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 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?)


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


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

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

http://tilburguniversity.edu/tsc

http://tilburguniversity.edu/tsc

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

21

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

26

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

28

Economics at Tilburg:

Examples

Traineeship - Example

Eva Maria Bille

at United Nations, Beirut

30

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.


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

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


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


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

E-mail:[email protected]

Any Questions?

49

master economics april 2015

Education

preferences master economics

outside economics engineering

tilburg student experience

tilburg meco deloitte

student advisor

policy makers

consultant analyst

rdampolicy advisor