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Transcript of Brochure Engelstalige masters Economie en Management
Tilburg School of Economics and ManagementMaster’s programmes 2011-2012
0302
Dean’s Welcome 3
Tilburg University 4
Tilburg School of Economics and Management 7
Rankings and Accreditations 7
Accounting 8
Econometrics and Mathematical Economics 21
Economics 29
Economics and Finance of Aging 38
Finance 48
Information Management 57
International Management 69
Marketing Management 77
Marketing Research 86
Operations Research and Management Science 98
Quantitative Finance and Actuarial Science 107
Strategic Management 115
Supply Chain Management 124
Admission and Application 133
Tuition Fee 134
Contact 135
Welcome to Tilburg University
Thank you for your interest in the English taught Master’s programmes
of the Tilburg School of Economics and Management. You will find
relevant information about these programmes in this brochure,
including course descriptions, interviews with students, alumni and
professors, and case examples.
Tilburg University has been ranked in the first position in the
Netherlands’ nationwide annual rankings for many years now.
Furthermore, international rankings of research output in academic
journals tell us that we rank among the top three schools in both
Business and Economics in Europe. As our reputation continues to
grow, so will your credentials in the eyes of future employers around
the globe. At Tilburg, we are your gateway to Europe, connecting you
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
your application and to welcoming you to Tilburg University.
Yours sincerely,
Prof.Dr. Kees Koedijk
Dean
Tilburg School of Economics and Management
Dean’s Welcome Table of contents
0504
Tilburg UniversityProgressive. Innovative. Inspiring.
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.
When you study at Tilburg University, you know you are at one of
Europe’s most respected institutions.
Founded in 1927 as a school of economics, Tilburg University regularly
takes the leading position in the international rankings. It is known for
its international orientation – 800 students from more than 65 countries
study at Tilburg University – its progressive teaching methodology,
and innovative programmes. With a mission to inspire and challenge
students, staff and alumni to reach their full potential, you will
find the highest standards prevail at Tilburg in teaching, scientific
research, and in our campus facilities.
Tilburg University awards approximately 1,750 Bachelor’s degrees, 1,700
Master’s degrees and 60 PhD degrees each year, while 1,600 staff
members teach and support over 12,000 students within six schools.
These schools are:
Tilburg School of Economics and Management •
Tilburg School of Humanities •
Tilburg School of Catholic Theology •
Tilburg Law School •
Tilburg School of Social and Behavioral Sciences •
TiasNimbas Business School •
Aging, market forces, individualisation, religious differences. Key
issues that are relevant to today’s society. With its research and
education, Tilburg University strives to contribute to a better society
and to a better understanding of the problems surrounding these issues.
Through investigation, learning and understanding, we discover new
ideas and insights, day after day.
Understanding society
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The Tilburg School of Economics and Management is Tilburg
University’s largest School and the most prestigious one in the
Netherlands. The School enjoys high rankings for its excellent quality
in education and research, for example, it is the current number one
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 and research are provided by the School’s eight different
departments: Accountancy, Econometrics and Operations Research,
Economics, Finance, Fiscal Economics, Information Management,
Marketing, and Organisation and Strategy.
Rankings and Accreditations One of the best universities in Europe, and you can join us.
Rankings No. 1 in Europe in Economics according to the latest research ranking •
provided by the European Economic Association
No. 3 in Europe and no. 52 worldwide in Business according to the •
latest research ranking provided by the School of Management,
University of Texas at Dallas
No. 3 in the Tilburg University Research Ranking https://econtop.uvt.nl of all European institutions and #23 of all institutions worldwide.
Tilburg University is the best Dutch University in this list.
No. 1 in the Netherlands in Fiscal Economics in Elsevier´s Higher •
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 •
Elsevier’s Higher Education Review 2009
For more information on the latest rankings and accreditations of
Tilburg University, please visit our website:
www.tilburguniversity.nl/rankings and http://www.tilburguniversity.nl/university/achievements/rankings/elsevier/>
AccreditationsTilburg University is accredited by the world’s leading accreditation
bodies. Our Economics and Business Administration programmes are
accredited by:
Tilburg School of Economics and Management
0908
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
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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CharacteristicsThe 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
academic year, students need to choose between the two different
tracks we offer, namely the Accountancy Track and the Accounting Track.
The Accountancy Track has a strong focus on the set-up and control of
external financial reporting and prepares students for the post-Master’s
programme ‘Registeraccountant’ (RA - in Dutch). The Accounting Track
is recommended for students who wish to continue with the post-
Master’s programme ‘Registercontroller’ (RC – in Dutch) and also offer
opportunities for students interested in pursuing the CFA® designation.
Core accounting courses are supplemented by electives from related
fields of Finance and Organisation.
Is this the right programme for me?If you want to pursue an international career as a financial specialist,
then the Accounting Track certainly is the perfect choice for you.
The programme is also ideal for students who are interested in a job
with financial institutions like banks, insurance companies or other
investors. In addition, the Accounting Track offers a solid foundation to
grow into general management positions. Depending on the electives
you choose, you can also use the Accounting Track as preparation for
the post-Master’s programme ‘Registercontroller’ (RC – in Dutch).
As mentioned previously, the Accountancy Track is aimed at the post-
Master’s programme ‘Registeraccountant’ (RA - in Dutch).
Case
In the years before the global financial crisis, banks had realised a rapid
growth through financial innovation, such as bundling mortgage loans
into special pools and selling these to outside investors. However,
recently the underlying loans in these structured products became
increasingly risky and lost value, while investors were led to believe no
change in underlying risk had taken place. As these packages were sold
only temporarily, banks eventually had to reacquire these at a much
lower market value. In September 2008, prominent American and
European banks went bankrupt and the world started to experience its
worst crisis since the 1930s. Accounting rules are at the heart of the
bank crisis. The international accounting standard board (IASB) in
London came under great political pressure to change its fair value
accounting rules that affect the valuation of these structured products,
and eventually proposed in June 2009 that these packages could be
priced based on the bank managers’ estimate of expected cash flows.
The IASB suspended the mark-to-market accounting rules for those
illiquid assets so that the banks could retain their equity and thus can
start lending money again. In September 2009, the G20 top backed the
IASB in its effort to promote IFRS as the world’s single accounting
standard, since they believe one standard will bring more stability in the
financial markets.
Politicians and banks bend international accounting rules
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ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study. You will take 4 or 5 core courses and 2 or 3 electives of 6 ECTS
each, and 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. From April onwards, you will be able to focus on
writing your Master’s thesis.
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
CFA programme partnerAs of 2009 our school has been awarded the status of a CFA
programme partner. Within the Master’s programme in Accounting it is
possible to follow the Chartered Financial Analyst (CFA) track.
This implies that the courses within this track cover at least 70% of the
CFA Program Candidate Body of Knowledge (CBOK). Students within
the CFA track will be exposed to the concepts and principles that
investment professionals around the world have deemed integral to
global practice.
The CFA programme partnership signals to you and the marketplace
that our MSc is closely tied to professional practice, and that the
courses within the track are an excellent preparation for the CFA exams.
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.
Advanced Financial Accounting The course focuses on specific financial accounting topics related to
business combinations, consolidated financial statements, foreign
operations, and derivative financial instruments. This advanced course
relies on International Financial Reporting Standards (IFRS).
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.
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Corporate Financial Reporting The primary objective of this course is to advance your understanding of
financial accounting under International Financial Reporting Standards
(IFRS). Topics include tangible and intangible assets, impairment
issues, special cases of revenue recognition, deferred taxes, segment
reporting, and employee benefits. Class materials also include IFRS
standards and case studies.
Financial Statement Analysis During the first part of this course a framework for financial analysis
and valuation will be presented. The four phases of this framework
(strategy analysis, accounting analysis, financial analysis and future
focused analysis) will be discussed in detail. The second part of this
course focuses on the different applications of financial analysis, such
as investment decisions and the valuation in case of mergers and
takeovers. These subjects will be examined by using case studies from
the real business world. Students will also analyse and value a
corporation during group assignments.
“Through in-house days I became more familiar with accounting practice
and became curious about the job of accountant. I decided that the MSc
Accounting was the perfect way to academically prepare myself for a career
in the accounting industry. During my Master’s year I decided to pursue an
internship and business course. In November I joined an audit team of
PricewaterhouseCoopers for one day and learned that as an accountant
you should be able to understand the business behind the figures and also
be able to socially interact with clients. That for me is the perfect
combination. Internships are available year round at the big four
accountancy companies; Deloitte, KPMG, Ernst & Young and
PricewaterhouseCoopers, but also at the small or middle sized accounting
companies. You can choose to join an audit team for one day but there are
also possibilities to join the team for a couple of months as a full
employee. In March I participated in a business course in Barcelona.
During three days we worked on an accounting case and also made
ourselves familiar with the company and business culture. A perfect
opportunity to experience the business culture is writing your Master’s
thesis at one of the accounting companies. You will write your thesis at
their office and the company provides you with a laptop and personal
company advisor. After the Msc Accounting and the earlier mentioned
experiences I now feel confident to enter the job market.”
Susanne Bouwmeester The Netherlands, student of the MSc in Accounting
“I feel confident to enter the job market”
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Adopting a new set of accounting principles, such as International
Financial Reporting Standards (IFRS), improves the comparability of
financial reports among firms. However, changing accounting rules
imposes costs on preparers and auditors: they face nonrecurring costs
to adapt systems, train personnel, and gain experience in interpreting
the new standards. However, it also requires extra attention from the
investment community. Investors and financial analysts use financial
statements as a primary source of information to make their investment
decisions. Insufficient knowledge could result in (temporary) under- or
overvaluations of the firms’ shares. Most managers clearly prefer not to
have their firm undervalued for all kinds of reasons: it makes it more
costly to raise new capital, it is likely to increase the chances of a hostile
takeover, job security might be lower, and their own equity portfolio
might be worth less. On the other hand, they also want to avoid
overvaluation, since overvaluation means they might be held legally
liable for failing to disclose information relevant to investors.
To prevent such misvaluations, managers should communicate
information in press releases or conference calls in addition to posting
their financial statements on the corporate website.
The year 2005 is a milestone in financial reporting: more than 7000
publicly listed companies in Europe switched to IFRS. Right before
the switch, many investors and analysts voiced their concerns about
(the interpretation of) the new rules and were submerged in uncertainty.
Managers therefore organised meetings with analysts and published
additional documents where they reconciled their local GAAP financial
statements with IFRS in more detail. According to Christensen et al.
(2008) and Horton et al. (2008), these reconciliation reports are
associated with significant stock market reactions, suggesting that
investors’ beliefs are indeed altered by these reports. However, the
timing of these documents also seems to be important; if the release
was delayed, no price reaction was observed.
“We have given ourselves the task to incorporate academic research in
every course we teach. This means that students learn how to study
accounting issues at a fundamental level. In addition, they also need to
be able to apply those fundamental concepts to real business problems.
We even ask students to come up with alternatives for existing theories!
The MSc programme in Accounting is attractive to students for at least
two reasons. The first one is that students are trained to become both
managers and financial specialists. Besides the financial focus of the
programme, students will also gain sufficient knowledge of organisation
and strategy. This means that our graduates will have a broad business
background. The second reason to choose MSc Accounting is the
preparations we offer for two post-Master’s programmes, namely
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.”
Communicating a change in accounting standards
Case Prof.Dr. Jan BouwensProfessor of Management and Financial
Accounting. Studied at Tilburg and Melbourne
and worked at Nyenrode Univerity. Since 2004
Professor of Accounting at Tilburg University,
main research topic is performance
measurement system design
“Others are jealous of our department”
18 19
Career ProspectsAfter completing this Master’s programme, you may start your
professional career as an accounting specialist in accounting or
management control positions in companies, with a consultancy firm,
but also in financial analysis in banks, insurance companies or other
institutional investors. More specifically, in positions such as controller,
accountant, financial manager and financial analyst. If you follow the
Accountancy track, you can enter the part-time Post-Master RA
programme while you work at an accountancy firm.
Admission RequirementsIn order to have direct access to the Master’s programme in
Accounting, you need a Bachelor’s degree in Bedrijfseconomie,
International Business, International Business Administration
(former Business Studies) or Fiscale Economie.
Students with a Bachelor’s degree in Economie en Informatica and
Economics (former IEF), including the course Accounting 2 also have
access. If you want to follow the Accountancy track, it is highly
recommended that you take Intermediate Management Accounting and
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’.
Prof.Dr. Philip JoosProfessor of Financial Accounting
“I cannot emphasise enough the importance of ethical behaviour in financial reporting”
“Accounting Theory is a course in which we discuss the academic
financial accounting literature. We discuss issues related to financial
reporting quality, such as why we have regulation, why we need
enforcement, how stock markets react to earnings releases, how
managers should be compensated, how accounting information helps
in decision making. I encourage active class participation during the
lectures and the student presentations. At the beginning of the
millennium we saw a tsunami of corporate scandals where CEOs
commit fraud and violate the accounting rules (Enron, Computer
Associates, Xerox, Ahold, Lernout & Hauspie, Parmalat). They financed
their lavish lifestyle with the millions they looted from their companies.
Instead of maximising shareholders’ firm value, they maximised their
own wealth. As a result, investors’ trust, in the capital markets as an
efficient capital allocation mechanism and financial reporting, was
broken. Governments around the world rushed to implement new
corporate governance codes. I believe strong and effective enforcement
is a necessary condition to have a highly transparent reporting system
and efficient capital markets. Heavy sentences for fraudulent CEOs are a
clear public signal and might prevent other CEOs in doing the same. An
active Securities Exchange Commission, with real powers to investigate
reporting irregularities, is a key building block in a capital market, and is
also the key to success in the implementation of the new International
Financial Reporting Standards. I cannot emphasize enough the
importance of ethical behaviour in financial reporting. Our partnership
with the CFA institute further offers the students the opportunity to
learn the CFA Institute Standards of Practice and Code of Ethics.”
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“After graduating, I first traveled through South-America for a couple
of months, so when I came back I was full of energy to start working.
A new job, a new city (I moved to Amsterdam), and a whole new daily
routine. Although I already gained some working experience during my
studies, having a full-time job still turned out to be quite different.
I am very happy with my current position as junior controller at the
financial reporting department of Albert Heijn. Together with a team of
young and enthusiastic colleagues I am responsible for the performance
measurement of all operating companies of Albert Heijn. This means
that one day we could be analysing the financial consequences of
a certain strategy, another day we are drawing up reports for the
management team, or making forecasts about the future performance
of e.g. Albert Heijn, Etos or Gall & Gall.
The work environment is very dynamic and I find it fascinating to see
the outcomes of important decisions (that are taken on basis of our
analyses) directly back in the stores. In addition, as I am enrolled in the
talent programme, I regularly take part in trainings which contribute to
my personal development.
Next year I will start with the Executive Master’s programme of Finance
and Control.
Many people might not realise that solid knowledge about accounting
and financial processes is vital in understanding any business. It is not
just important for accountants or controllers. This Master’s programme
provides a solid background and therefore ensures you are already one
step ahead.”
Linda Buiks The Netherlands, Alumnus of the MSc Accounting
“Knowledge about accounting is vital in understanding business”
Econometrics and Mathematical Economics
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CharacteristicsThe 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
enables you to scientifically apply mathematical and statistical methods
to analyse and solve quantitative problems in economics and business for
governments, companies, non-profit sectors or consulting firms.
In addition, you will be provided with a solid basis to pursue a scientific
career in economics or business.
Is this the right programme for me?The MSc Econometrics and Mathematical Economics is an intense and
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.
At a Glance
Name Econometrics and Mathematical Economics
Duration 1 year
Type Full-time
Title Master of Science
Language of Instruction English
Best Preparatory Bachelor’s Econometrics and Operations Researchprogramme
Core Courses Track Econometrics: Econometric Theory, Micro-Econometrics, Empirical Finance, Quantitative Models in 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
Start September
Information Days 25 November 2010 and 19 May 2011
More Information www.tilburguniversity.nl/masters/eme
24 25
ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study. You will take 4 or 5 core courses and 2 or 3 electives of 6 ECTS
each, and 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. From April onwards, you will be able to focus on
writing your Master’s thesis.
Track Econometrics (E) Core CoursesEconometric Theory•
Empirical Finance•
Micro-Econometrics•
Panel Data Analysis of Microeconomic Decisions•
Quantitative Models in Marketing •
ElectivesThe core course not selected above•
Dynamic Real Investment•
Financial Models•
Advanced Game Theory•
Issues in Finance and Insurance•
Management Science•
Nonlinear and Robust Optimisation•
Operations Research and Management Science in Practice•
Pension System Design•
Simulation•
Other courses, to be approved by the examination committee•
Track Mathematical Economics (ME)Core Courses
Dynamic Real Investment•
Advanced Game Theory•
Micro 3 (Incomplete Information)•
Nonlinear and Robust Optimisation•
Seminar Competitiveness of the European Economy•
ElectivesThe core course not selected above•
Empirical Finance•
Financial Models•
Issues in Finance and Insurance•
Management Science•
Micro-Econometrics•
Operations Research and Management Science in Practice•
Panel Data Analysis of Microeconomic Decisions•
Pension System Design•
Simulation•
Other course, to be approved by the examination committee•
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
•
Prof.Dr. Dolf Talman Professor of Game Theory and
Equilibrium Programming
Coordinator MSc Econometrics and
Mathematical Economics
“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
used to analyse economic problems in a quantitative way. You will learn
how to apply modern methods and techniques, so that later on new
mathematical or statistical tools can be developed instead of simplifying
or adjusting the problem in order to utilise known tools. All our teachers
are members of the renowned research institute CentER of our
university. CentER creates the excellent environment and facilities to
publish in high quality international journals and to teach on a high
scientific level. It guarantees that our Master’s students in Tilburg learn
the newest theories, techniques and applications.”
Balazs Toth Hungary, Alumnus of the MSc
Econometrics and Mathematical Economics
“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,
namely an English taught programme, a university with an excellent
reputation and the financial affordability. In addition, I had heard some
positive reports about Tilburg from students at my previous university,
so making the final decision was easy for me. Because of my interest in
mathematics and econometrics, I chose the MSc programme in
Mathematical Economics and Econometric Methods. It is one of the
most international programmes of Tilburg University, which creates a
very advantageous situation for students, facilitating the integration and
socialisation of students from all cultural backgrounds. After finishing
my course work, I started an internship at a Dutch insurance company.
My Master’s thesis focused on interest rate modeling and measuring
the effect of interest rate movement on the risk position of companies.
Currently, I have a permanent job there. Among others I have
participated in developing actuarial models for different insurance
products, taken part in calculating the capital position of the company
on a regular basis. The recent financial situation creates new challenges
day by day.
26 27
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
and their prices in the second stage. A pre-stage could be to decide to
enter the market or not. A multi-stage game can be solved by first
solving the game in the last stage for all possible outcomes of the
second-last stage and then by solving the game of the second-last stage
knowing the solution of the last game in the stage, and so on. The final
solution of the game in the first stage then determines the solution at
all stages. Thus, whether the firms enter or not, how much capacity is
chosen and which prices are set.
Games and Cooperative BehaviourThis course offers you insights in models from cooperative game theory
in which cooperative behaviour is the central feature of social or
economic interaction. Main topic is the problem of dividing the gains
from cooperation in a fair way.
Micro-EconometricsHow can microeconometric and behavioural models and techniques
be applied to analyse economic issues? The relation between data,
econometric models and techniques, and economic models, will be
studied and several economic applications are given.
Panel Data Analysisof Micro-economic DecisionsIndividuals and households often make similar decisions every year,
taking into account changes in prices and other factors. Examples are
consumption expenditures, savings and portfolio choices (including
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.
Dr. Pavel Čížek Lecturer Econometrics
and Mathematical Economics
“A unique cross section through classicaland modern econometric methods”
“As an econometrician, I develop new estimation methods with
applications in labour economics, finance, and so on. And since any
method is useless if nobody can use it correctly, I highly value and like
very much the programme Econometrics and Mathematical Economics.
In my opinion, it presents a unique cross section through classical and
modern econometric methods as they are applied in micro-economics,
industrial organisation, finance, and many other fields with emphasis
on real applications and understanding the story data tell us.
In addition, students have the possibility to go deeper under the surface
and widen their understanding by choosing electives.”
The Multi-Stage Game
Case
28
Career ProspectsWith a Master’s degree of Science in Econometrics and Mathematical
Economics your job opportunities are in governmental agencies,
research institutes, consultancy agencies or research departments of
large companies, banks, insurance companies, non-profit sector and
pension funds. Many alumni later on become manager of the
department they started their career in or they move to a position where
they fulfill management tasks in combination with their regular tasks. A
scientific career in econometrics, mathematical economics, operations
research or quantitative economics is also possible. After this MSc
programme, you can apply for the second year of the Research Master’s
programme in Business or Economics of CentER Graduate School. After
that, you might enter a PhD track and subsequently proceed as post-doc
or tenure-track assistant professor. Many of today’s professors in
economics have a background in Econometrics and Mathematical
Economics.
Admission RequirementsTo 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
result in admission to this Master’s programme. In that case, the
Admissions Board will assess your application. For more information
see chapter ‘Admission and Application’.
To be sure that you meet the required entry levels, you should review the
following literature:
Bain, L.J. and M. Engelhardt: Introduction to Probability and•
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).
Economics
29
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At a Glance
Name Economics
Duration 1 year
Type Full-time
Title Master of Science
Language of Instruction English
Best Preparatory Bachelor’s programme Economics
Four Tracks Competition and Regulation, Socio-economic Policy Resources, Development and Growth, International Economics and Finance
Career Prospects General management, government, applied research, consultancy, policy maker at (inter)national institutions
(EU, IMF, NMa, WTO, etc.), PhD track
Start September
Information Days 25 November 2010 and 19 May 2011
More Information www.tilburguniversity.nl/masters/ec
CharacteristicsThe world economy has been in big turmoil over the past years.
The world economy became increasingly more integrated, when
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
apparent. Firms are now exposed to the big fluctuations of world
demand and to tough international competition. Governments depend
more and more on an international capital market that can be volatile.
Failing international (financial) market regulation, irrational investment
behavior, and strategic actions make sound economic decision making
a complex and challenging task. Both firms and governments have to
cope with markets that are not just bringing together demand and
supply in an efficient way, but have to take into account systematic
inefficiencies, imperfect regulation, asymmetric information among
market participants, and other market failures.
The Master’s Programme in Economics at Tilburg University aims to
deepen your understanding of how markets function, when they fail,
and what the implications for strategic behavior are by the various
market participants, including companies, market organisations, and
the government. You can choose among four tracks within the
Master’s: Competition and regulation; Socio-economic policy;
Resources, development and growth; and International economics and
finance. You are trained to handle the complex and dynamic problems
of the modern economy and are taught how to gather, process, and
analyse information, and how to communicate the results of the
analysis in an effective way.
Prof.Dr. Sylvester EijffingerProfessor of Financial Economics,
Jean Monnet Professor of European Financial
and Monetary Integration, Research Fellow
CEPR and CESifo, Board member European
Banking Center, visiting professor of Harvard
University (2003 and 2008)
“Tough but fun.That’s better than dull and easy!”
“The seminars and electives in this Master’s programme are taught by
the most reputed professors of Tilburg University. These professors are
not only well-known because of their academic publication and citation
record, but also renowned in policy circles. They are considered to be
the leading professors in the Netherlands and in Europe too. Of course,
the teaching by these professors is based on ‘frontiers of science’
research and ‘state-of-the-art’ policymaking. It’s tough but fun.
That’s better than dull and easy!
My recent research on the accountability and transparency of the major
central banks in the world, amongst others, is important for one of my
courses in this Master’s programme. In that perspective, it is also
relevant to know that I am a member of the Panel of Economic and
Monetary Experts of the European Parliament since 2000 for the
accountability and transparency of the European Central Bank.
Furthermore, I have advised the European Commission in January 2003
about the redesign of the Stability and Growth Pact. Another focus of
my research is, therefore, the interaction between European monetary
and fiscal policy.”
32 33
Is this the right programme for me?The MSc Economics is carefully designed to train students how to handle
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,
and how to effectively communicate the results of your analyses. Our
economics graduates are in high demand with employers from both the
public and private sector. Moreover, recent research has shown that
economics graduates earn up to 24% more than the average graduate.
ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study. You take seven courses of 6 ECTS each, and 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 are reserved for course work;
from April onwards, you can focus on writing your Master’s thesis.
ECTSApplied Methods for Economists 6
At least four of the following courses (6 ECTS each): 24-36
Seminar Labour Economics•
Seminar Development and Growth•
Seminar Public Economics•
Seminar Environmental Economics•
Seminar Competitiveness of the European Economy•
Seminar Game Theory and Industrial Organisation•
Seminar Competition Policy•
Seminar Competition and Regulation in Network Industries•
Seminar Competition and Regulation in Health Care Markets•
Seminar Taxation and Trade•
Seminar Financial Economics•
Seminar Financial Markets and Institutions•
Seminar Investment Analysis•
Corporate Governance and Restructuring•
Maximum of two electives 0-12
Master’s Thesis 18
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
Tracks 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
topic for your thesis, by choosing the right combination of core courses
and electives, and by focusing your coursework on the topic you wish to
specialise in. We have identified four sets of courses that make up
packages with a distinct track.
Competition and Regulation‘Competition and Regulation’ consists of courses that focus on how
markets can be organised. This track has a clear Industrial Organisation
focus, as evidenced by the key courses Seminar Game Theory and
Industrial Organisation, Seminar Competitiveness of the European
Economy, Seminar Competition Policy, and the Seminars Competition
and Regulation in Network Industries and Health Care Industries.
This track is advised to students who wish to work for competition
authorities (e.g., NMa), regulatory bodies (such as DTe and OPTA),
Ministry of Economic Affairs, large consultancy firms
(PriceWaterhouseCoopers), specialised economic consultancies on
competition and regulation (Lexecon, Nera, Oxera), international
organisations such as EU and OECD, and economic departments of
large firms.
Alba Liko Albania, student of the MSc Economics
“Economics is part of everyday life”
“With globalisation taking place and the dynamic environment we live
in, it is pretty useful to understand economics. It is clear to see that
economics is part of everyday life. The Master’s programme in
Economics is quite broad, so you get the chance to study different fields
of economics as well as specialise in a particular track. I like the
majority of the courses, but I particularly like the Seminar Game Theory
and Industrial Organisation. It is very satisfying to understand complex
problems regarding decision making of players in different industries.
The professors in this programme are well-known academics coming
from different parts of the world. Besides the theory, they also cover
cases, academic papers and actual problems. This ensures that the
programme is really intensive and challenging, making Tilburg a decent
competitor for other Master’s programmes in Economics elsewhere.
So if you are looking for an internationally oriented university with a
good way of teaching and outstanding professors, then Tilburg should
definitely be on your short list. Moreover, the job opportunities you get
after obtaining this Master’s degree are also plentiful. What about my
own career plans? I would like to try consultancy first and I would also
like to work for the public sector (government) later. As I do not see
myself settling down in one country only, I am basically open to jobs
around the world.”
34 35
Socio-economic PolicyThe track ‘Socio-Economic Policy’ consists of courses that focus on how
governments can achieve their domestic policy objectives, taking into
account the constraints associated with ongoing international economic
integration. This track centers around the Seminars Public Economics
and Labour Economics. It is advised to students who wish to pursue a
career as policy advisor in national governments (Ministry of Social
Affaires, or other Ministries) or in international organisations such as
the EU, as a researcher in applied research institutes (e.g., Netherlands
Bureau of Economic Research (CPB)), or as a consultant with nationally
or internationally oriented consultancy firms.
Resources, Development and Growth‘Resources, Development and Growth’ focuses on the sources of economic
growth, the barriers to growth and development, and on the negative
consequences of growth. Key courses here are the seminars Development
and Growth, and Environmental Economics. This track is advised to
students who wish to pursue a career in international organisations
(World Bank), national governments (Ministry of Development
Cooperation, Ministry of the Environment), non-governmental
organisations, or internationally oriented consultancy firms.
International Economics and FinanceThe fourth track, ‘International Economics and Finance’, focuses on the
financial and international side of firm regulation and policy making.
Key courses are Seminar Financial Economics and Seminar Taxation
and Trade. Useful electives include the Seminar Game Theory and
Industrial Organisation and the Seminar Financial Markets and
Institutions, but also Seminar Competition Policy (for students
interested in competition issues in financial markets), and also
Investment Analysis and Corporate Governance (for students interested
in the investor’s side of the problem). This track is interesting for
students aiming for a career in banking (private but also central banks)
or in other private businesses who are regularly confronted with
international policy making, as well as for students who wish
to pursue a career as policy maker.
Pa Sinyan The Gambia, alumnus of the MSc Economics
“My decision to remain in Tilburg for this Master’s programme was
motivated mainly by the academic quality I knew would be guaranteed
at Tilburg University. Being taught by such internationally renowned
professors as Prof. Blommestein, Prof. Huizinga and Prof. Eijffinger, is a
huge privilege, as they are some of the brightest minds in Europe. I was
also very fortunate to work under the supervision of Prof. Blommestein
during my Master’s thesis, which meant that I could tap into the
knowledge of one of the foremost international experts in this field.
My Master’s thesis was titled ‘Transparency in the Management of
Public Debt’, and addressed an interesting area in the academic and
professional world of public finance management.
Over the course of my studies, I did an internship at the Central Bank of
The Gambia and one at the African Development Bank in Tunisia. These
were extremely valuable experiences, as they gave me an insight into the
areas that - up to that point – had remained solely theoretical. I was able
to observe the theories and concepts that I had become familiar with in
classes. I am currently working in Berlin for the German investment
promotion agency “Invest in Germany”. I am part of the Financing and
Incentives team that consults foreign investors that aim to invest in
Germany. My economics and finance background has proven to be
extremely valuable in this position. With the knowledge of finance and
economics gained during my time at Tilburg University, I am able to
advice investors on project financing options, as well as provide them
with macroeconomic analyses of the German economy.
This cross-cutting nature of the Economics programme makes me very
versatile in the working world. My future plans are to gain practical
experience in investment projects that will compliment my Tilburg
education, and to gain the opportunity to design, evaluate or manage
investment projects in the field of development economics. For this
goal, I believe that my time at Tilburg University has equipped me well,
both academically and personally.”
“I could tap into the knowledge of international experts”
36 37
Career ProspectsIn general, our alumni have outstanding career prospects and have
taken up influential positions at large enterprises (especially banks) and
consultancy firms all over the world, not to mention in government
ministries and other international institutes. All of our graduates obtain
employment soon after graduation. The Economics programme serves
as an excellent preparation for students who are aiming for a career in
consulting or as a policy advisor. Most of our graduates find their first
jobs in the private sector (internationally operating companies, banks,
management consulting firms, research bureaus), but they also find
jobs in public and non-profit sectors.
In addition, the Economics programme provides a very good
background for entering a Research Master’s or PhD programme, either
in the Netherlands or abroad. Because of the excellent reputation of the
Economics Department in both teaching and research, alumni of the
Master’s programme in Economics have a competitive advantage in all
jobs for which sound economic knowledge, strong economic intuition,
and sharp analytical and problem solving skills are required.
Admission RequirementsA Bachelor’s degree in Economics or in a similar programme
(e.g. in Econometrics) from a university that has been recognised
by the Admissions Board is required to enter the programme.
More precisely, a solid academic background is required in the fields of:
macro-economics•
micro-economics •
mathematics•
econometrics or statistics•
game theory•
And at least 5 ECTS in two of the below:
labour economics•
environmental economics•
public economics•
development economics•
international economics (i.e., both international trade and•
international finance)
European economics•
European financial and monetary integration•
industrial organisation•
A proficiency in English is also required.
Pre-Master’s programmeIf you have a Bachelor’s degree in Economics that does not meet all the
prerequisites, you may be advised to enter into a one-year pre-Master’s
programme after which you will be able to enter the Master’s
programme in Economics.
Free trade forces both individual firms and entire economies to
concentrate on doing what they do most efficiently by eliminating less
productive activities. In theory, making migration easier should have
similar effects, allowing a better matching of the supply of workers to
the demand and enabling workers with particular skills to relocate to
where those skills can be best put to use.
Some studies have found that the wages and employment of natives
(usually unskilled ones) fall when immigrant workers arrive. According
to the OECD, however, most studies have found that the negative effect
of immigration is small and short-lived. OECD also estimates that some
foreigners are more attractive for a country than others. Educational
levels, in particular, are crucial.
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
of the immigrant’s offspring are taken into account. An immigrant with
an education beyond high school, on the other hand, is desirable even
before his children’s future earnings are taken into account. For the
public purse, the most lucrative immigrant is a 21-year-old with
higher-level education; the least, one aged over 70 who did not finish
high school.
Both Australia and Canada use a point system to select those
immigrants that are of greatest economic value to their country.
This makes you wonder what other economic factors would be
considered for the point system besides age and education? To what
extent do you think such schemes can work? Also consider this case
when the imported labour is no longer productive.
Source: The Economist
Is immigration a drain on the public purse?
Case
39
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 Businessprogrammes
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
Start September
Information Days 25 November 2010 and 19 May 2011
More Information www.tilburguniversity.nl/masters/efa
Economics and Finance of Aging
38
40 41
CharacteristicsDealing with an aging society is one of the major challenges
governments and businesses currently face. People tend to live longer
and take more precautions for their old age provision. Differences in life
courses between young people and previous generations are increasing,
and social security expenditure is lowered in several western countries.
These issues become increasingly important to our society. As such,
it gives you great research and job opportunities.
The one-year Master’s programme Economics and Finance of Aging is
the right choice to take on this challenge. This programme is very broad
and applies different perspectives like finance, economics and
econometrics to analyse aging related problems. The programme is
embedded in Netspar, Network for Studies on Pensions, Aging and
Retirement, located at Tilburg University. Netspar is supported by
universities and private and public institutions that have a keen interest
in Netspar’s research topics. Top lecturers of the affiliated universities
are involved in the Master’s programmes and specialists from the
private and public partners give guest lectures. Furthermore, students
will visit partner organisations and participate in workshops and other
Netspar events.
Guaranteed internshipsAn internship forms a unique and important element of the programme.
Netspar intermediates in finding a matching internship. In academic
year 2009-2010 the matching had a very high success rate. You are
supervised by a Netspar researcher and write a Master’s thesis based
on that internship. This set-up ensures that you write your thesis on a
subject that is relevant for the pensions and insurance sectors.
Is this the right programme for me?If you have a keen interest in economic and financial issues that are
related to aging combined with a proactive attitude, then this may well
be the right programme for you. You are challenged to actively
participate in the lectures, you receive assignments, and you are asked
to come up with your own suggestions to apply theory to real problems.
Lectures are given by top lecturers to relatively small groups of
students, creating opportunities for interaction between the lecturer and
the students. On top of that, this is the world’s first MSc in the field of
aging, pensions and retirement.
ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study. You will take 5 core courses and 3 electives of 6 ECTS each, and
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
will be able to focus on your internship and your Master’s thesis.
ECTSIntroduction to Economics and Finance of Pensions and Aging 6
Quantitative Research in Pension and Retirement Economics 6
Investment Analysis of Aging and Pensions I 6
Macro-economics of Pensions and Aging 6
Micro-economics of Life-cycle Behaviour 6
Two courses out of: 12
Health Economics and Aging•
Investment Analysis of Aging and Pensions II•
Psychology of Economic Behaviour•
Topics in Economics and Finance of Aging•
Master’s Thesis 18•
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
Jeroen Nijland The Netherlands, Alumnus of the MSc
Economics and Finance of Aging
“Strong focus on current issueswithin the pension sector”
“After completing both my Bachelor’s as well as my Master’s degree in
economics, I decided to further specialise in the field of pensions and
aging-related issues. This field was not completely new to me, as I had
already done the elective course Micro-Economics of Life-cycle
Behaviour. I liked this course so much that I decided to do a complete
Master’s programme in this field. An important aspect of these Master’s
programmes, is that the content is strongly related to current issues
within the pension sector. For instance, you start to understand the
problems that pension funds are facing in the light of the financial crisis.
This practical application of academic knowledge is something I continue
to use on a daily basis in my current job as pension advisor.
Until recently I worked for Heijmans, the third largest construction
company in the Netherlands. The fact that they have their own pension
fund made my job even more challenging. Together with four colleagues
at the pension department we were responsible for the pensions of all
Dutch employees of Heijmans. My main task was to check whether the
insurance companies are complying with the agreed pension schemes.
Moreover, I calculated the indexations, the additional costs as well as the
contributions. The next step in my career is to finish my actuarial degree.”
42 43
Introduction to Economics and Financeof Pensions and AgingWhat are the main issues underlying the current worldwide debate about
the aging of the population and its consequences for pension systems
from a microeconomic, a macroeconomic, and an institutional point of
view? This course emphasises the relationships between these three
perspectives. It considers the role of pension systems in redistributing
resources and sharing risks across and within generations.
Quantitative Research in Pensionand Retirement EconomicsThis course starts with a mathematic refresher and then focuses on the
use of empirical tools from statistics and econometrics in pension and
aging economics. The course discusses the main properties of a variety of
standard econometric models and their application to issues in aging,
retirement, pensions, saving, etc. You will learn to do empirical research
yourself and how to evaluate empirical research done by others.
Investment Analysis of Aging and Pensions I 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.
Macro-economics of Pensions and AgingMany western countries will be confronted with a doubling of the ratio
of pensioners to workers around 2040. This development raises many
policy issues. For example, how can state pensions and rising health
care expenditure be maintained in the future? How should the
government organise its taxation? Should pension schemes be
privatised? This course aims to give you a better understanding of the
challenges of aging on modern welfare states and pension systems.
Micro-economics of Life-cycle BehaviourThis course equips you with the tools to understand the micro-economic
arguments behind the debate about social insurance, social assistance
and tax policy. You will deal with models of retirement decisions and
decisions on saving for retirement and consumption. Emphasis will be
placed on the incentives for retirement and labour supply implied by old
age social security benefits.
“I chose this programme because it is very specialised in the field of
pensions and aging and it offers challenging courses such as
macro-economics, micro-economics and empirical research. For example,
you will learn how economic models can be estimated empirically
considering the aging effects. This programme suits my academic
ambition and my educational and professional background perfectly.
First of all, I studied a Bachelor in Economics and also took some extra
courses of the Master’s programme of Applied Mathematics in
Economics, so I was preparing myself for a challenging programme with
quantitative courses. Regarding my professional background, I worked in
the public and private sector of Peru in the topic of pensions, and I
realised that there is little empirical research on that topic. This lack of
applied research does not contribute to a better understanding of the
problems surrounding this issue. For that reason, I had an extra
motivation to choose this programme. Even though pension is a very old
topic, many countries have recently become more interested in. So, I am
convinced that there is a growing demand for specialised professionals
who know how to deal with the pressure of aging societies. In short,
prospective students should consider Tilburg University because it is
a very well ranked university with excellent professors and many fellow
international students. The courses are very challenging, but also well
structured and organised, so students do not have to worry about
anything apart from studying.”
Noelia Bernal Peru, Student of the MSc Economics and Finance of Aging
“Very well structured and very international programme”
44 45
The Pension Challenge
Case
The affordability of old age provisions is coming under pressure
because the Netherlands, like other EU countries, has to deal with the
consequences of an aging population. This is the challenge the
government, pension funds and the central organisations of employers
and employees, the so-called social partners, now face. Pension funds
play an important role in the Dutch pension system. The participants of
these pension funds pay premiums until retirement. In exchange, the
pension funds promise to pay pensions after retirement according to a
pension plan. In case of a defined benefit plan (more than 90% of the
pension plans), the pension funds promise to pay the participant, say,
70% of the last salary before retirement. To pay the promised pensions,
the pension funds invest the premiums in assets, like stocks and bonds.
The future returns on these investments are used to finance the
promised pensions. In case of a defined contribution plan the promised
pension payments depend on the returns (gains or losses) on the
pension funds investments in stocks, bonds, and real estate.
Questions:
1. Compare a defined benefit system with a defined contribution system
from a participant’s viewpoint.
2. What exactly is the challenge the social partners are facing?
3. Compare the financing of old age pensions through pension funds
with the alternative approach, where the government taxes the active
workers to pay the pensions of the retired workers. Discuss the
differences between the two pension systems, taking into account
the aging of the population.
Source:
International site Dutch Ministry SZW (Social Affairs and Employment)
www.internationalezaken.szw.nl.
The Netspar network
By entering the Master’s programme in Economics and Finance of
Aging, you are introduced to Netspar, a network for research and
education in the field of pensions, aging, and retirement. Netspar aims
to address the social and economic challenges of an aging population.
Its fundamental goal is to stimulate social innovation. This independent
network of academics and practitioners in the field is supported by
universities and private and public institutions. Many students do an
internship at one of the partner institutions.
Universities:
Tilburg University•
Maastricht University•
Utrecht University•
University of Groningen•
University of Amsterdam•
Erasmus University Rotterdam•
VU University Amsterdam•
University of Twente•
Industry:
ING•
ASR•
Cordares•
Interpolis•
Achmea•
Mn Services•
ORTEC Finance•
AEGON•
APG•
PGGM•
Cardano•
ABN AMRO•
Zwitserleven•
Other:
NOW•
SVB•
De Nederlandsche Bank•
stichting instituut gak•
Ministry of Economic Affairs•
Ministry of Finance•
Ministry of Education, Culture and Science•
Ministry of Social Affairs and Employment•
46 47
Prof.Dr. Lans Bovenberg Founding father and Netspar Chair, Winner Spinoza prize (the ‘Dutch Nobel prize’) in 2004.
He is one of the most-cited Dutch economists in the national and international literature.
“Insurers and pension funds urgently need young talent”
Career ProspectsAs a graduate, you will have a broad scientific knowledge of modern
economics and finance, focused on the specific fields of aging, pensions
and retirement. The programme prepares you for a professional career
in the Netherlands or abroad at an insurance company, pension fund, or
private or public organisation working on pensions, aging, retirement,
health economics, etc. After graduation you can find positions in the
fields of strategy, policy, consultancy, investments, research, asset
liability management, control and treasury. All partners of Netspar have
clearly indicated that they have a need for graduates of this Master’s
programme. A PhD track and further orientation on a research career is
another possibility.
Admission RequirementsA Bachelor’s degree in Economics, Econometrics, or Business
Administration suffices for entry to the programme. If you have a
different degree the possibility to enter the programme will be judged
on an individual basis. More precisely, the courses in the MSc
programme Economics and Finance of Aging build on a solid academic
background at the Bachelor’s level in the fields of:
Macro-economics•
Micro-economics•
Statistics and Econometrics•
Financial Economics•
Mathematics•
Upon request, the Admissions Board may grant the opportunity to
rectify deficiencies during the MSc programme. You must be able to
function both independently and as part of a team of professionals
in the field and must therefore have good communication skills.
In addition, you must be motivated and interested in the practical
problems studied by Netspar. If you have a relevant university degree
of another university, the Admission Board will assess your application.
For more information see chapter ‘Application and Admission’.
Waivers and scholarships for all studentsFor the academic year 2011/2012, the Tilburg School of Economics and
Management has a maximum of 10 partial tuition waivers (reduction)
available for non-EEA students. Netspar sponsors 10 scholarships for
EEA students (including Dutch). These waivers and scholarships are
only available to students enrolled in the Master’s programme in
Economics and Finance of Aging. The waiver for non-EEA is
approximately u 3500. For EEA students the scholarship is u 3000.
“One of my research interests, and subject of this Master’s programme,
is risk sharing in the society. For young people absorbing risk is less
difficult than for old people. With the increasing number of old people,
risk sharing is becoming more expensive and challenging.
Taking risks is good for economic growth and innovation, as well as
entrepreneurship, but how to allocate the risk more efficiently through
pension systems, that is a difficult question. In order to deal with the
aging problem, we have to find the people who can best bear the risk.
Another issue of this Master’s programme, is the differences in life
courses between young people and previous generations. More women
work, people obtain better education, longevity is more common, etc.
This creates many new issues. Additionally, the government’s social
security expenses are cut in several western countries, as people take
more responsibility for their own future. The government, pension
funds and insurance companies are trying to find solutions for these
issues. They have an urgent need for new knowledge and thus for young
talent that can utilise this knowledge. Through internships our students
are offered a direct link to their future employers, such as pension
funds, insurers and government agencies. By combining working and
learning you use different perspectives like finance, economics and
econometrics, to analyse a single problem. At first glance, aging and
pensions may sound less relevant to young people. However, these
issues become more and more central to the future of societies
worldwide. If you would like to achieve your full potential, if you have
a keen interest in global issues, if you are able to combine various
perspectives and instruments, then this Master’s programme may be
the one for you!”
48 49
Finance
At a GlanceName Finance
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 Businessprogrammes
Core Courses Investment Analysis, Capital Structure, Empirical Methods in Finance
Career Prospects Chief Financial Officer, Financial Planner, Treasurer, Consultant, Investment Manager, Risk Manager, Investment Advisor
Start September Information Days 25 November 2010 and 19 May 2011
More Information www.tilburguniversity.nl/masters/fin
48
50 51
CharacteristicsOur Master’s programme in Finance offers you a thorough education
in the essentials of investments and corporate finance. The core courses
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
of investments, event studies, and portfolio management decisions.
The electives in the programme enable you to specialise in financial
management or investment analysis. These specialisations prepare you
for a professional career as chief financial officer (CFO), financial planner,
treasurer, portfolio manager, risk manager, or investment advisor.
In the first semester, all students take compulsory courses in
investment analysis, capital structure and empirical finance. This
ensures that every student knows the essentials of investments and
corporate finance. Next to the three compulsory courses you can
choose two electives in the first semester and two electives in the
second semester.
Prof.Dr. Luc Renneboog Professor of Corporate Finance, Academic Director of Master in Finance at TiasNimbas Business School,
CentER Fellow, Member of TILEC and Research Associate of ECGI (Brussels)
“It is the perfect jumping board towards a fine career”
“This Master’s programme offers students a thorough training in all
aspects of finance and also touches upon areas like Strategic Management
and Financial Accounting. The programme allows you to specialise in
either investment analysis or finance, for instance risk management,
(long-term) portfolio management, the technical aspects of valuation, real
options, capital restructuring, cost of capital determination and project
finance. But it also offers a broad business education, as the skills and
insights of the programme can be applied in many business situations.
Some examples are planning mergers and acquisitions, raising external
financing, bringing companies to the stock exchange and restructuring
corporations. The corporate finance training provided by this programme
can be used in many corporate settings. It is the perfect stepping stone
towards a fine career in industry, banking, or consulting.
Both large international companies like Unilever, DSM, Akzo, Shell as well
as smaller domestic firms, have recruited Tilburg students. In addition,
our students are also well prepared to work as financial experts in bank
divisions such as corporate finance, mergers and acquisitions, leveraged
buyouts, structured finance, equity valuation, etc.
All large Dutch banks, ABN AMRO, ING, Rabobank and SNS bank, and
many international banks such as Deutsche Bank, Merrill Lynch and
Goldman Sachs currently employ our finance alumni. Some alumni have
opted to work in financial consulting at McKinsey, Accenture, Deloitte
Corporate Finance, PriceWaterhouseCoopers, AT Kearney, FirstDutch and
Booz Allan Hamilton. Other employers who have hired our students are
venture capitalists, non-profit organisations, and the Dutch government:
the financial authority (AFM) and The Ministry of Finance.”
50
52 53
Is this the right programme for me?The programme is designed for students who are interested in
obtaining an academic background in business administration in
general and financial management and investment analysis in particular.
During the course of the programme you will learn how to solve
practical cases by using international scientific literature and discuss
case studies with fellow students. In general, career prospects within
the financial industry are outstanding, both on a national and an
international level.
CFA programme partnerAs of 2009 our school has been awarded the status of a CFA programme
partner. Within the Master’s programme in Finance it is possible to follow
the Chartered Financial Analyst (CFA) track. This implies that the courses
within this track cover at least 70% of the CFA Program Candidate Body
of Knowledge (CBOK). Students within the CFA track will be exposed to
the concepts and principles that investment practitioners around the
world have deemed integral to global practice. The CFA programme
partnership signals to you and the marketplace that our MSc in Finance is
closely tied to professional practice, and that the courses within the track
are an excellent preparation for the CFA exams.
Prof.Dr.Philip Joos, Director MSc Accounting (photo left), Dennis McLeavey,
Head of Education CFA Institute EMEA (photo middle) and Prof.Dr. Jenke
ter Horst, Director MSc Finance (photo right) during signing ceremony of
partnership between Tilburg University and CFA Institute on June 18, 2009.
ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study. You will take 4 or 5 core courses and 2 or 3 electives of 6 ECTS
each, and 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. From April onwards, you will be able to focus on
writing your Master’s thesis.
This programme is provisional. For more information about the
programme and the courses, please check the electronic study guide
on our web pages a www.tilburguniversity.nl/studyguide
ECTSCapital Structure (*) 6
Investment Analysis (* 6
Empirical Methods in Finance (*) 6
2 Electives from: 12
Corporate Governance and Restructuring (*)•
Corporate Valuation •
Derivative Securities and Risk Management (*)•
Investment Analysis of Aging and Pensions I•
Advanced Financial Accounting•
Strategic Management•
2 Electives from: 12
Financial Markets and Institutions•
Treasury Management •
Financial Statement Analysis (*)•
Financial Analysis and Investor Behaviour (*)•
Entrepreneurial Finance (semester 2)•
Master’s Thesis 18
* These CFA-courses are compulsory for those students who wish to take
part in the Tilburg-CFA Institute partnership.
54 55
Wenjia Sun China, student of the MSc Finance
“It inspires me to think outside the box”
“When I was a Master student at Dongbei University of Finance and
Economics (DUFE) in China, majoring in Financial Management,
I attended a presentation of Tilburg University. I learned that Tilburg
is famous for economics, so I visited the website and searched further
information on the internet. DUFE cooperates with Tilburg University,
so the application procedure was quite easy and straightforward for me.
What I like about the programme is that my fellow students are from
different countries with different backgrounds and even the lecturers
have different nationalities. People share their ideas, stories and
experiences in this international environment, which is very inspiring,
especially when discussing international case studies. Capital Structure
is my favourite course because of its teaching style. This course mainly
focuses on the classic literature about financial decisions and capital
structure. We discussed the whole idea of the paper in the class room
and tried to understand every formula. In general, the lecturers are
always encouraging us to share our opinions and discuss them during
group assignments. Sometimes I find that my ideas are quite different
from the Dutch students, which inspires me to think outside the box.
This also applies to my internship at the internal auditing department
of Royal Wessanen. The stimulating working environment at this
multinational food corporation enabled me to learn so many things
within just a few months, so hopefully I can find a job in the
Netherlands after this internship.”
Capital StructureThis course will cover the most important theories in the field of capital
structure like information asymmetry, agency costs, signalling and
corporate control. We will discuss their validity using a broad range of
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
will be addressed: capital structure, security design, the decision
between private and public equity and law and finance.
Investment AnalysisThis course teaches the foundation of modern investment theory. Both
measures of (downside) risk (such as Value-at-Risk) and models for
expected returns (such as the CAPM and the APT model) will be
discussed in detail. Students will learn how to form optimal portfolios
for both short and long term investors (such as pension funds). The
final part of the course will deal with bond pricing and models for the
term structure of interest rates.
Empirical FinanceDuring this empirical course you will learn to apply empirical research
methods in finance. Many cases will be discussed. Questions like how
to measure whether publically announced information affects stock
prices (event studies), or how products like reverse convertibles
are structured and what their risk-return profiles are, will be
discussed in detail.
Prof. Dr. Jenke ter Horst Professor of Finance,
Academic Director of Master in Finance
“A broad understanding of financial theories”
“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
structure and the dividend policy of firms. Moreover, students will be
made aware of the basic elements of investments. Besides discussing
theories, students also have to apply their acquired knowledge in many
case studies and assignments.
Furthermore, most of the members of the Department of Finance at
Tilburg University have publications in top-tier finance journals like e.g.
Journal of Finance, Journal of Financial Economics, Review of Financial
Studies and Journal of Financial and Quantitative Analysis. This implies
that our lecturers have well developed academic skills and up-to-date
knowledge in the field of finance. As a student you will surely benefit from
it. The knowledge and skills you develop during the course of the
programme will undoubtedly be very important for a successful career in
the financial industry. I therefore hope to welcome you to our programme!”
56
Career ProspectsThe Master’s programme in Finance prepares you for a wide range of
professional careers, such as chief financial officer (CFO), financial
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
investment analysis in particular, this yields an attractive profile for
financial institutions like banks, insurance companies, investment
funds, and pension funds.
Admission RequirementsIf you have a Bachelor’s degree from Tilburg University in Bedrijfs-
economie, International Business Administration (former Business
Studies), or International Business you will have direct access to the
Master’s programme in Finance. If you have a Bachelor’s degree from
Tilburg University in Economie en Informatica (former Information
Management), Economie en Bedrijfseconomie (former Algemene
Economie) including the courses Finance 2 and Accounting 2, you will
also have direct access. If you have a Bachelor’s degree from Tilburg
University in Economics (former International Economics and Finance)
including the courses Corporate Finance and Accounting 2, you will also
have direct access.
For students with a Dutch Professional Bachelor’s in Business
Administration (hbo) a pre-Master’s programme is offered. 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’.
Chris Kaashoek The Netherlands,
Alumnus of the MSc Finance
“Dealing with the daily dynamics of thestock market”
“Immediately after finishing my Master’s degree in Finance, with a
specialisation in Investment Analysis, I was offered a job as equity
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
this company during the last three months of the Master’s programme.
Since January 2007 Kempen & Co is part of Van Lanschot Bankiers and
provides various specialised financial services in asset management,
corporate finance and securities brokerage. Clients include institutional
investors, financial institutions and high-net-worth private clients.
What I like most about this job, is dealing with the daily dynamics of the
stock market. Moreover, I have ample opportunities to use my analytical
as well as my commercial skills in dealing with clients and their financial
needs. I am planning to stay in this job for a while, as my tasks and
responsibilities suit my educational background and interests perfectly.
The fact that I work with other young, ambitious and enthusiastic
people is an added bonus. Many of my study friends are currently
working in Amsterdam so it is good to see that job opportunities are
plenty. My future plans? I am hoping to grow and further specialise as
an analyst. If my working life continues to be as fun and interesting as
my study life, I have nothing to worry about.”
Information Management
57
58 59
CharacteristicsThe 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
innovation in different technological and market environments. The third
pillar is the technological pillar on which the programme is rooted.
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.
At a Glance
Name Information Management
Duration 1 year
Type Full-time
Title Master of Science
Language of Instruction English
Best Preparatory Bachelor’s programme Economie en Informatica (former Information Management)
Core Courses Business Transformation and IT, e-Business, Business Process Integration, Advanced Resource Planning, Management of Knowledge and Innovation, Seminar Information Management
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
60 61
Yiannis Nousis Greece, alumnus of the MSc Information Management
ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680
hours of study, offered over two semesters. The first semester contains
5 courses of 6 ECTS and starts in September, with exams in December
and January. In the second semester, February to June, you will take two
courses and write your Master’s Thesis. The Master’s programme in
Information Management offers a number of courses from which you
can choose to meet your personal interests. Choose at least 4 courses
out of:
Advanced Resource Planning•
Logistics and Information•
Business Intelligence•
Business Process Integration•
Business Transformation and IT•
Management of Knowledge and Innovation•
Method Engineering•
Besides these courses, you will participate in the Seminar Information
Management (6 ECTS) and E-Business (6 ECTS). Additionally, you can
select one course out of any MSc programme offered by the
Tilburg School of Economics and Management.
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
International OrientationClearly, there is a critical need for Information Management graduates
that can operate in a global business context. We therefore offer several
instruments to prepare our students for an international career. Firstly,
the lecturers are largely international, blending their way of thinking
and working with the content of the courses while sharing their
business and cultural knowledge. Also, several of our key lecturers have
been very active themselves in developing textbooks, which are not only
used in our global classroom but also all over the world, and published
at prestigious publishers such as Prentice Hall, Addison-Wesley, and
MIT Press. Moreover, the department of Information
Management has several international collaborations with
universities and institutes of high-international stature
such as UC Berkeley (USA), Tsinghua University
(China) and the University of South-West Wales
(Sydney, Australia). Lastly, Erasmus
collaborations exist with universities
throughout Europe, including Stuttgart
University (Germany) and Crete
University (Greece).
“The most interesting aspect of the Master’s programme in Information
Management is that it deals with an area that is relatively new and
modern. A lot of things we are learning now did not even exist five or
ten years ago. I also like the combination of the areas of business and
information technology. I did my previous studies in my home country
Greece and decided to do my Master’s degree at Tilburg University
because of the high rankings and excellent reputation.
I have very fond memories of my time in Tilburg. Besides my studies,
I tried to enjoy life in the Netherlands, get to know new places, meet
new people and find some spare time for my hobbies. I believe that the
student life in Tilburg for an international student is very enjoyable and
hospitable. There is a good connection between the international
students and the Dutch students. For instance, I like the fact that you
can live in The Netherlands easily without speaking Dutch, which is a
proof of the hospitality, open-mindedness and friendly character of the
Dutch people. I believe that the quality of life plus the beautiful Dutch
cities make the Netherlands a very good country to live in. Despite my
positive impressions of the place, I eventually decided to go back to
Greece after my graduation.
I am currently working for a group of companies mainly aiming at the
distribution of technology products (PC’s, computer games, security
systems etc.) to retail shops and offering web solutions. My duties in
this company are mainly IT support in windows clients and servers,
and support of the ERP system of the group. I am also involved in the
support and maintenance of the companies’ websites, web services and
telephony center and I am doing some technical documentation work.
Enough to keep me busy for the next couple of years, I would say!”
“What we are learning did not exist five years ago”
62 63
Prof.Dr. Piet Ribbers Professor of Information Management (CentER for Economic Research)
Member of the editorial board of Information & Management -
The International Journal of Information Systems Applications
“Intermediation and Demand Management”
“Information and Information Technology (IT) are an increasingly
integral part of products and services and the foundation of business
processes. Organisations must know how to make the right choices
with respect to the new IT systems and at the same time ensure that
existing business processes continue to receive a high quality service
from IT. The tight link between IT and organisational processes means
that the IT department is not alone in its responsibility for effective use
of information and IT. Getting more value from IT is an increasingly
important organisational competency.
The students of the MSc Information Management are not trained to be
computer scientists. Instead, they will be trained to recognise what kind
of IT the organisation needs and the possible impact of IT on business
(Demand Management). As intermediaries between the IT and the
business side, they can facilitate both with good knowledge of the
management domain, and the know-how to translate business
requirements into information systems specifications. Unlike computer
engineers, they will work with people, coordinate the work, and facilitate
the change. Therefore, communication skills are very important.
The programme is designed for people who will be working in a
position at the interface between information systems (automation)
and business functions, such as: business analyst, consultant, project
leader, account manager, systems developer or information manager.
Some may eventually become Chief Information Officers (CIO).
According to a recent study, the MSc Information Management is in
the top 5 programmes with the best career perspectives.”
Advanced Resource PlanningThis course is designed to provide an in-depth insight into the
management aspects of enterprise-wide systems, such as ERP, CRM
and SCM. Attention is paid to topics such as the feasibility of ERP,
critical success factors when introducing these systems, and
performance measuring of enterprise-wide systems.
Business Process IntegrationAfter a general introduction on business process modelling and
management, coordination theory and an overview of available
technology, the course considers four levels of process integration: data
integration, transactions, workflow, and contracts. The lectures are sup-
plemented by a computer lab project in which you can practice process
modelling and integration using state-of-the-art integration tools.
E-businessDuring this course you will obtain knowledge of recent developments in
e-business theory and practice and the effects of ICT infrastructure and
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.
Management of Knowledge and InnovationThis course focuses on the successful management of innovation from
a knowledge management perspective. It specifically concentrates on
the links between knowledge management and the structures and
processes that support innovation in different technological and market
environments. You will be asked to do some course assignments and
analyse the various steps in the innovation process.
Seminar Information ManagementThis seminar prepares you for the individual research work for your
Master’s thesis. It features guest lectures from both academia and
industry to inform you about latest developments in the field of
Information Management. The seminar starts with an introduction to
research methodology for Information Management. A selection of
articles from journals is presented and discussed. In addition, you will
have to choose from a number of research themes presented at the start
of the course. Within that theme, you will perform a collaborative research
project with your team, culminating in a research report or article.
64 65
“Today services are perceived as key to the productivity and economic
growth of advanced industrialised economies and are pivotal to the
development of a truly knowledge-based economy. The term
“services” covers a broad range of industries that produce value by
providing solutions to customers’ problems. Services are increasingly
traded internationally producing an eclectic array of economic
activities, varying from traditional logistics and banking services, to
innovative services in education, energy, healthcare, and
telecommunications.
While the services market has been booming and still continues to
grow despite the economic downturn, there is an acute shortage of
professionals world-wide with the appropriate skills and background
to meet the growing needs of the services sector. The emerging
discipline of Service Science tries to capture momentum related to
service economy growth, the global need for service innovation, and
the accompanying demands for service research and education to
deliver a new generation of T-Shaped service professionals. Service
Science aims at a unification of theories and methods from several
disciplines such as IT, business and management, business strategy,
management sciences, and economics, which it fuses together in
order to encourage innovation in how organisations create value for
customers and shareholders. A professional in the services economy
will be required to draw upon an intricate combination of the previous
cross-cutting skills, as well as relevant, specific industry domain
knowledge (e.g. finance, logistics, healthcare, and so on). In the MSc
Information Management we teach services science as an integral part
of the programme, thus providing skilled services graduates.”
Erasmus Mundus programme:International Master in Service Engineering (IMSE)
Many experts see the explosive growth in services as the next major
revolution in the world economy. Because service economies continue
to expand and powerful digital communications networks - such as the
Internet - evolve rapidly, companies are transformed from regional
businesses to globally integrated enterprises. The fast growing
discipline of services science and engineering is related to service
economy growth and the global need for service innovation. Research
and education in this field is therefore in high demand. This is in a
nutshell why Tilburg University has established cooperation with the
University of Stuttgart (Germany) and the University of Crete (Greece)
in offering highly-motivated students the International Master in Service
Engineering (IMSE).
The multi-disciplinary IMSE programme has been carefully designed at
the interface of software service systems and new globe-spanning
business processes to prepare students with a background in either
business or information technology to become the new generation of
service engineers. This full-time English-taught programme totals 120
ECTS credits and needs to be completed within 2 years. After a kick-off
summer school in Crete, students spend a semester in Germany,
followed by a semester in the Netherlands and Greece. The final
semester is devoted to thesis work, which includes an internship in an
internationally operating company or research institute either inside or
outside Europe. Upon completion, students earn a joint Master’s
degree in Services Science.
IMSE is also delivered in close cooperation with a number of top quality
research institutes, such as UC Berkeley (USA), the University of New
South Wales (Australia), Tsinghua University (China) and international
companies like ForthNet, IBM, Software AG, Accenture and
PriceWaterhouseCoopers. This not only guarantees a curriculum that
incorporates the latest developments in the field of service engineering,
but also stresses the global orientation of the programme.
Erasmus Mundus Scholarships For Academic year 2011-2012, there will be approximately 17 Erasmus
Mundus scholarships (Category A and B) available for European and
non-European applicants.
More informationThe application and admissions procedures for the IMSE programme
differ from those of the regular MSc programme in Information
Management, as described in the back of this brochure. Interested
students are therefore advised to check this website for further
information:
www.erasmusmundus-imse.eu
Prof. Dr. Ir. Michael P. Papazoglou Professor of Computer Science and Executive Director
of the European Research Institute in Services Science (ERISS)
“Service Science will have a profound impact on how businesses,government and individuals operate”
66 67
Merie Joseph India, student of the Erasmus Mundus IMMIT programme
“We have become friends for a lifetime”
Erasmus Mundus programme: International Master in Management of IT
Tilburg University takes part in The Erasmus Mundus Programme,
which aims to enhance quality in European higher education and to
promote intercultural understanding through co-operation with third
countries. Tilburg University has joined forces with Turku School of
Economics (Finland) and IAE Aix Graduate School of Management,
Université Paul Cezanne Aix-Marseille III (France) in offering highly
motivated students the International Master in Management of
Information Technology (IMMIT).
The IMMIT programme has been designed to prepare students with a
background in either business or information technology to become
“hybrid” managers at the interface between Information Systems and
business functions within an increasingly international business
context. This full-time English-taught programme totals 120 ECTS
credits and needs to be completed within 2 years.
The first year focuses on two topics, namely ‘Foundations in
International Business’ and ‘IT management skills’. In the second year,
the emphasis shifts towards integration issues such as the role of IT in
business transformation, management of IT-based innovation and
more specialised topics in international IT management. The second
semester is devoted to thesis work which includes an internship in an
international operating company, such as Shell, ING Bank, Procter &
Gamble or Nokia.
One unique aspect of the IMMIT programme is that all participants are
gathered in a cohort, i.e. the same group of students start and finish the
programme together. This cohort experience enables students to further
develop their cross-cultural awareness, which is needed in their future
work as ‘hybrid’ managers. The cohort moves to a new European
location each new semester, moving from France, to Finland and then
to the Netherlands. The location of the last semester (thesis) could be
anywhere in Europe.
Erasmus Mundus ScholarshipsFor Academic year 2011-2012, there will be approximately 17 Erasmus
Mundus scholarships (Category A and B) available for European and
non-European applicants.
More informationThe application and admissions procedures for the IMMIT programme
differ from those of the regular MSc programme in Information
Management, as described in the back of this brochure. Interested
students are therefore advised to check the procedures and scholarship
information on the IMMIT website: www.immit.eu
“During my Bachelor studies in Electronics and Communication
Engineering in Kerala – a beautiful state in South India – I was selected to
work for Infosys Technologies Ltd, a leading software company in India.
While working at a client location in Ipswich (UK) I applied for several
Master’s programmes, as I understood that it was the time for the next
step in my career. I eventually chose the IMMIT programme because of
the international exposure it provides with students from across the world
and universities located in three different countries in Europe. I was also
confident that the programme would boost my career by complementing
my technical skills with the necessary management skills.
The reality of the programme proved to be even more exciting and life
changing than I could ever dream of. Imagine three different
universities, three different teaching styles and three Master’s degrees
and mix it up with our cohort of 20 classmates from 13 different
countries across four continents and you will start to get the picture.
We met as strangers in France, moved together and closer in Finland
and became great friends in the Netherlands. We even have a group
motto: Sharing & Caring. It is great fun to travel around Europe together
and we regularly throw dinner parties with traditional food prepared
from our respective countries.
What about my plans for the future? In the short term, I see myself
working as IT project manager in an international company somewhere
in Europe. In ten years time, I would like to see myself as an IT
strategist of a major company, specialising in outsourcing strategies to
South Asia (with my networks in Indian outsourcing industry and the
networks I would have built in the industry in Europe).”
68
Career ProspectsAfter successful completion of the MSc in Information Management,
you will be awarded an internationally recognised Master of Science
degree with excellent career prospects. Please find below some
examples of jobs that you will be eligible for after graduating:
Integrating IT and business strategy for large companies•
Implementation/Customisation of Enterprise Resource Planning•
(ERP) and other information systems•
Outsourcing operations as client manager (of ICT services suppliers •
or contact manager (of ICT service recipient)
Systems and business analysis•
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.
Admission RequirementsIf you have a Bachelor’s degree from Tilburg University in Economie en
Informatica (former Information Management), you have direct access
to the Master’s programme in Information Management. Furthermore,
a Bachelor’s degree from Tilburg University in Bedrijfseconomie,
International Business Administration (former Business Studies),
or International Business including the courses Databases,
Business Process Analysis I and Information Systems Strategy also give
direct access. 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’.
International Management
69
70 71
Characteristics What do Wall Street, the bustling trade markets in Hong Kong and the
flower auction in Aalsmeer have in common? We live in an increasingly
connected world where business is often conducted on a global scale,
with customers and suppliers spread over many countries. Companies
that operate in an international business setting continue to look for
employees who are able to cope with such complexity. For this, you
need to accumulate a wealth of knowledge across all the main business
fields: accounting, marketing, management and finance. The Master’s
programme in International Management prepares you to understand
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.
Is this the right programme for me?The MSc in International Management is aimed at students with an
interest in international business and research. The programme offers a
student-centered approach to education, with room to work closely with
lecturers. Not only will you learn about doing business in a multilingual
and multicultural environment, you will also get the chance to study
together with dozens of like-minded international students. This mix of
cultural backgrounds helps create a lively exchange of experiences and
ideas, which clearly contributes to personal growth and gives you a
broad outlook on global business issues.
At a GlanceName International Management
Duration 1 year
Type Full-time
Title Master of Science
Language of Instruction English
Best Preparatory Bachelor’s Bedrijfseconomie, International Business Administrationprogrammes (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
Start September
Information Days 25 November 2010 and 19 May 2011
More Information www.tilburguniversity.nl/masters/man
72 73
Culture Clash at Daimler-Chrysler
Case
ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study, offered over two semesters. 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 two courses. From April onwards, you will be able to focus
on your Master’s Thesis.
ECTSInternational Financial Reporting & Analysis 6
International Marketing 6
International Management 6
International Financial Management 6
1 Elective 6
Corporate Governance and Restructuring•
Management Control•
Marketing Communication•
Strategic Management•
International Business Seminar 6
Elective 6
Master’s Thesis 18
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
In the summer of 2009, Chrysler Corporation, an icon of the US
automobile industry was acquired by FIAT group. How could a once
manufacturing powerhouse fall prey to a smaller competitor?
Understanding what happened requires looking back several years.
Daimler-Benz and Chrysler Corporation announced a merger agreement
on May 7, 1998. The merger was announced to be one of equals. Before
the merger, Chrysler and Daimler-Benz were large regional producers
– Chrysler with the third-largest market share in North America,
Daimler-Benz with the majority of its sales revenues made in Europe.
Immediate growth opportunities would be created through using each
other’s facilities. However, after four years, it turned out that the merger
did not pay off as expected. Sales did not increase, synergy effects were
minimal, and stock prices seriously declined in the years following the
merger. The New York Times called the Daimler-Chrysler marriage ‘one
of the most disastrous mergers in history’.
Chrysler’s profits fell from $4.9 bn to $1.2 bn and its shares from $109
to $48 over the second half of 2000. Daimler’s operating loss for 2001
may be as large as 1.7 bn Euros. What went wrong with this merger?
The potential for synergy and growth looked promising.
The biggest obstacles in the merger were the cultural differences and
the inequality between the two parties. Daimler-Benz was the dominant
partner and imposed its own corporate imprint on the merged company
(Chrysler). Chrysler’s managers resisted the dominant role of Daimler-
Benz and defended their own interests and culture. The corporate
clash came down to the confrontation between the engineering culture
of Daimler, with its systems, precision, safety- and quality-oriented
approach, against the pay-for-performance culture of Chrysler with its
sales, marketing, and risk-oriented approach. DaimlerChrysler
announced on May 14, 2007, that it would sell 80% of Chrysler to
Cerberus Capital Management of New York, a private equity firm that
specialises in restructuring troubled companies, effectively unwinding
the original transaction. On October 4, 2007, A DaimlerChrysler
Extraordinary Shareholders’ Meeting approved the renaming of the
company. From October 5, 2007, the company has been titled Daimler
AG. The US company adopted the name Chrysler LLC when the sale
completed on August 3, 2007. In the spring of 2009 Chrysler was
acquired by FIAT to avoid its liquidation.
In the International Management programme we try to explain how
national culture affects organisational culture, and may affect
relationships with foreign businesses, as in the case of the merger
between Daimler-Benz and Chrysler. We also explain how to work in
companies that adopt different accounting standards, raise debt in very
different financial or banking markets, and sell to consumers with
different tastes. Last but not least, we explain the importance of
strategic management for turning such differences in opportunities
for company growth.
Prof.Dr. Steven R.G. OngenaProfessor of Empirical Banking
“Many places claim to be top, we are!”
“My main research interests are focused on finance. I am particularly
interested in the impact of the banking sector on the rest of the
economy. Both the banking and the financial sector are very globalised
and they fulfill a key allocative role in the functioning of the economy.
In other words, choices made in the financial sector may determine
outcomes everywhere around the world. My research focuses on bank
mergers and their impact on the borrowers and also banking geography.
One of the issues I am currently investigating, is the role foreign banks
play in transition economies.
Students in the Master’s programme in International Management will
clearly benefit from a direct transfer of knowledge from researchers at
the frontier. As students share the same interest in frontier knowledge
with their classmates, they will also benefit from being among the best
and most ambitious students in Europe maybe even in the world.
Tilburg University is one of the best places in Europe for studies in
economics, business, and law. Many places claim to be top, we are!
Tilburg is also located in a country that provides an excellent
environment for studying: non-hierarchical, direct, well-organised,
and international.”
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Career ProspectsThe future is bright for those who see themselves working for a
multinational or internationally-oriented company based in their home
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
many examples in terms of job opportunities include: International
management trainee at ABN-AMRO in Hong Kong, Marketing manager
export division for Heineken, Planning and Control Officer at AT&T,
Investment Consultant at Hewitt Associates, Brand Manager Coca Cola,
Account Manager at OCE, Controller at Philips Electronics, Accountant
at Van Lanschot Private Bankers or Market Researcher at Unilever.
Next to a career in business, an MSc in International Management also
prepares you for a career with policymaking institutes such as the IMF
and the World Bank or ministries of a country, but also for a career at
research institutes or universities around the world. Of course a PhD
programme is also one of the options.
International Financial Reporting & AnalysisThis course focuses on four main topics, namely international financial
accounting, advanced financial accounting, the use of accounting
information for decision making and management control in an
international setting.
International MarketingThrough a number of traditional and interactive lectures students are
provided with a broad overview of the field of International Marketing.
Topics include global marketing, global markets and buyers and
fundamentals of international marketing research.
International ManagementThis course reviews the various theories of why firms become
multinational enterprises. In addition, we discuss more dynamic,
evolutionary theories of the internationalisation of firms. We also study
how multinational enterprises manage and control their international
subsidiaries, which includes a discussion of international human resource
management questions and ethics in an international perspective.
International Financial ManagementThe purpose of this course is to study all key international aspects of
international financial management like investment decisions, financing
decisions, foreign exchange risk management and working capital
management. A number of these topics will be studied with the help
of cases and problem sets.
Stela Souza Farhat Brazil, Alumnus MSc International
Management
“One of the greatest experiences of my life”
“During my Bachelor studies in my home country, Brazil, I attended an
in international student fair. At this fair I met a high school friend, who
recommended Tilburg University. After careful consideration, I decided
to follow her recommendation because of the strong reputation of
Tilburg University in the field of Business and Economics. Moreover, the
city of Tilburg has a strategic location in the heart of Europe and offers
affordable living costs in a lively student city. Coming from a city like
Sao Paulo, Tilburg provides me the pleasure of living in a peaceful place
with access to all the facilities of a big city. In the Netherlands there is a
very short distance to travel from one city to another, which
characterises the country with a special diversity and dynamism.
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.”
76
Prof. Dr. Niels NoorderhavenProfessor of International Management
and co-Director of the Center
for Innovation Research
“A mix of theory and cases”
“Tilburg University has chosen a strategy of internationalisation and
high quality. This is reflected in the International Managemt
programme, where many of the instructors have PhDs from top US
business schools, and some of the faculty members are amongst the
top researchers in the world in the field of international business and
strategy. The Master’s programme in International Management offers
a mix of theory-based and case-based business education, all from an
international perspective.”
Admission RequirementsIf you have a Bachelor’s degree from Tilburg University in Bedrijfs-
economie, International Business Administration (former Business
Studies), or International Business you will have direct access to the
Master’s programme in International Management. Furthermore, a
Bachelor’s degree from Tilburg University in Economie en Informatica
(former Information Management), including the courses Marketing 2,
Financiering 2, Organisatie van de Onderneming and Accounting 2 also
give direct access. If you have a relevant university degree of another
university, the Admission Board will assess your application. The core
criteria are a Bachelor’s degree in a business-oriented subject, fluency in
English, and the ability to work both independently and as part of an
international team. For more information see chapter ‘Admission and
Application’.
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.
Marketing Management
77
78 79
Would you like a beer?
Every year, people drink less and less lager beer. As the popularity of
special beers and wines increases, A-brands like Heineken, Amstel,
and Grolsch see their sales go down. How can they turn the tide?
Merges and takeovers of companies specialised in brewing special
beers are one way to deal with the drop in sales. On the other hand,
beer companies also need to distinguish themselves from their
competitors. As the generic differences between lager beers are small,
this is not an easy job.
The challenge is not only to be creative in what you communicate to
your consumers, you also need to get them involved. By creating buzz
on the internet, for example. World-leader Heineken succeeds well in
this: Its award winning Walk-in and Walking Fridge commercials
created a lot of commotion on various weblogs (over 6 million
internet views), especially when competitor Bavaria decided to
“spoof” the original Heineken commercial. Or you can get your
consumers involved by asking them to make their own beer
commercial for you. Fans of the Walking Fridge commercial were
invited to create a follow-up version of the commercial.
Beer is all about emotion. Beer companies attach personal traits to
their brands in commercials. Heineken, for instance, portrays an
image of being individualistic and international with a hint of
hedonism. Amstel, the number two beer in the Netherlands, is cosy,
friendly, and popular: “our beer”. Superiority is the trademark of
Grolsch. Despite the efforts of the big beer brands to communicate a
strong image to distinguish themselves from their main competitor,
they may have more to fear from the cheaper B-brands and generic
brands than from each other. The cheaper brands do not need to
spend a fortune on big advertising campaigns; they sell because of
their lower price.
In the MSc in Marketing Management, you will learn how to answer
the following questions: How can beer companies create a strong
brand image? How can they communicate the difference between an
A-brand and cheaper, generic brands? How can they create brand
loyalty? How can they measure the effectiveness of their advertising
campaigns?
At a Glance
Name Marketing Management
Duration 1 year
Type Full-time
Title Master of Science
Language of Instruction English and Dutch
Best Preparatory Bachelor’s Bedrijfseconomie, International Business Administrationprogrammes (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
Career Prospects Various positions, such as marketing manager, account manager, sales manager, brand manager, consultant and lecturer
Start September
Information Day 25 November 2010 and 19 May 2011
More Information www.tilburguniversity.nl/masters/mm
Case
80 81
ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study, offered over two semesters. 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 two courses. From April onwards, you will be able to focus
on your Master’s Thesis.
ECTSBrand Management 6
Marketing Channel Management 6
Marketing Communication 6
Strategic Marketing Management 6
1 Elective from: 6
Advanced Marketing Research•
International Marketing•
Market Assessment •
Strategic Management•
2 Electives from: 12
Experimental Research•
Marketing Information Management•
Purchasing Management•
Survey Methodology•
Master’s Thesis 18
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
CharacteristicsObtaining knowledge of market segmentation, insight in consumer
decision making and the use of marketing instruments are the core
tasks of any marketing manager. That is why these subjects form the
core of the varied offer of specialised courses in the Master’s
programme in Marketing Management. Marketing is a field with
many specialised disciplines, such as Brand Management, Marketing
Communication and Marketing Channel Management. You will focus
on issues like how to create brands, how to develop and test
advertisements and how to set up new distribution channels.
Is this the right programme for me?In this Master’s programme, you will link your existing knowledge in the
field of economics, organisation and strategy and economic psychology
to marketing theories. In addition, you will learn how to apply these
insights to real-life marketing problems. As a Marketing Management
graduate, you will have obtained a great deal of theoretical knowledge
as well as sufficient practical skills to carry out market research.
The Master’s programme in Marketing Management is an academic
degree programme, which forms an excellent starting point for various
positions in commercial management. The Master’s programme in
Marketing Management is offered in English and in Dutch. That means
that you can choose in which language you follow the core courses.
Elective courses are all in English.
If you are more into collecting and analysing marketing data and you
have good grades in Mathematics and Statistics, you can consider the
Master’s programme in Marketing Research.
Prof. Dr. Inge Geyskens Professor of Marketing
“Towards a successful career in marketing”
“How can you build a strong brand? How can you design and manage
an effective distribution channel? How can you increase customer
satisfaction with the services you provide? How can you successfully
take new products and services to the market? To successfully manage
the marketing mix in today’s increasingly volatile and competitive
marketplace, you need the right answers to these questions. Tilburg
University’s Master in Marketing Management is a comprehensive
programme that teaches you the latest knowledge and skills in the
marketing discipline.
I find our programme attractive for two reasons. First of all, courses
are taught by researchers who are internationally recognised experts
in their fields. The Marketing department is ranked as one of the top
research groups in Europe. As a result, all the latest scientific advances
will be shared with our students. At the same time, the Master’s
programme in Marketing Management is highly managerially relevant.
The curriculum has been designed in collaboration with experienced
practitioners. As such, the Master’s programme in Marketing
Management provides a bridge between theory and practice - the ideal
stepping stone towards a successful career in marketing.”
Prof.Dr. Henk Roest Professor of Marketing and
Chairman of the Marketing Department
“This programme opens many doors”
“The Marketing Department is internationally recognised as one
of the best in the world. Our team is constantly working on new
insights in strategic marketing management, consumer behaviour and
marketing modelling. Sharing these new theories and empirical findings
with students and training them to use this knowledge in real life cases
makes them better prepared for a wide variety of jobs in marketing
management and sales. The didactic skills of our staff and their
extensive experience in marketing and research are widely praised by
both our current students as well as our alumni. Our focus on state of
the art knowledge and skills is also reflected in the scope and depth of
the Master in Marketing Management curriculum, including Brand
Management, Strategic Marketing Management, and Advanced
Marketing Research. Students often base their Master’s Thesis on
an internship, which opens many doors to (inter)national companies
and organisations.”
82 83
Marketing Channel ManagementThis course focuses on creating and managing distribution channels.
Channels are inter-organisational systems designed to take products
and services from the factory to the end user. The key focus is on
channel design – how to set up new and change existing channels.
Another topic is channel management – how firms in a distribution
channel are able to co-operate and how these relationships sometimes
end up in conflicts and mismanagement.
Brand ManagementThe brand creates a transaction between the organisation and its
consumers. In this course, you will learn about Brand Equity – the
financial value of the brand for the organisation as a result of a strong
consumer preference for a particular brand. The way in which
consumers experience and relate to the brand will be the starting point
in determining the brand management activities of the organisation.
Strategic Marketing ManagementDuring this course students will learn how to write a strategic marketing
plan, which includes internal and external analysis, SWOT and strategic
options. Students will also become acquainted with a number of
relevant contemporary problem areas within strategic marketing, such
as product development and innovation, adoption and diffusion,
cooperative bonds and strategic networks and the learning organisation.
Besides the - in marketing terms - more traditional markets of
consumer goods, the course will also focus on business-to-business
markets and technology intensive markets.
Marketing CommunicationThe aim of this course is to gain insight in the various forms of
marketing communication. You will learn which skills are needed to
select an effective mix of marketing communication tools. In addition,
you will learn how to evaluate these tools on how effective they are in
providing information and how these tools can be used to convince
consumers.
Susanne Roelle Germany, Alumnus of the MSc Marketing Management
“This programme caters for a future career in marketing”
“During my Bachelor’s degree in International Business at Tilburg
University, I already knew that I was seeking a Master’s degree in
marketing later on. The crucial factor for me was that the complete
programme focuses on marketing only and that it therefore caters
for a future career in this field. For my Master’s thesis, I determined
the importance different groups of students assign to the instruction
language of Master’s programmes and identified students’ preferences.
Having defended my thesis successfully, I even won the Best Thesis
Award in Marketing!
Looking back, I can honestly say that I had a wonderful time throughout
my four years of studies in Tilburg. If you are an active person, you can
choose from an incredible number of possibilities to engage in
extracurricular activities. Personally, I have always been very active next
to my studies, which helped me improved my organisational skills and
my ability to work as part of a team. These skills proved to be quite
useful in my job search. My first job was at the Dutch headquarters
of Otto B.V., an international home shopping organisation. As the
Sales Promotion Coordinator, I was mainly responsible for all online
marketing communications. This included updating the homepage,
sending e-mail newsletters, setting up banner campaigns and creating
landing pages. However, not having encountered the challenge I had
hoped for, I soon realised that I needed a job in which I myself could
initiate and carry out marketing strategies and plans. This is exactly
what I am doing now in my current position of Marketing & Recruiting
Officer for the Tilburg School of Humanities. As such, I am responsible
for the marketing and the recruitment of two relatively new degree
programmes, which gives me the opportunity to be creative in
promoting the programmes (inter-)nationally.”
84 85
Career ProspectsThe combination of theoretical knowledge and practical skills gained in
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.
Admission RequirementsIn order to have direct access to the Master’s programme in Marketing
Management, a solid basis is required in the areas Mathematics and
Statistics, Academic Training, Economics, Finance or Accounting,
Management, and Marketing (more specifically the courses Marketing,
Services Marketing, Consumer Behaviour and Marketing Research).
The Bachelor’s in Bedrijfseconomie, International Business
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’.
Eveline Roelink The Netherlands, Alumnus of the MSc Marketing Management
“The general atmosphere was always pleasant”
“A year ago I started my job as Product Manager Cosmetics for Dior, a
French company which produces and sells perfumes and cosmetic
products. I am responsible for a wide range of marketing and PR
activities, such as organising promotional activities at perfume stores
and developing good working relationships with key media contacts.
During the MSc Marketing Management I gained a lot of useful
knowledge about brands and marketing and how to make sure your
marketing efforts really work. I am sure that without this background, it
would be a lot harder to find such an amazing job at Dior.
I look back at my life as a student in Tilburg with a big smile. One thing
I remember quite clearly is how well-organised the exams were and how
you would always receive important information before the start of the
lectures. During exam periods I was completely focused on studying,
but it was always easy to ask questions to the lectures. The way of
teaching and general atmosphere were always pleasant, especially
because of the interactive nature of the classes. It really made it possible
for me to actively participate and learn how markets function. I am still
using these marketing insights on a daily basis in my job at Dior.”
87
Marketing Research
At a GlanceName 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. 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
86
88 89
Wiebke Schlabohm Germany, Student of the MSc Marketing Research
“The programme immediately sparked my interest”
“Before coming to Tilburg I was studying Business Administration at
the Christian-Albrechts-University in Kiel, with a focus on Marketing
Management. I heard about the good reputation of Tilburg University in
a lecture by one of my professors in Kiel, which immediately sparked my
interest. I did some research on the internet and the courses on offer at
Tilburg in the field of marketing research sounded very fascinating to
me, so I decided to apply. In my opinion, studying abroad for one year
would be perfect to enhance my knowledge of marketing research and
to improve my English language skills.
I was thrilled to find out that I was offered a place in Tilburg. My first
impression of the city and the university were very positive, which was
largely due to the well-organised Welcome Week for new international
students. I also like the teaching styles in Tilburg a lot, because
traditional lectures are combined with interactive lectures. So plenty of
room for interaction and open discussion with the professors. In
addition, I learned how to handle specialised software to solve
marketing problems, so the education is really practice oriented. My
future plan is to stay in the academic world and to do a PhD in Cologne.
Before moving back to Germany, I need to finish my Master’s thesis in
Tilburg. My thesis focuses on the advertising behaviour of multinational
companies and how they allocate their advertising budgets
between their headquarters and their subsidiaries.”
CharacteristicsWhat is the effect of price promotions on company sales? How do we
measure the effect of price changes on the brand choice of an individual
consumer? The MSc programme in Marketing Research teaches you
how sound research can lead to more effective marketing decisions.
More specifically, you are trained to collect, analyse and disseminate
quantitative information in a systematic and objective way. By doing so,
you will be able to provide invaluable input to marketing managers, who
often operate in a complex and demanding environment in which they
make their decisions.
Is this the right programme for me?The MSc Marketing Research is aimed at students with an interest in
the collection and quantitative analysis of marketing data. By reporting
the results and drawing conclusions, marketing researchers are able to
support marketing decisions on pricing, advertising, segmentation and
other marketing issues. During the course of the programme, you will
learn how to use state-of-the-art research methodology to become a
highly trained marketing analyst.
90 91
ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study, offered over two semesters. 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 two courses. From April onwards, you will be able to focus
on your Master’s Thesis.
TracksThe MSc in Marketing Research (MR) consists of two tracks: the
Strategic MR track and the Quantitative MR track. The Strategic MR
track is aimed at students with a Business Administration background
who would like to learn more about the marketing research process.
The courses in the programme cover all stages of the research process:
from setting up a study, collecting and analysing marketing data, to
the presentation of the results. Besides research oriented courses
such as Advanced Marketing Research, Marketing Models, Survey
Methodology, and Experimental Research, we also offer more
managerial courses such as Strategic Marketing Management, that
will enable you – as a marketing analyst - to communicate efficiently
with the marketing manager.
The Quantitative MR track is aimed at students with a mathematical
background who are interested in applying their econometrical
knowledge to the field of marketing. Besides advanced marketing
research courses that cover state-of-the-art research methodologies
used in marketing, such as Marketing Models, Market Assessment,
and Quantitative Models in Marketing, you will also have the
opportunity to broaden your econometrical knowledge in courses
such as Panel Data Analysis of Micro-Economic Decisions,
Micro-Econometrics, and Simulation.
The Strategic MR Track
ECTSAdvanced Marketing Research 6
Market Assessment
Survey Methodology 6
Strategic Marketing Management 6
2 Electives from: 12
Marketing Models •
International Marketing•
Panel Data Analysis of Micro-Economic Decisions•
Micro-Econometrics•
Simulation•
1 Elective from: 6
Marketing Information Management•
Experimental Research•
Master’s Thesis 18
Prof. Dr. Marnik Dekimpe Professor of Marketing Models
“How marketing models help take the mystery out of marketing”
“The modern marketing manager is presented with a new challenge:
how to analyse information accurately and efficiently, and how to
use it to enhance marketing productivity. Marketing models are
tools for achieving these objectives. The course Marketing Models,
by Prof.Dr. Marnik Dekimpe and Dr.Ernst C. Osinga, introduces
students to the state-of-the-art in implementable marketing models.
The emphasis is on models based on the statistical interpretation of
historical data available to the company. Questions we deal with are,
amongst others, how effective is advertising spending; will the frequent
use of price promotions make customers more price sensitive, and
therefore undermine the long-run value of a brand?; does it pay to invest
in trade-show participations, and what are key drivers of trade-show
effectiveness? By answering these questions we show how marketing
models help take the mystery out of marketing. Students will gain
firsthand experience analysing real-life data sets
in several homework assignments.
During the course, numerous examples from recent research are
presented. For example, we describe a recent study on the
categorydemand effects of consumer price promotions across over 560
consumer product categories in the Dutch supermarkets. Multivariate
time-series techniques were used to quantify the short- and long-run
effects of price promotions. These effects were subsequently linked to
variables such as the intensity of competition in each category, the
nature of the category, and the extent of advertising usage in the
category. Two important findings emerged from this study: long-run
primary-demand effects of price promotions are very rare, and
pricepromotion effectiveness is lower in categories with a lot of
imageoriented advertising, and in categories characterised by frequent
newproduct introductions. The study combines different things we find
important in research and teaching: the application of -one- advanced
econometric techniques to –two- managerially relevant problems and
-three- using real-life data.
92 93
Survey MethodologyEvery survey involves a number of decisions about its design and
implementation, and each decision you make has the potential to affect
the quality and validity of the results. How will the sample be chosen?
What mode will be used to pose questions and collect answers from
respondents? The course offers theoretical grounding in the key
components of survey methodology, from sample design and
measurement, to modes of data collection, non-response bias, statistical
estimation, to the psychology of asking questions, and questionnaire design.
Quantitative Models in MarketingThis course builds upon basic econometrics and marketing modeling
courses, by discussing more advanced models and methods for
analysing marketing problems. With the advent of (longitudinal) scanner
(panel) data, marketing models are becoming an indispensable part of
the marketer’s toolkit. This course will discuss modeling approaches for
stationary markets (both at an individual as well as an aggregate level)
as well as time series approaches to model marketing phenomena.
Panel Data Analysis of Micro-economic DecisionsIndividuals and households often make similar decisions every year,
taking into account changes in price and other factors. Examples are
consumption expenditures, savings and portfolio choices (including
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.
The Quantitative MR Track
ECTSPanel Data Analysis of Micro-Economic Decisions 6
Market Assessment 6
Quantitative Models in Marketing 6
12 ECTS from:
Advanced Marketing Research 6•
Marketing Models 6•
Structural Equation Models 3•
Theory-based Econometric Models in Marketing 3•
Micro-Econometrics 6•
Simulation 6•
1 Elective from:
Survey Methodology 6•
Marketing Information Management 6 •
Master’s Thesis 18
This programme is provisional. For more information about the
programme and the courses, please check the electronic study guide
on our web pages a www.tilburguniversity.nl/studyguide
Advanced Marketing ResearchDuring this advanced course you will cover a range of quantitative
methods such as correspondence analysis, conjoint analysis and latent
class analysis that are commonly used in the fields of segmentation
(consumer analysis) and positioning (competitor analysis).
Marketing ModelsThis course is aimed at formulating quantitative models within the field
of marketing and the use of these models in analysing data obtained
from consumer- or retail panels. You will learn how to apply these
models on an individual basis and you will understand what the
advantages and limitations of these models are.
Market AssessmentThis course provides an essential set of tools in today’s data rich, yet
turbulent environment. In any marketing decision making environment,
you will need to assess the effects of your marketing actions on the
customer, and on the competition. This course focuses on the most
frequently used and practical market assessment approaches to
making pricing and product decisions, and to advertising
and distribution decisions in a competitive environment.
94 95
Prof.Dr. Arthur van Soest Professor of Econometrics
“Finding out what drives marketing outcomes”
Career ProspectsMarketing researchers do not need to worry about their future, as job
opportunities are excellent, countless and broad. More specifically, there
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
firms. Hence, they work in different markets and often with a wide
variety of products (retailing, fast-moving consumer goods, services,
etc.), focusing on a range of marketing issues such as segmentation,
pricing and advertising. In addition, this programme is an excellent
basis for an academic career in marketing.
“Although my main field of interest is econometrics, the econometric
models and data collections I use in my research, are also used in
marketing research (but with different applications). For example, in
Bellemare et al. (Econometrica 2008) we introduce discrete choice
models to explain several decisions of the same respondents, accounting
for the fact that people have different preferences. The type of panel data
models used here can also be applied in a marketing research context
where people make repeated choices. Like in many other fields,
marketing research studies are more and more based upon data sets
where individuals or households make a number of decisions, not just
one decision. This is for example the case with scanner data where the
same people are followed over time, but also with stated preference data
where a survey asks people to make several (hypothetical) choices
among different sets of products. Panel data methods are particularly
useful to study repeated decisions over time. Moreover, the outcome in
marketing is often discrete (e.g., which product to buy from a small set
of available products, or simply the decision to buy or not to buy a
certain product), and a large part of the course is about models with
discrete outcomes.
If students are interested in the Master’s programme in Marketing
Research, they should be capable of analytical thinking and have a strong
interest in finding out what drives marketing outcomes. They need not
be excellent at mathematics, but they should not be afraid of using
statistical tools either. Many of our graduates find a job at a marketing
research department in large companies. But some of them work for
consulting companies that give advice to firms in designing their
marketing strategies. Or if students like to continue in an academic
career, then this Master’s programme gives them a head start.”
9796
Measuring the effectiveness of price promotions
Case
Consumers are confronted with a never-ending sequence of
promotional actions, such as price promotions and special displays
in shops. Recent numbers show that 24% of consumer purchases in
Dutch supermarkets and 38% of consumer purchases in U.S.
supermarkets are made ‘on deal’. The most prevailing form of
promotional action is the price promotion. What impact do price
promotions have on brand switching? How do the frequency and
timing of price promotions affect purchasing? What is the role of price
promotions in new product success? Do price promotions benefit
manufacturers, retailers, or both? How do competitors react to price
promotions? In the Marketing Research Master’s programme, we will
explore how advanced techniques involving quantitative models can be
used to provide an answer to these, and other, marketing questions.
Admission RequirementsIn order to have direct access to the Master’s programme in Marketing
Research, a solid basis in the following areas is required:
Mathematics and Statistics•
Academic Training•
Economics•
Management•
Finance or Accounting•
Marketing, more specifically the courses Marketing, Marketing •
Research and Consumer Behaviour
A Bachelor’s degree from Tilburg University in Bedrijfseconomie,
International Business (including the courses Marketing 1, 2, Marketing
Research and Consumer Behaviour) or Econometrics and Operations
Research (including the courses Marketing, Marketing Research and
Consumer Behaviour) gives direct access to the MSc in Marketing
Research. If you have a relevant university degree of another university,
the Admission Board will assess your application. We strongly advise
that students with a business administration background follow the
Strategic Marketing Research track, and students with a back-ground in
econometrics follow the Quantitative Marketing Research track.
For more information see chapter ‘Application and Admission’.
Birgit Smulders The Netherlands, Alumnus of
the MSc in Marketing Research
“A dream job with plenty of growth potential”
“I am currently working for KPN Zakelijke Markt as Junior Data Analyst.
I am responsible for the reports of the Customer Intelligence
department, and I am also involved in both IT and marketing. At the
same time, I am enrolled in the MIacademy, a three-year programme
offered by MIcompany. This high-level educational programme was
developed some years ago in close cooperation with KPN. Besides
regular courses I take part in several traineeships at various
departments within KPN or even at other partners in the MIacademy
programme, such as NUON.
The Master’s programme in Marketing Research has given me a solid
basis for my current job. One good example might be that I learned how
to calculate the value of a customer. Also the course Advanced
Marketing Research proved to be very useful in many ways. I therefore
would recommend the MSc Marketing Research to all students with an
interest in marketing issues and quantitative analysis. In short, you will
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.”
99
At a Glance
Name Operations Research and Management Science
Duration 1 year
Type Full-time
Title Master of Science
Language of Instruction English
Best Preparatory Bachelor’s Econometrics and Operations Researchprogramme
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
Operations Research and Management Science
98
100
Demand planning impact on supply chain bottom-line
Case
The development of a demand plan is typically a joint effort between
different functional units such as logistics, marketing, sales and the
upper management on the one hand, and between different business
units on the other. Starting a project to structurally improve the demand
planning often requires convincing all parties involved in such an effort.
The key is to quantify the bottom-line impact of an increased demand
planning reliability in the supply chain.
A Master’s student from Tilburg University studied the supply chain of
LG Philips Displays Europe. This study proposed a system dynamics
simulation modeling framework that allowed different managers to
examine how improvements in their demand reliability would impact
the overall corporate bottom-line. For example, supply chain managers
could investigate how proposed changes in the supply chain demand
forecasting structure, different suppliers, different logistics routes, or
alternative inventory methods, influenced the overall profitability.
The simulation model was tested and validated with real-life case data.
The model offered the opportunity to simulate future collaborative
forecasting scenarios. A number of fixed and variable cost elements
and a number of financial parameters were included in the model.
These included measuring the bottom-line impact of collaboration in
the chain, the expected payment periods of incoming and outgoing
invoices and the Weighted Average Cost of Capital. Overall, the
simulation results showed that by different demand (sales) planning
improvement strategies, the current planning reliabilities could be
increased to 90%, resulting in an increase in the Economic Value Added
of approximately 4.6 million Euros.
101
CharacteristicsThe programme Operations Research & Management Science (ORMS)
is a modern discipline and pre-eminently an applied field. Students
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.
Using different modeling techniques, this programme provides the
tools for making the most effective decisions.
The MSc ORMS is interdisciplinary in nature, drawing on the techniques
from many fields. This programme is designed to provide students first
with a rigorous foundation in the theories and methods of mathematics
and statistics, economics, and organisation needed to analyse problems
from a systems approach. This is followed by course work which
includes a core in operations research, inventory and production
management, quantitative logistics, combinatorial optimisation,
and queueing theory.
Is this the right programme for me?The MSc Operations Research and Management Science is especially
designed for talented students who are eager to thoroughly analyse
complex quantitative problems. You are ready to study and solve both
practical and scientific problems by utilising a quantitative approach.
Additionally, you will learn to apply relevant computer software and
write and present reports and articles.
Prof.Dr.Ir. Dick den Hertog
Professor of Operations Research,
Coordinator MSc ORMS, former vice-dean
Research
“Mathematical models of practical decision problems”
“My research is closely related to practical problems. One of my
research areas is simulation-based optimisation. Nowadays, for many
decision problems deterministic or stochastic computer simulation is
used to evaluate possible decisions. Such a simulation run can be very
time-consuming. The aim is to find the best decision with as little
simulation runs as possible. Using these techniques, e.g. production
flow lines or inventory management systems can be optimised.
Operations Research and Management Science is pre-eminently an
applied science. Students of this Master’s programme like to make
mathematical models of practical decision problems in industry or for
the public sector, and to solve them with the help of mathematical
techniques. And if the existing techniques are not sufficient, it is a
challenge for them to develop new ones. Additionally, they like
quantitative techniques and have good ICT and communication
skills to really make the ORMS work in practice.”
103
ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study. You will take the 4 core courses and 3 electives of 6 ECTS each,
and write a Master’s thesis of 18 ECTS. The courses are offered over
two semesters. 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. From
April onwards, you will be able to focus on writing your Master’s thesis.
Core CoursesSimulation•
Operations Research and Management Science in Practice•
Nonlinear and Robust Optimisation•
Management Science•
ElectivesCourses from the national netwerk LNMB•
Advanced Game Theory•
Dynamic Real Investment•
Financial Models•
Empirical Finance•
Pension System Design•
Issues in Finance and Insurance•
Micro-Econometrics•
Panel Data Analysis of Micro-economic Decisions•
Other courses, approved by the examination committee•
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
102
Mirjam Groote SchaarsbergThe Netherlands,
Student of the MSc ORMS
“Many of the professors know the students by name”
“At the University of Twente I completed my Bachelor’s degree in
Industrial Engineering and Management. It gave me a solid business
foundation, but I was looking for a more in-depth approach of my
favorite topic, namely Operations Research. I put a lot of effort in
finding out which university would offer me the best Master’s
programme.
The excellent reputation of the Tilburg School of Economics and
Management came to my attention, so I attended the Open Day.
My first impression was very positive. The professors really made an
effort to find out whether my educational background was sufficient to
enter the programme.
In the beginning I discovered that my mathematics skills were a bit
rusty, but I managed to catch up quickly. The class size is around 30
students, which makes it easy to establish a good contact with the
professors – many of them know all the students by name, which is
quite unique. Although I am almost finished with my Master’s thesis
in modeling purchasing co operations as a cooperative game, I am not
ready to leave Tilburg just yet. More precisely, I will continue with the
Research Master (and hopefully a PhD afterwards) next year, which
confirms that I definitely made the right choice. “
SimulationSimulation is an Operations Research method often applied in business
practice, which uses computers to model the behaviour of a dynamic
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.
Queueing ModelsQueueing models are developed for the performance evaluation of
service systems for shared use, such as production and assembly
systems, traffic and transportation networks, and hospitals. Queues
build up through a combination of limited service capacity, uncertainty
of the arrival pattern of customers, fluctuations in the service times and
possible disturbances in the service process. This implies that queuing
models are stochastic, in general. On the basis of assumptions about
the arrival and service process performance, measures like the queue
length distribution and the waiting time distribution are determined
or computed.
105104
Career ProspectsAfter successful completion of the programme in Operations Research
and Management Science, you will be awarded an internationally
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•
at management or logistics consultancy bureaus•
at firms developing logistics software•
as a management trainee, as an OR-specialist, •
or as a quantitative logistics specialist
a PhD in Economics or Business•
Admission RequirementsTo successfully complete the Master’s programme in Operations
Research and Management Science, 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 result in admission to the Master’s programme. In that case,
the Admissions Board will assess your application. For more
information see chapter ‘Admission and Application’.
To be sure that you meet the required entry levels, you should review the
following literature:
Bain, L.J. and M. Engelhardt: Introduction to Probability and •
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).
Ning Ma China, Student MSc ORMS
“Learn about core techniques for solving optimisation problems”
“First of all, I really like mathematics, programming and techniques.
After completing my Bachelor’s degree in Business Administration in
China, I was honored to be offered a place in Tilburg’s Pre-Master’s
programme in Logistics and Operations Management. During my first
year in Tilburg I discovered that ORMS is actually more suitable to me,
because it is all about the core techniques for solving optimisation
problems. So I changed to ORMS in the second year.
I can honestly say that almost every subject I took so far has exceeded
my expectations in terms of contents, level and quality. If I have to
choose a favourite, then it has to be combinatorial optimisation course,
although simulation, stochastic models and some other courses are
also extremely useful. Although I am currently the only Chinese student
in the ORMS programme, I feel comfortable enough as every lecturer
speaks good English, and my classmates are very nice and friendly.
Next academic year I am going to enroll in the second year of the
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.”
Dynamic Capital InvestmentIn this course, you will develop your economic intuition concerning
the theory of investment under uncertainty (real options) and
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)
dynamic programming, optimal stopping, Pontryagin’s maximum
principle, and phase diagram analysis.
Stochastic ModelsThis course aims to increase the capability of analysing managerial
problems under uncertainty, which occur, for example, in inventory and
production control, telecommunications, maintenance, and insurance.
The emphasis is on providing insight and thorough understanding of
renewal theory and the theory of discrete-time and continuous-time
Markov processes, and applications in various areas.
107106
Prof.Dr.Ir. Jalal Ashayeri Professor of Supply Chain Management
“The future is bright”
“The Master’s programme in Operations Research and Management
Science (ORMS) combines the fields of economics, mathematics and
statistics to equip students with advanced tools to solve contemporary
management problems. Today, businesses and industries are
increasingly global and complex. Prompt, forward-thinking and
decision-making abilities are required to manage the design and
administration of production systems, supply chains, and supporting IT
solutions. In this programme, you will learn state-of-the-art operations
enabling tools that help business thrive. You will also have the
opportunity to participate in attractive internships at world-class
organisations, where you can solve real-life practical problems and write
a thesis. What sets ORMS programme apart is that its graduates ideally
are able to draw upon pertinent analytical methods and knowledge
throughout technology, engineering, science, and management. In this
labour market, there is huge demand for students who have theoretical
and applied knowledge of logistics, supply chain management, and
quantitative methods.
Enter ORMS Master’s programme! It is the field that specialises in
helping a wide array of management and executives turn a general, even
vague managerial-improvement idea into concrete plans and system
specifications. As the worthy profession of the twenty-first century, the
future is bright in many respects for Operations Research and
Management Science students.”
Quantitative Finance and Actuarial Science
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 Researchprogramme
Core Courses Dynamic Real Investment, Empirical Finance, Financial Models, Issues in Finance and Insurance and
Pension System Design
Career Prospects Analyst, researcher, consultant, actuary trader, risk manager
Start September
Information Days 25 November 2010 and 19 May 2011
More Information www.tilburguniversity.nl/masters/qfas
108 109
Prof.Dr. Hans SchumacherProfessor of Mathematics,
Coordinator MSc QFAS
“Training at a high technical level”
“The Master’s programme in Quantitative Finance and Actuarial
Science at Tilburg University offers training in modern portfolio
management and risk control at a high technical level. The curriculum
includes advanced courses on the modeling of financial and insurance
markets on the basis of the theory of stochastic processes. Analytic as
well as empirical aspects are covered. Wherever possible, we address
finance and insurance in an integrated fashion so as to bring out both
the similarities and the differences between these fields. In this way, the
QFAS programme responds to the continuing process of integration of
financial and insurance markets. A wide range of electives is available
for students, including courses from the Master’s programmes in
Finance and in Economics and Finance of Aging.”
CharacteristicsThe central theme of the Master’s programme Quantitative Finance
and Actuarial Science is risk management, based explicitly on
quantitative models. Investors apply risk management to weigh risk
against return; insurers apply it to limit their risks by calculating the
appropriate premiums, and option traders balance their books by
calculating the sensitivities of their positions with respect to the
relevant risk factors. Topics include continuous time finance, empirical
applications from finance and the actuarial sciences, risk theory and
asset liability management.
Is this the right programme for me?The MSc Quantitative Finance and Actuarial Science is strongly focused
on the management of financial risks. For students who want to
continue in Actuarial Science towards the title of Actuaris AG, the QFAS
programme provides direct access to a post-Master professional
education programme offered by the Dutch Actuarial Institute.
ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study. You will take 4 or 5 core courses and 3 electives of 6 ECTS
each, and write a Master’s thesis of 18 ECTS. From the core courses
listed below, you have to select at least 4 courses. The courses are
offered over two semesters.
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. From April
onwards, you will be able to focus on writing your Master’s thesis.
Core Courses (Cluster A)Financial Models•
Empirical Finance•
Pension System Design•
Issues in Finance and Insurance•
Dynamic Real Investment•
Electives (Cluster B)The core course, not selected above•
Micro-Econometrics•
Panel Data Analysis of Micro-economic Decisions•
Non-linear and Robust Optimisation•
Simulation•
Management Science•
Operations Research and Management Science in Practice•
Advanced Game Theory•
Other courses, approved by the examination committee•
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
110 111
The importance of hedging
Case
In 1999, Equitable Life was the second largest life insurer in the United
Kingdom and was named ‘pension provider of the year’ by the pension
industry magazine. Founded in 1762, the company was proud to present
itself as the oldest mutual life insurer in the UK.
In December 2000, Equitable closed for new business and put itself up
for sale. There were no buyers. About a million policyholders were faced
with substantial reductions of their retirement benefits. How could this
dramatic downturn take place? The demise of Equitable was caused by
risks that were taken knowingly and willingly by the company’s financial
leadership. During the 1970’s and early 1980’s, Equitable had been selling
pension plans involving a guaranteed annuity return, that is, a minimal
interest rate to be paid on a given sum for the duration of the life of the
policyholder. The guaranteed rates were much lower than the actual rates
that were common in those days of high inflation. In the mid-nineties
however, interest rates went down considerably and when the guaranteed
rates became payable, Equitable sank into major difficulties.
A guaranteed annuity return is like an option contract, which may or
may not have value at the payment date depending on the level of
some related indicator such as a stock index or an interest rate.
Modern financial theory says that the risk involved in such contracts
can be greatly reduced through the application of hedging strategies.
The idea is to construct portfolios in such a way that losses in one part
are compensated for by gains in another part, and vice versa;
implementation of such strategies requires accurate valuation of future
liabilities and careful modelling of correlations. It would not have been
very expensive for Equitable to set up such a hedge in the time it sold the
contracts with the guaranteed annuity returns; even a coarse hedge would
have prevented most of the problems that the company got itself into.
Hedging is extensively discussed in the QFAS programme. It is one of the
objectives of the programme to ensure that QFAS graduates will succeed
where the Equitable management failed, namely to develop financial
products that are useful to customers, without creating undue risks for
the company that provides these products.
Issues in Finance and Insurance During this course, you will discuss topics from the recent journal
literature in the area of quantitative finance and actuarial sciences.
The contents of this course may change from year to year, depending
on recent developments. Some examples of subjects are: coherent risk
measures, prospect theory, premium principles vs. pricing rules,
allocation of risk capital, and modeling of dependence.
Pension System DesignRedesign of pension systems is high on the agenda in both in the aging
industrialised nations and in emerging economies. This course looks at
the main design issues and develops corresponding analysis tools such
as optimal life cycle investment and valuation of pension contracts.
Special attention is paid to the possible benefits of collective systems.
Career ProspectsAfter successful completion of the programme in Quantitative Finance
and Actuarial Science, you will be awarded an internationally recognised
Master of Science degree, with many career opportunities. To give some
examples, graduates in Quantitative Finance and Actuarial Science find
their way into:
Large financial institutions•
Pension funds•
Insurance companies•
Consultancy agencies like Watson Wyatt, William M. Mercer, •
Towers Perrin, etc.
Regulating institutions (central banks)•
Treasury departments of large companies•
PhD in Economics or Econometrics•
Dynamic Capital Invest-mentIn this course, you will develop your economic
intuition concerning the theory of investment under uncertainty (real
options) and 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) dynamic programming, optimal stopping,
Pontryagin’s maximum principle, and phase diagram analysis.
Empirical FinanceThis course is focused on the application of econometric methods to
the study of financial and insurance markets. Subjects that are covered
include: market efficiency and behavioural finance; predictability of asset
returns; factor pricing and performance analysis; long-term investment;
risk measures and regulation.
Financial ModelsThis course offers a systematic introduction to the mathematical
modelling of financial markets. Continuous-time models are discussed
extensively with applications to derivative pricing and hedging in equity
and bond markets. The course also includes a discussion of
computational techniques such as finite-difference schemes and the
Monte Carlo method.
Dynamic Capital InvestmentIn this course, you will develop your economic intuition concerning the
theory of investment under uncertainty (real options) and 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)
dynamic programming, optimal stopping, Pontryagin’s maximum
principle, and phase diagram analysis.
Empirical FinanceThis course is focused on the application of econometric methods to
the study of financial and insurance markets. Subjects that are covered
include: market efficiency and behavioural finance; predictability of asset
returns; factor pricing and performance analysis; long-term investment;
risk measures and regulation.
Financial ModelsThis course offers a systematic introduction to the mathematical
modelling of financial markets. Continuous-time models are discussed
extensively with applications to derivative pricing and hedging in equity
and bond markets. The course also includes a discussion of
computational techniques such as finite-difference schemes and the
Monte Carlo method.
112 113
Prof. Dr. Anja De WaegenaereProfessor of Actuarial Science
and Accounting
“Tackle problems that have social relevance”
“Together with Roger Laeven and Hans Schumacher, I currently teach
the Master course ‘Issues in Finance and Insurance’. This course
focuses on important breakthroughs as well as recent developments in
the academic literature in the fields of Finance and Insurance. Students
are required to read academic papers and prepare answers to a number
of discussion items related to the topic of the paper. My current
research focuses on ‘longevity risk’, which is the risk imposed on
pension and insurance providers due to the fact that the remaining
lifetime of individuals is uncertain. In the past century, we have
observed a significant increase in life expectancy. For example, the
expected remaining lifetime of a Dutch male retiree aged 65 increased
from 13.5 years in 1975 to 17 years in 2007. This past evolution clearly
suggests that further improvement is to be expected, which has
important consequences for pension funds and insurers whose
liabilities clearly depend on the remaining lifetime of individuals.
My current research focuses on development of models to forecast
future mortality, 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.”
115
Admission RequirementsTo successfully complete the Master’s programme in Quantitative
Finance and Actuarial Science, 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
result in admission to the Master’s programme. In that case, the
Admissions Board will assess your application. For more information
see chapter ‘Admission and Application’.
To be sure that you meet the required entry levels, you should review the
following literature:
Bain, L.J. and M. Engelhardt: Introduction to Probability and •
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).
114
Anouk Loonen The Netherlands, Alumnus of
the MSc QFAS
“A good way to broaden your horizon”
“Before the MSc Quantitative Finance and Actuarial Sciences, I did the
Bachelor’s programme in Econometrics and Operational Research at
Tilburg University. I chose QFAS, because I have strong interest in finance,
risk management and actuarial sciences. Besides, this programme has a
solid quantitative basis, which would be very useful for my future career at
a financial institution. During my Master studies I also went abroad,
which I can recommend to anyone. I studied in Paris at Sciences Po. This
‘grande école’ is famous for its political courses. The teaching philosophy
was totally different from the one in Tilburg. The focus was mainly on
debating and fact finding instead of theory and modeling.
This proved to be a perfect preparation for my current traineeship at SNS
REAAL - a Dutch banking and Insurance service provider. My traineeship
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!”
Strategic Management
117
CharacteristicsDuring the Master’s programme in Strategic Management, you will
be offered an integrated overview of strategic management, including
corporate, competitive and functional strategy making. Apart from
gaining insight into the strategies and managerial systems for
organisations that operate in an international context, you will also
find out what drives business performance over time. In addition,
the programme gives you the opportunity to select and apply
solution-focused concepts, tools and models in the context of
emerging strategic issues.
Is this the right programme for me?The MSc Strategic Management adopts a firm-level perspective and
prepares you for management positions and jobs in either internal
consulting (e.g. as member of a strategy or new business department)
or external consulting (as a management consultant employed by a
consultancy firm you do projects for external clients). So, if it is your
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
At a GlanceName Strategic Management
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), Internationalprogrammes Business, or Economie & Informatica with the course Organisatie van de Onderneming
Core Courses Strategic Management, Strategy Process and Decision Making, Strategic Entrepreneurship, Corporate Level Strategy, International Management
Career Prospects (Management) Consulting, Business Policy, New business development or General Management
Start September
Information Days 25 November 2010 and 19 May 2011
More Information www.tilburguniversity.nl/masters/sm
Ahold
Case
Strategy DynamicsThis course enables you to build an integrated
and fact-based picture of how the resources of
a business are developing through time, as a result of their mutual
interdependence, management policies and external opportunities and
constraints. This course draws on the Strategy Dynamics approach,
developed at London Business School, which was developed to improve
the teaching and practice of strategic management.
Corporate-Level StrategyDuring this course you will gain knowledge about the most important
findings of academic research on corporate level strategy. This enables
you to understand how performance differences between large
corporations can be attributed to differences in strategies and
structures. You will also learn to critically review academic papers and
learn to apply the knowledge in practice.
International ManagementThis course reviews the various theories of why firms become
multinational enterprises. Most of these theories are rooted in
economic theory. In addition, we discuss more dynamic, evolutionary
theories of the internationalisation of firms. We also study how
multinational enterprises manage and control their international
subsidiaries.
Strategic ManagementThis course covers key concepts and models in the area of business and
corporate strategy. Together, corporate and business strategy cover the
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
discussions in tutorials. The wide array of topics in this course ensures
connections to various other courses in the programme.
Strategy Process and Decision MakingStrategy process covers both strategy formulation and implementation.
Strategy formulation covers analytical tools to support strategic decision
making but requires understanding of decision making styles and
decision making biases as well. Furthermore, successful strategies
require close integration of strategy formulation and implementation.
Strategy processes differ between organisations and between
individuals. For example, some organisations are more centralised than
others and individual decision making styles differ between rational and
more intuitive. This course teaches students to recognise strategy
process characteristics, potential decision biases and potential
implementation differences.
. ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study, offered over two semesters. 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 two courses. From April onwards, you will be able to focus
on your Master’s Thesis.
ECTSStrategy Process and Decision Making 6
International Management 6
Strategic Management 6
1 Elective out of: 6
Corporate Governance and Restructuring•
Corporate Valuation•
Management Control•
Management of Knowledge and Innovation•
Research Methods in Strategy 6
Corporate-Level Strategy 6
Strategic Entrepreneurship 6
Master’s Thesis 18
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
118 119
Dr. Eric Dooms Lecturer Organisation and Strategy
Programme Coordinator of the MSc in
Strategic Management and the MSc in
Supply Chain Management
“Good implementation is just as important as good strategies”
“Unlike many other programmes in business, the Master’s programme
in Strategic Management does not depart from the strict separation
between functional disciplines but adopts a firm-level perspective.
Strategic Management is about the overall direction and organisation
of firms. So it requires solid knowledge of the many disciplines in
business and economics, but above all, it requires knowledge that cuts
through these disciplines. Anyone interested strategic issues at a
cross-disciplinary level should opt for the Strategic Management
programme at Tilburg University. Students develop knowledge that
helps them to recognise and resolve strategic issues in a variety of
contexts and firms. Specific attention is paid to strategy implementation
issues with the recognition that good implementation is just as
important as good strategies. Students learn that many strategic issues
are non-routine, ambiguous, and complex but are provided with a
framework for the systematic analysis of such issues.”
Dutch retailer Ahold had experienced a period of expansion into new
countries and businesses before it encountered severe problems at the
beginning of 2003. Share prices of Ahold had risen as a result of the
successful growth of the company, giving Ahold a solid reputation
among shareholders and increasing the status of its CEO to that of top
manager of the year in 2000. A few years later Ahold seemed to have
become a victim of its own success. Company analyses revealed
corporate executives’ inability to adequately control all the foreign
subsidiaries of the company, which had become increasingly diverse in
terms of business and international scope. Clearly, strategic
management is as much about decisions on the strategic direction of a
company, as it is about the ability to implement and control this chosen
direction.
It also appeared that the Ahold subsidiary Albert Heijn, the leading
Dutch supermarket chain, had served the purpose of generating cash
flows to finance the expansion into new business and geographical
areas, amongst others by boosting the price levels of products sold.
As a result of that, customers were increasingly turning away. To regain
the lost market share, Albert Heijn has changed its strategy drastically,
leading to severe price wars in the Dutch supermarket business.
Strategic management is also as much about deciding on what
businesses to operate in, as it is about deciding on how to compete
in each respective business.
Corporate-Level StrategyDuring this course you will gain knowledge about the most important
findings of academic research on corporate level strategy. This enables
you to understand how performance differences between large
corporations can be attributed to differences in strategies and
structures. You will also learn to critically review academic papers and
learn to apply the knowledge in practice.
International ManagementThis course reviews the various theories of why firms become
multinational enterprises. Most of these theories are rooted in
economic theory. In addition, we discuss more dynamic, evolutionary
theories of the internationalisation of firms. We also study how
multinational enterprises manage and control their international
subsidiaries.
120 121
Jarri Jung The Netherlands, Student of the MSc Strategic Management
“Investigate business strategies”
“After completing my secondary school I started a Bachelor’s
programme in the field of Human Resource Management at Tilburg
University. The main focus was on social sciences, such as psychology
and sociology, which gave me a lot of useful insights into the behaviour
of people and organisations. As time went by, I started to become more
interested in business and decided to do a second Bachelor’s degree in
International Business. I went to Madrid for half a year to improve my
Spanish and to get some first-hand experience of differences between
people and cultures. My interest in business strategy became more
apparent when I was chairman of INPUT, one of the study associations
in Tilburg. I began to investigate questions such as: What are the
longterm goals of our association? What action do we need to
undertake to achieve those goals?
The MSc programme in Strategic Management seemed a very logical
choice for me. I like to investigate business strategies and their impact
on a firm’s performance, especially in an international context. For the
course Corporate Level Strategy, for example, we were given group
assignments and managed to generate a lot of debate and interaction.
This was a great way for me to go beyond ‘dry’ theory and get a taster
of the ‘real’ business world. I am now trying to balance these theoretical
and practical aspects in my Master’s thesis, by doing an internship.
My short-term goal is to finish my thesis before the start of the next
academic year and then travel around South-America for about half a
year. This trip will hopefully give me enough inspiration and new ideas
to formulate my long-term goals – who knows where it will take me in
the future?”
123
Career ProspectsStrategic Management prepares you for jobs which require skills and
knowledge to identify, analyse and solve strategic issues faced by
various types of organisations. Future professional activities performed
by the graduate include for example: analysis of competitors, assessing
new business opportunities, industry analysis, foreign entry mode
decisions, bridging gaps between strategy formulation and
implementation. Jobs may include internal of external analyst or
consultant, management functions, including project management or
management trainee, positions in new business development
departments, staff positions in the area of planning, policy or strategy.
Admission RequirementsIf you have a Bachelor’s degree from Tilburg University in Bedrijfs-
economie, International Business Administration (former Business
Studies), or International Business you will have direct access to the
Master’s programme in Strategic Management. Furthermore, if you
have a Bachelor’s degree in Economie & Informatica, with the course
Organisatie van de Onderneming, you will also have access. 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’.
123
Gabriela Nunes Brazil, Alumnus of the MSc Strategic Management
“Creating a macro point of view of a corporation”
“Because of the high reputation of Tilburg University in the field of
Economics and Business, I decided to do my Bachelor’s as well as my
Master’s degree in Tilburg. Although both programmes were quite
demanding and challenging, I still managed to find time for other
activities besides studying. For example, I was an active member of the
student promotion team at Tilburg University. Apart from helping out
with office duties, I also travelled to my home country Brazil on several
occasions to represent Tilburg University at student fairs. Because of
my knowledge of the Brazilian culture and my understanding of what
Brazilian students are looking for, I managed to generate a lot of
interest for Tilburg – a study destination, which was previously relatively
unknown amongst Brazilian students. I am proud that I was able the
make a difference in that respect.
I am currently working at Statoil in Belgium as a trainee of the Indirect
Tax Department. My main task is to prepare VAT returns for different
countries within the European Union. The job is related to accounting
and tax law, which allows me to increase my knowledge in this field.
The Master’s programme in Strategic Management gave me good
background in creating a macro point of view of a corporation. This
helps me to understand the differences between business unit activities
and respective countries locations to prepare the VAT returns. My plan
for the future is to build a career in a consulting company and handle
international projects. If non-EU students would like to pursue a job in
Europe, I would recommend them to become a member of AISEC - the
world’s largest student organisation. It is a great opportunity to get an
internship abroad, which may eventually lead to a permanent job.”
122
125
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 Bedrijfseconomie, International Business Administration (former Business Studies),programmes 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
Start September
Information Days 25 November 2010 and 19 May 2011
More Information www.tilburguniversity.nl/masters/scm
124
126 127
CharacteristicsThe execution of a company’s primary processes and its linkages with
suppliers and distributors, is the central topic in this Master’s
programme. Successful implementation of a business strategy requires
thorough understanding of the ways in which goods and services are
produced. The arrangement of resources required for the production of
a company’s output is the core task of operations managers. Firms
develop global operational networks to meet the challenges of, and take
advantage of, the opportunities presented by economic globalisation.
Since purchasing, production and distribution activities can take place
in various parts of the world, these activities introduce a wide variety of
logistical challenges. For example, in any industries an increasing
number of services and materials are obtained from outside specialist
suppliers. This means the way in which businesses manage the supply
of products and services to their operations becomes important.
Similarly, at the demand side of the business, the way in which the
distribution chain is managed contributes to an operation’s ability to
serve its customers.
Is this the right programme for me?Our MSc in Supply Chain Management fully prepares you to take
advantage of the opportunities presented by the process of economic
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.
The company Childwear specialises in high-quality children’s clothing.
Their range of dresses, shirts, jumper’s etc. is excellent in terms of quality
and design. The clothes are sold worldwide and marketed as a global
product. The company is headquartered in the Netherlands, but much of
the production is located overseas (India, Far East). The Dutch factory
prepares sets of partially finished clothing that can be assembled easily.
These partially finished sets are sent abroad, where the final product is
put together. Design and marketing, however, are handled from the
Netherlands, as is the control of the international flow of goods.
International supply chain management has become an important
strategic issue for many multinationals in recent years. For instance,
from the point of view of production the question arises whether one
central location is sufficient to service a world market or whether a
network of factories is required. A related question is where the
multinational should source its raw materials and semi-manufactured
articles: close to home (for reasons of quality control, for instance) or
from a number of far-flung manufacturers. On the output side, many
companies strive to link distribution to local production in order to limit
endless international transport.
Case
Prof.Dr.Ir. Bart Vos Professor of Purchasing Management
“Create theory-driven solutions”
“I expect students entering our Master’s programme to have a genuine
interest in understanding and improving the performance of operations.
Performance is not restricted to cost reduction (efficiency), but should
definitely also cover quality and service improvements for customers
(effectiveness). Moreover, operations are not restricted to more
traditional industrial settings, but also consist of services environments
like health care. In addition, I expect students to have a design attitude,
enabling them to actually create theory-driven solutions in the Supply
Chain Management domain and subsequently support the
implementation of these solutions. From this perspective, I consider
one of my papers as highly relevant. It is entitled ‘Virtuous and vicious
cycles on the road towards international supply chain management’,
with Henk Akkermans and Paul Bogerd as co-authors. Curiosity was
the main driver for that paper: why are there so few highly successful
applications of the SCM concept in practice? We explored this question
in a workshop with experienced practitioners, resulting in a list of
roadblocks frustrating the implementation of SCM.
Fortunately, the workshop results also revealed enablers for turning
negative, vicious cycles into virtuous successful ones. These enablers
include demanding customers, stimulating cross-functional careers
and leveraging the potential of ICT systems. These insights ultimately
contribute to our understanding of what it takes to design and manage
successful supply chains.”
International supply chain management
128 129
Dr.Ir. Bert Meijboom Associate Professor Organisation & Strategy, six years industrial experience at Heineken Breweries,
main research topic Supply Chain Management, participant of health care research programme TRANZO,
strongly involved in the set-up of the Master’s programme in Supply Chain Management
“A multidisciplinary undertaking”
ProgrammeThe programme consists of 60 Credits (ECTS), equivalent to 1680 hours
of study, offered over two semesters. 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 two courses. From April onwards, you will be able to focus
on your Master’s Thesis.
ECTSInternational Production Management 6
Logistics and Information 6
Physical Distribution Management 6
Research & Design Methodology 6
Purchasing Management 6
1 choice out of: 6
Marketing Channel Management•
Advanced Resource Planning•
Elective•
1 choice out of: 6
Supply Chain Collaboration and Advanced Planning•
Elective•
Master’s Thesis 18
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
“My personal belief is that studying Supply Chain Management
is a multidisciplinary undertaking. Students first need a thorough
understanding of what it is organisations are trying to achieve.
Supply Chain Management is then answering the question of how
organisations actually achieve this. And this can be studied from
different perspectives, such as from the perspective of business
processes (purchasing, distribution, production), from the relationships
with suppliers and buyers (supply chain management), or from a
strategic perspective (operations strategy). In several courses, guest
lecturers (e.g. from companies such as Philips, Sara Lee, Amgen
Pharmaceuticals) are invited to address managerial issues.
The choice of a graduate study should ideally reflect your own strengths,
your own interests, and your own future wishes. This Master’s
programme is perhaps best suited for students who wish to understand
the actual sources of competitive advantage, how these sources can be
explained, how organisations can develop these sources, and how
organisations can improve their operations. In my opinion this Master’s
programme therefore provides an excellent preparation for students
who opt for consultancy in a later career, but equally well for students
pursuing a career in management of manufacturing organisations, as
well as of service organisations.”
130 131
Career ProspectsWith globalisation increasing rapidly, the demand for specialists in the
field of supply chain management is growing fast. Most of
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
for graduates. Finally, service operations is an emerging area with career
opportunities, particularly in the health care sector.
Admission RequirementsIf you have a Bachelor’s degree from Tilburg University in Bedrijfs-
economie, International Business Administration (former Business
Studies), or International Business you will have direct access to the
Master’s programme in Supply Chain Management. Furthermore, if you
have a Bachelor’s degree in Economie & Informatica, with the course
Organisatie van de Onderneming, you will also have access. 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’.
International Production ManagementThis course aims to provide knowledge of and insights into the
dynamics of managing an organisation’s production system in an
international context. Secondly, it aims to develop a reflective attitude
with respect to the related concepts and to develop skills to use the
concepts in real-life contexts.
Logistics and InformationIn this course you will gain insight into an integrated and coordinated
approach for internal and external planning of a company’s logistics.
This includes material planning, activity planning and scheduling, the
coordination of internal supply, WIP, coordination of demand, and
supply chain management. The approach discussed here is the basis for
every ERP software package, such as SAP. The focus of this course is on
integrating theory and practice.
Physical Distribution ManagementDetailed knowledge of physical distribution is provided from an
operations management perspective, including a conceptual basis in
spatial economics and industrial location theory, in the practical context
of internationally operating companies.
Purchasing ManagementThe course Purchasing Management provides detailed knowledge of
the strategic and enabling processes in the purchasing management
domain of operations. In addition, you will learn how to apply the
theoretical concepts in practical settings.
Research & Design MethodologyThe aim of this course is to familiarise students with the organisation
redesign process in combination with research methodologies. You will
learn how to develop alternative solutions for the identified problem,
based on an analysis of the present design and the goals to be achieved
using relevant data analysis methods.
Lotte Keur The Netherlands, student of
the MSc Supply Chain Management
“Strong emphasis on team work”
“When I started my Bachelor’s degree in Business Studies in Tilburg,
I was not entirely sure which direction to choose within the broad field
of business. Studying a wide range of business courses, ranging from
management and human resources to economics and finance, was
ideal for me, as I could make up my mind along the way. After my
Bachelor graduation I decided to do my Master’s degree in the field of
logistics and supply chain management, especially because I really liked
the courses in Supply Chain Management and Operations Management.
Now that I am getting closer to the end of this Master’s programme,
I can say that I have made the right choice. The programme is diverse
with courses such as Purchasing Management, International Production
Management, and Physical Distribution Management. The class size is
small and there is a strong emphasis on team work. This makes the
programme really interesting and interactive. The team assignments
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.”
133
Admission and Application
There are different application procedures for students with a Dutch
Bachelor’s degree and with a non-Dutch Bachelor’s degree, who wish to
apply for an MSc programme.
Detailed information can be found on the different application procedures
for specific programmes and situations at the following sources:
Candidates applying for a Master’s programme with a Bachelor’s •
degree from Tilburg University or any Dutch University:
www.tilburguniversity.nl/masters Candidates applying for a Master’s programme with a Bachelor’s •
degree from a Dutch University of Applied sciences (hbo)
www.uvt.nl/premasters (in Dutch). Candidates applying for a Master’s programme with a non-Dutch •
Bachelor’s degree: www.tilburguniversity.nl/masters
Our Admission Board assesses every application on an individual basis.
Applications are assessed throughout the year – which means you can
apply at any time. If your application is complete and includes all the
necessary documentation, the admissions procedure usually takes
around four weeks.
Students looking to join the programme commencing in September 2011
will need to apply before the deadlines specified in the information below.
We encourage all students to apply as early as possible to ensure they
have enough time to arrange visas, accommodation or any other practical
matters.
132
134 135
ContactStudents with a Dutch Bachelor’s DegreeEducation Office
Tilburg School of Economics and Management
Tilburg University
Koopmans building, Room K18
PO Box 90153
5000 LE Tilburg
The Netherlands
Tel: +31 13 466 3037
Fax: +31 13 466 3072
E-mail: [email protected]
Visiting Address
Tilburg University
Warandelaan 2
5037 AB Tilburg
Students with a non-Dutch Bachelor’s DegreeInternational Student Services Office
Tilburg School of Economics and Management
Tilburg University
Koopmans building, Room K18
PO Box 90153
5000 LE Tilburg
The Netherlands
Tel: +31 13 466 8972
Fax: +31 13 466 3072
E-mail: [email protected]
For directions to Tilburg University, please go to:
www.tilburguniversity.nl/contact
Application DeadlinesPlease make sure that your complete application package for the
academic year 2011-2012 arrives at our office before the following
deadlines. We recommend you to send your application package by
courier or by registered post to avoid loss or delay of your paperwork.
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
(2) EEA countries: •
Australia, Belgium, Bulgaria, Cyprus, Czech Republic,
Denmark, Estonia, Finland, France, Germany, Greece,
Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania,
Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal,
Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and The
United Kingdom of Great Britain and Northern Ireland.
(3) Non-EEA countries not requiring visa: •
Australia, Canada, Japan, Monaco, New Zealand, South Korea
and USA.
Tuition FeeTo give you an indication of the tuition fees for the academic year
2011-2012, please find below the tuition fees for the MSc
programmes in the academic year 2010-2011:
EEA citizens u 1672
Non-EEA citizens u 10506
Tuition fee payments are non-refundable if a student has to leave the •
programme before graduation.
If students do not complete the MSc programme within a year they •
will need to register for a second year and pay tuition fee accordingly.
Students from EEA countries can make use of the so-called •
“collegegeldkrediet” (tuition fee credit) as offered by the Dutch
government to borrow the money they need for their tuition fee
payments. For more information, please check: www.ib-groep.nl
Scholarships for excellent studentsTilburg University has scholarships available for excellent
international students who are admitted to one of our
Master’s Programmes. More information can be found on:
www.tilburguniversity.nl/tusp
136
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
der Burgt, Fleur Bakermans, Stock Photography.
Printing: Prisma Print, Tilburg University
August 2010
WebsiteThere 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
136
Tilburg School of Economics and ManagementAddress PO Box 90153, 5000 LE Tilburg, The Netherlands
Telephone +31 13 466 89 72
Fax +31 13 466 89 88
E-mail [email protected]
www.tilburguniversity.nl/masters
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