolutionary

theories of the internationalisation of firms. We also study how

multinational enterprises manage and control their international

subsidiaries.

120 121

Jarri Jung The Netherlands, Student of the MSc Strategic Management

“Investigate business strategies”

“After completing my secondary school I started a Bachelor’s

programme in the field of Human Resource Management at Tilburg

University. The main focus was on social sciences, such as psychology

and sociology, which gave me a lot of useful insights into the behaviour

of people and organisations. As time went by, I started to become more

interested in business and decided to do a second Bachelor’s degree in

International Business. I went to Madrid for half a year to improve my

Spanish and to get some first-hand experience of differences between

people and cultures. My interest in business strategy became more

apparent when I was chairman of INPUT, one of the study associations

in Tilburg. I began to investigate questions such as: What are the

longterm goals of our association? What action do we need to

undertake to achieve those goals?

The MSc programme in Strategic Management seemed a very logical

choice for me. I like to investigate business strategies and their impact

on a firm’s performance, especially in an international context. For the

course Corporate Level Strategy, for example, we were given group

assignments and managed to generate a lot of debate and interaction.

This was a great way for me to go beyond ‘dry’ theory and get a taster

of the ‘real’ business world. I am now trying to balance these theoretical

and practical aspects in my Master’s thesis, by doing an internship.

My short-term goal is to finish my thesis before the start of the next

academic year and then travel around South-America for about half a

year. This trip will hopefully give me enough inspiration and new ideas

to formulate my long-term goals – who knows where it will take me in

the future?”

123

Career ProspectsStrategic Management prepares you for jobs which require skills and

knowledge to identify, analyse and solve strategic issues faced by

various types of organisations. Future professional activities performed

by the graduate include for example: analysis of competitors, assessing

new business opportunities, industry analysis, foreign entry mode

decisions, bridging gaps between strategy formulation and

implementation. Jobs may include internal of external analyst or

consultant, management functions, including project management or

management trainee, positions in new business development

departments, staff positions in the area of planning, policy or strategy.




Master’s programme in Strategic Management. Furthermore, if you

have a Bachelor’s degree in Economie & Informatica, with the course

Organisatie van de Onderneming, you will also have access. If you have




123

Gabriela Nunes Brazil, Alumnus of the MSc Strategic Management

“Creating a macro point of view of a corporation”

“Because of the high reputation of Tilburg University in the field of

Economics and Business, I decided to do my Bachelor’s as well as my

Master’s degree in Tilburg. Although both programmes were quite

demanding and challenging, I still managed to find time for other

activities besides studying. For example, I was an active member of the

student promotion team at Tilburg University. Apart from helping out

with office duties, I also travelled to my home country Brazil on several

occasions to represent Tilburg University at student fairs. Because of

my knowledge of the Brazilian culture and my understanding of what

Brazilian students are looking for, I managed to generate a lot of

interest for Tilburg – a study destination, which was previously relatively

unknown amongst Brazilian students. I am proud that I was able the

make a difference in that respect.

I am currently working at Statoil in Belgium as a trainee of the Indirect

Tax Department. My main task is to prepare VAT returns for different

countries within the European Union. The job is related to accounting

and tax law, which allows me to increase my knowledge in this field.

The Master’s programme in Strategic Management gave me good

background in creating a macro point of view of a corporation. This

helps me to understand the differences between business unit activities

and respective countries locations to prepare the VAT returns. My plan

for the future is to build a career in a consulting company and handle

international projects. If non-EU students would like to pursue a job in

Europe, I would recommend them to become a member of AISEC - the

world’s largest student organisation. It is a great opportunity to get an

internship abroad, which may eventually lead to a permanent job.”

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125

Supply Chain Management

At a Glance

Name Supply Chain Management

Duration 1 year

Type Full-time



Best Preparatory Bachelor’s Bedrijfseconomie, International Business Administration (former Business Studies),programmes International Business, or Economie & Informatica with the course Organisatie van de Onderneming

Core Courses International Production Management, Physical Distribution Management, Purchasing Management, Research & Design Methodology Career Prospects Various career types in business and consultancy, such as logistics engineer or supply chain consultant

Start September


More Information www.tilburguniversity.nl/masters/scm

124

http://www.tilburguniversity.nl/masters/scm

126 127

CharacteristicsThe execution of a company’s primary processes and its linkages with

suppliers and distributors, is the central topic in this Master’s

programme. Successful implementation of a business strategy requires

thorough understanding of the ways in which goods and services are

produced. The arrangement of resources required for the production of

a company’s output is the core task of operations managers. Firms

develop global operational networks to meet the challenges of, and take

advantage of, the opportunities presented by economic globalisation.

Since purchasing, production and distribution activities can take place

in various parts of the world, these activities introduce a wide variety of

logistical challenges. For example, in any industries an increasing

number of services and materials are obtained from outside specialist

suppliers. This means the way in which businesses manage the supply

of products and services to their operations becomes important.

Similarly, at the demand side of the business, the way in which the

distribution chain is managed contributes to an operation’s ability to

serve its customers.

Is this the right programme for me?Our MSc in Supply Chain Management fully prepares you to take

advantage of the opportunities presented by the process of economic

globalisation. As firms develop global operational networks, their

purchasing, production and distribution activities tend to take place in

various parts of the world. You will have interesting career prospects in

these companies with operations activities dispersed worldwide.

The company Childwear specialises in high-quality children’s clothing.

Their range of dresses, shirts, jumper’s etc. is excellent in terms of quality

and design. The clothes are sold worldwide and marketed as a global

product. The company is headquartered in the Netherlands, but much of

the production is located overseas (India, Far East). The Dutch factory

prepares sets of partially finished clothing that can be assembled easily.

These partially finished sets are sent abroad, where the final product is

put together. Design and marketing, however, are handled from the

Netherlands, as is the control of the international flow of goods.

International supply chain management has become an important

strategic issue for many multinationals in recent years. For instance,

from the point of view of production the question arises whether one

central location is sufficient to service a world market or whether a

network of factories is required. A related question is where the

multinational should source its raw materials and semi-manufactured

articles: close to home (for reasons of quality control, for instance) or

from a number of far-flung manufacturers. On the output side, many

companies strive to link distribution to local production in order to limit

endless international transport.

Case

Prof.Dr.Ir. Bart Vos Professor of Purchasing Management

“Create theory-driven solutions”

“I expect students entering our Master’s programme to have a genuine

interest in understanding and improving the performance of operations.

Performance is not restricted to cost reduction (efficiency), but should

definitely also cover quality and service improvements for customers

(effectiveness). Moreover, operations are not restricted to more

traditional industrial settings, but also consist of services environments

like health care. In addition, I expect students to have a design attitude,

enabling them to actually create theory-driven solutions in the Supply

Chain Management domain and subsequently support the

implementation of these solutions. From this perspective, I consider

one of my papers as highly relevant. It is entitled ‘Virtuous and vicious

cycles on the road towards international supply chain management’,

with Henk Akkermans and Paul Bogerd as co-authors. Curiosity was

the main driver for that paper: why are there so few highly successful

applications of the SCM concept in practice? We explored this question

in a workshop with experienced practitioners, resulting in a list of

roadblocks frustrating the implementation of SCM.

Fortunately, the workshop results also revealed enablers for turning

negative, vicious cycles into virtuous successful ones. These enablers

include demanding customers, stimulating cross-functional careers

and leveraging the potential of ICT systems. These insights ultimately

contribute to our understanding of what it takes to design and manage

successful supply chains.”

International supply chain management

128 129

Dr.Ir. Bert Meijboom Associate Professor Organisation & Strategy, six years industrial experience at Heineken Breweries,

main research topic Supply Chain Management, participant of health care research programme TRANZO,

strongly involved in the set-up of the Master’s programme in Supply Chain Management

“A multidisciplinary undertaking”







ECTSInternational Production Management 6

Logistics and Information 6

Physical Distribution Management 6

Research & Design Methodology 6

Purchasing Management 6

1 choice out of: 6

Marketing Channel Management•

Advanced Resource Planning•

Elective•

1 choice out of: 6

Supply Chain Collaboration and Advanced Planning•

Elective•





“My personal belief is that studying Supply Chain Management

is a multidisciplinary undertaking. Students first need a thorough

understanding of what it is organisations are trying to achieve.

Supply Chain Management is then answering the question of how

organisations actually achieve this. And this can be studied from

different perspectives, such as from the perspective of business

processes (purchasing, distribution, production), from the relationships

with suppliers and buyers (supply chain management), or from a

strategic perspective (operations strategy). In several courses, guest

lecturers (e.g. from companies such as Philips, Sara Lee, Amgen

Pharmaceuticals) are invited to address managerial issues.

The choice of a graduate study should ideally reflect your own strengths,

your own interests, and your own future wishes. This Master’s

programme is perhaps best suited for students who wish to understand

the actual sources of competitive advantage, how these sources can be

explained, how organisations can develop these sources, and how

organisations can improve their operations. In my opinion this Master’s

programme therefore provides an excellent preparation for students

who opt for consultancy in a later career, but equally well for students

pursuing a career in management of manufacturing organisations, as

well as of service organisations.”


130 131

Career ProspectsWith globalisation increasing rapidly, the demand for specialists in the

field of supply chain management is growing fast. Most of

our alumni find careers in production companies or in the service

industry. Consultancy agencies are also required to offer international

supply chain management expertise, which reveals another career path

for graduates. Finally, service operations is an emerging area with career

opportunities, particularly in the health care sector.




Master’s programme in Supply Chain Management. Furthermore, if you

have a Bachelor’s degree in Economie & Informatica, with the course

Organisatie van de Onderneming, you will also have access. If you have




International Production ManagementThis course aims to provide knowledge of and insights into the

dynamics of managing an organisation’s production system in an

international context. Secondly, it aims to develop a reflective attitude

with respect to the related concepts and to develop skills to use the

concepts in real-life contexts.

Logistics and InformationIn this course you will gain insight into an integrated and coordinated

approach for internal and external planning of a company’s logistics.

This includes material planning, activity planning and scheduling, the

coordination of internal supply, WIP, coordination of demand, and

supply chain management. The approach discussed here is the basis for

every ERP software package, such as SAP. The focus of this course is on

integrating theory and practice.

Physical Distribution ManagementDetailed knowledge of physical distribution is provided from an

operations management perspective, including a conceptual basis in

spatial economics and industrial location theory, in the practical context

of internationally operating companies.

Purchasing ManagementThe course Purchasing Management provides detailed knowledge of

the strategic and enabling processes in the purchasing management

domain of operations. In addition, you will learn how to apply the

theoretical concepts in practical settings.

Research & Design MethodologyThe aim of this course is to familiarise students with the organisation

redesign process in combination with research methodologies. You will

learn how to develop alternative solutions for the identified problem,

based on an analysis of the present design and the goals to be achieved

using relevant data analysis methods.

Lotte Keur The Netherlands, student of

the MSc Supply Chain Management

“Strong emphasis on team work”

“When I started my Bachelor’s degree in Business Studies in Tilburg,

I was not entirely sure which direction to choose within the broad field

of business. Studying a wide range of business courses, ranging from

management and human resources to economics and finance, was

ideal for me, as I could make up my mind along the way. After my

Bachelor graduation I decided to do my Master’s degree in the field of

logistics and supply chain management, especially because I really liked

the courses in Supply Chain Management and Operations Management.

Now that I am getting closer to the end of this Master’s programme,

I can say that I have made the right choice. The programme is diverse

with courses such as Purchasing Management, International Production

Management, and Physical Distribution Management. The class size is

small and there is a strong emphasis on team work. This makes the

programme really interesting and interactive. The team assignments

make it possible to apply theories from our text books to real-life

business examples. Last April I started my internship at Air France-KLM,

located at Schiphol Airport. My main focus is on the performance

measurement of one of the purchasing departments within the

company, but I also get the chance to experience the hustle and bustle

of one of the main airports in Europe.”

133

Admission and Application

There are different application procedures for students with a Dutch

Bachelor’s degree and with a non-Dutch Bachelor’s degree, who wish to

apply for an MSc programme.

Detailed information can be found on the different application procedures

for specific programmes and situations at the following sources:

Candidates applying for a Master’s programme with a Bachelor’s •

degree from Tilburg University or any Dutch University:

www.tilburguniversity.nl/masters Candidates applying for a Master’s programme with a Bachelor’s •

degree from a Dutch University of Applied sciences (hbo)

www.uvt.nl/premasters (in Dutch). Candidates applying for a Master’s programme with a non-Dutch •

Bachelor’s degree: www.tilburguniversity.nl/masters

Our Admission Board assesses every application on an individual basis.

Applications are assessed throughout the year – which means you can

apply at any time. If your application is complete and includes all the

necessary documentation, the admissions procedure usually takes

around four weeks.

Students looking to join the programme commencing in September 2011

will need to apply before the deadlines specified in the information below.

We encourage all students to apply as early as possible to ensure they

have enough time to arrange visas, accommodation or any other practical

matters.

132

http://www.tilburguniversity.nl/masters

http://www.uvt.nl/premasters


134 135

ContactStudents with a Dutch Bachelor’s DegreeEducation Office


Tilburg University

Koopmans building, Room K18

PO Box 90153

5000 LE Tilburg

The Netherlands

Tel: +31 13 466 3037

Fax: +31 13 466 3072

E-mail: [email protected]

Visiting Address

Tilburg University

Warandelaan 2

5037 AB Tilburg

Students with a non-Dutch Bachelor’s DegreeInternational Student Services Office


Tilburg University

Koopmans building, Room K18

PO Box 90153

5000 LE Tilburg

The Netherlands

Tel: +31 13 466 8972

Fax: +31 13 466 3072

E-mail: [email protected]

For directions to Tilburg University, please go to:

www.tilburguniversity.nl/contact

Application DeadlinesPlease make sure that your complete application package for the

academic year 2011-2012 arrives at our office before the following

deadlines. We recommend you to send your application package by

courier or by registered post to avoid loss or delay of your paperwork.

Non-EEA member state(2) citizens requiring a visa: •

15 April 2011 • EEA member state(2) citizens:

1 July 2011 • Non-EEA member(2) state citizens with a permanent

residence permit in one of the EEA member states

or not requiring a visa(3):

1 July 2011

(2) EEA countries: •

Australia, Belgium, Bulgaria, Cyprus, Czech Republic,

Denmark, Estonia, Finland, France, Germany, Greece,

Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania,

Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal,

Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and The

United Kingdom of Great Britain and Northern Ireland.

(3) Non-EEA countries not requiring visa: •

Australia, Canada, Japan, Monaco, New Zealand, South Korea

and USA.

Tuition FeeTo give you an indication of the tuition fees for the academic year

2011-2012, please find below the tuition fees for the MSc

programmes in the academic year 2010-2011:

EEA citizens u 1672

Non-EEA citizens u 10506

Tuition fee payments are non-refundable if a student has to leave the •

programme before graduation.

If students do not complete the MSc programme within a year they •

will need to register for a second year and pay tuition fee accordingly.

Students from EEA countries can make use of the so-called •

“collegegeldkrediet” (tuition fee credit) as offered by the Dutch

government to borrow the money they need for their tuition fee

payments. For more information, please check: www.ib-groep.nl

Scholarships for excellent studentsTilburg University has scholarships available for excellent

international students who are admitted to one of our

Master’s Programmes. More information can be found on:

www.tilburguniversity.nl/tusp

http://www.ib-groep.nl

http://www.tilburguniversity.nl/tusp

http://www.tilburguniversity.nl/contact

mailto:[email protected]


136

Tilburg School of Economics and Management Colophon

This is a publication of the Tilburg School of Economics and Management.

This brochure was prepared with great care. However, Tilburg University

reserves the right to change, without notice, any programmes, policies,

requirements or regulations published in this brochure.

Editing Tilburg School of Economics and Management

Design Scheepens reclame adviseurs, Tilburg

Photography Gerrit Oude Sogtoen, Ton Toemen, Ed Lonnée, Erik van

der Burgt, Fleur Bakermans, Stock Photography.

Printing: Prisma Print, Tilburg University

August 2010

WebsiteThere is a special website for students with a non-Dutch Bachelor’s

degree:

www.tilburguniversity.nl/prospectivestudents

More specific information about the Master’s programmes and courses

of Tilburg University can be found on:

www.tilburguniversity.nl/masters

136

http://www.tilburguniversity.nl/prospectivestudents


Tilburg School of Economics and ManagementAddress PO Box 90153, 5000 LE Tilburg, The Netherlands

Telephone +31 13 466 89 72

Fax +31 13 466 89 88

E-mail [email protected]

www.tilburguniversity.nl/masters

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