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Master Economics


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Master Economics

  1. 1. Master Economics Presented by Sjak Smulders
  2. 2. Program coordinator Elly Klijsen Program director Sjak Smulders Contact persons
  3. 3. Overview • What is Economics – What do Economists do? • The MECO program in detail Master Economics 33-4-2014
  4. 4. 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 43-4-2014
  5. 5. • Analyze and advise • Quantify and assess • In firms • In financial institutions • For policy makers What do Economists do? Master Economics 53-4-2014 Examples of first jobs of our alumni: • Consultant • Analyst in International Affairs • Business Analyst • Consultant Innovation & Finance • Policy Advisor • Rating Analyst • Teacher
  6. 6. First Jobs of our Graduates (2009-2013) University and research Government Financial sector Private companies (non-financial) Non- profit Alumni MSc Economics (2009-2013)
  7. 7. What do Economists do? Master Economics 73-4-2014 Tilburg MECO Deloitte, Rotterdam Rembrandt Fusies en Overnames Panteia, Zoetermeer Innovator 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 Rabobank Van 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 European Commission IBM Nederland Bain Capital, London
  8. 8. 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. Machine-Age.html Master Economics 83-4-2014
  9. 9. MSc Economics at Tilburg
  10. 10. International Economics and Finance Pensions, Aging and Retirement Competition and regulation Resources, Development and Growth Socio-economic policy Financial Institutions Pension funds Consultancy NGOs, International Agencies Public Policy Specialization tracks in MECO program
  11. 11. 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
  12. 12. Structure of the Master’s program
  13. 13. At least 60 ECTS: • September: • Applied Methods for Economists (6 ECTS) • October – Xmas – March • 6 courses (36 ECTS) • from track and with some electives • Thesis • (possibly in combination with traineeship) • (18 ECTS) Requirements to graduate
  14. 14. Game Theory and Industrial Organisation International Competitiveness Competition Policy Competition and Regulation in Network Industries Public Economics Labour Economics. Development and Growth Environmental Economics Taxation Financial Economics Financial Markets and Institutions Corporate Governance Investment Analysis Generational Economics Eco&Psy of Risk Time and Social Norms The Course – Specialization Matrix IEF PAR Comp Dev Pol * ** * * * * ** * * * ** * ** * * ** * ** * * ** ** * ** * ** ** * * ** ** ** * * * ** * * *
  15. 15. Economics at Tilburg: Examples
  16. 16. Traineeship - Example Eva Maria Bille UN, Beirut Master Economics 163-4-2014
  17. 17. 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 173-4-2014
  19. 19. Strong network, connecting pension practice and science 19 UniversitiesPension industry Public sector
  20. 20. What is in it for you? • Contact with Netspar’s partners: • (guest) lectures • company visits • internship program • Newsflash • Special activities like workshop in January • Junior Pension Day in June (master thesis) • Netspar Thesis Awards • Netspar certificate with your diploma • Special Asset activities 20
  21. 21. Entry requirements
  22. 22. • 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: Other Dutch universities: Entry Requirements 22
  23. 23. Solid background in • Macroeconomics; Microeconomics • Mathematics; Statistics • Game Theory, Industrial Organisation Knowledge is also required in at least one of the following areas: • 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 Entry Requirements 23
  24. 24. 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 24
  25. 25. /masteropleidingen/economics/ Further information
  26. 26. Master Economics Student perspective Joost Slabbekoorn
  27. 27. Track: Pensions, Aging and Retirement Courses (1st semester): • Applied Methods for Economists (crash course in econometrics and mathematics) • Seminar Generational Economics • Seminar International Competitiveness • The Economics and Finance of Pensions • Investment Analysis Courses (2nd semester): • Seminar Financial Markets and Institutions • Seminar Economics and Psychology of Risk, Time and Social Norms • Master Thesis My Courses 27
  28. 28. • More emphasis on scientific papers and less on textbooks • More advanced and specialized topics • Courses build on previous knowledge • Higher workload • Many presentations/assignments/writing papers Bachelor versus Master 28
  29. 29. Bachelor versus Master • More interactive and smaller classes • Typical class size: 20-25 students • Different exam structures • Can be written, oral or a paper • Much more discussion and challenged to think critically 29
  30. 30. Part A: General theory of Overlapping Generations model (OLG) • General lectures (theory) • Theoretical and lots of math • What is the effect of aging on the economy? • Assignments Part B: Developments and issues in Pensions • General lectures (theory) • More practical than part A • Very interactive: student presentations of papers • Assignments + writing a paper Course Example: Seminar Generational Economics 30
  31. 31. Generational Economics: - A set of questions where you derive a variation of a model discussed in class Financial Markets & Institutions: - Write a policy report with recommendations with respect to the ‘This Time Is Different Syndrome’ International Competitiveness: - Use dataset given to you to empirically test the implied inverse U- shaped relation between competition and innovation Example of assignments 31
  32. 32. Many academic and non-academic skills! • Analytical skills (eg. text and data) • Making sense of things you observe • Being critical towards information you get • Work with high workload and tight deadlines • Cooperating with (international) group members All useful skills for your future career! Which skills do you learn in the MSc Economics? 32
  33. 33. When should you choose Economics? If you are interested in how things work • Functioning of markets • Factors that drive behavior (both rational and irrational!) • Differences in economic performance of countries • Why certain institutions (eg insurance, pension funds, regulators) are there 33
  34. 34. E-mail: Any Questions? 34