Download - Master Economics april 2015
MSc EconomicsPersonalizing your
Expertise and Experience
in Economic Analysis
Elly Klijsen
Program coordinator MSc Economics,
Student advisor
Prof. Dr. Sjak Smulders
Academic director MSc Economics,
teacher and researcher.
Welcome!
Your choice…
• Why a Master?
• Why Tilburg?
• Why Economics?
Answers depend mostly on your own preferences
Master Economics 320-4-2015
Why a Master?
• What do you really know?
• Do you see yourself tomorrow as account
manager or policy advisor?
You need
• Concrete skills
• More expertise
• More experience
Why a Master?
• What do you really know?
• Do you see yourself tomorrow as account
manager or policy advisor?
You need
• Concrete skills
• More expertise
• More experience
Why Tilburg?
Why Tilburg?
Why Tilburg?
Why Tilburg?
• Unique balance between experience and expertise:
career oriented
• New tracks:
• Behavioral Economics; Managerial 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
(so also vaguer and less specialized?)
From outside Economics…
• Engineering, Liberal Arts and Sciences,
Econometrics
What is Economics?
• How do consumers and firms make decisions?
• What are the impacts for markets and policy?
• “Allocation”: unemployment, exports, innovation
• “welfare”: profits, income, growth, happiness
• “efficiency”: market failures, crises, distortions, policies
• Mainly a social science
• With serious quantification (validation, prediction?)
Master Economics 1120-4-2015
Economics or Business?
• How to choose? Cf. “Kieskompas”
• analyze and advise
• quantify and assess
• in firms
• in financial institutions
• for policy makers
What do Economists do?
Examples of first jobs of ouralumni:
• 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
EthinconDelta 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
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
Master Economics 1620-4-2015
Specialization tracks in MECO program
Money, Banking & Financial Markets
Pensions, Aging and Retirement
Competition and regulation
Sustainability and Growth
Public policy
Behavioral Economics
Managerial Economics
Financial
Institutions,
Pension funds,
Consultancy,
NGOs,
International
Agencies,
Government
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)
Methods Courses
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Choose 4 out of 6 (3 ECTS each)
• Econometrics I & II
• Game Theory I & II
• Numerical simulation
• Experiments and surveys
Field Courses
Choose 5 out of 16 (6 ECTS each)
Examples:
• Competition policy
• Health economics
• Economics and Psychology of risk and time
• Financial markets and institutions
Choose your own course program…
…or choose a specialization track
The Course – Specialization Matrix
Lots of choice…
Specialization tracks
WHEN to choose? At the start… or you do not choose :-)
Shows up at your diploma (one only).
HOW to choose? Very personal…
• Consultancy, strategy: …all tracks…
• Unique, specialized, job-security: Pensions
• Micro: Comp&Regulation, ManEcs
• Macro: MoneyBFM, Sust&Growth
• Finance: MoneyBFM
• Government, NGOs: PubPol, Sust&Growth
• Quantitative and jumping board to RM: MBFM (all through clever choices).
Example assignment
25
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.
Cases
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From track Competition and Regulation:
• Competition cases European Union
• Students anayse documentation
• and defend positions
Applied Economic Analysis (6ECTS, new)
Three targets:
• Incubator: how to quickly generate useful ideas and knowledge
• Simulator: experiencing the economist’s team
• Creator: creating your solutions for economic problems
Concrete skills:
• How to structure economic analysis
• How to write project proposals
• How to compete for attention (medianomics, fund acquisition)
• Understanding political economy
• Guest lectures by professionals
• Inside the business day (in cooperation with Asset)
27
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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Economics at Tilburg:
Examples
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.
Master Economics 3120-4-2015
Testimonials Pensions track
32
“Learning about pensions is more than
ever relevant from both a societal and
academic perspective. The Netspar
program provides an excellent
combination of both.”
- Jaap de Vries
"This is the right track where you can
apply your academic knowledge to
solve a real practical problem."
- M.S. Sutardi
“Junior Pension Day is a great chance
to improve your Thesis and Company
visits help to get a close look at the
problems solved by our experts.”
- Gintautas Jakstas
“I think pensions and aging is one of
the hottest topics in economics and
finance, with many intellectually
challenging problems to solve which
also have significant importance to the
society. Netspar is the place where
you get opportunities to
communicating with the brightest
minds in this area, and joining them in
building a more sustainable pension
system.”
- Yuan Yue
“Looking for an internship I discovered
how incredibly valuable Netspar’s
contacts with the industry are.”
- Gijs Vereijken
Pensions Aging and Retirement (Netspar)
• Specialization in four TiSEM MSc Programs:
• Finance
• Economics
• Econometrics and Mathematical Economics
• Quantitative Finance and Actuarial Science
• Common course for all Netspar Track students:
• Economics and Finance of Pensions by Professor Lans
Bovenberg
• Other mandatory courses specific for each MSc Program + track
3320-4-2015
NetsparNetwork for Studies on Pensions, Aging and Retirement, since 2005
34
Improvement on
financing options for
old age in NL
Development
of knowledge. Annually
> M€ 1 for project
grants.
Longterm and short, hot
topic projects in
interaction with the
industry and government
Leverage
for innovation; sector-
relevant analysis and
policy briefs
Triple Helix
Science, Pension
and insurance
sector and
government
Network for
intrinsically
motivated partners
In charge
partners
determine the
research agenda
and prioritize
projects
• Prof. dr. Lans Bovenberg
(Spinoza prize 2003)
• Prof. dr. Theo Nijman
• Prof. dr. Casper van Ewijk
• Peter Gaillard
Sharing
knowledge by events,
papers, and master
and executive
education, internships
Alumni
Track Competition and
Regulation
3520-4-2015
Entry requirements
• 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
37
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 Integration
http://www.tilburguniversity.edu/education/masters-programmes/economics/application/
Entry Requirements
38
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
39
http://www.tilburguniversity.edu/nl/onderwijs
/masteropleidingen/economics/
www.tilburguniversity.edu/Ask-TiSEM
Further information
Master Economics
Student perspectiveTim Vodegel
• Possibility of creating own track
• Many courses to choose from
• Well-known professors
• International classroom
Why did I choose this Master?
42
Courses 1st semester:
• Applied Methods for Economists
• Seminar Game theory and Industrial Organization
• Seminar International Competitiveness
• Seminar Financial Economics
Courses 2nd semester:
• Seminar Competition policy
• Seminar Financial Markets and Institutions
• Seminar Taxation
• Master Thesis
My Courses
43
• Faster pace and higher workload
• More interactive:
• Presentations and discussions
• Classroom size
• Less broad, more specialized
• Guest lectures
• More topical and news-related
Bachelor vs Master
44
Seminar Financial Economics:
1. Transparency and Accountability of Central Banks
2. European Financial Integration
3. Stability and Growth Pact
4. Financial Supervision in an integrating Europe
5. International Role of the Euro vs. the Dollar
6. Currency Crises
7. Credit crunch and financial crisis of 2008-2009
8. Reform of the banking system
9. Central Bank voting
Example of topics
45
• Seminar Financial Economics:
• Write a paper about a specific topic and present it in class
• Competition Policy:
• Analyze and present a past case from the competition authority (e.g. about predatory pricing)
• International Competitiveness:
• Use dataset given to you to empirically test the inverse U-shaped relation between competition and innovation
Example of assignments
46
• Competition track: Movie Night and lunch sessions
• Seminar Financial Economics: Trip to Frankfurt
Activities and trips
47
When should you choose Economics?
If you are interested in:
• Not only business-related questions but also
policy questions
• Functioning and failure of markets
• Reasons behind patterns of economic behavior
And do not shy away from using some
mathematics and econometrics
48