MSc EconomicsPersonalizing your Expertise and Experience in Economic Analysis

Yvonne van HapertProgram coordinator MSc Economics,Student advisor

Prof. Dr. Sjak Smulders

Academic director MSc Economics,

teacher and researcher.

Welcome!

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What do you want to know?

• Why a Master?• Why Tilburg?• Why Economics?• Career perspectives• Course program• Teaching philosophy• Entry requirements• Student perspective and experience

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Your choice…

• Why a Master?• Why Tilburg?• Why Economics?

Why a Master?

• Do you see yourself tomorrow as account manager or policy advisor?

Build your own personal combination of • Expertise• Professional skills• Experience

Why Tilburg?

• Active student life, Tilburg city center: • Poppodium 013, Willem 2

• Close to everything thanks to our own railway station.• Compact beautiful campus • Small scale university

• Personalized approach, • approachable advisors and teachers• Easy to get involved in student associations boards

and projects.

More value for your time, effort and money!

Why Tilburg?

• Unique balance between experience and expertise: career oriented

• New tracks: • Behavioral Economics

• Tilburg student experience:• Flexibility in choosing your specialization.• Small scale, direct contacts, interactive, international

• Tilburg expertise:• Excellent teachers, experienced in policy and

professional field, link to institutes

Why Economics?

With (almost) a Bachelor degree in Economics…• …continue with Finance, Accounting, or

Economics?

Economics is broader, more flexible and academic

From outside Economics…• Engineering, • Liberal Arts and Sciences, • Econometrics• …

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What is Economics?

• How do consumers and firms make decisions?• Which incentives will be effective?

• Monetary incentives• Regulation• Nudges and behavioral aspects

• Markets: • when do they work well, when do they fail?

• Mainly a social science• With serious quantification (validation, prediction)

• analyze and advise • quantify and assess

• in firms• in financial institutions• for policy makers

What do Economists do?

Examples of first jobs of our alumni:

• Consultant

• Analyst in International Affairs

• Business Analyst

• Consultant Innovation & Finance

• Policy Advisor

• Rating Analyst

• Teacher

First Jobs of our Graduates (2009-2013)

University and research

Government

Financial sector

Private companies (non-financial)

Non-profit

Alumni MSc Economics (2009-2013)

What do Economists do?

Tilburg MECO

Deloitte, Rotterdam

Rembrandt Fusies en Overnames

Panteia, ZoetermeerInnovator at TNO Delft

SEO Economic Research, R’damPolicy advisor,

Govt of Curacao

Aethon Personeelsservice

Ministerie EZ

Raven Consulting

ECORYS, Rotterdam

Adviseur MVO en Duurzaamheid Ethincon

Delta Lloyd Amsterdam

Beleggingsadviseur SNS Utrecht

Autoriteit Consument en Markt, Den Haag

Máxima Medisch Centrum

DNB

Theresia lyceum Tilburg

ABN-Amro

RabobankVan Lanschot

Research Analyst, WorldBank

Brand Loyality

Central Bank of Turkey

CPB

Turkish Competition Authority, Ankara

South African Reserve Bank

Fujifilm Manufacturing Europe

Bulgarian Photovoltaic Association

Inter American Development Bank

Zwijsen College

PostNL

Ministerie van Sociale Zaken en Werkgelegenheid

PricewaterhouseCoopers PwC

Nationale-Nederlanden

Steward Redqueen

Energiedirect.nl

European Commission

IBM Nederland

Bain Capital, London

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Alumni

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What will future jobs look like?

According to recent book by Brynjolfsson and McAffee (2014), The Second Machine Age:

• Not… truck drivers, doctors, or accountants, • But… creative, flexible, and social workers.

http://www.ted.com/talks/andrew_mcafee_what_will_future_jobs_look_like

http://www.volkskrant.nl/wca_item/boeken_detail/453/264461/The-Second-Machine-Age.html

What our program looks like

Skill – focus of our program

• Professional practice• Economic analysis

• Sound background in theory and empirics...• But the aim is applying and using this

• Data analysis• Policy analysis• Presentation skills• Creativity

Program structure

EXPERTISE

EXPERIENCE

Methods courses Methods courses

Field courses (seminars)

Field courses (seminars)

Project work and Thesis

20%

50%

30%

Time (1 year)

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Courses: numbers and workloads

• Methods 4x3 ECTS

• Seminars and electives 5x6 ECTS• Applied Economic Analysis 2x3 ECTS• Thesis

12 ECTS

Total group size: 60-80 students

Average class size in seminars: 25 students

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How does a typical schedule look like?

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Applied Economic Analysis

Platform course for all students (6ECTS)• Preparing for career and experiencing what economists do

• Guest lectures by professionals

• Inside the business day (in cooperation with Asset)

• Learning how to generate and communicate ideas and build knowledge• How to structure economic analysis

• How to compete for attention (medianomics, fund acquisition)

• Open source software and simulation skills

• How to write project proposals (including Thesis proposal)

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Methods Courses

Choose 4 out of 5: (“Methods”, 3 ECTS each)• Econometrics I• Econometrics II• Game Theory I• Game Theory II• Experiments and surveys

Note: no math course (you need to know calculus, optimization, probability theory)

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Methods Courses (details 1)

• Econometrics I & II• OLS, cross-section, Dif-in-Dif, • time series, panel, dynamic models

• Experiments and surveys• How to (design and) interpret (your own) questionnaire and

experiment

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• Econometrics 1o Focus on research design/ methodso How can you interpret your quantitative analysis in a causal

way?

What is the content?

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• Experiments & Surveyso How to create a survey?o Running experiments/ analyze surveys

What is the content?

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• Experiments & Surveys

o Create your own experiment on a behavioral topic of your choice, run it & analyze the data

o Guest lecture by CentERdatao How to professionally set up surveys

Example of assignments/ class “specials”

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Methods Courses (details 1)

• Game Theory I & II• Static games• Dynamic games• Incomplete information

Field Courses

Choose 5 out of 13 (“Seminars”, 6 ECTS each)

Examples:• Innovation and networks• Financial markets and institutions• Health economics• Economics and psychology of risk and time

Choose your own course program… …or choose a specialization track

Lots of choice…

Specialization tracks

When to choose? After four weeks: end of SeptemberShows up at your diploma

What to choose? Depends on (job) preferences…• Consultancy, strategy …all tracks…• Government, NGOs PubPol, Sust&Growth• Micro Comp&Regulation, Behav.• Macro MoneyBFM, Sust&Growth• Finance MoneyBFM• Unique, specialized, job-security Pensions• Quantitative jumping board to Research Master.

Specialization tracks in MECO program

Money, Banking & Financial Markets

Pensions, Aging & Retirement

Competition and regulation

Sustainability and Growth

Public policy

Behavioral Economics

Financial Institutions,Pension funds,Consultancy,NGOs, International Agencies,Government

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Track (1): Sustainability and Growth

sources of economic growth in a country or region, barriers to growth and development, and possible negative consequences of growth. Evaluate policies and firm strategies towards development and sustainable resource use.

Core courses:

• Growth and Regional development

• Environmental and Resource Economics

Specials:

• Course European Environmental Law

• Field projects

Linked to Tilburg Sustainability Centre and Telos.

Work for DFID, IPCC, WorldBank, European Commission.

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Traineeship - Example

Eva Maria Bille

at United Nations, Beirut

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Traineeship - Example

Eva Maria Bille

I am currently in Beirut where I am working for the United Nations Secretariat's Economic and Social Commission for Western Asia (ESCWA). I am working in the Social Development Division (SDD) in the Inclusive Social Development Section (ISDS). Acronyms are really a thing here...

I get to my office through the 2 security checks at around 9 in the morning, and am greeted with the flags of the Arab countries waving in the warm Lebanese weather and the UN flags flanking the glass doors. I have my own cubicle with my name on the door, a computer and a phone.

The United Nations is a great place to do an internship, because you get close to the real policy makers, and you have an opportunity to see how theories can and have been applied in real life contexts. I was given a lot of freedom in choosing my research topic, and my supervisors are hoping to publish what I write at the end of my internship. It is so rewarding to be writing something that will in one way or the other be presented to policy makers in the region.

I also participate in meetings and preparations of other reports, but I have not been asked to make copies or coffee or any other "typical" intern duties.

I am very happy with the opportunity for research affiliation and guidance, access to data and relevant topics, as well as getting to know the organisation from the inside. Tilburg University showed great flexibility when I decided to go here, and I feel like there is definitely a link between what I learned and what I am doing.

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Track (2): Public Policy

Design of national and international policy. Career as policy advisor in national governments (Ministry of Social Affairs, or other Ministries) or in international organizations such as the EU, as a researcher in applied research institutes (e.g., Netherlands Bureau of Economic Research (CPB)), or as a consultant with nationally or internationally oriented consultancy firms.

Core courses:

• Health Economics

• Taxation

• Labor Economics

• Economics and Psychology of Social Norms and Strategic Behavior

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Track (3): Behavioral Economics

Behavior and behavioral change; evidence-based; behavior is based on a bounded capacity to process information and on preferences that include a regard for such social norms as fairness and reciprocity.

Core courses:

• Economics and Psychology of Social Norms and Strategic Behavior

• Economics and Psychology of Risk and Time

Specials:

• Electives from Master in Economic Psychology

Linked to Tilburg Institute for Behavioral Economics Research.

Work for various ministries and public policy institutes.

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Example assignment

From track Behavioral Economics:• Students compare theories on risk behaviour• Design questionnaire on risk behaviour with

regard to flooding• Develop proposal for a new insurance and

analyse the potential market.

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• Economics and Psychology of Social Norms & Strategic Behavior

What is the content?

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• Economics and Psychology of Social Norms & Strategic Behavior

o Policy Project & Presentation:

o Develop a proposal for a new insurance and analyse the potential marketo Analyse how to reduce smart-phone thefts

Example of assignments/ class “specials”

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Track (4): Competition and Regulation

Apply Industrial Organization and Competition Law, to business strategies and to regulatory policies; lack of competition in certain markets (electricity, telecommunication services) and the response by national governments and the European Union

Core courses:

• Seminar Innovation and Networks

• Seminar Competition Policy

Specials:

• Track meetings: competition in the news, movie, company visit and guest speakers.

Linked to Tilburg Institute for Law and Economics.

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Cases

From track Competition and Regulation:

• Competition cases European Union• Students analyze documentation • and defend positions

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Track (5): Pensions Aging and Retirement

understanding of the various aspects of aging. You will learn how economic theories and models can be applied to create solutions for financial institutions and government policy.

Core courses:

• Economics and Finance of Pensions

• Economics and Psychology of Risk and Time

• Seminar Generational Economics

Specials:

• Link to other NETSPAR tracks in Finance and Econometrics

• Track meetings organized by NETSPAR

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Netspar Track Community Program

• September: Introduction meeting• October: Internships meeting• November: Company Visit

in 2014: PGGM

• December: Christmas meeting Discussion and/or presentation on hot topic

• January: Attend International Pension Workshop• February: Internships meeting

Presentation of your first research proposal, seminar by a well-known guest speaker

• March: Company visit In 2015: a.s.r. and SVB

• May: Seminar on hot topic• June: Junior Pension Day

Presentation of the first results of your Master thesis

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Track (6): Money Banking and Financial Markets

Finance + Economics. Combine practical financial management to economic analysis of the markets you invest in. Eurozone, International financial supervision, microfinance, bank-runs and systemic risk, and taxation of financial institutions.

Core courses:

• Financial Markets and Institutions

• Financial Economics

• Corporate governance and Investment analysis

Specials:

• Excursion to Frankfurt

Linked to European Banking Centre.

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• Financial Markets & Institutions

What is the content?

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• Financial Markets & Institutions

o Guest lecture on Asset Management

Example of assignments/ class “specials”

Entry requirements

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• Unconditional admission for students with Bachelor’s degree in Economics or Economie and Bedrijfseconomie (EBE)

• Other programs: premaster might be needed

• Example: liberal arts colleges

• See advised 3rd year courses in ‘Program Description’ (on ESG).

For Tilburg students: http://feweb.uvt.nl/pdf/2011/DoorstroomBachelor2011-2012_def.pdf

Other Dutch universities:http://www.tilburguniversity.edu/education/masters-programmes/economics/application/

Entry Requirements

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Solid background in • Macroeconomics; Microeconomics

• Mathematics; Statistics

• Game Theory, Industrial Organization

Knowledge is also required in at least one of the following areas:• Labor Economics

• Environmental Economics

• Public Economics

• Development Economics

• International Economics (i.e., both International Trade and International Finance)

• European Economics

• European Financial and Monetary Integrationhttp://www.tilburguniversity.edu/education/masters-programmes/economics/application/

Entry Requirements

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For international students:

• Bachelor’s degree in economics from a university recognized by Tilburg

• Proficiency in English (TOEFL)

• Top 33% of GRE test

• Level playing field ensured via extra reading material prior to entry.

Entry Requirements

For all students:• Enroll via Studielink

Non TiSEM students who want to enroll in a (Pre-)

Master also need to:

• Submit an application for admission

For more information go to:www.tilburguniversity.edu/education/masters-programmes/admissionprocedure/feb/

Admission & Application

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Student Career Center & TiSEM Career Services

Your career starts now!

We can help you with:Study/Master choices, Career orientation,Career & Application skills

We offer:• Walk-in consultation for CV & letter of application• Workshops (for example Talent management, LinkedIn)• Individual support• Career Mentor Program & Career Portal

More information:tilburguniversity.edu/studentcareercenter

Visit us now: On the Master’s Fair from 19.00h to 21.00h in the Academia Building

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Master’s fairCome to the Master’s fair (in Academia building) and get in contact with career services, students, study advisors and program coordinators!

Master’s fair from 19.00h till 21.00h

http://www.tilburguniversity.edu/nl/onderwijs/masteropleidingen/economics/

www.tilburguniversity.edu/Ask-TiSEM

Further information