Master Economics

Master Economics Presented by Sjak Smulders

Program coordinator Elly Klijsen

e.f.c.klijsen@tilburguniversity.edu

Program director Sjak Smulders

j.a.smulders@tilburguniversity.edu

Contact persons

Overview

• What is Economics – What do Economists do?

• The MECO program in detail

Master Economics 3 3-4-2014

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 4 3-4-2014

• Analyze and advise

• Quantify and assess

• In firms

• In financial institutions

• For policy makers

What do Economists do?

Master Economics 5 3-4-2014

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?

Master Economics 7 3-4-2014

Tilburg

MECO

Deloitte, Rotterdam

Rembrandt Fusies

en Overnames

Panteia, Zoetermeer Innovator at TNO

Delft

SEO Economic

Research, R’dam Policy 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

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 8 3-4-2014

MSc Economics at

Tilburg

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

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

Structure of the

Master’s program

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

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

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Economics at Tilburg:

Examples

Traineeship - Example

Eva Maria Bille

UN, Beirut

Master Economics 16 3-4-2014

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 17 3-4-2014

THESIS AWARD QFAS ECONOMICS CERTIFICATE

COMMUNICATION ASSET RETIREMENT

PUBLIC SECTOR

EME LANS BOVENBERG HEALTH COMPANY VISITS

RELEVANCE

Netspar track GUEST LECTURES PENSION DESIGN 67?

FINANCE AGING HOT TOPIC BROAD PERSPECTIVE JUNIOR

PENSION DAY

PENSION INDUSTRY 8 UNIVERSITIES

INTERNSHIP Subscribe on Blackboard

Strong network,

connecting pension practice and science

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Universities Pension industry Public sector

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

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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

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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

http://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

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

/masteropleidingen/economics/

www.tilburguniversity.edu/AskTiSEM

Further information

Master Economics

Student perspective Joost Slabbekoorn

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

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• 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

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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

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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

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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

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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?

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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

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E-mail: j.l.slabbekoorn@tilburguniversity.edu

Any Questions?

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