Brochure Engelstalige masters Economie en Management

Master’s programmes 2011-2012

Tilburg School of Economics and Management

Table of contents

Dean’s Welcome Welcome to Tilburg University

Dean’s Welcome

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Tilburg University

4

Tilburg School of Economics and Management

7

Thank you for your interest in the English taught Master’s programmes

Rankings and Accreditations

7

of the Tilburg School of Economics and Management. You will find relevant information about these programmes in this brochure,

Accounting

8

including course descriptions, interviews with students, alumni and

Econometrics and Mathematical Economics

21

Economics

29

Economics and Finance of Aging

38

Tilburg University has been ranked in the first position in the

Finance

48

Netherlands’ nationwide annual rankings for many years now.

Information Management

57

Furthermore, international rankings of research output in academic

International Management

69

journals tell us that we rank among the top three schools in both

Marketing Management

77

Business and Economics in Europe. As our reputation continues to

Marketing Research

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grow, so will your credentials in the eyes of future employers around

Operations Research and Management Science

98

the globe. At Tilburg, we are your gateway to Europe, connecting you

Quantitative Finance and Actuarial Science

107

Strategic Management

115

Supply Chain Management

124

professors, and case examples.

to a worldwide business, economics and academic network.

I hope the information in this brochure will help you to select a suitable Master’s programme. Moreover, I sincerely look forward to receiving

Admission and Application

133

Tuition Fee

134

Contact

135

your application and to welcoming you to Tilburg University.

Yours sincerely, Prof.Dr. Kees Koedijk Dean Tilburg School of Economics and Management

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Tilburg University

Progressive. Innovative. Inspiring.

When you study at Tilburg University, you know you are at one of

These schools are:

Europe’s most respected institutions.

• Tilburg School of Economics and Management • Tilburg School of Humanities

Founded in 1927 as a school of economics, Tilburg University regularly

• Tilburg School of Catholic Theology

takes the leading position in the international rankings. It is known for

• Tilburg Law School

its international orientation – 800 students from more than 65 countries

• Tilburg School of Social and Behavioral Sciences

study at Tilburg University – its progressive teaching methodology,

• TiasNimbas Business School

and innovative programmes. With a mission to inspire and challenge students, staff and alumni to reach their full potential, you will

Aging, market forces, individualisation, religious differences. Key

find the highest standards prevail at Tilburg in teaching, scientific

issues that are relevant to today’s society. With its research and

research, and in our campus facilities.

education, Tilburg University strives to contribute to a better society and to a better understanding of the problems surrounding these issues.

Tilburg University awards approximately 1,750 Bachelor’s degrees, 1,700

Through investigation, learning and understanding, we discover new

Master’s degrees and 60 PhD degrees each year, while 1,600 staff

ideas and insights, day after day.

members teach and support over 12,000 students within six schools.

Understanding society

Partnerships & Academic Cooperation The Tilburg School of Economics and Management has established institutional agreements with a number of selected top universities worldwide to facilitate long-term academic cooperation and to increase the international exposure of the School. These bilateral agreements contain various initiatives, such as student exchange programmes and other forms of study abroad, staff mobility and dual degree programmes. For more information, please visit: www.tilburguniversity.nl/partnerinstitutions.

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Tilburg School of Economics and Management The Tilburg School of Economics and Management is Tilburg

No. 3 in the Tilburg University Research Ranking https://econtop.uvt.nl

University’s largest School and the most prestigious one in the

of all European institutions and #23 of all institutions worldwide.

Netherlands. The School enjoys high rankings for its excellent quality

Tilburg University is the best Dutch University in this list.

in education and research, for example, it is the current number one

• No. 1 in the Netherlands in Fiscal Economics in Elsevier´s Higher

economics research institute in Europe and the number three business research institute. With about 500 staff members, the Tilburg School of Economics and Management offers a wide range of undergraduate and graduate programmes in the fields of Economics and Business to approximately 5000 students.

Education Review 2009 • No. 1 in the Netherlands in Economics in Elsevier’s Higher Education Review 2009 • No. 1 in the Netherlands in Econometrics and Operations Research in Elsevier’s Higher Education Review 2009 • No. 2 in the Netherlands in International Business Administration in

Education and research are provided by the School’s eight different

Elsevier’s Higher Education Review 2009

departments: Accountancy, Econometrics and Operations Research, Economics, Finance, Fiscal Economics, Information Management,

For more information on the latest rankings and accreditations of

Marketing, and Organisation and Strategy.

Tilburg University, please visit our website:

Rankings and Accreditations

tilburguniversity.nl/university/achievements/rankings/

One of the best universities in Europe, and you can join us.

elsevier/>

Rankings

Accreditations

• No. 1 in Europe in Economics according to the latest research ranking

Tilburg University is accredited by the world’s leading accreditation

provided by the European Economic Association • No. 3 in Europe and no. 52 worldwide in Business according to the

www.tilburguniversity.nl/rankings and http://www.

bodies. Our Economics and Business Administration programmes are accredited by:

latest research ranking provided by the School of Management, University of Texas at Dallas

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Accounting At a Glance Name

Accounting

Duration

1 year

Type

Full-time

Title

Master of Science

Language of Instruction

English

Best Preparatory Bachelor’s Bedrijfseconomie, International Business or International Business Administration programmes (former Business Studies), Fiscale Economie

Core Courses Advanced Financial Accounting, Financial Information in Capital Markets, Corporate Financial Reporting,

Financial Statement Analysis

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Career Prospects

Controller, Financial Manager, (assistant) Accountant for firms, banks and consulting agencies, PhD track

Start

September

Information Days

25 November 2010 and 19 May 2011

More Information

www.tilburguniversity.nl/masters/acc

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Case Politicians and banks bend international accounting rules

Characteristics The MSc Accounting offers students an in-depth and scientific understanding of financial and management accounting as well as corporate financial reporting and related issues. At the start of the

In the years before the global financial crisis, banks had realised a rapid

academic year, students need to choose between the two different

growth through financial innovation, such as bundling mortgage loans

tracks we offer, namely the Accountancy Track and the Accounting Track.

into special pools and selling these to outside investors. However,

The Accountancy Track has a strong focus on the set-up and control of

recently the underlying loans in these structured products became

external financial reporting and prepares students for the post-Master’s

increasingly risky and lost value, while investors were led to believe no

programme ‘Registeraccountant’ (RA - in Dutch). The Accounting Track

change in underlying risk had taken place. As these packages were sold

is recommended for students who wish to continue with the post-

only temporarily, banks eventually had to reacquire these at a much

Master’s programme ‘Registercontroller’ (RC – in Dutch) and also offer

lower market value. In September 2008, prominent American and

opportunities for students interested in pursuing the CFA designation.

European banks went bankrupt and the world started to experience its

Core accounting courses are supplemented by electives from related

worst crisis since the 1930s. Accounting rules are at the heart of the

fields of Finance and Organisation.

bank crisis. The international accounting standard board (IASB) in

®

Is this the right programme for me?

London came under great political pressure to change its fair value accounting rules that affect the valuation of these structured products,

If you want to pursue an international career as a financial specialist,

and eventually proposed in June 2009 that these packages could be

then the Accounting Track certainly is the perfect choice for you.

priced based on the bank managers’ estimate of expected cash flows.

The programme is also ideal for students who are interested in a job

The IASB suspended the mark-to-market accounting rules for those

with financial institutions like banks, insurance companies or other

illiquid assets so that the banks could retain their equity and thus can

investors. In addition, the Accounting Track offers a solid foundation to

start lending money again. In September 2009, the G20 top backed the

grow into general management positions. Depending on the electives

IASB in its effort to promote IFRS as the world’s single accounting

you choose, you can also use the Accounting Track as preparation for

standard, since they believe one standard will bring more stability in the

the post-Master’s programme ‘Registercontroller’ (RC – in Dutch).

financial markets.

As mentioned previously, the Accountancy Track is aimed at the postMaster’s programme ‘Registeraccountant’ (RA - in Dutch).

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Programme

CFA programme partner

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

This programme is provisional. For more information about the

As of 2009 our school has been awarded the status of a CFA

of study. You will take 4 or 5 core courses and 2 or 3 electives of 6 ECTS

programme and the courses, please check the electronic study guide

programme partner. Within the Master’s programme in Accounting it is

each, and write a Master’s thesis of 18 ECTS. The first semester starts in

on our web pages at www.tilburguniversity.nl/studyguide

possible to follow the Chartered Financial Analyst (CFA) track.

September, with exams in December and January. The second semester

This implies that the courses within this track cover at least 70% of the

runs from January to June, but is divided in two. From January to March,

CFA Program Candidate Body of Knowledge (CBOK). Students within

you will take courses. From April onwards, you will be able to focus on

the CFA track will be exposed to the concepts and principles that

Advanced Financial Accounting

writing your Master’s thesis.

investment professionals around the world have deemed integral to

The course focuses on specific financial accounting topics related to

global practice.

business combinations, consolidated financial statements, foreign

The CFA programme partnership signals to you and the marketplace

operations, and derivative financial instruments. This advanced course

that our MSc is closely tied to professional practice, and that the

relies on International Financial Reporting Standards (IFRS).

courses within the track are an excellent preparation for the CFA exams.

Accounting Theory This course provides an overview of the elements that affect financial reporting quality. Recent advances in academic research are used to discuss how regulation, auditors, financial institutions, investors, accounting standards and compensation structures affect management’s reporting decisions. Each element is illustrated with examples from the financial press or excerpts from financial statements.

You will have a better understanding of the financial reporting environment, reporting incentives and ethical issues.

Erik Leseman, President of CFA Society of the Netherlands (photo left) and Prof.Dr.Philip Joos, Director MSc Accounting (photo right) during signing ceremony of partnership between Tilburg University and CFA Institute on June 18, 2009.

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Corporate Financial Reporting

Susanne Bouwmeester

The primary objective of this course is to advance your understanding of

The Netherlands, student of the MSc in Accounting

financial accounting under International Financial Reporting Standards (IFRS). Topics include tangible and intangible assets, impairment issues, special cases of revenue recognition, deferred taxes, segment

“I feel confident to enter the job market”

reporting, and employee benefits. Class materials also include IFRS standards and case studies.

“Through in-house days I became more familiar with accounting practice

also possibilities to join the team for a couple of months as a full

and became curious about the job of accountant. I decided that the MSc

employee. In March I participated in a business course in Barcelona.

Accounting was the perfect way to academically prepare myself for a career

During three days we worked on an accounting case and also made

During the first part of this course a framework for financial analysis

in the accounting industry. During my Master’s year I decided to pursue an

ourselves familiar with the company and business culture. A perfect

and valuation will be presented. The four phases of this framework

internship and business course. In November I joined an audit team of

opportunity to experience the business culture is writing your Master’s

(strategy analysis, accounting analysis, financial analysis and future

PricewaterhouseCoopers for one day and learned that as an accountant

thesis at one of the accounting companies. You will write your thesis at

focused analysis) will be discussed in detail. The second part of this

you should be able to understand the business behind the figures and also

their office and the company provides you with a laptop and personal

course focuses on the different applications of financial analysis, such

be able to socially interact with clients. That for me is the perfect

company advisor. After the Msc Accounting and the earlier mentioned

as investment decisions and the valuation in case of mergers and

combination. Internships are available year round at the big four

experiences I now feel confident to enter the job market.”

takeovers. These subjects will be examined by using case studies from

accountancy companies; Deloitte, KPMG, Ernst & Young and

the real business world. Students will also analyse and value a

PricewaterhouseCoopers, but also at the small or middle sized accounting

corporation during group assignments.

companies. You can choose to join an audit team for one day but there are

Financial Statement Analysis

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Prof.Dr. Jan Bouwens

Case

Professor of Management and Financial Accounting. Studied at Tilburg and Melbourne

Communicating a change in accounting standards

and worked at Nyenrode Univerity. Since 2004 Professor of Accounting at Tilburg University, main research topic is performance measurement system design

Adopting a new set of accounting principles, such as International

To prevent such misvaluations, managers should communicate

Financial Reporting Standards (IFRS), improves the comparability of

information in press releases or conference calls in addition to posting

financial reports among firms. However, changing accounting rules

their financial statements on the corporate website.

imposes costs on preparers and auditors: they face nonrecurring costs

The year 2005 is a milestone in financial reporting: more than 7000

“We have given ourselves the task to incorporate academic research in

to adapt systems, train personnel, and gain experience in interpreting

publicly listed companies in Europe switched to IFRS. Right before

every course we teach. This means that students learn how to study

the new standards. However, it also requires extra attention from the

the switch, many investors and analysts voiced their concerns about

accounting issues at a fundamental level. In addition, they also need to

investment community. Investors and financial analysts use financial

(the interpretation of) the new rules and were submerged in uncertainty.

be able to apply those fundamental concepts to real business problems.

statements as a primary source of information to make their investment

Managers therefore organised meetings with analysts and published

We even ask students to come up with alternatives for existing theories!

decisions. Insufficient knowledge could result in (temporary) under- or

additional documents where they reconciled their local GAAP financial

The MSc programme in Accounting is attractive to students for at least

overvaluations of the firms’ shares. Most managers clearly prefer not to

statements with IFRS in more detail. According to Christensen et al.

two reasons. The first one is that students are trained to become both

have their firm undervalued for all kinds of reasons: it makes it more

(2008) and Horton et al. (2008), these reconciliation reports are

managers and financial specialists. Besides the financial focus of the

costly to raise new capital, it is likely to increase the chances of a hostile

associated with significant stock market reactions, suggesting that

programme, students will also gain sufficient knowledge of organisation

takeover, job security might be lower, and their own equity portfolio

investors’ beliefs are indeed altered by these reports. However, the

and strategy. This means that our graduates will have a broad business

might be worth less. On the other hand, they also want to avoid

timing of these documents also seems to be important; if the release

background. The second reason to choose MSc Accounting is the

overvaluation, since overvaluation means they might be held legally

was delayed, no price reaction was observed.

preparations we offer for two post-Master’s programmes, namely

liable for failing to disclose information relevant to investors.

“Others are jealous of our department”

Accountancy and Controller. Students who wish to continue with academic research, can enter the Research Master’s programme in Business, Accounting track. In general, the job opportunities for our students are outstanding and the opportunities for PhD students from Tilburg are excellent – both nationally as well as internationally.

Other schools are jealous of our department.”

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Career Prospects After completing this Master’s programme, you may start your

Prof.Dr. Philip Joos

professional career as an accounting specialist in accounting or

Professor of Financial Accounting

management control positions in companies, with a consultancy firm, but also in financial analysis in banks, insurance companies or other

“I cannot emphasise enough the importance of ethical behaviour in financial reporting”

institutional investors. More specifically, in positions such as controller, accountant, financial manager and financial analyst. If you follow the

“Accounting Theory is a course in which we discuss the academic

efficient capital allocation mechanism and financial reporting, was

Accountancy track, you can enter the part-time Post-Master RA

financial accounting literature. We discuss issues related to financial

broken. Governments around the world rushed to implement new

programme while you work at an accountancy firm.

reporting quality, such as why we have regulation, why we need

corporate governance codes. I believe strong and effective enforcement

enforcement, how stock markets react to earnings releases, how

is a necessary condition to have a highly transparent reporting system

managers should be compensated, how accounting information helps

and efficient capital markets. Heavy sentences for fraudulent CEOs are a

In order to have direct access to the Master’s programme in

in decision making. I encourage active class participation during the

clear public signal and might prevent other CEOs in doing the same. An

Accounting, you need a Bachelor’s degree in Bedrijfseconomie,

lectures and the student presentations. At the beginning of the

active Securities Exchange Commission, with real powers to investigate

International Business, International Business Administration

millennium we saw a tsunami of corporate scandals where CEOs

reporting irregularities, is a key building block in a capital market, and is

(former Business Studies) or Fiscale Economie.

commit fraud and violate the accounting rules (Enron, Computer

also the key to success in the implementation of the new International

Students with a Bachelor’s degree in Economie en Informatica and

Associates, Xerox, Ahold, Lernout & Hauspie, Parmalat). They financed

Financial Reporting Standards. I cannot emphasize enough the

Economics (former IEF), including the course Accounting 2 also have

their lavish lifestyle with the millions they looted from their companies.

importance of ethical behaviour in financial reporting. Our partnership

access. If you want to follow the Accountancy track, it is highly

Instead of maximising shareholders’ firm value, they maximised their

with the CFA institute further offers the students the opportunity to

recommended that you take Intermediate Management Accounting and

own wealth. As a result, investors’ trust, in the capital markets as an

learn the CFA Institute Standards of Practice and Code of Ethics.”

Admission Requirements

either Intermediate Financial Accounting or Comparative Financial Accounting. If you have a relevant university degree of another university, the Admission Board will assess your application. For more information see chapter ‘Admission and Application’.

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Econometrics and Mathematical Economics

Linda Buiks The Netherlands, Alumnus of the MSc Accounting

“Knowledge about accounting is vital in understanding business” “After graduating, I first traveled through South-America for a couple

The work environment is very dynamic and I find it fascinating to see

of months, so when I came back I was full of energy to start working.

the outcomes of important decisions (that are taken on basis of our

A new job, a new city (I moved to Amsterdam), and a whole new daily

analyses) directly back in the stores. In addition, as I am enrolled in the

routine. Although I already gained some working experience during my

talent programme, I regularly take part in trainings which contribute to

studies, having a full-time job still turned out to be quite different.

my personal development.

I am very happy with my current position as junior controller at the

Next year I will start with the Executive Master’s programme of Finance

financial reporting department of Albert Heijn. Together with a team of

and Control.

young and enthusiastic colleagues I am responsible for the performance

Many people might not realise that solid knowledge about accounting

measurement of all operating companies of Albert Heijn. This means

and financial processes is vital in understanding any business. It is not

that one day we could be analysing the financial consequences of

just important for accountants or controllers. This Master’s programme

a certain strategy, another day we are drawing up reports for the

provides a solid background and therefore ensures you are already one

management team, or making forecasts about the future performance

step ahead.”

of e.g. Albert Heijn, Etos or Gall & Gall.

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At a Glance

Characteristics

Name

Econometrics and Mathematical Economics

Duration

1 year

Type

Full-time

Title

Master of Science

Language of Instruction

English

The programme Econometrics and Mathematical Economics focuses on the mathematical and quantitative analysis of economic problems.

While Econometrics makes an explicit link between statistical techniques and the economic problem formulation, Mathematical Economics structures the economic problem, using models that incorporate both competitive and cooperative aspects. Applications deal with auctions, labour market, capital investment, industrial organisation, strategic behaviour of firms, and individual decision making. This programme

Best Preparatory Bachelor’s Econometrics and Operations Research programme

enables you to scientifically apply mathematical and statistical methods

Core Courses

governments, companies, non-profit sectors or consulting firms.

rack Econometrics: Econometric Theory, Micro-Econometrics, Empirical Finance, Quantitative Models in T Marketing, Panel Data Analysis of Microeconomic Decisions Track Mathematical Economics: Dynamic Real Investment, Advanced Game Theory, Nonlinear and Robust Optimisation, Seminar Competitiveness of the European Economy, Incomplete Information

Career Prospects

Government, consultancy, large companies, nonprofit sector, science

Is this the right programme for me?

Start

September

The MSc Econometrics and Mathematical Economics is an intense and

Information Days

25 November 2010 and 19 May 2011

More Information

www.tilburguniversity.nl/masters/eme

to analyse and solve quantitative problems in economics and business for In addition, you will be provided with a solid basis to pursue a scientific career in economics or business.

rigorous programme, which offers you an exceptional opportunity to earn a highly regarded graduate degree in the challenging field of quantitative economics. Alumni in this field do not need to worry about their future. The programme is taught entirely in English by a range of carefully selected top researchers and well-known professors in the field.

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Prof.Dr. Dolf Talman Professor of Game Theory and Equilibrium Programming

Programme

Coordinator MSc Econometrics and

Track Mathematical Economics (ME) Core Courses

• Balazs Toth

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

Mathematical Economics

of study. You will take 4 or 5 core courses and 2 or 3 electives of 6 ECTS

• Dynamic Real Investment

Econometrics and Mathematical Economics

each, and write a Master’s thesis of 18 ECTS. The first semester starts in

• Advanced Game Theory

September, with exams in December and January. The second semester

• Micro 3 (Incomplete Information)

runs from January to June, but is divided in two. From January to March,

• Nonlinear and Robust Optimisation

you will take courses. From April onwards, you will be able to focus on

• Seminar Competitiveness of the European Economy

“Learn the newest theories, techniques and applications” “The Master’s programme in Econometrics and Mathematical Economics focuses on tools from mathematics and statistics that are

writing your Master’s thesis.

Electives

Hungary, Alumnus of the MSc

“I heard positive reports about Tilburg” “After receiving a Master’s degree in Investment Analysis in my homeland Hungary, I pursued the idea of obtaining another more specialised one abroad. My search was based on three main aspects,

used to analyse economic problems in a quantitative way. You will learn

Track Econometrics (E) Core Courses

• The core course not selected above

namely an English taught programme, a university with an excellent

how to apply modern methods and techniques, so that later on new

• Econometric Theory

• Empirical Finance

reputation and the financial affordability. In addition, I had heard some

mathematical or statistical tools can be developed instead of simplifying

• Empirical Finance

• Financial Models

positive reports about Tilburg from students at my previous university,

or adjusting the problem in order to utilise known tools. All our teachers

• Micro-Econometrics

• Issues in Finance and Insurance

so making the final decision was easy for me. Because of my interest in

are members of the renowned research institute CentER of our

• Panel Data Analysis of Microeconomic Decisions

• Management Science

mathematics and econometrics, I chose the MSc programme in

university. CentER creates the excellent environment and facilities to

• Quantitative Models in Marketing

• Micro-Econometrics

Mathematical Economics and Econometric Methods. It is one of the

• Operations Research and Management Science in Practice

most international programmes of Tilburg University, which creates a

• Panel Data Analysis of Microeconomic Decisions

very advantageous situation for students, facilitating the integration and

publish in high quality international journals and to teach on a high scientific level. It guarantees that our Master’s students in Tilburg learn

Electives

the newest theories, techniques and applications.”

• The core course not selected above

• Pension System Design

socialisation of students from all cultural backgrounds. After finishing

• Dynamic Real Investment

• Simulation

my course work, I started an internship at a Dutch insurance company.

• Financial Models

• Other course, to be approved by the examination committee

My Master’s thesis focused on interest rate modeling and measuring

• Advanced Game Theory

the effect of interest rate movement on the risk position of companies.

• Issues in Finance and Insurance

This programme is provisional. For more information about the

Currently, I have a permanent job there. Among others I have

• Management Science

programme and the courses, please check the electronic study guide

participated in developing actuarial models for different insurance

• Nonlinear and Robust Optimisation

on our web pages at www.tilburguniversity.nl/studyguide

products, taken part in calculating the capital position of the company

• Operations Research and Management Science in Practice

on a regular basis. The recent financial situation creates new challenges

• Pension System Design

day by day.

• Simulation 24

• Other courses, to be approved by the examination committee

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Case Games and Cooperative Behaviour

Dr. Pavel Čížek

This course offers you insights in models from cooperative game theory

Lecturer Econometrics

in which cooperative behaviour is the central feature of social or

and Mathematical Economics

economic interaction. Main topic is the problem of dividing the gains from cooperation in a fair way.

Micro-Econometrics

“A unique cross section through classical and modern econometric methods”

The Multi-Stage Game Firms choose their size (capacity) before they choose the price of the product, depending on the choices of their competitors in the market.

This strategic behaviour can be modelled as a two-stage noncooperative game in which firms choose their capacity in the first stage

How can microeconometric and behavioural models and techniques

“As an econometrician, I develop new estimation methods with

and their prices in the second stage. A pre-stage could be to decide to

be applied to analyse economic issues? The relation between data,

applications in labour economics, finance, and so on. And since any

enter the market or not. A multi-stage game can be solved by first

econometric models and techniques, and economic models, will be

method is useless if nobody can use it correctly, I highly value and like

solving the game in the last stage for all possible outcomes of the

studied and several economic applications are given.

very much the programme Econometrics and Mathematical Economics.

second-last stage and then by solving the game of the second-last stage

In my opinion, it presents a unique cross section through classical and

knowing the solution of the last game in the stage, and so on. The final

modern econometric methods as they are applied in micro-economics,

solution of the game in the first stage then determines the solution at

Panel Data Analysis of Micro-economic Decisions

industrial organisation, finance, and many other fields with emphasis

all stages. Thus, whether the firms enter or not, how much capacity is

Individuals and households often make similar decisions every year,

on real applications and understanding the story data tell us.

chosen and which prices are set.

taking into account changes in prices and other factors. Examples are

In addition, students have the possibility to go deeper under the surface

consumption expenditures, savings and portfolio choices (including

and widen their understanding by choosing electives.”

investments house ownership or a retirement plan), labour force participation and labour supply decisions, decisions on smoking, drinking and other health related behaviour, investments in durable goods, etc. This course presents theory and applications of econometric panel data models that can be used to analyse how such decisions are made.

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Economics

Career Prospects With a Master’s degree of Science in Econometrics and Mathematical

result in admission to this Master’s programme. In that case, the

Economics your job opportunities are in governmental agencies,

Admissions Board will assess your application. For more information

research institutes, consultancy agencies or research departments of

see chapter ‘Admission and Application’.

large companies, banks, insurance companies, non-profit sector and pension funds. Many alumni later on become manager of the

To be sure that you meet the required entry levels, you should review the

department they started their career in or they move to a position where

following literature:

they fulfill management tasks in combination with their regular tasks. A

• Bain, L.J. and M. Engelhardt: Introduction to Probability and

scientific career in econometrics, mathematical economics, operations

Mathematical Statistics (Duxbury, 2nd Edition 1992)

research or quantitative economics is also possible. After this MSc

• Sydsaeter K. and P. Hammond: Essential Mathematics for Economic

programme, you can apply for the second year of the Research Master’s

Analysis (Pearson Educational Limited, Essex 1974)

programme in Business or Economics of CentER Graduate School. After

• Lay D.C.: Linear Algebra and its Applications (Addison-Wesley,

that, you might enter a PhD track and subsequently proceed as post-doc

2nd Edition, Amsterdam, 1997).

or tenure-track assistant professor. Many of today’s professors in economics have a background in Econometrics and Mathematical Economics.

Admission Requirements To successfully complete the Master’s programme in Econometrics and Mathematical Economics, you must have a solid background in mathematics and statistics. With a Bachelor’s degree in Econometrics and Operations Research, or equivalent, you can be admitted to the programme. But also any Bachelor’s degree with sufficient demonstrated knowledge of mathematics and statistics will generally

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Prof.Dr. Sylvester Eijffinger Professor of Financial Economics, Jean Monnet Professor of European Financial

At a Glance

and Monetary Integration, Research Fellow

Characteristics

Name

Economics

Duration

1 year

Type

Full-time

Title

Master of Science

Language of Instruction

English

CEPR and CESifo, Board member European

The world economy has been in big turmoil over the past years.

Banking Center, visiting professor of Harvard

The world economy became increasingly more integrated, when

University (2003 and 2008)

markets for many goods and even services got an international scope.

This allowed firms to expand and open economies to flourish. But also the risks and problems of international integration have become

“Tough but fun.

That’s better than dull and easy!”

apparent. Firms are now exposed to the big fluctuations of world demand and to tough international competition. Governments depend

“The seminars and electives in this Master’s programme are taught by

more and more on an international capital market that can be volatile.

the most reputed professors of Tilburg University. These professors are

Best Preparatory Bachelor’s programme Economics

Failing international (financial) market regulation, irrational investment

not only well-known because of their academic publication and citation

Four Tracks Competition and Regulation, Socio-economic Policy Resources,

Development and Growth, International Economics and Finance

behavior, and strategic actions make sound economic decision making

record, but also renowned in policy circles. They are considered to be

a complex and challenging task. Both firms and governments have to

the leading professors in the Netherlands and in Europe too. Of course,

cope with markets that are not just bringing together demand and

the teaching by these professors is based on ‘frontiers of science’

supply in an efficient way, but have to take into account systematic

research and ‘state-of-the-art’ policymaking. It’s tough but fun.

inefficiencies, imperfect regulation, asymmetric information among

That’s better than dull and easy!

Career Prospects General management, government, applied research, consultancy, policy maker at (inter)national institutions

(EU, IMF, NMa, WTO, etc.), PhD track Start

September

market participants, and other market failures.

Information Days

25 November 2010 and 19 May 2011

The Master’s Programme in Economics at Tilburg University aims to

central banks in the world, amongst others, is important for one of my

More Information

www.tilburguniversity.nl/masters/ec

deepen your understanding of how markets function, when they fail,

courses in this Master’s programme. In that perspective, it is also

and what the implications for strategic behavior are by the various

relevant to know that I am a member of the Panel of Economic and

market participants, including companies, market organisations, and

Monetary Experts of the European Parliament since 2000 for the

the government. You can choose among four tracks within the

accountability and transparency of the European Central Bank.

Master’s: Competition and regulation; Socio-economic policy;

Furthermore, I have advised the European Commission in January 2003

Resources, development and growth; and International economics and

about the redesign of the Stability and Growth Pact. Another focus of

finance. You are trained to handle the complex and dynamic problems

my research is, therefore, the interaction between European monetary

My recent research on the accountability and transparency of the major

of the modern economy and are taught how to gather, process, and

and fiscal policy.”

analyse information, and how to communicate the results of the 30

analysis in an effective way.

31

Is this the right programme for me?

The MSc Economics is carefully designed to train students how to handle

Applied Methods for Economists

ECTS

Alba Liko

6

Albania, student of the MSc Economics

the complex and dynamic problems of the modern economy. You are taught how to analyse the complex problems of market failures and strategic interaction, how to gather and process the relevant information,

• Seminar Labour Economics

and how to effectively communicate the results of your analyses. Our

• Seminar Development and Growth

economics graduates are in high demand with employers from both the

• Seminar Public Economics

“With globalisation taking place and the dynamic environment we live

topic for your thesis, by choosing the right combination of core courses

public and private sector. Moreover, recent research has shown that

• Seminar Environmental Economics

in, it is pretty useful to understand economics. It is clear to see that

and electives, and by focusing your coursework on the topic you wish to

economics graduates earn up to 24% more than the average graduate.

• Seminar Competitiveness of the European Economy

economics is part of everyday life. The Master’s programme in

specialise in. We have identified four sets of courses that make up

• Seminar Game Theory and Industrial Organisation

Economics is quite broad, so you get the chance to study different fields

packages with a distinct track.

• Seminar Competition Policy

of economics as well as specialise in a particular track. I like the

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

• Seminar Competition and Regulation in Network Industries

majority of the courses, but I particularly like the Seminar Game Theory

Competition and Regulation

of study. You take seven courses of 6 ECTS each, and write a Master’s

• Seminar Competition and Regulation in Health Care Markets

and Industrial Organisation. It is very satisfying to understand complex

‘Competition and Regulation’ consists of courses that focus on how

thesis of 18 ECTS. The first semester starts in September, with exams in

• Seminar Taxation and Trade

problems regarding decision making of players in different industries.

markets can be organised. This track has a clear Industrial Organisation

December and January. The second semester runs from January to June,

• Seminar Financial Economics

The professors in this programme are well-known academics coming

focus, as evidenced by the key courses Seminar Game Theory and

but is divided in two. From January to March are reserved for course work;

• Seminar Financial Markets and Institutions

from different parts of the world. Besides the theory, they also cover

Industrial Organisation, Seminar Competitiveness of the European

from April onwards, you can focus on writing your Master’s thesis.

• Seminar Investment Analysis

cases, academic papers and actual problems. This ensures that the

Economy, Seminar Competition Policy, and the Seminars Competition

• Corporate Governance and Restructuring

programme is really intensive and challenging, making Tilburg a decent

and Regulation in Network Industries and Health Care Industries.

competitor for other Master’s programmes in Economics elsewhere.

This track is advised to students who wish to work for competition

So if you are looking for an internationally oriented university with a

authorities (e.g., NMa), regulatory bodies (such as DTe and OPTA),

good way of teaching and outstanding professors, then Tilburg should

Ministry of Economic Affairs, large consultancy firms

definitely be on your short list. Moreover, the job opportunities you get

(PriceWaterhouseCoopers), specialised economic consultancies on

after obtaining this Master’s degree are also plentiful. What about my

competition and regulation (Lexecon, Nera, Oxera), international

This programme is provisional. For more information about the

own career plans? I would like to try consultancy first and I would also

organisations such as EU and OECD, and economic departments of

programme and the courses, please check the electronic study guide

like to work for the public sector (government) later. As I do not see

large firms.

on our web pages at www.tilburguniversity.nl/studyguide

myself settling down in one country only, I am basically open to jobs

Programme

Maximum of two electives

24-36

Tracks

At least four of the following courses (6 ECTS each):

“Economics is part of everyday life”

You have substantial freedom in selecting the courses you wish to take, but that does not necessarily mean that all combinations of courses are equally appealing. You can follow a clear track by choosing the right

0-12

Master’s Thesis

18

around the world.”

32

33

Socio-economic Policy

International Economics and Finance

The track ‘Socio-Economic Policy’ consists of courses that focus on how

The fourth track, ‘International Economics and Finance’, focuses on the

Pa Sinyan

governments can achieve their domestic policy objectives, taking into

financial and international side of firm regulation and policy making.

The Gambia, alumnus of the MSc Economics

account the constraints associated with ongoing international economic

Key courses are Seminar Financial Economics and Seminar Taxation

integration. This track centers around the Seminars Public Economics

and Trade. Useful electives include the Seminar Game Theory and

and Labour Economics. It is advised to students who wish to pursue a

Industrial Organisation and the Seminar Financial Markets and

career as policy advisor in national governments (Ministry of Social

Institutions, but also Seminar Competition Policy (for students

“My decision to remain in Tilburg for this Master’s programme was

classes. I am currently working in Berlin for the German investment

Affaires, or other Ministries) or in international organisations such as

interested in competition issues in financial markets), and also

motivated mainly by the academic quality I knew would be guaranteed

promotion agency “Invest in Germany”. I am part of the Financing and

the EU, as a researcher in applied research institutes (e.g., Netherlands

Investment Analysis and Corporate Governance (for students interested

at Tilburg University. Being taught by such internationally renowned

Incentives team that consults foreign investors that aim to invest in

Bureau of Economic Research (CPB)), or as a consultant with nationally

in the investor’s side of the problem). This track is interesting for

professors as Prof. Blommestein, Prof. Huizinga and Prof. Eijffinger, is a

Germany. My economics and finance background has proven to be

or internationally oriented consultancy firms.

students aiming for a career in banking (private but also central banks)

huge privilege, as they are some of the brightest minds in Europe. I was

extremely valuable in this position. With the knowledge of finance and

or in other private businesses who are regularly confronted with

also very fortunate to work under the supervision of Prof. Blommestein

economics gained during my time at Tilburg University, I am able to

international policy making, as well as for students who wish

during my Master’s thesis, which meant that I could tap into the

advice investors on project financing options, as well as provide them

to pursue a career as policy maker.

knowledge of one of the foremost international experts in this field.

with macroeconomic analyses of the German economy.

Resources, Development and Growth ‘Resources, Development and Growth’ focuses on the sources of economic

“I could tap into the knowledge of international experts”

growth, the barriers to growth and development, and on the negative

My Master’s thesis was titled ‘Transparency in the Management of

consequences of growth. Key courses here are the seminars Development

Public Debt’, and addressed an interesting area in the academic and

This cross-cutting nature of the Economics programme makes me very

and Growth, and Environmental Economics. This track is advised to

professional world of public finance management.

versatile in the working world. My future plans are to gain practical

students who wish to pursue a career in international organisations

experience in investment projects that will compliment my Tilburg

(World Bank), national governments (Ministry of Development

Over the course of my studies, I did an internship at the Central Bank of

education, and to gain the opportunity to design, evaluate or manage

Cooperation, Ministry of the Environment), non-governmental

The Gambia and one at the African Development Bank in Tunisia. These

investment projects in the field of development economics. For this

organisations, or internationally oriented consultancy firms.

were extremely valuable experiences, as they gave me an insight into the

goal, I believe that my time at Tilburg University has equipped me well,

areas that - up to that point – had remained solely theoretical. I was able

both academically and personally.”

to observe the theories and concepts that I had become familiar with in

34

35

Case Is immigration a drain on the public purse?

Career Prospects

More precisely, a solid academic background is required in the fields of:

In general, our alumni have outstanding career prospects and have

• macro-economics

taken up influential positions at large enterprises (especially banks) and

• micro-economics

Free trade forces both individual firms and entire economies to

of the immigrant’s offspring are taken into account. An immigrant with

consultancy firms all over the world, not to mention in government

• mathematics

concentrate on doing what they do most efficiently by eliminating less

an education beyond high school, on the other hand, is desirable even

ministries and other international institutes. All of our graduates obtain

• econometrics or statistics

productive activities. In theory, making migration easier should have

before his children’s future earnings are taken into account. For the

employment soon after graduation. The Economics programme serves

• game theory

similar effects, allowing a better matching of the supply of workers to

public purse, the most lucrative immigrant is a 21-year-old with

as an excellent preparation for students who are aiming for a career in

the demand and enabling workers with particular skills to relocate to

higher-level education; the least, one aged over 70 who did not finish

consulting or as a policy advisor. Most of our graduates find their first

And at least 5 ECTS in two of the below:

where those skills can be best put to use.

high school.

jobs in the private sector (internationally operating companies, banks,

• labour economics

management consulting firms, research bureaus), but they also find

• environmental economics

Some studies have found that the wages and employment of natives

Both Australia and Canada use a point system to select those

jobs in public and non-profit sectors.

• public economics

(usually unskilled ones) fall when immigrant workers arrive. According

immigrants that are of greatest economic value to their country.

to the OECD, however, most studies have found that the negative effect

This makes you wonder what other economic factors would be

In addition, the Economics programme provides a very good

• international economics (i.e., both international trade and

of immigration is small and short-lived. OECD also estimates that some

considered for the point system besides age and education? To what

background for entering a Research Master’s or PhD programme, either

international finance)

foreigners are more attractive for a country than others. Educational

extent do you think such schemes can work? Also consider this case

in the Netherlands or abroad. Because of the excellent reputation of the

• European economics

levels, in particular, are crucial.

when the imported labour is no longer productive.

Economics Department in both teaching and research, alumni of the

• European financial and monetary integration

Master’s programme in Economics have a competitive advantage in all

• industrial organisation

jobs for which sound economic knowledge, strong economic intuition,

A proficiency in English is also required.

An immigrant who arrives with less than high school education is likely to be a net drain on public finances, even when the future contributions

Source: The Economist

• development economics

and sharp analytical and problem solving skills are required.

Admission Requirements

36

Pre-Master’s programme If you have a Bachelor’s degree in Economics that does not meet all the

A Bachelor’s degree in Economics or in a similar programme

prerequisites, you may be advised to enter into a one-year pre-Master’s

(e.g. in Econometrics) from a university that has been recognised

programme after which you will be able to enter the Master’s

by the Admissions Board is required to enter the programme.

programme in Economics.

37

Economics and Finance of Aging

At a Glance Name

Economics and Finance of Aging

Duration

1 year

Type

Full-time

Title

Master of Science

Language of Instruction

English

Best Preparatory Bachelor’s Economics, Econometrics and Operations Research, Bedrijfseconomie, or International Business programmes Core Courses

Investment Analysis of Pensions and Aging, Macro-economics of Pensions and Aging, Micro-economics of Life-cycle behaviour

Career Prospects Insurance companies, pension funds, ministries, and other private and public sector institutions

38

Start

September

Information Days

25 November 2010 and 19 May 2011

More Information

www.tilburguniversity.nl/masters/efa

39

Characteristics

Guaranteed internships

Jeroen Nijland

Programme

Dealing with an aging society is one of the major challenges

An internship forms a unique and important element of the programme.

The Netherlands, Alumnus of the MSc

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

governments and businesses currently face. People tend to live longer

Netspar intermediates in finding a matching internship. In academic

Economics and Finance of Aging

of study. You will take 5 core courses and 3 electives of 6 ECTS each, and

and take more precautions for their old age provision. Differences in life

year 2009-2010 the matching had a very high success rate. You are

courses between young people and previous generations are increasing,

supervised by a Netspar researcher and write a Master’s thesis based

and social security expenditure is lowered in several western countries.

on that internship. This set-up ensures that you write your thesis on a

These issues become increasingly important to our society. As such,

subject that is relevant for the pensions and insurance sectors.

it gives you great research and job opportunities.

Is this the right programme for me?

“Strong focus on current issues within the pension sector”

write a Master’s thesis of 18 ECTS. The first semester starts in September, with exams in December and January. The second semester runs from January to June, but is divided in two. From January to March, you will take courses and prepare for the internship. From April onwards, you

“After completing both my Bachelor’s as well as my Master’s degree in

will be able to focus on your internship and your Master’s thesis.

economics, I decided to further specialise in the field of pensions and ECTS

The one-year Master’s programme Economics and Finance of Aging is

If you have a keen interest in economic and financial issues that are

aging-related issues. This field was not completely new to me, as I had

the right choice to take on this challenge. This programme is very broad

related to aging combined with a proactive attitude, then this may well

already done the elective course Micro-Economics of Life-cycle

Introduction to Economics and Finance of Pensions and Aging

6

and applies different perspectives like finance, economics and

be the right programme for you. You are challenged to actively

Behaviour. I liked this course so much that I decided to do a complete

Quantitative Research in Pension and Retirement Economics

6

econometrics to analyse aging related problems. The programme is

participate in the lectures, you receive assignments, and you are asked

Master’s programme in this field. An important aspect of these Master’s

Investment Analysis of Aging and Pensions I

6

embedded in Netspar, Network for Studies on Pensions, Aging and

to come up with your own suggestions to apply theory to real problems.

programmes, is that the content is strongly related to current issues

Macro-economics of Pensions and Aging

6

Retirement, located at Tilburg University. Netspar is supported by

Lectures are given by top lecturers to relatively small groups of

within the pension sector. For instance, you start to understand the

Micro-economics of Life-cycle Behaviour

6

universities and private and public institutions that have a keen interest

students, creating opportunities for interaction between the lecturer and

problems that pension funds are facing in the light of the financial crisis.

Two courses out of:

in Netspar’s research topics. Top lecturers of the affiliated universities

the students. On top of that, this is the world’s first MSc in the field of

This practical application of academic knowledge is something I continue

• Health Economics and Aging

are involved in the Master’s programmes and specialists from the

aging, pensions and retirement.

to use on a daily basis in my current job as pension advisor.

• Investment Analysis of Aging and Pensions II

private and public partners give guest lectures. Furthermore, students

Until recently I worked for Heijmans, the third largest construction

• Psychology of Economic Behaviour

will visit partner organisations and participate in workshops and other

company in the Netherlands. The fact that they have their own pension

• Topics in Economics and Finance of Aging

Netspar events.

fund made my job even more challenging. Together with four colleagues

• Master’s Thesis

12

18

at the pension department we were responsible for the pensions of all Dutch employees of Heijmans. My main task was to check whether the

40

insurance companies are complying with the agreed pension schemes.

This programme is provisional. For more information about the

Moreover, I calculated the indexations, the additional costs as well as the

programme and the courses, please check the electronic study guide

contributions. The next step in my career is to finish my actuarial degree.”

on our web pages at www.tilburguniversity.nl/studyguide 41

Introduction to Economics and Finance of Pensions and Aging

Macro-economics of Pensions and Aging Many western countries will be confronted with a doubling of the ratio

Noelia Bernal

What are the main issues underlying the current worldwide debate about

of pensioners to workers around 2040. This development raises many

Peru, Student of the MSc Economics and Finance of Aging

the aging of the population and its consequences for pension systems

policy issues. For example, how can state pensions and rising health

from a microeconomic, a macroeconomic, and an institutional point of

care expenditure be maintained in the future? How should the

view? This course emphasises the relationships between these three

government organise its taxation? Should pension schemes be

perspectives. It considers the role of pension systems in redistributing

privatised? This course aims to give you a better understanding of the

“I chose this programme because it is very specialised in the field of

realised that there is little empirical research on that topic. This lack of

resources and sharing risks across and within generations.

challenges of aging on modern welfare states and pension systems.

pensions and aging and it offers challenging courses such as

applied research does not contribute to a better understanding of the

macro-economics, micro-economics and empirical research. For example,

problems surrounding this issue. For that reason, I had an extra

“Very well structured and very international programme”

Quantitative Research in Pension and Retirement Economics

Micro-economics of Life-cycle Behaviour

you will learn how economic models can be estimated empirically

motivation to choose this programme. Even though pension is a very old

This course equips you with the tools to understand the micro-economic

considering the aging effects. This programme suits my academic

topic, many countries have recently become more interested in. So, I am

This course starts with a mathematic refresher and then focuses on the

arguments behind the debate about social insurance, social assistance

ambition and my educational and professional background perfectly.

convinced that there is a growing demand for specialised professionals

use of empirical tools from statistics and econometrics in pension and

and tax policy. You will deal with models of retirement decisions and

aging economics. The course discusses the main properties of a variety of

decisions on saving for retirement and consumption. Emphasis will be

First of all, I studied a Bachelor in Economics and also took some extra

prospective students should consider Tilburg University because it is

standard econometric models and their application to issues in aging,

placed on the incentives for retirement and labour supply implied by old

courses of the Master’s programme of Applied Mathematics in

a very well ranked university with excellent professors and many fellow

retirement, pensions, saving, etc. You will learn to do empirical research

age social security benefits.

Economics, so I was preparing myself for a challenging programme with

international students. The courses are very challenging, but also well

quantitative courses. Regarding my professional background, I worked in

structured and organised, so students do not have to worry about

the public and private sector of Peru in the topic of pensions, and I

anything apart from studying.”

yourself and how to evaluate empirical research done by others.

Investment Analysis of Aging and Pensions I

who know how to deal with the pressure of aging societies. In short,

The focus of this course is on the investment decisions of institutions as well as on individual agents that are related to aging and retirement.

Pension funds and insurance companies aim to offer (investment) products that are attractive to participants or potential clients, select investment portfolios and manage investment risks.

42

43

Case

The Netspar network

The Pension Challenge

Its fundamental goal is to stimulate social innovation. This independent

Aging, you are introduced to Netspar, a network for research and

network of academics and practitioners in the field is supported by

education in the field of pensions, aging, and retirement. Netspar aims

universities and private and public institutions. Many students do an

to address the social and economic challenges of an aging population.

internship at one of the partner institutions.

Universities:

Industry:

Other:

The affordability of old age provisions is coming under pressure

Questions:

because the Netherlands, like other EU countries, has to deal with the

1. Compare a defined benefit system with a defined contribution system

consequences of an aging population. This is the challenge the

from a participant’s viewpoint.

government, pension funds and the central organisations of employers

2. What exactly is the challenge the social partners are facing?

• Tilburg University

• ING

• NOW

and employees, the so-called social partners, now face. Pension funds

3. Compare the financing of old age pensions through pension funds

• Maastricht University

• ASR

• SVB

play an important role in the Dutch pension system. The participants of

with the alternative approach, where the government taxes the active

• Utrecht University

• Cordares

• De Nederlandsche Bank

these pension funds pay premiums until retirement. In exchange, the

workers to pay the pensions of the retired workers. Discuss the

• University of Groningen

• Interpolis

• stichting instituut gak

pension funds promise to pay pensions after retirement according to a

differences between the two pension systems, taking into account

• University of Amsterdam

• Achmea

• Ministry of Economic Affairs

pension plan. In case of a defined benefit plan (more than 90% of the

the aging of the population.

• Erasmus University Rotterdam

• Mn Services

• Ministry of Finance

• VU University Amsterdam

• ORTEC Finance

• Ministry of Education, Culture and Science

• University of Twente

• AEGON

• Ministry of Social Affairs and Employment

pension plans), the pension funds promise to pay the participant, say,

44

By entering the Master’s programme in Economics and Finance of

70% of the last salary before retirement. To pay the promised pensions,

Source:

the pension funds invest the premiums in assets, like stocks and bonds.

International site Dutch Ministry SZW (Social Affairs and Employment)

• APG

The future returns on these investments are used to finance the

www.internationalezaken.szw.nl.

• PGGM

promised pensions. In case of a defined contribution plan the promised

• Cardano

pension payments depend on the returns (gains or losses) on the

• ABN AMRO

pension funds investments in stocks, bonds, and real estate.

• Zwitserleven

45

Career Prospects

Upon request, the Admissions Board may grant the opportunity to

Prof.Dr. Lans Bovenberg

As a graduate, you will have a broad scientific knowledge of modern

rectify deficiencies during the MSc programme. You must be able to

Founding father and Netspar Chair, Winner Spinoza prize (the ‘Dutch Nobel prize’) in 2004.

economics and finance, focused on the specific fields of aging, pensions

function both independently and as part of a team of professionals

He is one of the most-cited Dutch economists in the national and international literature.

and retirement. The programme prepares you for a professional career

in the field and must therefore have good communication skills.

in the Netherlands or abroad at an insurance company, pension fund, or

In addition, you must be motivated and interested in the practical

private or public organisation working on pensions, aging, retirement,

problems studied by Netspar. If you have a relevant university degree

health economics, etc. After graduation you can find positions in the

of another university, the Admission Board will assess your application.

“One of my research interests, and subject of this Master’s programme,

more responsibility for their own future. The government, pension

fields of strategy, policy, consultancy, investments, research, asset

For more information see chapter ‘Application and Admission’.

is risk sharing in the society. For young people absorbing risk is less

funds and insurance companies are trying to find solutions for these

difficult than for old people. With the increasing number of old people,

issues. They have an urgent need for new knowledge and thus for young

risk sharing is becoming more expensive and challenging.

talent that can utilise this knowledge. Through internships our students

liability management, control and treasury. All partners of Netspar have

“Insurers and pension funds urgently need young talent”

clearly indicated that they have a need for graduates of this Master’s

Waivers and scholarships for all students

programme. A PhD track and further orientation on a research career is

For the academic year 2011/2012, the Tilburg School of Economics and

another possibility.

Management has a maximum of 10 partial tuition waivers (reduction)

Taking risks is good for economic growth and innovation, as well as

funds, insurers and government agencies. By combining working and

available for non-EEA students. Netspar sponsors 10 scholarships for

entrepreneurship, but how to allocate the risk more efficiently through

learning you use different perspectives like finance, economics and

Admission Requirements

are offered a direct link to their future employers, such as pension

EEA students (including Dutch). These waivers and scholarships are

pension systems, that is a difficult question. In order to deal with the

econometrics, to analyse a single problem. At first glance, aging and

A Bachelor’s degree in Economics, Econometrics, or Business

only available to students enrolled in the Master’s programme in

aging problem, we have to find the people who can best bear the risk.

pensions may sound less relevant to young people. However, these

Administration suffices for entry to the programme. If you have a

Economics and Finance of Aging. The waiver for non-EEA is

Another issue of this Master’s programme, is the differences in life

issues become more and more central to the future of societies

different degree the possibility to enter the programme will be judged

approximately u 3500. For EEA students the scholarship is u 3000.

courses between young people and previous generations. More women

worldwide. If you would like to achieve your full potential, if you have

on an individual basis. More precisely, the courses in the MSc

work, people obtain better education, longevity is more common, etc.

a keen interest in global issues, if you are able to combine various

programme Economics and Finance of Aging build on a solid academic

This creates many new issues. Additionally, the government’s social

perspectives and instruments, then this Master’s programme may be

background at the Bachelor’s level in the fields of:

security expenses are cut in several western countries, as people take

the one for you!”

• Macro-economics • Micro-economics • Statistics and Econometrics • Financial Economics • Mathematics

46

47

Finance

At a Glance Name

Finance

Duration

1 year

Type

Full-time

Title

Master of Science

Language of Instruction

English

Best Preparatory Bachelor’s programmes

Bedrijfseconomie, International Business Administration (former Business Studies) or International Business

Core Courses Investment Analysis, Capital Structure, Empirical Methods in Finance

48

Career Prospects

Chief Financial Officer, Financial Planner, Treasurer, Consultant, Investment Manager, Risk Manager, Investment Advisor

Start

Information Days

September

More Information

www.tilburguniversity.nl/masters/fin

25 November 2010 and 19 May 2011

49

Characteristics

Prof.Dr. Luc Renneboog

Our Master’s programme in Finance offers you a thorough education

Professor of Corporate Finance, Academic Director of Master in Finance at TiasNimbas Business School,

in the essentials of investments and corporate finance. The core courses

CentER Fellow, Member of TILEC and Research Associate of ECGI (Brussels)

in the programme focus on topics like the determination of a firm’s cost of capital, the capital structure of a firm, risk and return characteristics

“It is the perfect jumping board towards a fine career”

of investments, event studies, and portfolio management decisions.

The electives in the programme enable you to specialise in financial

“This Master’s programme offers students a thorough training in all

Both large international companies like Unilever, DSM, Akzo, Shell as well

management or investment analysis. These specialisations prepare you

aspects of finance and also touches upon areas like Strategic Management

as smaller domestic firms, have recruited Tilburg students. In addition,

for a professional career as chief financial officer (CFO), financial planner,

and Financial Accounting. The programme allows you to specialise in

our students are also well prepared to work as financial experts in bank

treasurer, portfolio manager, risk manager, or investment advisor.

either investment analysis or finance, for instance risk management,

divisions such as corporate finance, mergers and acquisitions, leveraged

(long-term) portfolio management, the technical aspects of valuation, real

buyouts, structured finance, equity valuation, etc.

In the first semester, all students take compulsory courses in

options, capital restructuring, cost of capital determination and project

investment analysis, capital structure and empirical finance. This

finance. But it also offers a broad business education, as the skills and

All large Dutch banks, ABN AMRO, ING, Rabobank and SNS bank, and

ensures that every student knows the essentials of investments and

insights of the programme can be applied in many business situations.

many international banks such as Deutsche Bank, Merrill Lynch and

corporate finance. Next to the three compulsory courses you can

50

Goldman Sachs currently employ our finance alumni. Some alumni have

choose two electives in the first semester and two electives in the

Some examples are planning mergers and acquisitions, raising external

opted to work in financial consulting at McKinsey, Accenture, Deloitte

second semester.

financing, bringing companies to the stock exchange and restructuring

Corporate Finance, PriceWaterhouseCoopers, AT Kearney, FirstDutch and

corporations. The corporate finance training provided by this programme

Booz Allan Hamilton. Other employers who have hired our students are

can be used in many corporate settings. It is the perfect stepping stone

venture capitalists, non-profit organisations, and the Dutch government:

towards a fine career in industry, banking, or consulting.

the financial authority (AFM) and The Ministry of Finance.”

51

Is this the right programme for me?

Programme

The programme is designed for students who are interested in

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

Capital Structure (*)

6

obtaining an academic background in business administration in

of study. You will take 4 or 5 core courses and 2 or 3 electives of 6 ECTS

Investment Analysis (*

6

general and financial management and investment analysis in particular.

each, and write a Master’s thesis of 18 ECTS. The first semester starts in

Empirical Methods in Finance (*)

During the course of the programme you will learn how to solve

September, with exams in December and January. The second semester

2 Electives from:

practical cases by using international scientific literature and discuss

runs from January to June, but is divided in two. From January to March,

• Corporate Governance and Restructuring (*)

case studies with fellow students. In general, career prospects within

you will take courses. From April onwards, you will be able to focus on

• Corporate Valuation

the financial industry are outstanding, both on a national and an

writing your Master’s thesis.

• Derivative Securities and Risk Management (*)

international level.

52

ECTS

6 12

• Investment Analysis of Aging and Pensions I • Advanced Financial Accounting

CFA programme partner

This programme is provisional. For more information about the

As of 2009 our school has been awarded the status of a CFA programme

programme and the courses, please check the electronic study guide

2 Electives from:

partner. Within the Master’s programme in Finance it is possible to follow

on our web pages a www.tilburguniversity.nl/studyguide

• Financial Markets and Institutions

• Strategic Management

the Chartered Financial Analyst (CFA) track. This implies that the courses

• Treasury Management

within this track cover at least 70% of the CFA Program Candidate Body

• Financial Statement Analysis (*)

of Knowledge (CBOK). Students within the CFA track will be exposed to

• Financial Analysis and Investor Behaviour (*)

the concepts and principles that investment practitioners around the

• Entrepreneurial Finance (semester 2)

world have deemed integral to global practice. The CFA programme

Prof.Dr.Philip Joos, Director MSc Accounting (photo left), Dennis McLeavey,

partnership signals to you and the marketplace that our MSc in Finance is

Head of Education CFA Institute EMEA (photo middle) and Prof.Dr. Jenke

closely tied to professional practice, and that the courses within the track

ter Horst, Director MSc Finance (photo right) during signing ceremony of

are an excellent preparation for the CFA exams.

partnership between Tilburg University and CFA Institute on June 18, 2009.

Master’s Thesis

12

18

* These CFA-courses are compulsory for those students who wish to take part in the Tilburg-CFA Institute partnership.

53

Wenjia Sun China, student of the MSc Finance

Capital Structure

Prof. Dr. Jenke ter Horst

This course will cover the most important theories in the field of capital

Professor of Finance,

structure like information asymmetry, agency costs, signalling and

Academic Director of Master in Finance

corporate control. We will discuss their validity using a broad range of

“It inspires me to think outside the box”

theoretical and empirical issues related to the management of a firm’s equity and debt and its dividend policy. In the lectures four main topics

“A broad understanding of financial theories”

“When I was a Master student at Dongbei University of Finance and

is my favourite course because of its teaching style. This course mainly

will be addressed: capital structure, security design, the decision

Economics (DUFE) in China, majoring in Financial Management,

focuses on the classic literature about financial decisions and capital

between private and public equity and law and finance.

I attended a presentation of Tilburg University. I learned that Tilburg

structure. We discussed the whole idea of the paper in the class room

is famous for economics, so I visited the website and searched further

and tried to understand every formula. In general, the lecturers are

Investment Analysis

information on the internet. DUFE cooperates with Tilburg University,

always encouraging us to share our opinions and discuss them during

This course teaches the foundation of modern investment theory. Both

structure and the dividend policy of firms. Moreover, students will be

so the application procedure was quite easy and straightforward for me.

group assignments. Sometimes I find that my ideas are quite different

measures of (downside) risk (such as Value-at-Risk) and models for

made aware of the basic elements of investments. Besides discussing

from the Dutch students, which inspires me to think outside the box.

expected returns (such as the CAPM and the APT model) will be

theories, students also have to apply their acquired knowledge in many

What I like about the programme is that my fellow students are from

This also applies to my internship at the internal auditing department

discussed in detail. Students will learn how to form optimal portfolios

case studies and assignments.

different countries with different backgrounds and even the lecturers

of Royal Wessanen. The stimulating working environment at this

for both short and long term investors (such as pension funds). The

have different nationalities. People share their ideas, stories and

multinational food corporation enabled me to learn so many things

final part of the course will deal with bond pricing and models for the

Furthermore, most of the members of the Department of Finance at

experiences in this international environment, which is very inspiring,

within just a few months, so hopefully I can find a job in the

term structure of interest rates.

Tilburg University have publications in top-tier finance journals like e.g.

especially when discussing international case studies. Capital Structure

Netherlands after this internship.”

Empirical Finance

“What I particularly like about the MSc in Finance is that it gives our students a broad understanding of financial theories. Students will be confronted with essential financial management topics like the capital

Journal of Finance, Journal of Financial Economics, Review of Financial Studies and Journal of Financial and Quantitative Analysis. This implies

During this empirical course you will learn to apply empirical research

that our lecturers have well developed academic skills and up-to-date

methods in finance. Many cases will be discussed. Questions like how

knowledge in the field of finance. As a student you will surely benefit from

to measure whether publically announced information affects stock

it. The knowledge and skills you develop during the course of the

prices (event studies), or how products like reverse convertibles

programme will undoubtedly be very important for a successful career in

are structured and what their risk-return profiles are, will be

the financial industry. I therefore hope to welcome you to our programme!”

discussed in detail.

54

55

Information Management

Career Prospects

Chris Kaashoek

The Master’s programme in Finance prepares you for a wide range of

The Netherlands,

professional careers, such as chief financial officer (CFO), financial

Alumnus of the MSc Finance

planner, treasurer, portfolio manager, risk manager or investment advisor. As the programme offers you a solid education in business administration in general and in financial management and

“Dealing with the daily dynamics of the stock market”

investment analysis in particular, this yields an attractive profile for financial institutions like banks, insurance companies, investment

“Immediately after finishing my Master’s degree in Finance, with a

funds, and pension funds.

specialisation in Investment Analysis, I was offered a job as equity

Admission Requirements

56

analyst at Kempen & Co, a Dutch merchant bank, in Amsterdam. This job offer offer was very much welcomed by me, as I did my internship at

If you have a Bachelor’s degree from Tilburg University in Bedrijfs-

this company during the last three months of the Master’s programme.

economie, International Business Administration (former Business

Since January 2007 Kempen & Co is part of Van Lanschot Bankiers and

Studies), or International Business you will have direct access to the

provides various specialised financial services in asset management,

Master’s programme in Finance. If you have a Bachelor’s degree from

corporate finance and securities brokerage. Clients include institutional

Tilburg University in Economie en Informatica (former Information

investors, financial institutions and high-net-worth private clients.

Management), Economie en Bedrijfseconomie (former Algemene

What I like most about this job, is dealing with the daily dynamics of the

Economie) including the courses Finance 2 and Accounting 2, you will

stock market. Moreover, I have ample opportunities to use my analytical

also have direct access. If you have a Bachelor’s degree from Tilburg

as well as my commercial skills in dealing with clients and their financial

University in Economics (former International Economics and Finance)

needs. I am planning to stay in this job for a while, as my tasks and

including the courses Corporate Finance and Accounting 2, you will also

responsibilities suit my educational background and interests perfectly.

have direct access.

The fact that I work with other young, ambitious and enthusiastic

For students with a Dutch Professional Bachelor’s in Business

people is an added bonus. Many of my study friends are currently

Administration (hbo) a pre-Master’s programme is offered. If you have

working in Amsterdam so it is good to see that job opportunities are

a relevant university degree of another university, the Admission Board

plenty. My future plans? I am hoping to grow and further specialise as

will assess your application. For more information see chapter

an analyst. If my working life continues to be as fun and interesting as

‘Admission and Application’.

my study life, I have nothing to worry about.”

57

At a Glance

Characteristics

Name

Information Management

Duration

1 year

Type

Full-time

Title

Master of Science

Language of Instruction

English

The Master’s programme in Information Management is based on three pillars: transforming business with IT, managing knowledge for business performance, and selecting and deploying the enabling technologies. The first pillar revolves around the strategic application of IT, which goes far beyond merely improving existing business processes. Instead, it focuses on gaining competitive advantage by fundamentally changing an enterprise. The second pillar of the programme places knowledge management at its heart for the purpose of

Best Preparatory Bachelor’s programme Economie en Informatica (former Information Management)

innovation in different technological and market environments. The third

Core Courses Business Transformation and IT, e-Business, Business Process Integration, Advanced Resource Planning,

Management of Knowledge and Innovation, Seminar Information Management

pillar is the technological pillar on which the programme is rooted.

Career Prospects Business Process Analyst, IS project manager, IS Analyst /Architect, Systems Consultant, EDP Auditor,

IT-Manager, Chief Information Officer (CIO) Start

September

Information Days

25 November 2010 and 19 May 2011

More Information

www.tilburguniversity.nl/masters/im

It embodies state-of-the art methods and techniques to enable integrated business processes, realising virtual supply chains and networked organisations. Although technical aspects of information systems are incorporated in the programme, the main emphasis is on managerial aspects. In short, you will learn how to manage IT to transform an organisation and improve business processes.

Is this the right programme for me?

When you join this programme, you will be assured of a unique educational experience, which combines the fields of ICT, Business and Management. Amongst other things, you will learn to explore the relationships between an organisation’s goals, its decision-making processes, and the level of access to relevant information.

58

59

Programme

International Orientation

The programme consists of 60 Credits (ECTS), equivalent to 1680

Clearly, there is a critical need for Information Management graduates

Yiannis Nousis

hours of study, offered over two semesters. The first semester contains

that can operate in a global business context. We therefore offer several

Greece, alumnus of the MSc Information Management

5 courses of 6 ECTS and starts in September, with exams in December

instruments to prepare our students for an international career. Firstly,

and January. In the second semester, February to June, you will take two

the lecturers are largely international, blending their way of thinking

courses and write your Master’s Thesis. The Master’s programme in

and working with the content of the courses while sharing their

Information Management offers a number of courses from which you

business and cultural knowledge. Also, several of our key lecturers have

“The most interesting aspect of the Master’s programme in Information

proof of the hospitality, open-mindedness and friendly character of the

can choose to meet your personal interests. Choose at least 4 courses

been very active themselves in developing textbooks, which are not only

Management is that it deals with an area that is relatively new and

Dutch people. I believe that the quality of life plus the beautiful Dutch

out of:

used in our global classroom but also all over the world, and published

modern. A lot of things we are learning now did not even exist five or

cities make the Netherlands a very good country to live in. Despite my

• Advanced Resource Planning

at prestigious publishers such as Prentice Hall, Addison-Wesley, and

ten years ago. I also like the combination of the areas of business and

positive impressions of the place, I eventually decided to go back to

• Logistics and Information

MIT Press. Moreover, the department of Information

information technology. I did my previous studies in my home country

Greece after my graduation.

• Business Intelligence

Management has several international collaborations with

Greece and decided to do my Master’s degree at Tilburg University

• Business Process Integration

universities and institutes of high-international stature

because of the high rankings and excellent reputation.

• Business Transformation and IT

such as UC Berkeley (USA), Tsinghua University

• Management of Knowledge and Innovation

(China) and the University of South-West Wales

I have very fond memories of my time in Tilburg. Besides my studies,

systems etc.) to retail shops and offering web solutions. My duties in

• Method Engineering

(Sydney, Australia). Lastly, Erasmus

I tried to enjoy life in the Netherlands, get to know new places, meet

this company are mainly IT support in windows clients and servers,

collaborations exist with universities

new people and find some spare time for my hobbies. I believe that the

and support of the ERP system of the group. I am also involved in the

Besides these courses, you will participate in the Seminar Information

throughout Europe, including Stuttgart

student life in Tilburg for an international student is very enjoyable and

support and maintenance of the companies’ websites, web services and

Management (6 ECTS) and E-Business (6 ECTS). Additionally, you can

University (Germany) and Crete

hospitable. There is a good connection between the international

telephony center and I am doing some technical documentation work.

select one course out of any MSc programme offered by the

University (Greece).

students and the Dutch students. For instance, I like the fact that you

Enough to keep me busy for the next couple of years, I would say!”

Tilburg School of Economics and Management.

“What we are learning did not exist five years ago”

I am currently working for a group of companies mainly aiming at the distribution of technology products (PC’s, computer games, security

can live in The Netherlands easily without speaking Dutch, which is a

This programme is provisional. For more information about the programme and the courses, please check the electronic study guide on our web pages at www.tilburguniversity.nl/studyguide 60

61

Prof.Dr. Piet Ribbers

Advanced Resource Planning

Management of Knowledge and Innovation

This course is designed to provide an in-depth insight into the

This course focuses on the successful management of innovation from

Member of the editorial board of Information & Management -

management aspects of enterprise-wide systems, such as ERP, CRM

a knowledge management perspective. It specifically concentrates on

The International Journal of Information Systems Applications

and SCM. Attention is paid to topics such as the feasibility of ERP,

the links between knowledge management and the structures and

critical success factors when introducing these systems, and

processes that support innovation in different technological and market

performance measuring of enterprise-wide systems.

environments. You will be asked to do some course assignments and

Business Process Integration

analyse the various steps in the innovation process.

Professor of Information Management (CentER for Economic Research)

“Intermediation and Demand Management” “Information and Information Technology (IT) are an increasingly

(Demand Management). As intermediaries between the IT and the

integral part of products and services and the foundation of business

business side, they can facilitate both with good knowledge of the

processes. Organisations must know how to make the right choices

management domain, and the know-how to translate business

After a general introduction on business process modelling and

Seminar Information Management

management, coordination theory and an overview of available

This seminar prepares you for the individual research work for your

with respect to the new IT systems and at the same time ensure that

requirements into information systems specifications. Unlike computer

technology, the course considers four levels of process integration: data

Master’s thesis. It features guest lectures from both academia and

existing business processes continue to receive a high quality service

engineers, they will work with people, coordinate the work, and facilitate

integration, transactions, workflow, and contracts. The lectures are sup-

industry to inform you about latest developments in the field of

from IT. The tight link between IT and organisational processes means

the change. Therefore, communication skills are very important.

plemented by a computer lab project in which you can practice process

Information Management. The seminar starts with an introduction to

that the IT department is not alone in its responsibility for effective use

The programme is designed for people who will be working in a

modelling and integration using state-of-the-art integration tools.

research methodology for Information Management. A selection of

of information and IT. Getting more value from IT is an increasingly

position at the interface between information systems (automation)

articles from journals is presented and discussed. In addition, you will

important organisational competency.

and business functions, such as: business analyst, consultant, project

E-business

have to choose from a number of research themes presented at the start

leader, account manager, systems developer or information manager.

During this course you will obtain knowledge of recent developments in

of the course. Within that theme, you will perform a collaborative research

The students of the MSc Information Management are not trained to be

Some may eventually become Chief Information Officers (CIO).

e-business theory and practice and the effects of ICT infrastructure and

project with your team, culminating in a research report or article.

computer scientists. Instead, they will be trained to recognise what kind

According to a recent study, the MSc Information Management is in

of IT the organisation needs and the possible impact of IT on business

the top 5 programmes with the best career perspectives.”

applications on e-business developments. E-business is not only about e-commerce (doing business on the Internet) but also about the consequences of e-commerce for the internal organisation of the firm, the supply chains and the business processes.

62

63

Erasmus Mundus programme: International Master in Service Engineering (IMSE)

internationally operating company or research institute either inside or

Prof. Dr. Ir. Michael P. Papazoglou

outside Europe. Upon completion, students earn a joint Master’s

Professor of Computer Science and Executive Director

degree in Services Science.

of the European Research Institute in Services Science (ERISS)

“Service Science will have a profound impact on how businesses, government and individuals operate”

Many experts see the explosive growth in services as the next major

IMSE is also delivered in close cooperation with a number of top quality

revolution in the world economy. Because service economies continue

research institutes, such as UC Berkeley (USA), the University of New

to expand and powerful digital communications networks - such as the

South Wales (Australia), Tsinghua University (China) and international

Internet - evolve rapidly, companies are transformed from regional

companies like ForthNet, IBM, Software AG, Accenture and

“Today services are perceived as key to the productivity and economic

discipline of Service Science tries to capture momentum related to

businesses to globally integrated enterprises. The fast growing

PriceWaterhouseCoopers. This not only guarantees a curriculum that

growth of advanced industrialised economies and are pivotal to the

service economy growth, the global need for service innovation, and

discipline of services science and engineering is related to service

incorporates the latest developments in the field of service engineering,

development of a truly knowledge-based economy. The term

the accompanying demands for service research and education to

economy growth and the global need for service innovation. Research

but also stresses the global orientation of the programme.

“services” covers a broad range of industries that produce value by

deliver a new generation of T-Shaped service professionals. Service

providing solutions to customers’ problems. Services are increasingly

Science aims at a unification of theories and methods from several

traded internationally producing an eclectic array of economic

disciplines such as IT, business and management, business strategy,

and education in this field is therefore in high demand. This is in a nutshell why Tilburg University has established cooperation with the

Erasmus Mundus Scholarships

University of Stuttgart (Germany) and the University of Crete (Greece)

For Academic year 2011-2012, there will be approximately 17 Erasmus

activities, varying from traditional logistics and banking services, to

management sciences, and economics, which it fuses together in

in offering highly-motivated students the International Master in Service

Mundus scholarships (Category A and B) available for European and

innovative services in education, energy, healthcare, and

order to encourage innovation in how organisations create value for

Engineering (IMSE).

non-European applicants.

telecommunications.

customers and shareholders. A professional in the services economy will be required to draw upon an intricate combination of the previous

The multi-disciplinary IMSE programme has been carefully designed at

More information

While the services market has been booming and still continues to

cross-cutting skills, as well as relevant, specific industry domain

the interface of software service systems and new globe-spanning

The application and admissions procedures for the IMSE programme

grow despite the economic downturn, there is an acute shortage of

knowledge (e.g. finance, logistics, healthcare, and so on). In the MSc

business processes to prepare students with a background in either

differ from those of the regular MSc programme in Information

professionals world-wide with the appropriate skills and background

Information Management we teach services science as an integral part

business or information technology to become the new generation of

Management, as described in the back of this brochure. Interested

to meet the growing needs of the services sector. The emerging

of the programme, thus providing skilled services graduates.”

service engineers. This full-time English-taught programme totals 120

students are therefore advised to check this website for further

ECTS credits and needs to be completed within 2 years. After a kick-off

information:

summer school in Crete, students spend a semester in Germany,

www.erasmusmundus-imse.eu

followed by a semester in the Netherlands and Greece. The final semester is devoted to thesis work, which includes an internship in an 64

65

Erasmus Mundus programme: International Master in Management of IT

international operating company, such as Shell, ING Bank, Procter & Gamble or Nokia.

Merie Joseph India, student of the Erasmus Mundus IMMIT programme

Tilburg University takes part in The Erasmus Mundus Programme,

One unique aspect of the IMMIT programme is that all participants are

which aims to enhance quality in European higher education and to

gathered in a cohort, i.e. the same group of students start and finish the

promote intercultural understanding through co-operation with third

programme together. This cohort experience enables students to further

countries. Tilburg University has joined forces with Turku School of

develop their cross-cultural awareness, which is needed in their future

“During my Bachelor studies in Electronics and Communication

and mix it up with our cohort of 20 classmates from 13 different

Economics (Finland) and IAE Aix Graduate School of Management,

work as ‘hybrid’ managers. The cohort moves to a new European

Engineering in Kerala – a beautiful state in South India – I was selected to

countries across four continents and you will start to get the picture.

Université Paul Cezanne Aix-Marseille III (France) in offering highly

location each new semester, moving from France, to Finland and then

work for Infosys Technologies Ltd, a leading software company in India.

We met as strangers in France, moved together and closer in Finland

motivated students the International Master in Management of

to the Netherlands. The location of the last semester (thesis) could be

While working at a client location in Ipswich (UK) I applied for several

and became great friends in the Netherlands. We even have a group

Information Technology (IMMIT).

anywhere in Europe.

Master’s programmes, as I understood that it was the time for the next

motto: Sharing & Caring. It is great fun to travel around Europe together

step in my career. I eventually chose the IMMIT programme because of

and we regularly throw dinner parties with traditional food prepared

the international exposure it provides with students from across the world

from our respective countries.

“We have become friends for a lifetime”

The IMMIT programme has been designed to prepare students with a

Erasmus Mundus Scholarships

background in either business or information technology to become

For Academic year 2011-2012, there will be approximately 17 Erasmus

and universities located in three different countries in Europe. I was also

“hybrid” managers at the interface between Information Systems and

Mundus scholarships (Category A and B) available for European and

confident that the programme would boost my career by complementing

What about my plans for the future? In the short term, I see myself

business functions within an increasingly international business

non-European applicants.

my technical skills with the necessary management skills.

working as IT project manager in an international company somewhere

context. This full-time English-taught programme totals 120 ECTS

in Europe. In ten years time, I would like to see myself as an IT

More information

The reality of the programme proved to be even more exciting and life

strategist of a major company, specialising in outsourcing strategies to

The application and admissions procedures for the IMMIT programme

changing than I could ever dream of. Imagine three different

South Asia (with my networks in Indian outsourcing industry and the

The first year focuses on two topics, namely ‘Foundations in

differ from those of the regular MSc programme in Information

universities, three different teaching styles and three Master’s degrees

networks I would have built in the industry in Europe).”

International Business’ and ‘IT management skills’. In the second year,

Management, as described in the back of this brochure. Interested

the emphasis shifts towards integration issues such as the role of IT in

students are therefore advised to check the procedures and scholarship

business transformation, management of IT-based innovation and

information on the IMMIT website: www.immit.eu

credits and needs to be completed within 2 years.

more specialised topics in international IT management. The second semester is devoted to thesis work which includes an internship in an

66

67

International Management

Career Prospects

Admission Requirements

After successful completion of the MSc in Information Management,

If you have a Bachelor’s degree from Tilburg University in Economie en

you will be awarded an internationally recognised Master of Science

Informatica (former Information Management), you have direct access

degree with excellent career prospects. Please find below some

to the Master’s programme in Information Management. Furthermore,

examples of jobs that you will be eligible for after graduating:

a Bachelor’s degree from Tilburg University in Bedrijfseconomie,

• Integrating IT and business strategy for large companies

International Business Administration (former Business Studies),

• Implementation/Customisation of Enterprise Resource Planning

or International Business including the courses Databases,

• (ERP) and other information systems

Business Process Analysis I and Information Systems Strategy also give

• Outsourcing operations as client manager (of ICT services suppliers

direct access. If you have a relevant university degree of another

or contact manager (of ICT service recipient)

university, the Admission Board will assess your application. For more

• Systems and business analysis

information see chapter ‘Admission and Application’.

Different types of careers are for example Business Process Analyst, IS project manager, IS Analyst / Architect, Systems Consultant, EDP Auditor, IT-Manager, Chief Information Officer (CIO). Type of companies where you may end up working are consultancy firms in business and ICT related projects, EDP-auditing firms, the government and the non-profit sector, ICT and business research institutes.

In addition, this Master’s programme provides a good preparation for a PhD in Information Management.

68

69

At a Glance

Is this the right programme for me?

What do Wall Street, the bustling trade markets in Hong Kong and the

The MSc in International Management is aimed at students with an

flower auction in Aalsmeer have in common? We live in an increasingly

interest in international business and research. The programme offers a

Name

International Management

Duration

1 year

connected world where business is often conducted on a global scale,

student-centered approach to education, with room to work closely with

Type

Full-time

with customers and suppliers spread over many countries. Companies

lecturers. Not only will you learn about doing business in a multilingual

Title

Master of Science

that operate in an international business setting continue to look for

and multicultural environment, you will also get the chance to study

employees who are able to cope with such complexity. For this, you

together with dozens of like-minded international students. This mix of

Language of Instruction

English

need to accumulate a wealth of knowledge across all the main business

cultural backgrounds helps create a lively exchange of experiences and

fields: accounting, marketing, management and finance. The Master’s

ideas, which clearly contributes to personal growth and gives you a

programme in International Management prepares you to understand

broad outlook on global business issues.

Best Preparatory Bachelor’s programmes

Bedrijfseconomie, International Business Administration (former Business Studies), or International Business

Core Courses International Financial Reporting & Analysis, International Marketing, International Management, and International

Financial Management Career Prospects General management positions in multinational companies

70

Characteristics

Start

September

Information Days

25 November 2010 and 19 May 2011

More Information

www.tilburguniversity.nl/masters/man

and manage this rapidly changing process of globalisation. During the course of this full-time, one-year programme, you will expand your knowledge of the practical and theoretical dimensions of international management issues and you will learn how to deal with practical business situations in a rigorous, effective way. The scope of the programme is broad, although there are several opportunities for specialisation in specific disciplines by choosing appropriate electives.

Furthermore, the MSc in International Management offers you teaching based on both theory and cases.

71

Case Culture Clash at Daimler-Chrysler

Programme

Professor of Empirical Banking

of study, offered over two semesters. The first semester starts in

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

In the summer of 2009, Chrysler Corporation, an icon of the US

Benz and defended their own interests and culture. The corporate

automobile industry was acquired by FIAT group. How could a once

clash came down to the confrontation between the engineering culture

manufacturing powerhouse fall prey to a smaller competitor?

of Daimler, with its systems, precision, safety- and quality-oriented

Understanding what happened requires looking back several years.

approach, against the pay-for-performance culture of Chrysler with its

“My main research interests are focused on finance. I am particularly

Daimler-Benz and Chrysler Corporation announced a merger agreement

sales, marketing, and risk-oriented approach. DaimlerChrysler

interested in the impact of the banking sector on the rest of the

on May 7, 1998. The merger was announced to be one of equals. Before

announced on May 14, 2007, that it would sell 80% of Chrysler to

economy. Both the banking and the financial sector are very globalised

the merger, Chrysler and Daimler-Benz were large regional producers

Cerberus Capital Management of New York, a private equity firm that

and they fulfill a key allocative role in the functioning of the economy.

International Financial Reporting & Analysis

6

– Chrysler with the third-largest market share in North America,

specialises in restructuring troubled companies, effectively unwinding

In other words, choices made in the financial sector may determine

International Marketing

6

Daimler-Benz with the majority of its sales revenues made in Europe.

the original transaction. On October 4, 2007, A DaimlerChrysler

outcomes everywhere around the world. My research focuses on bank

International Management

6

Immediate growth opportunities would be created through using each

Extraordinary Shareholders’ Meeting approved the renaming of the

mergers and their impact on the borrowers and also banking geography.

International Financial Management

6

other’s facilities. However, after four years, it turned out that the merger

company. From October 5, 2007, the company has been titled Daimler

One of the issues I am currently investigating, is the role foreign banks

1 Elective

6

did not pay off as expected. Sales did not increase, synergy effects were

AG. The US company adopted the name Chrysler LLC when the sale

play in transition economies.

• Corporate Governance and Restructuring

minimal, and stock prices seriously declined in the years following the

completed on August 3, 2007. In the spring of 2009 Chrysler was

merger. The New York Times called the Daimler-Chrysler marriage ‘one

acquired by FIAT to avoid its liquidation.

“Many places claim to be top, we are!”

September, with exams in December and January. The second semester runs from January to June, but is divided in two. From January to March, you will take two courses. From April onwards, you will be able to focus on your Master’s Thesis.

ECTS

• Management Control Students in the Master’s programme in International Management will

• Marketing Communication

clearly benefit from a direct transfer of knowledge from researchers at

• Strategic Management

In the International Management programme we try to explain how

the frontier. As students share the same interest in frontier knowledge

International Business Seminar

Chrysler’s profits fell from $4.9 bn to $1.2 bn and its shares from $109

national culture affects organisational culture, and may affect

with their classmates, they will also benefit from being among the best

Elective

to $48 over the second half of 2000. Daimler’s operating loss for 2001

relationships with foreign businesses, as in the case of the merger

and most ambitious students in Europe maybe even in the world.

Master’s Thesis

may be as large as 1.7 bn Euros. What went wrong with this merger?

between Daimler-Benz and Chrysler. We also explain how to work in

Tilburg University is one of the best places in Europe for studies in

The potential for synergy and growth looked promising.

companies that adopt different accounting standards, raise debt in very

economics, business, and law. Many places claim to be top, we are!

The biggest obstacles in the merger were the cultural differences and

different financial or banking markets, and sell to consumers with

Tilburg is also located in a country that provides an excellent

This programme is provisional. For more information about the

the inequality between the two parties. Daimler-Benz was the dominant

different tastes. Last but not least, we explain the importance of

environment for studying: non-hierarchical, direct, well-organised,

programme and the courses, please check the electronic study guide

partner and imposed its own corporate imprint on the merged company

strategic management for turning such differences in opportunities

and international.”

on our web pages at www.tilburguniversity.nl/studyguide

(Chrysler). Chrysler’s managers resisted the dominant role of Daimler-

for company growth.

of the most disastrous mergers in history’.

72

Prof.Dr. Steven R.G. Ongena

6 6 18

73

International Financial Reporting & Analysis

International Financial Management

Stela Souza Farhat

Career Prospects

This course focuses on four main topics, namely international financial

The purpose of this course is to study all key international aspects of

Brazil, Alumnus MSc International

The future is bright for those who see themselves working for a

accounting, advanced financial accounting, the use of accounting

international financial management like investment decisions, financing

Management

multinational or internationally-oriented company based in their home

information for decision making and management control in an

decisions, foreign exchange risk management and working capital

international setting.

management. A number of these topics will be studied with the help

International Marketing

“One of the greatest experiences of my life”

of cases and problem sets.

country or abroad, either doing business with foreign suppliers or being sent out as an expatriate. In short, the possibilities for a successful career in an international business setting are endless. Just a few of the

“During my Bachelor studies in my home country, Brazil, I attended an

many examples in terms of job opportunities include: International

Through a number of traditional and interactive lectures students are

in international student fair. At this fair I met a high school friend, who

management trainee at ABN-AMRO in Hong Kong, Marketing manager

provided with a broad overview of the field of International Marketing.

recommended Tilburg University. After careful consideration, I decided

export division for Heineken, Planning and Control Officer at AT&T,

Topics include global marketing, global markets and buyers and

to follow her recommendation because of the strong reputation of

Investment Consultant at Hewitt Associates, Brand Manager Coca Cola,

fundamentals of international marketing research.

Tilburg University in the field of Business and Economics. Moreover, the

Account Manager at OCE, Controller at Philips Electronics, Accountant

city of Tilburg has a strategic location in the heart of Europe and offers

at Van Lanschot Private Bankers or Market Researcher at Unilever.

International Management

affordable living costs in a lively student city. Coming from a city like

This course reviews the various theories of why firms become

Sao Paulo, Tilburg provides me the pleasure of living in a peaceful place

Next to a career in business, an MSc in International Management also

multinational enterprises. In addition, we discuss more dynamic,

with access to all the facilities of a big city. In the Netherlands there is a

prepares you for a career with policymaking institutes such as the IMF

evolutionary theories of the internationalisation of firms. We also study

very short distance to travel from one city to another, which

and the World Bank or ministries of a country, but also for a career at

how multinational enterprises manage and control their international

characterises the country with a special diversity and dynamism.

research institutes or universities around the world. Of course a PhD

subsidiaries, which includes a discussion of international human resource management questions and ethics in an international perspective.

programme is also one of the options.

The most interesting aspect of the Master’s programme International Management is the inter-disciplinary character and flexibility in selecting the courses that interest me. Last year I was selected to be one of the 32 members of the United Netherlands delegation from different Dutch universities. As part of this six months course in multilateral diplomacy, I participated in a simulation in the Harvard National Model United Nations and was given the Award of Best Large Delegation. This was definitely one of the greatest experiences of my life, in terms of challenge, international travel, social fun and self-development.”

74

75

Marketing Management

Admission Requirements

Prof. Dr. Niels Noorderhaven Professor of International Management

If you have a Bachelor’s degree from Tilburg University in Bedrijfs-

and co-Director of the Center

economie, International Business Administration (former Business

for Innovation Research

Studies), or International Business you will have direct access to the Master’s programme in International Management. Furthermore, a

“A mix of theory and cases”

Bachelor’s degree from Tilburg University in Economie en Informatica (former Information Management), including the courses Marketing 2,

“Tilburg University has chosen a strategy of internationalisation and

Financiering 2, Organisatie van de Onderneming and Accounting 2 also

high quality. This is reflected in the International Managemt

give direct access. If you have a relevant university degree of another

programme, where many of the instructors have PhDs from top US

university, the Admission Board will assess your application. The core

business schools, and some of the faculty members are amongst the

criteria are a Bachelor’s degree in a business-oriented subject, fluency in

top researchers in the world in the field of international business and

English, and the ability to work both independently and as part of an

strategy. The Master’s programme in International Management offers

international team. For more information see chapter ‘Admission and

a mix of theory-based and case-based business education, all from an

Application’.

international perspective.”

The Master’s programme in International Management is very broad.

Therefore we require you to have a strong knowledge of the four core fields in business: Accounting, Finance, Marketing and Management.

In addition, we require students to have a good level in Mathematics and Statistics. This knowledge has to be on the same level as a good Bachelor’s programme at a leading University. In general, we admit students who have passed two basic courses in three of the four core fields in business. Exceptions to these basic admission requirements are made for students who have obtained a relevant Bachelor’s degree with an excellent GPA, on a case-by-case basis.

76

77

Case At a Glance

Would you like a beer?

Name

Marketing Management

Duration

1 year

Type

Full-time

Title

Master of Science

Language of Instruction

English and Dutch

Best Preparatory Bachelor’s programmes

edrijfseconomie, International Business Administration B (former Business Studies), or International Business with the courses Services Marketing and Marketing Research

Core Courses Marketing Channel Management, Strategic Marketing

Management, Brand Management and Marketing Communication

Every year, people drink less and less lager beer. As the popularity of

Beer is all about emotion. Beer companies attach personal traits to

special beers and wines increases, A-brands like Heineken, Amstel,

their brands in commercials. Heineken, for instance, portrays an

and Grolsch see their sales go down. How can they turn the tide?

image of being individualistic and international with a hint of hedonism. Amstel, the number two beer in the Netherlands, is cosy,

Merges and takeovers of companies specialised in brewing special

friendly, and popular: “our beer”. Superiority is the trademark of

beers are one way to deal with the drop in sales. On the other hand,

Grolsch. Despite the efforts of the big beer brands to communicate a

beer companies also need to distinguish themselves from their

strong image to distinguish themselves from their main competitor,

competitors. As the generic differences between lager beers are small,

they may have more to fear from the cheaper B-brands and generic

this is not an easy job.

brands than from each other. The cheaper brands do not need to spend a fortune on big advertising campaigns; they sell because of

The challenge is not only to be creative in what you communicate to

their lower price.

Career Prospects Various positions, such as marketing manager, account manager,

sales manager, brand manager, consultant and lecturer

your consumers, you also need to get them involved. By creating buzz on the internet, for example. World-leader Heineken succeeds well in

In the MSc in Marketing Management, you will learn how to answer

Start

September

this: Its award winning Walk-in and Walking Fridge commercials

the following questions: How can beer companies create a strong

Information Day

25 November 2010 and 19 May 2011

created a lot of commotion on various weblogs (over 6 million

brand image? How can they communicate the difference between an A-brand and cheaper, generic brands? How can they create brand

More Information

www.tilburguniversity.nl/masters/mm

internet views), especially when competitor Bavaria decided to “spoof” the original Heineken commercial. Or you can get your

loyalty? How can they measure the effectiveness of their advertising

consumers involved by asking them to make their own beer

campaigns?

commercial for you. Fans of the Walking Fridge commercial were invited to create a follow-up version of the commercial.

78

79

Prof. Dr. Inge Geyskens Professor of Marketing

“Towards a successful career in marketing”

Characteristics

Prof.Dr. Henk Roest

Programme

Obtaining knowledge of market segmentation, insight in consumer

Professor of Marketing and

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

decision making and the use of marketing instruments are the core

Chairman of the Marketing Department

of study, offered over two semesters. The first semester starts in

tasks of any marketing manager. That is why these subjects form the core of the varied offer of specialised courses in the Master’s

“This programme opens many doors”

programme in Marketing Management. Marketing is a field with

runs from January to June, but is divided in two. From January to March, you will take two courses. From April onwards, you will be able to focus

“How can you build a strong brand? How can you design and manage

many specialised disciplines, such as Brand Management, Marketing

“The Marketing Department is internationally recognised as one

on your Master’s Thesis.

an effective distribution channel? How can you increase customer

Communication and Marketing Channel Management. You will focus

of the best in the world. Our team is constantly working on new

satisfaction with the services you provide? How can you successfully

on issues like how to create brands, how to develop and test

insights in strategic marketing management, consumer behaviour and

Brand Management

6

take new products and services to the market? To successfully manage

advertisements and how to set up new distribution channels.

marketing modelling. Sharing these new theories and empirical findings

Marketing Channel Management

6

with students and training them to use this knowledge in real life cases

Marketing Communication

6

the marketing mix in today’s increasingly volatile and competitive

ECTS

marketplace, you need the right answers to these questions. Tilburg

Is this the right programme for me?

makes them better prepared for a wide variety of jobs in marketing

Strategic Marketing Management

6

University’s Master in Marketing Management is a comprehensive

In this Master’s programme, you will link your existing knowledge in the

management and sales. The didactic skills of our staff and their

1 Elective from:

6

programme that teaches you the latest knowledge and skills in the

field of economics, organisation and strategy and economic psychology

extensive experience in marketing and research are widely praised by

• Advanced Marketing Research

marketing discipline.

to marketing theories. In addition, you will learn how to apply these

both our current students as well as our alumni. Our focus on state of

• International Marketing

insights to real-life marketing problems. As a Marketing Management

the art knowledge and skills is also reflected in the scope and depth of

• Market Assessment

I find our programme attractive for two reasons. First of all, courses

graduate, you will have obtained a great deal of theoretical knowledge

the Master in Marketing Management curriculum, including Brand

• Strategic Management

are taught by researchers who are internationally recognised experts

as well as sufficient practical skills to carry out market research.

Management, Strategic Marketing Management, and Advanced

2 Electives from:

in their fields. The Marketing department is ranked as one of the top

The Master’s programme in Marketing Management is an academic

Marketing Research. Students often base their Master’s Thesis on

• Experimental Research

research groups in Europe. As a result, all the latest scientific advances

degree programme, which forms an excellent starting point for various

an internship, which opens many doors to (inter)national companies

• Marketing Information Management

will be shared with our students. At the same time, the Master’s

positions in commercial management. The Master’s programme in

and organisations.”

• Purchasing Management

programme in Marketing Management is highly managerially relevant.

Marketing Management is offered in English and in Dutch. That means

• Survey Methodology

The curriculum has been designed in collaboration with experienced

that you can choose in which language you follow the core courses.

Master’s Thesis

practitioners. As such, the Master’s programme in Marketing

Elective courses are all in English.

stepping stone towards a successful career in marketing.”

12

18

This programme is provisional. For more information about the

Management provides a bridge between theory and practice - the ideal

80

September, with exams in December and January. The second semester

If you are more into collecting and analysing marketing data and you

programme and the courses, please check the electronic study guide

have good grades in Mathematics and Statistics, you can consider the

on our web pages at www.tilburguniversity.nl/studyguide

Master’s programme in Marketing Research.

81

Susanne Roelle Germany, Alumnus of the MSc Marketing Management

“This programme caters for a future career in marketing”

relevant contemporary problem areas within strategic marketing, such

This course focuses on creating and managing distribution channels.

as product development and innovation, adoption and diffusion,

Channels are inter-organisational systems designed to take products

cooperative bonds and strategic networks and the learning organisation.

and services from the factory to the end user. The key focus is on

Besides the - in marketing terms - more traditional markets of

channel design – how to set up new and change existing channels.

consumer goods, the course will also focus on business-to-business

Another topic is channel management – how firms in a distribution

markets and technology intensive markets.

“During my Bachelor’s degree in International Business at Tilburg

my ability to work as part of a team. These skills proved to be quite

channel are able to co-operate and how these relationships sometimes

University, I already knew that I was seeking a Master’s degree in

useful in my job search. My first job was at the Dutch headquarters

end up in conflicts and mismanagement.

marketing later on. The crucial factor for me was that the complete

of Otto B.V., an international home shopping organisation. As the

programme focuses on marketing only and that it therefore caters

Sales Promotion Coordinator, I was mainly responsible for all online

Brand Management

for a future career in this field. For my Master’s thesis, I determined

marketing communications. This included updating the homepage,

The brand creates a transaction between the organisation and its

select an effective mix of marketing communication tools. In addition,

the importance different groups of students assign to the instruction

sending e-mail newsletters, setting up banner campaigns and creating

consumers. In this course, you will learn about Brand Equity – the

you will learn how to evaluate these tools on how effective they are in

language of Master’s programmes and identified students’ preferences.

landing pages. However, not having encountered the challenge I had

financial value of the brand for the organisation as a result of a strong

providing information and how these tools can be used to convince

Having defended my thesis successfully, I even won the Best Thesis

hoped for, I soon realised that I needed a job in which I myself could

consumer preference for a particular brand. The way in which

consumers.

Award in Marketing!

initiate and carry out marketing strategies and plans. This is exactly

consumers experience and relate to the brand will be the starting point

what I am doing now in my current position of Marketing & Recruiting

in determining the brand management activities of the organisation.

Looking back, I can honestly say that I had a wonderful time throughout

Officer for the Tilburg School of Humanities. As such, I am responsible

my four years of studies in Tilburg. If you are an active person, you can

for the marketing and the recruitment of two relatively new degree

Strategic Marketing Management

choose from an incredible number of possibilities to engage in

programmes, which gives me the opportunity to be creative in

During this course students will learn how to write a strategic marketing

extracurricular activities. Personally, I have always been very active next

promoting the programmes (inter-)nationally.”

plan, which includes internal and external analysis, SWOT and strategic

to my studies, which helped me improved my organisational skills and

82

Marketing Channel Management

Marketing Communication The aim of this course is to gain insight in the various forms of marketing communication. You will learn which skills are needed to

options. Students will also become acquainted with a number of

83

Career Prospects

Eveline Roelink

The combination of theoretical knowledge and practical skills gained in

The Netherlands, Alumnus of the MSc Marketing Management

“The general atmosphere was always pleasant”

this multi-disciplinary programme gives graduates a strong background for positions ranging from commercial manager, consultant or account manager to product developer at large or medium sized companies, including banks, insurance companies, retail chains or the government.

“A year ago I started my job as Product Manager Cosmetics for Dior, a

I look back at my life as a student in Tilburg with a big smile. One thing

French company which produces and sells perfumes and cosmetic

I remember quite clearly is how well-organised the exams were and how

Admission Requirements

products. I am responsible for a wide range of marketing and PR

you would always receive important information before the start of the

In order to have direct access to the Master’s programme in Marketing

activities, such as organising promotional activities at perfume stores

lectures. During exam periods I was completely focused on studying,

Management, a solid basis is required in the areas Mathematics and

and developing good working relationships with key media contacts.

but it was always easy to ask questions to the lectures. The way of

Statistics, Academic Training, Economics, Finance or Accounting,

During the MSc Marketing Management I gained a lot of useful

teaching and general atmosphere were always pleasant, especially

Management, and Marketing (more specifically the courses Marketing,

knowledge about brands and marketing and how to make sure your

because of the interactive nature of the classes. It really made it possible

Services Marketing, Consumer Behaviour and Marketing Research).

marketing efforts really work. I am sure that without this background, it

for me to actively participate and learn how markets function. I am still

The Bachelor’s in Bedrijfseconomie, International Business

would be a lot harder to find such an amazing job at Dior.

using these marketing insights on a daily basis in my job at Dior.”

Administration (former Business Studies) or International Business at Tilburg University give direct access to this Master’s programme, provided that they include a course in Services Marketing and a course in Marketing Research or equivalent. Students with a Bachelor’s degree in ‘Economie en Informatica’ at Tilburg University additionally need to have taken the courses Marketing 2: Consumer Behaviour and ‘Organisatie van de onderneming’ (in Dutch).

For students with a Dutch Professional Bachelor’s degree (hbo), we have designed a tailor-made two-year programme. If you have a relevant university degree of another university, the Admission Board will assess your application. For more information see chapter ‘Admission and Application’.

84

85

Marketing Research

At a Glance Name

Marketing Research

Duration

1 year

Type

Full-time

Title

Master of Science

Language of Instruction

English

Best Preparatory Bachelor’s Bedrijfseconomie, International Business Administration (former Business Studies), or International programmes Business with the course Marketing Research. Or Econometrics and Operations Research with the

courses Marketing 1, 2 and Marketing Research.

86

Core Courses

Marketing Models, Market Assessment, Survey Methodology

Career Prospects

Marketing Researcher, Consultant, Market Analyst, PhD track

Start

September

Information Days

25 November 2010 and 19 May 2011

More Information

www.tilburguniversity.nl/masters/mr

87

Characteristics What is the effect of price promotions on company sales? How do we

Wiebke Schlabohm

measure the effect of price changes on the brand choice of an individual

Germany, Student of the MSc Marketing Research

consumer? The MSc programme in Marketing Research teaches you how sound research can lead to more effective marketing decisions.

“The programme immediately sparked my interest”

More specifically, you are trained to collect, analyse and disseminate quantitative information in a systematic and objective way. By doing so,

“Before coming to Tilburg I was studying Business Administration at

largely due to the well-organised Welcome Week for new international

you will be able to provide invaluable input to marketing managers, who

the Christian-Albrechts-University in Kiel, with a focus on Marketing

students. I also like the teaching styles in Tilburg a lot, because

often operate in a complex and demanding environment in which they

Management. I heard about the good reputation of Tilburg University in

traditional lectures are combined with interactive lectures. So plenty of

make their decisions.

a lecture by one of my professors in Kiel, which immediately sparked my

room for interaction and open discussion with the professors. In

interest. I did some research on the internet and the courses on offer at

addition, I learned how to handle specialised software to solve

Is this the right programme for me?

Tilburg in the field of marketing research sounded very fascinating to

marketing problems, so the education is really practice oriented. My

The MSc Marketing Research is aimed at students with an interest in

me, so I decided to apply. In my opinion, studying abroad for one year

future plan is to stay in the academic world and to do a PhD in Cologne.

the collection and quantitative analysis of marketing data. By reporting

would be perfect to enhance my knowledge of marketing research and

the results and drawing conclusions, marketing researchers are able to

to improve my English language skills.

support marketing decisions on pricing, advertising, segmentation and

Before moving back to Germany, I need to finish my Master’s thesis in Tilburg. My thesis focuses on the advertising behaviour of multinational

other marketing issues. During the course of the programme, you will

I was thrilled to find out that I was offered a place in Tilburg. My first

companies and how they allocate their advertising budgets

learn how to use state-of-the-art research methodology to become a

impression of the city and the university were very positive, which was

between their headquarters and their subsidiaries.”

highly trained marketing analyst.

88

89

Prof. Dr. Marnik Dekimpe Professor of Marketing Models

“How marketing models help take the mystery out of marketing”

Programme

research courses that cover state-of-the-art research methodologies

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

used in marketing, such as Marketing Models, Market Assessment,

of study, offered over two semesters. The first semester starts in

and Quantitative Models in Marketing, you will also have the

September, with exams in December and January. The second semester

opportunity to broaden your econometrical knowledge in courses

runs from January to June, but is divided in two. From January to March,

such as Panel Data Analysis of Micro-Economic Decisions,

you will take two courses. From April onwards, you will be able to focus

Micro-Econometrics, and Simulation.

“The modern marketing manager is presented with a new challenge:

During the course, numerous examples from recent research are

how to analyse information accurately and efficiently, and how to

presented. For example, we describe a recent study on the

use it to enhance marketing productivity. Marketing models are

categorydemand effects of consumer price promotions across over 560

Tracks

tools for achieving these objectives. The course Marketing Models,

consumer product categories in the Dutch supermarkets. Multivariate

The MSc in Marketing Research (MR) consists of two tracks: the

by Prof.Dr. Marnik Dekimpe and Dr.Ernst C. Osinga, introduces

time-series techniques were used to quantify the short- and long-run

Strategic MR track and the Quantitative MR track. The Strategic MR

Advanced Marketing Research

students to the state-of-the-art in implementable marketing models.

effects of price promotions. These effects were subsequently linked to

track is aimed at students with a Business Administration background

Market Assessment

The emphasis is on models based on the statistical interpretation of

variables such as the intensity of competition in each category, the

who would like to learn more about the marketing research process.

Survey Methodology

historical data available to the company. Questions we deal with are,

nature of the category, and the extent of advertising usage in the

The courses in the programme cover all stages of the research process:

Strategic Marketing Management

amongst others, how effective is advertising spending; will the frequent

category. Two important findings emerged from this study: long-run

from setting up a study, collecting and analysing marketing data, to

2 Electives from:

use of price promotions make customers more price sensitive, and

primary-demand effects of price promotions are very rare, and

the presentation of the results. Besides research oriented courses

• Marketing Models

therefore undermine the long-run value of a brand?; does it pay to invest

pricepromotion effectiveness is lower in categories with a lot of

such as Advanced Marketing Research, Marketing Models, Survey

• International Marketing

in trade-show participations, and what are key drivers of trade-show

imageoriented advertising, and in categories characterised by frequent

Methodology, and Experimental Research, we also offer more

• Panel Data Analysis of Micro-Economic Decisions

effectiveness? By answering these questions we show how marketing

newproduct introductions. The study combines different things we find

managerial courses such as Strategic Marketing Management, that

• Micro-Econometrics

models help take the mystery out of marketing. Students will gain

important in research and teaching: the application of -one- advanced

will enable you – as a marketing analyst - to communicate efficiently

• Simulation

firsthand experience analysing real-life data sets

econometric techniques to –two- managerially relevant problems and

with the marketing manager.

1 Elective from:

in several homework assignments.

-three- using real-life data.

on your Master’s Thesis.

The Strategic MR Track

ECTS

6 6 6 12

6

• Marketing Information Management The Quantitative MR track is aimed at students with a mathematical

• Experimental Research

background who are interested in applying their econometrical

Master’s Thesis

18

knowledge to the field of marketing. Besides advanced marketing

90

91

The Quantitative MR Track

ECTS

Advanced Marketing Research

Survey Methodology

Quantitative Models in Marketing

During this advanced course you will cover a range of quantitative

Every survey involves a number of decisions about its design and

This course builds upon basic econometrics and marketing modeling

methods such as correspondence analysis, conjoint analysis and latent

implementation, and each decision you make has the potential to affect

courses, by discussing more advanced models and methods for

Panel Data Analysis of Micro-Economic Decisions

6

class analysis that are commonly used in the fields of segmentation

the quality and validity of the results. How will the sample be chosen?

analysing marketing problems. With the advent of (longitudinal) scanner

Market Assessment

6

(consumer analysis) and positioning (competitor analysis).

What mode will be used to pose questions and collect answers from

(panel) data, marketing models are becoming an indispensable part of

Quantitative Models in Marketing

6

respondents? The course offers theoretical grounding in the key

the marketer’s toolkit. This course will discuss modeling approaches for

components of survey methodology, from sample design and

stationary markets (both at an individual as well as an aggregate level) as well as time series approaches to model marketing phenomena.

12 ECTS from:

Marketing Models

• Advanced Marketing Research

6

This course is aimed at formulating quantitative models within the field

measurement, to modes of data collection, non-response bias, statistical

• Marketing Models

6

of marketing and the use of these models in analysing data obtained

estimation, to the psychology of asking questions, and questionnaire design.

• Structural Equation Models

3

from consumer- or retail panels. You will learn how to apply these

• Theory-based Econometric Models in Marketing

3

models on an individual basis and you will understand what the

Panel Data Analysis of Micro-economic Decisions

• Micro-Econometrics

6

advantages and limitations of these models are.

Individuals and households often make similar decisions every year,

• Simulation

6

1 Elective from:

Market Assessment

taking into account changes in price and other factors. Examples are consumption expenditures, savings and portfolio choices (including

6

This course provides an essential set of tools in today’s data rich, yet

investments, house ownership or a retirement plan), labour force

6

turbulent environment. In any marketing decision making environment,

participation and labour supply decisions, decisions on smoking,

you will need to assess the effects of your marketing actions on the

drinking and other health related behaviour, investments in durable

customer, and on the competition. This course focuses on the most

goods, etc. This course presents theory and applications of econometric

frequently used and practical market assessment approaches to

panel data models that can be used to analyse how such decisions

This programme is provisional. For more information about the

making pricing and product decisions, and to advertising

are made.

programme and the courses, please check the electronic study guide

and distribution decisions in a competitive environment.

• Survey Methodology • Marketing Information Management Master’s Thesis

18

on our web pages a www.tilburguniversity.nl/studyguide

92

93

Career Prospects

Prof.Dr. Arthur van Soest

Marketing researchers do not need to worry about their future, as job

Professor of Econometrics

opportunities are excellent, countless and broad. More specifically, there

“Finding out what drives marketing outcomes”

is an urgent need for peoplewho have knowledge and skills in both marketing and research methodology. In practice, marketing researchers work for either research and consultancy firms or customers of these

“Although my main field of interest is econometrics, the econometric

marketing is often discrete (e.g., which product to buy from a small set

firms. Hence, they work in different markets and often with a wide

models and data collections I use in my research, are also used in

of available products, or simply the decision to buy or not to buy a

variety of products (retailing, fast-moving consumer goods, services,

marketing research (but with different applications). For example, in

certain product), and a large part of the course is about models with

etc.), focusing on a range of marketing issues such as segmentation,

Bellemare et al. (Econometrica 2008) we introduce discrete choice

discrete outcomes.

pricing and advertising. In addition, this programme is an excellent basis for an academic career in marketing.

models to explain several decisions of the same respondents, accounting for the fact that people have different preferences. The type of panel data

If students are interested in the Master’s programme in Marketing

models used here can also be applied in a marketing research context

Research, they should be capable of analytical thinking and have a strong

where people make repeated choices. Like in many other fields,

interest in finding out what drives marketing outcomes. They need not

marketing research studies are more and more based upon data sets

be excellent at mathematics, but they should not be afraid of using

where individuals or households make a number of decisions, not just

statistical tools either. Many of our graduates find a job at a marketing

one decision. This is for example the case with scanner data where the

research department in large companies. But some of them work for

same people are followed over time, but also with stated preference data

consulting companies that give advice to firms in designing their

where a survey asks people to make several (hypothetical) choices

marketing strategies. Or if students like to continue in an academic

among different sets of products. Panel data methods are particularly

career, then this Master’s programme gives them a head start.”

useful to study repeated decisions over time. Moreover, the outcome in

94

95

Case Birgit Smulders

Admission Requirements

The Netherlands, Alumnus of

In order to have direct access to the Master’s programme in Marketing

the MSc in Marketing Research

Research, a solid basis in the following areas is required:

“A dream job with plenty of growth potential”

Measuring the effectiveness of price promotions

• Mathematics and Statistics

Consumers are confronted with a never-ending sequence of

• Academic Training

promotional actions, such as price promotions and special displays

• Economics

in shops. Recent numbers show that 24% of consumer purchases in

“I am currently working for KPN Zakelijke Markt as Junior Data Analyst.

• Management

Dutch supermarkets and 38% of consumer purchases in U.S.

I am responsible for the reports of the Customer Intelligence

• Finance or Accounting

supermarkets are made ‘on deal’. The most prevailing form of

department, and I am also involved in both IT and marketing. At the

• Marketing, more specifically the courses Marketing, Marketing

promotional action is the price promotion. What impact do price

same time, I am enrolled in the MIacademy, a three-year programme

Research and Consumer Behaviour

offered by MIcompany. This high-level educational programme was

promotions have on brand switching? How do the frequency and timing of price promotions affect purchasing? What is the role of price

developed some years ago in close cooperation with KPN. Besides

A Bachelor’s degree from Tilburg University in Bedrijfseconomie,

promotions in new product success? Do price promotions benefit

regular courses I take part in several traineeships at various

International Business (including the courses Marketing 1, 2, Marketing

manufacturers, retailers, or both? How do competitors react to price

departments within KPN or even at other partners in the MIacademy

Research and Consumer Behaviour) or Econometrics and Operations

promotions? In the Marketing Research Master’s programme, we will

programme, such as NUON.

Research (including the courses Marketing, Marketing Research and

explore how advanced techniques involving quantitative models can be

Consumer Behaviour) gives direct access to the MSc in Marketing

used to provide an answer to these, and other, marketing questions.

The Master’s programme in Marketing Research has given me a solid

Research. If you have a relevant university degree of another university,

basis for my current job. One good example might be that I learned how

the Admission Board will assess your application. We strongly advise

to calculate the value of a customer. Also the course Advanced

that students with a business administration background follow the

Marketing Research proved to be very useful in many ways. I therefore

Strategic Marketing Research track, and students with a back-ground in

would recommend the MSc Marketing Research to all students with an

econometrics follow the Quantitative Marketing Research track.

interest in marketing issues and quantitative analysis. In short, you will

For more information see chapter ‘Application and Admission’.

have sufficient marketing knowledge to advice and support your marketing colleagues and at the same time your statistical knowledge will be strong enough to judge if, for instance, market research was carried out correctly. An ideal combination for a dream job with plenty of growth potential.”

96

97

Operations Research and Management Science

At a Glance Name Operations Research and Management Science

98

Duration

1 year

Type

Full-time

Title

Master of Science

Language of Instruction

English

Best Preparatory Bachelor’s programme

Econometrics and Operations Research

Core Courses

Dynamic Capital Investment, Queueing Models, Simulation and Stochastic Models

Career Prospects

Management and Operations Research Consultancy

Start

September

Information Days

25 November 2010 and 19 May 2011

More Information

www.tilburguniversity.nl/masters/orms

99

Case Prof.Dr.Ir. Dick den Hertog

Characteristics

Professor of Operations Research,

The programme Operations Research & Management Science (ORMS)

Coordinator MSc ORMS, former vice-dean

is a modern discipline and pre-eminently an applied field. Students

Research The development of a demand plan is typically a joint effort between

the chain, the expected payment periods of incoming and outgoing

different functional units such as logistics, marketing, sales and the

invoices and the Weighted Average Cost of Capital. Overall, the

upper management on the one hand, and between different business

simulation results showed that by different demand (sales) planning

units on the other. Starting a project to structurally improve the demand

improvement strategies, the current planning reliabilities could be

“My research is closely related to practical problems. One of my

planning often requires convincing all parties involved in such an effort.

increased to 90%, resulting in an increase in the Economic Value Added

research areas is simulation-based optimisation. Nowadays, for many

The key is to quantify the bottom-line impact of an increased demand

of approximately 4.6 million Euros.

The MSc ORMS is interdisciplinary in nature, drawing on the techniques

decision problems deterministic or stochastic computer simulation is

planning reliability in the supply chain.

from many fields. This programme is designed to provide students first

used to evaluate possible decisions. Such a simulation run can be very

with a rigorous foundation in the theories and methods of mathematics

time-consuming. The aim is to find the best decision with as little

A Master’s student from Tilburg University studied the supply chain of

and statistics, economics, and organisation needed to analyse problems

simulation runs as possible. Using these techniques, e.g. production

LG Philips Displays Europe. This study proposed a system dynamics

from a systems approach. This is followed by course work which

flow lines or inventory management systems can be optimised.

simulation modeling framework that allowed different managers to

includes a core in operations research, inventory and production

Operations Research and Management Science is pre-eminently an

examine how improvements in their demand reliability would impact

management, quantitative logistics, combinatorial optimisation,

applied science. Students of this Master’s programme like to make

the overall corporate bottom-line. For example, supply chain managers

and queueing theory.

mathematical models of practical decision problems in industry or for

could investigate how proposed changes in the supply chain demand

the public sector, and to solve them with the help of mathematical

forecasting structure, different suppliers, different logistics routes, or

techniques. And if the existing techniques are not sufficient, it is a

alternative inventory methods, influenced the overall profitability.

The MSc Operations Research and Management Science is especially

challenge for them to develop new ones. Additionally, they like

The simulation model was tested and validated with real-life case data.

designed for talented students who are eager to thoroughly analyse

quantitative techniques and have good ICT and communication

complex quantitative problems. You are ready to study and solve both

skills to really make the ORMS work in practice.”

learn to solve complicated management decision problems in manufacturing and service sectors. Some of these problems are mainly concerned with design, while others are mainly operational in nature.

“Mathematical models of practical decision problems”

Using different modeling techniques, this programme provides the tools for making the most effective decisions.

Is this the right programme for me?

100

Demand planning impact on supply chain bottom-line

The model offered the opportunity to simulate future collaborative

practical and scientific problems by utilising a quantitative approach.

forecasting scenarios. A number of fixed and variable cost elements

Additionally, you will learn to apply relevant computer software and

and a number of financial parameters were included in the model.

write and present reports and articles.

These included measuring the bottom-line impact of collaboration in

101

Programme

Mirjam Groote Schaarsberg

Simulation

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

This programme is provisional. For more information about the

The Netherlands,

Simulation is an Operations Research method often applied in business

of study. You will take the 4 core courses and 3 electives of 6 ECTS each,

programme and the courses, please check the electronic study guide

Student of the MSc ORMS

practice, which uses computers to model the behaviour of a dynamic

and write a Master’s thesis of 18 ECTS. The courses are offered over

on our web pages at www.tilburguniversity.nl/studyguide

two semesters. The first semester starts in September, with exams in December and January. The second semester runs from January to June,

“Many of the professors know the students by name”

but is divided in two. From January to March, you will take courses. From April onwards, you will be able to focus on writing your Master’s thesis.

Core Courses

system (for example, a production system or a telecommunication network). These models are used to quantify the performance of these systems, to optimise the system or to do sensitivity (‘what-if’) and uncertainty (risk) analyses.

“At the University of Twente I completed my Bachelor’s degree in Industrial Engineering and Management. It gave me a solid business

Queueing Models

foundation, but I was looking for a more in-depth approach of my

Queueing models are developed for the performance evaluation of

• Simulation

favorite topic, namely Operations Research. I put a lot of effort in

service systems for shared use, such as production and assembly

• Operations Research and Management Science in Practice

finding out which university would offer me the best Master’s

systems, traffic and transportation networks, and hospitals. Queues

• Nonlinear and Robust Optimisation

programme.

build up through a combination of limited service capacity, uncertainty

• Management Science

Electives

of the arrival pattern of customers, fluctuations in the service times and The excellent reputation of the Tilburg School of Economics and

possible disturbances in the service process. This implies that queuing

Management came to my attention, so I attended the Open Day.

models are stochastic, in general. On the basis of assumptions about

• Courses from the national netwerk LNMB

My first impression was very positive. The professors really made an

the arrival and service process performance, measures like the queue

• Advanced Game Theory

effort to find out whether my educational background was sufficient to

length distribution and the waiting time distribution are determined

• Dynamic Real Investment

enter the programme.

or computed.

• Financial Models

In the beginning I discovered that my mathematics skills were a bit

• Empirical Finance

rusty, but I managed to catch up quickly. The class size is around 30

• Pension System Design

students, which makes it easy to establish a good contact with the

• Issues in Finance and Insurance

professors – many of them know all the students by name, which is

• Micro-Econometrics

quite unique. Although I am almost finished with my Master’s thesis

• Panel Data Analysis of Micro-economic Decisions

in modeling purchasing co operations as a cooperative game, I am not

• Other courses, approved by the examination committee

ready to leave Tilburg just yet. More precisely, I will continue with the Research Master (and hopefully a PhD afterwards) next year, which

102

confirms that I definitely made the right choice. “

103

Dynamic Capital Investment In this course, you will develop your economic intuition concerning

Ning Ma

the theory of investment under uncertainty (real options) and

China, Student MSc ORMS

deterministic dynamic models of a firm. The course provides you with the mathematical tools needed to study deterministic and stochastic dynamic optimisation problems. In particular, Itô’s lemma, (stochastic)

“Learn about core techniques for solving optimisation problems”

dynamic programming, optimal stopping, Pontryagin’s maximum principle, and phase diagram analysis.

Stochastic Models

To be sure that you meet the required entry levels, you should review the

After successful completion of the programme in Operations Research

following literature:

and Management Science, you will be awarded an internationally

• Bain, L.J. and M. Engelhardt: Introduction to Probability and

recognised Master of Science degree, with many career opportunities.

To give some examples, graduates in Operations Research and Management Science can start • at Operations Research consultancy bureaus

“First of all, I really like mathematics, programming and techniques.

• at management or logistics consultancy bureaus

After completing my Bachelor’s degree in Business Administration in

• at firms developing logistics software

China, I was honored to be offered a place in Tilburg’s Pre-Master’s

• as a management trainee, as an OR-specialist,

This course aims to increase the capability of analysing managerial

programme in Logistics and Operations Management. During my first

problems under uncertainty, which occur, for example, in inventory and

year in Tilburg I discovered that ORMS is actually more suitable to me,

production control, telecommunications, maintenance, and insurance.

because it is all about the core techniques for solving optimisation

The emphasis is on providing insight and thorough understanding of

problems. So I changed to ORMS in the second year.

Mathematical Statistics (Duxbury, 2nd Edition 1992) • Sydsaeter K. and P. Hammond: Essential Mathematics for Economic Analysis (Pearson Educational Limited, Essex 1974) • Lay D.C.: Linear Algebra and its Applications (Addison-Wesley, 2nd Edition, Amsterdam, 1997).

or as a quantitative logistics specialist • a PhD in Economics or Business

Admission Requirements To successfully complete the Master’s programme in Operations

renewal theory and the theory of discrete-time and continuous-time Markov processes, and applications in various areas.

Career Prospects

I can honestly say that almost every subject I took so far has exceeded

Research and Management Science, you must have a solid background

my expectations in terms of contents, level and quality. If I have to

in Mathematics and Statistics. With a Bachelor’s degree in

choose a favourite, then it has to be combinatorial optimisation course,

Econometrics and Operations Research, or equivalent, you can be

although simulation, stochastic models and some other courses are

admitted to the programme. But also any Bachelor’s degree with

also extremely useful. Although I am currently the only Chinese student

sufficient demonstrated knowledge of Mathematics and Statistics will

in the ORMS programme, I feel comfortable enough as every lecturer

generally result in admission to the Master’s programme. In that case,

speaks good English, and my classmates are very nice and friendly.

the Admissions Board will assess your application. For more

Next academic year I am going to enroll in the second year of the

information see chapter ‘Admission and Application’.

Research Master’s programme in ORMS. If I continue to do well, then I hope to be able to stay in Tilburg for my PhD. In my opinion the professors are very knowledgeable and kind, and above all always willing to help as much as they can.”

104

105

Quantitative Finance and Actuarial Science

Prof.Dr.Ir. Jalal Ashayeri Professor of Supply Chain Management

“The future is bright” “The Master’s programme in Operations Research and Management

are able to draw upon pertinent analytical methods and knowledge

Science (ORMS) combines the fields of economics, mathematics and

throughout technology, engineering, science, and management. In this

statistics to equip students with advanced tools to solve contemporary

labour market, there is huge demand for students who have theoretical

management problems. Today, businesses and industries are

and applied knowledge of logistics, supply chain management, and

increasingly global and complex. Prompt, forward-thinking and

quantitative methods.

decision-making abilities are required to manage the design and

106

administration of production systems, supply chains, and supporting IT

Enter ORMS Master’s programme! It is the field that specialises in

solutions. In this programme, you will learn state-of-the-art operations

helping a wide array of management and executives turn a general, even

enabling tools that help business thrive. You will also have the

vague managerial-improvement idea into concrete plans and system

opportunity to participate in attractive internships at world-class

specifications. As the worthy profession of the twenty-first century, the

organisations, where you can solve real-life practical problems and write

future is bright in many respects for Operations Research and

a thesis. What sets ORMS programme apart is that its graduates ideally

Management Science students.”

107

At a Glance Name Quantitative Finance and Actuarial Science Duration

1 year

Type

Full-time

Title

Master of Science

Language of Instruction

English

Best Preparatory Bachelor’s Econometrics and Operations Research programme Core Courses Dynamic Real Investment, Empirical Finance, Financial Models, Issues in Finance and Insurance and

Pension System Design

108

Characteristics

Prof.Dr. Hans Schumacher

The central theme of the Master’s programme Quantitative Finance

Professor of Mathematics,

and Actuarial Science is risk management, based explicitly on

Coordinator MSc QFAS

quantitative models. Investors apply risk management to weigh risk against return; insurers apply it to limit their risks by calculating the

“Training at a high technical level”

appropriate premiums, and option traders balance their books by calculating the sensitivities of their positions with respect to the

“The Master’s programme in Quantitative Finance and Actuarial

relevant risk factors. Topics include continuous time finance, empirical

Science at Tilburg University offers training in modern portfolio

applications from finance and the actuarial sciences, risk theory and

management and risk control at a high technical level. The curriculum

asset liability management.

includes advanced courses on the modeling of financial and insurance

Is this the right programme for me?

markets on the basis of the theory of stochastic processes. Analytic as well as empirical aspects are covered. Wherever possible, we address

The MSc Quantitative Finance and Actuarial Science is strongly focused

finance and insurance in an integrated fashion so as to bring out both

on the management of financial risks. For students who want to

the similarities and the differences between these fields. In this way, the

Career Prospects Analyst, researcher, consultant, actuary trader, risk manager

continue in Actuarial Science towards the title of Actuaris AG, the QFAS

QFAS programme responds to the continuing process of integration of

Start

September

programme provides direct access to a post-Master professional

financial and insurance markets. A wide range of electives is available

Information Days

25 November 2010 and 19 May 2011

education programme offered by the Dutch Actuarial Institute.

for students, including courses from the Master’s programmes in

More Information

www.tilburguniversity.nl/masters/qfas

Finance and in Economics and Finance of Aging.”

109

Case The importance of hedging

110

Programme

Electives (Cluster B)

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

• The core course, not selected above

of study. You will take 4 or 5 core courses and 3 electives of 6 ECTS

• Micro-Econometrics

In 1999, Equitable Life was the second largest life insurer in the United

A guaranteed annuity return is like an option contract, which may or

each, and write a Master’s thesis of 18 ECTS. From the core courses

• Panel Data Analysis of Micro-economic Decisions

Kingdom and was named ‘pension provider of the year’ by the pension

may not have value at the payment date depending on the level of

listed below, you have to select at least 4 courses. The courses are

• Non-linear and Robust Optimisation

industry magazine. Founded in 1762, the company was proud to present

some related indicator such as a stock index or an interest rate.

offered over two semesters.

• Simulation

itself as the oldest mutual life insurer in the UK.

Modern financial theory says that the risk involved in such contracts

• Management Science

can be greatly reduced through the application of hedging strategies.

The first semester starts in September, with exams in December and

• Operations Research and Management Science in Practice

In December 2000, Equitable closed for new business and put itself up

The idea is to construct portfolios in such a way that losses in one part

January. The second semester runs from January to June, but is divided

• Advanced Game Theory

for sale. There were no buyers. About a million policyholders were faced

are compensated for by gains in another part, and vice versa;

in two. From January to March, you will take courses. From April

• Other courses, approved by the examination committee

with substantial reductions of their retirement benefits. How could this

implementation of such strategies requires accurate valuation of future

onwards, you will be able to focus on writing your Master’s thesis.

dramatic downturn take place? The demise of Equitable was caused by

liabilities and careful modelling of correlations. It would not have been

risks that were taken knowingly and willingly by the company’s financial

very expensive for Equitable to set up such a hedge in the time it sold the

Core Courses (Cluster A)

This programme is provisional. For more information about the

leadership. During the 1970’s and early 1980’s, Equitable had been selling

contracts with the guaranteed annuity returns; even a coarse hedge would

• Financial Models

programme and the courses, please check the electronic study guide

pension plans involving a guaranteed annuity return, that is, a minimal

have prevented most of the problems that the company got itself into.

• Empirical Finance

on our web pages at www.tilburguniversity.nl/studyguide

interest rate to be paid on a given sum for the duration of the life of the

Hedging is extensively discussed in the QFAS programme. It is one of the

• Pension System Design

policyholder. The guaranteed rates were much lower than the actual rates

objectives of the programme to ensure that QFAS graduates will succeed

• Issues in Finance and Insurance

that were common in those days of high inflation. In the mid-nineties

where the Equitable management failed, namely to develop financial

• Dynamic Real Investment

however, interest rates went down considerably and when the guaranteed

products that are useful to customers, without creating undue risks for

rates became payable, Equitable sank into major difficulties.

the company that provides these products.

111

Prof. Dr. Anja Dynamic Capital InvestDe Waegenaere Professor of Actuarial Science ment

Dynamic Capital Investment

Issues in Finance and Insurance

Pension System Design

In this course, you will develop your economic intuition concerning the

During this course, you will discuss topics from the recent journal

Redesign of pension systems is high on the agenda in both in the aging

In this course, you will develop your economic and Accounting

theory of investment under uncertainty (real options) and deterministic

literature in the area of quantitative finance and actuarial sciences.

industrialised nations and in emerging economies. This course looks at

dynamic models of a firm. The course provides you with the

The contents of this course may change from year to year, depending

the main design issues and develops corresponding analysis tools such

mathematical tools needed to study deterministic and stochastic

on recent developments. Some examples of subjects are: coherent risk

as optimal life cycle investment and valuation of pension contracts.

Special attention is paid to the possible benefits of collective systems.

intuition concerning the theory of investment under uncertainty (real

“Tackle problems that have options) and deterministic dynamic models of a firm. The course

socialyourelevance” provides with the mathematical tools needed to study deterministic

dynamic optimisation problems. In particular, Itô’s lemma, (stochastic)

measures, prospect theory, premium principles vs. pricing rules,

and stochastic dynamic optimisation problems. In particular, Itô’s

dynamic programming, optimal stopping, Pontryagin’s maximum

allocation of risk capital, and modeling of dependence.

“Together with Rogerdynamic Laeven and Hans Schumacher, I currently teach lemma, (stochastic) programming, optimal stopping,

principle, and phase diagram analysis.

the Master course ‘Issues in Finance Insurance’. course Pontryagin’s maximum principle, andand phase diagram This analysis. focuses on important breakthroughs as well as recent developments in

Empirical Finance the academic literature in the fields of Finance and Insurance. Students

Empirical Finance

Career Prospects After successful completion of the programme in Quantitative Finance and Actuarial Science, you will be awarded an internationally recognised

This course is focused on the application of econometric methods to

Master of Science degree, with many career opportunities. To give some

Thisrequired course istofocused on the application econometric methods to are read academic papers andof prepare answers to a number

the study of financial and insurance markets. Subjects that are covered

examples, graduates in Quantitative Finance and Actuarial Science find

thediscussion study of financial and insurance markets. that are covered of items related to the topic of theSubjects paper. My current

include: market efficiency and behavioural finance; predictability of asset

their way into:

include: market and behavioural predictability research focusesefficiency on ‘longevity risk’, which finance; is the risk imposed onof asset

returns; factor pricing and performance analysis; long-term investment;

• Large financial institutions

returns; factor pricing and performance long-term investment; pension and insurance providers due to analysis; the fact that the remaining

risk measures and regulation.

• Pension funds

risk measures and regulation. lifetime of individuals is uncertain. In the past century, we have observed a significant increase in life expectancy. For example, the

Financial Models expected remaining lifetime of a Dutch male retiree aged 65 increased

Financial Models This course offers a systematic introduction to the mathematical

• Insurance companies • Consultancy agencies like Watson Wyatt, William M. Mercer, Towers Perrin, etc.

This course offers a systematic introduction to the from 13.5 years in 1975 to 17 years in 2007. This pastmathematical evolution clearly

modelling of financial markets. Continuous-time models are discussed

• Regulating institutions (central banks)

modellingthat of financial markets. Continuous-time models arehas discussed suggests further improvement is to be expected, which

extensively with applications to derivative pricing and hedging in equity

• Treasury departments of large companies

extensivelyconsequences with applications to derivative pricing and hedging important for pension funds and insurers whosein equity

and bond markets. The course also includes a discussion of

• PhD in Economics or Econometrics

and bondclearly markets.

The course includes a discussion of liabilities depend on the also remaining lifetime of individuals.

computational techniques such as finite-difference schemes and the

computational techniques such as finite-difference schemes and the My current research focuses on development of models to forecast

Monte Carlo method.

Montemortality, Carlo method. future and to quantify the related uncertainties. As a researcher, I particularly enjoy the challenge of trying to tackle problems that have societal relevance and for which mathematical modeling can provide useful insights.”

112

113

Strategic Management

Anouk Loonen

Admission Requirements

The Netherlands, Alumnus of

To successfully complete the Master’s programme in Quantitative

the MSc QFAS

Finance and Actuarial Science, you must have a solid background in

“A good way to broaden your horizon”

Mathematics and Statistics. With a Bachelor’s degree in Econometrics and Operations Research, or equivalent, you can be admitted to the programme. But also any Bachelor’s degree with sufficient

“Before the MSc Quantitative Finance and Actuarial Sciences, I did the

demonstrated knowledge of Mathematics and Statistics will generally

Bachelor’s programme in Econometrics and Operational Research at

result in admission to the Master’s programme. In that case, the

Tilburg University. I chose QFAS, because I have strong interest in finance,

Admissions Board will assess your application. For more information

risk management and actuarial sciences. Besides, this programme has a

see chapter ‘Admission and Application’.

solid quantitative basis, which would be very useful for my future career at a financial institution. During my Master studies I also went abroad,

To be sure that you meet the required entry levels, you should review the

which I can recommend to anyone. I studied in Paris at Sciences Po. This

following literature:

‘grande école’ is famous for its political courses. The teaching philosophy

• Bain, L.J. and M. Engelhardt: Introduction to Probability and

was totally different from the one in Tilburg. The focus was mainly on debating and fact finding instead of theory and modeling.

Mathematical Statistics (Duxbury, 2nd Edition 1992) • Sydsaeter K. and P. Hammond: Essential Mathematics for Economic Analysis (Pearson Educational Limited, Essex 1974)

This proved to be a perfect preparation for my current traineeship at SNS REAAL - a Dutch banking and Insurance service provider. My traineeship

• Lay D.C.: Linear Algebra and its Applications (Addison-Wesley, 2nd Edition, Amsterdam, 1997).

in Risk Management lasts two years and enables me to work on several different projects for different departments. So far I did assignments for Asset and Liability Management, the Economic Capital department and for Credit Risk & Pricing Management. It is very diverse, so I can keep my options open and find out what I like best. Finally, I am doing several training courses and exams, such as the Financial Risk Management exam. This means that absorbing and applying knowledge does not stop when you leave university – on the contrary!”

114

115

At a Glance

Characteristics During the Master’s programme in Strategic Management, you will

Name

Strategic Management

Duration

1 year

corporate, competitive and functional strategy making. Apart from

Type

Full-time

gaining insight into the strategies and managerial systems for

Title

Master of Science

find out what drives business performance over time. In addition,

Language of Instruction

English

Best Preparatory Bachelor’s programmes

Bedrijfseconomie, International Business Administration (former Business Studies), International Business, or Economie & Informatica with the course Organisatie van de Onderneming

be offered an integrated overview of strategic management, including

organisations that operate in an international context, you will also the programme gives you the opportunity to select and apply solution-focused concepts, tools and models in the context of emerging strategic issues.

Core Courses Strategic Management, Strategy Process and Decision Making, Strategic Entrepreneurship, Corporate

Level Strategy, International Management

Is this the right programme for me?

Career Prospects

(Management) Consulting, Business Policy, New business development or General Management

prepares you for management positions and jobs in either internal

Start

September

consulting (e.g. as member of a strategy or new business department)

Information Days

25 November 2010 and 19 May 2011

consultancy firm you do projects for external clients). So, if it is your

More Information

www.tilburguniversity.nl/masters/sm

The MSc Strategic Management adopts a firm-level perspective and

or external consulting (as a management consultant employed by a aspiration to join the ranks of general management in business organisations or to become a (management) consultant, then this is definitely the right choice for you.

116

117

Case .Ahold

Dr. Eric Dooms Lecturer Organisation and Strategy

Programme

Strategy Dynamics Programme Coordinator of the MSc in

Strategic Management

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

This course enables youand to build an integrated Strategic Management the MSc in

This course covers key concepts and models in the area of business and

of study, offered over two semesters. The first semester starts in

and fact-based picture of how the resources of Supply Chain Management

corporate strategy. Together, corporate and business strategy cover the

Dutch retailer Ahold had experienced a period of expansion into new

September, with exams in December and January. The second semester

countries and businesses before it encountered severe problems at the

runs from January to June, but is divided in two. From January to March,

beginning of 2003. Share prices of Ahold had risen as a result of the

you will take two courses. From April onwards, you will be able to focus

as important good constraints.

This courseas draws on thestrategies” Strategy Dynamics approach,

successful growth of the company, giving Ahold a solid reputation

on your Master’s Thesis.

developed at London Business School, which was developed to improve

discussions in tutorials. The wide array of topics in this course ensures

“Unlike manyand other programmes in business, the Master’s programme the teaching practice of strategic management.

connections to various other courses in the programme.

among shareholders and increasing the status of its CEO to that of top ECTS

a business are developing through time, as a result of their mutual

“Good implementation interdependence, management policiesis andjust external opportunities and

strategically important decisions on the scope and competitive position of firms. Topics such as competitive rivalry, vertical integration and joint ventures will be discussed in lectures and applied by means of case

manager of the year in 2000. A few years later Ahold seemed to have

become a victim of its own success. Company analyses revealed

Strategy Process and Decision Making

6

Corporate-Level Strategy between functional disciplines but adopts a firm-level perspective.

Strategy Process and Decision Making

corporate executives’ inability to adequately control all the foreign

International Management

6

During this course you is willabout gain the knowledge about theand most important Strategic Management overall direction organisation

Strategy process covers both strategy formulation and implementation.

subsidiaries of the company, which had become increasingly diverse in

Strategic Management

6

findings on corporate level strategy.

This enables of firms. of Soacademic it requiresresearch solid knowledge of the many disciplines in

Strategy formulation covers analytical tools to support strategic decision

terms of business and international scope. Clearly, strategic

1 Elective out of:

6

you to understand how performance differences between largethat cuts business and economics, but above all, it requires knowledge

making but requires understanding of decision making styles and

management is as much about decisions on the strategic direction of a

• Corporate Governance and Restructuring

corporations be attributed to differences in strategies andat a through thesecan disciplines.

Anyone interested strategic issues

decision making biases as well. Furthermore, successful strategies

company, as it is about the ability to implement and control this chosen

• Corporate Valuation

structures. You willlevel alsoshould learn to critically academic papers and cross-disciplinary opt for the review Strategic Management

require close integration of strategy formulation and implementation.

direction.

• Management Control

learn to applyatthe knowledge in practice. programme Tilburg University.

Students develop knowledge that

Strategy processes differ between organisations and between

• Management of Knowledge and Innovation

helps them to recognise and resolve strategic issues in a variety of

individuals. For example, some organisations are more centralised than

in Strategic Management does not depart from the strict separation

It also appeared that the Ahold subsidiary Albert Heijn, the leading

Research Methods in Strategy

6

International Management contexts and firms. Specific attention is paid to strategy implementation

Dutch supermarket chain, had served the purpose of generating cash

Corporate-Level Strategy

6

This course reviews the various of why firms become issues with the recognition that theories good implementation is just as

more intuitive. This course teaches students to recognise strategy

flows to finance the expansion into new business and geographical

Strategic Entrepreneurship

6

multinational enterprises.

Most of theselearn theories rooted in issues important as good strategies.

Students that are many strategic

process characteristics, potential decision biases and potential

areas, amongst others by boosting the price levels of products sold.

Master’s Thesis

economic theory.ambiguous, In addition,and we discuss dynamic, evolutionary are non-routine, complexmore but are provided with a

implementation differences.

18

As a result of that, customers were increasingly turning away. To regain

theories of for the the internationalisation of firms.

Weissues.” also study how framework systematic analysis of such

the lost market share, Albert Heijn has changed its strategy drastically,

multinational enterprises manage and control their international

leading to severe price wars in the Dutch supermarket business.

This programme is provisional. For more information about the

Strategic management is also as much about deciding on what

programme and the courses, please check the electronic study guide

businesses to operate in, as it is about deciding on how to compete

on our web pages at www.tilburguniversity.nl/studyguide

others and individual decision making styles differ between rational and

subsidiaries.

in each respective business.

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Corporate-Level Strategy During this course you will gain knowledge about the most important

Jarri Jung

findings of academic research on corporate level strategy. This enables

The Netherlands, Student of the MSc Strategic Management

you to understand how performance differences between large corporations can be attributed to differences in strategies and

“Investigate business strategies”

structures. You will also learn to critically review academic papers and learn to apply the knowledge in practice.

International Management

120

“After completing my secondary school I started a Bachelor’s

The MSc programme in Strategic Management seemed a very logical

programme in the field of Human Resource Management at Tilburg

choice for me. I like to investigate business strategies and their impact

University. The main focus was on social sciences, such as psychology

on a firm’s performance, especially in an international context. For the

and sociology, which gave me a lot of useful insights into the behaviour

course Corporate Level Strategy, for example, we were given group

This course reviews the various theories of why firms become

of people and organisations. As time went by, I started to become more

assignments and managed to generate a lot of debate and interaction.

multinational enterprises. Most of these theories are rooted in

interested in business and decided to do a second Bachelor’s degree in

This was a great way for me to go beyond ‘dry’ theory and get a taster

economic theory. In addition, we discuss more dynamic, evolutionary

International Business. I went to Madrid for half a year to improve my

of the ‘real’ business world. I am now trying to balance these theoretical

theories of the internationalisation of firms. We also study how

Spanish and to get some first-hand experience of differences between

and practical aspects in my Master’s thesis, by doing an internship.

multinational enterprises manage and control their international

people and cultures. My interest in business strategy became more

My short-term goal is to finish my thesis before the start of the next

subsidiaries.

apparent when I was chairman of INPUT, one of the study associations

academic year and then travel around South-America for about half a

in Tilburg. I began to investigate questions such as: What are the

year. This trip will hopefully give me enough inspiration and new ideas

longterm goals of our association? What action do we need to

to formulate my long-term goals – who knows where it will take me in

undertake to achieve those goals?

the future?”

121

Career Prospects Strategic Management prepares you for jobs which require skills and

Gabriela Nunes

knowledge to identify, analyse and solve strategic issues faced by

Brazil, Alumnus of the MSc Strategic Management

various types of organisations. Future professional activities performed by the graduate include for example: analysis of competitors, assessing

“Creating a macro point of view of a corporation”

new business opportunities, industry analysis, foreign entry mode decisions, bridging gaps between strategy formulation and

“Because of the high reputation of Tilburg University in the field of

I am currently working at Statoil in Belgium as a trainee of the Indirect

implementation. Jobs may include internal of external analyst or

Economics and Business, I decided to do my Bachelor’s as well as my

Tax Department. My main task is to prepare VAT returns for different

consultant, management functions, including project management or

Master’s degree in Tilburg. Although both programmes were quite

countries within the European Union. The job is related to accounting

management trainee, positions in new business development

demanding and challenging, I still managed to find time for other

and tax law, which allows me to increase my knowledge in this field.

departments, staff positions in the area of planning, policy or strategy.

activities besides studying. For example, I was an active member of the

The Master’s programme in Strategic Management gave me good

student promotion team at Tilburg University. Apart from helping out

background in creating a macro point of view of a corporation. This

with office duties, I also travelled to my home country Brazil on several

helps me to understand the differences between business unit activities

If you have a Bachelor’s degree from Tilburg University in Bedrijfs-

occasions to represent Tilburg University at student fairs. Because of

and respective countries locations to prepare the VAT returns. My plan

economie, International Business Administration (former Business

my knowledge of the Brazilian culture and my understanding of what

for the future is to build a career in a consulting company and handle

Studies), or International Business you will have direct access to the

Brazilian students are looking for, I managed to generate a lot of

international projects. If non-EU students would like to pursue a job in

Master’s programme in Strategic Management. Furthermore, if you

interest for Tilburg – a study destination, which was previously relatively

Europe, I would recommend them to become a member of AISEC - the

have a Bachelor’s degree in Economie & Informatica, with the course

unknown amongst Brazilian students. I am proud that I was able the

world’s largest student organisation. It is a great opportunity to get an

Organisatie van de Onderneming, you will also have access. If you have

make a difference in that respect.

internship abroad, which may eventually lead to a permanent job.”

Admission Requirements

a relevant university degree of another university, the Admission Board will assess your application. For more information see chapter ‘Admission and Application’.

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123

Supply Chain Management

At a Glance Name

Supply Chain Management

Duration

1 year

Type

Full-time

Title

Master of Science

Language of Instruction

English

Best Preparatory Bachelor’s programmes

Bedrijfseconomie, International Business Administration (former Business Studies), International Business, or Economie & Informatica with the course Organisatie van de Onderneming

Core Courses International Production Management, Physical Distribution Management, Purchasing Management,

Research & Design Methodology

Career Prospects Various career types in business and consultancy, such as logistics engineer or supply chain consultant

124

Start

September

Information Days

25 November 2010 and 19 May 2011

More Information

www.tilburguniversity.nl/masters/scm

125

Case Characteristics

International supply chain management

The execution of a company’s primary processes and its linkages with

Prof.Dr.Ir. Bart Vos Professor of Purchasing Management

suppliers and distributors, is the central topic in this Master’s

The company Childwear specialises in high-quality children’s clothing.

programme. Successful implementation of a business strategy requires

Their range of dresses, shirts, jumper’s etc. is excellent in terms of quality

thorough understanding of the ways in which goods and services are

and design. The clothes are sold worldwide and marketed as a global

produced. The arrangement of resources required for the production of

product. The company is headquartered in the Netherlands, but much of

a company’s output is the core task of operations managers. Firms

the production is located overseas (India, Far East). The Dutch factory

“I expect students entering our Master’s programme to have a genuine

with Henk Akkermans and Paul Bogerd as co-authors. Curiosity was

develop global operational networks to meet the challenges of, and take

prepares sets of partially finished clothing that can be assembled easily.

interest in understanding and improving the performance of operations.

the main driver for that paper: why are there so few highly successful

advantage of, the opportunities presented by economic globalisation.

These partially finished sets are sent abroad, where the final product is

Performance is not restricted to cost reduction (efficiency), but should

applications of the SCM concept in practice? We explored this question

Since purchasing, production and distribution activities can take place

put together. Design and marketing, however, are handled from the

definitely also cover quality and service improvements for customers

in a workshop with experienced practitioners, resulting in a list of

in various parts of the world, these activities introduce a wide variety of

Netherlands, as is the control of the international flow of goods.

(effectiveness). Moreover, operations are not restricted to more

roadblocks frustrating the implementation of SCM.

“Create theory-driven solutions”

traditional industrial settings, but also consist of services environments

logistical challenges. For example, in any industries an increasing number of services and materials are obtained from outside specialist

International supply chain management has become an important

like health care. In addition, I expect students to have a design attitude,

Fortunately, the workshop results also revealed enablers for turning

suppliers. This means the way in which businesses manage the supply

strategic issue for many multinationals in recent years. For instance,

enabling them to actually create theory-driven solutions in the Supply

negative, vicious cycles into virtuous successful ones. These enablers

of products and services to their operations becomes important.

from the point of view of production the question arises whether one

Chain Management domain and subsequently support the

include demanding customers, stimulating cross-functional careers

Similarly, at the demand side of the business, the way in which the

central location is sufficient to service a world market or whether a

implementation of these solutions. From this perspective, I consider

and leveraging the potential of ICT systems. These insights ultimately

distribution chain is managed contributes to an operation’s ability to

network of factories is required. A related question is where the

one of my papers as highly relevant. It is entitled ‘Virtuous and vicious

contribute to our understanding of what it takes to design and manage

serve its customers.

multinational should source its raw materials and semi-manufactured

cycles on the road towards international supply chain management’,

successful supply chains.”

Is this the right programme for me?

articles: close to home (for reasons of quality control, for instance) or from a number of far-flung manufacturers. On the output side, many

Our MSc in Supply Chain Management fully prepares you to take

companies strive to link distribution to local production in order to limit

advantage of the opportunities presented by the process of economic

endless international transport.

globalisation. As firms develop global operational networks, their purchasing, production and distribution activities tend to take place in various parts of the world. You will have interesting career prospects in these companies with operations activities dispersed worldwide.

126

127

Dr.Ir. Bert Meijboom

Programme

Associate Professor Organisation & Strategy, six years industrial experience at Heineken Breweries,

The programme consists of 60 Credits (ECTS), equivalent to 1680 hours

This programme is provisional. For more information about the

main research topic Supply Chain Management, participant of health care research programme TRANZO,

of study, offered over two semesters. The first semester starts in

programme and the courses, please check the electronic study guide

strongly involved in the set-up of the Master’s programme in Supply Chain Management

September, with exams in December and January. The second semester

on our web pages at www.tilburguniversity.nl/studyguide

runs from January to June, but is divided in two. From January to March,

“A multidisciplinary undertaking”

you will take two courses. From April onwards, you will be able to focus on your Master’s Thesis.

ECTS

“My personal belief is that studying Supply Chain Management

The choice of a graduate study should ideally reflect your own strengths,

is a multidisciplinary undertaking. Students first need a thorough

your own interests, and your own future wishes. This Master’s

understanding of what it is organisations are trying to achieve.

programme is perhaps best suited for students who wish to understand

International Production Management

6

Supply Chain Management is then answering the question of how

the actual sources of competitive advantage, how these sources can be

Logistics and Information

6

organisations actually achieve this. And this can be studied from

explained, how organisations can develop these sources, and how

Physical Distribution Management

6

different perspectives, such as from the perspective of business

organisations can improve their operations. In my opinion this Master’s

Research & Design Methodology

6

processes (purchasing, distribution, production), from the relationships

programme therefore provides an excellent preparation for students

Purchasing Management

6

with suppliers and buyers (supply chain management), or from a

who opt for consultancy in a later career, but equally well for students

1 choice out of:

6

strategic perspective (operations strategy). In several courses, guest

pursuing a career in management of manufacturing organisations, as

• Marketing Channel Management

lecturers (e.g. from companies such as Philips, Sara Lee, Amgen

well as of service organisations.”

• Advanced Resource Planning

Pharmaceuticals) are invited to address managerial issues.

• Elective 1 choice out of:

6

• Supply Chain Collaboration and Advanced Planning • Elective Master’s Thesis

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18

129

International Production Management

Purchasing Management

Lotte Keur

Career Prospects

This course aims to provide knowledge of and insights into the

The course Purchasing Management provides detailed knowledge of

The Netherlands, student of

With globalisation increasing rapidly, the demand for specialists in the

dynamics of managing an organisation’s production system in an

the strategic and enabling processes in the purchasing management

the MSc Supply Chain Management

field of supply chain management is growing fast. Most of

international context. Secondly, it aims to develop a reflective attitude

domain of operations. In addition, you will learn how to apply the

with respect to the related concepts and to develop skills to use the

theoretical concepts in practical settings.

“Strong emphasis on team work”

Research & Design Methodology

“When I started my Bachelor’s degree in Business Studies in Tilburg,

for graduates. Finally, service operations is an emerging area with career opportunities, particularly in the health care sector.

concepts in real-life contexts.

Logistics and Information

our alumni find careers in production companies or in the service industry. Consultancy agencies are also required to offer international supply chain management expertise, which reveals another career path

The aim of this course is to familiarise students with the organisation

I was not entirely sure which direction to choose within the broad field

In this course you will gain insight into an integrated and coordinated

redesign process in combination with research methodologies. You will

of business. Studying a wide range of business courses, ranging from

approach for internal and external planning of a company’s logistics.

learn how to develop alternative solutions for the identified problem,

management and human resources to economics and finance, was

Admission Requirements

This includes material planning, activity planning and scheduling, the

based on an analysis of the present design and the goals to be achieved

ideal for me, as I could make up my mind along the way. After my

If you have a Bachelor’s degree from Tilburg University in Bedrijfs-

coordination of internal supply, WIP, coordination of demand, and

using relevant data analysis methods.

Bachelor graduation I decided to do my Master’s degree in the field of

economie, International Business Administration (former Business

supply chain management. The approach discussed here is the basis for

logistics and supply chain management, especially because I really liked

Studies), or International Business you will have direct access to the

every ERP software package, such as SAP. The focus of this course is on

the courses in Supply Chain Management and Operations Management.

Master’s programme in Supply Chain Management. Furthermore, if you have a Bachelor’s degree in Economie & Informatica, with the course

integrating theory and practice.

Now that I am getting closer to the end of this Master’s programme,

Organisatie van de Onderneming, you will also have access. If you have

I can say that I have made the right choice. The programme is diverse

a relevant university degree of another university, the Admission Board

Detailed knowledge of physical distribution is provided from an

with courses such as Purchasing Management, International Production

will assess your application. For more information see chapter

operations management perspective, including a conceptual basis in

Management, and Physical Distribution Management. The class size is

‘Admission and Application’.

spatial economics and industrial location theory, in the practical context

small and there is a strong emphasis on team work. This makes the

of internationally operating companies.

programme really interesting and interactive. The team assignments

Physical Distribution Management

make it possible to apply theories from our text books to real-life business examples. Last April I started my internship at Air France-KLM, located at Schiphol Airport. My main focus is on the performance measurement of one of the purchasing departments within the company, but I also get the chance to experience the hustle and bustle of one of the main airports in Europe.”

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131

Admission and Application There are different application procedures for students with a Dutch

Our Admission Board assesses every application on an individual basis.

Bachelor’s degree and with a non-Dutch Bachelor’s degree, who wish to

Applications are assessed throughout the year – which means you can

apply for an MSc programme.

apply at any time. If your application is complete and includes all the necessary documentation, the admissions procedure usually takes

Detailed information can be found on the different application procedures

around four weeks.

for specific programmes and situations at the following sources: • Candidates applying for a Master’s programme with a Bachelor’s

Students looking to join the programme commencing in September 2011

degree from Tilburg University or any Dutch University:

will need to apply before the deadlines specified in the information below.

www.tilburguniversity.nl/masters

We encourage all students to apply as early as possible to ensure they

• Candidates applying for a Master’s programme with a Bachelor’s degree from a Dutch University of Applied sciences (hbo)

have enough time to arrange visas, accommodation or any other practical matters.

www.uvt.nl/premasters (in Dutch).

• Candidates applying for a Master’s programme with a non-Dutch Bachelor’s degree: www.tilburguniversity.nl/masters

132

133

Application Deadlines

Tuition Fee

Contact

Students with a non-Dutch Bachelor’s Degree

Please make sure that your complete application package for the

To give you an indication of the tuition fees for the academic year

Students with a Dutch Bachelor’s Degree

International Student Services Office

academic year 2011-2012 arrives at our office before the following

2011-2012, please find below the tuition fees for the MSc

Education Office

Tilburg School of Economics and Management

deadlines. We recommend you to send your application package by

programmes in the academic year 2010-2011:

Tilburg School of Economics and Management

Tilburg University

courier or by registered post to avoid loss or delay of your paperwork.

EEA citizens

Tilburg University

u 1672

Koopmans building, Room K18

Non-EEA citizens u 10506 Koopmans building, Room K18

PO Box 90153

• Tuition fee payments are non-refundable if a student has to leave the

PO Box 90153

5000 LE Tilburg

programme before graduation.

5000 LE Tilburg

The Netherlands

• If students do not complete the MSc programme within a year they

The Netherlands

• Non-EEA member state(2) citizens requiring a visa: 15 April 2011

• EEA member state(2) citizens: 1 July 2011

• Non-EEA member(2) state citizens with a permanent residence permit in one of the EEA member states or not requiring a visa(3): 1 July 2011

Tel: +31 13 466 8972

will need to register for a second year and pay tuition fee accordingly.

Tel: +31 13 466 3037

Fax: +31 13 466 3072

“collegegeldkrediet” (tuition fee credit) as offered by the Dutch

Fax: +31 13 466 3072

E-mail: infoTiSEM@uvt.nl

government to borrow the money they need for their tuition fee

E-mail: TiSEM-owb@uvt.nl

• Students from EEA countries can make use of the so-called

payments. For more information, please check: www.ib-groep.nl • (2) EEA countries: Australia, Belgium, Bulgaria, Cyprus, Czech Republic,

For directions to Tilburg University, please go to: Visiting Address

Denmark, Estonia, Finland, France, Germany, Greece,

Scholarships for excellent students

Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania,

Tilburg University has scholarships available for excellent

Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal,

international students who are admitted to one of our

Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and The

Master’s Programmes. More information can be found on:

United Kingdom of Great Britain and Northern Ireland.

www.tilburguniversity.nl/tusp

www.tilburguniversity.nl/contact

Tilburg University Warandelaan 2 5037 AB Tilburg

• (3) Non-EEA countries not requiring visa: Australia, Canada, Japan, Monaco, New Zealand, South Korea and USA.

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135

Website There is a special website for students with a non-Dutch Bachelor’s degree: www.tilburguniversity.nl/prospectivestudents

More specific information about the Master’s programmes and courses of Tilburg University can be found on: www.tilburguniversity.nl/masters

Tilburg School of Economics and Management Colophon This is a publication of the Tilburg School of Economics and Management.

This brochure was prepared with great care. However, Tilburg University reserves the right to change, without notice, any programmes, policies, requirements or regulations published in this brochure.

Editing

Tilburg School of Economics and Management

Design

Scheepens reclame adviseurs, Tilburg

Photography

Gerrit Oude Sogtoen, Ton Toemen, Ed Lonnée, Erik van

Printing:

Prisma Print, Tilburg University

der Burgt, Fleur Bakermans, Stock Photography.

August 2010 136

136

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Fax

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