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AACSB Accredited

Would you like to learn how quantitative analysis can support and improve decision making? Then the MSc in Econometrics, Operations Research and Actuarial Studies (EORAS) is the right master for you.

The MSc EORAS program uses mathematical and statistical models to analyze problems in economics, finance, insurance, and related areas. In this program, we address questions such as: How will future employment ratios develop in Europe? How much influence will petrol prices have on car usage? What is the minimal route length to deliver large amounts of parcels? How to calculate a fair premium for a new insurance product? These questions have in common that they relate to a decision-making process and that answering them requires the use of mathematical modeling and data science. In the MSc EORAS program, you will learn how to construct appropriate models, to apply these models to real-life data by means of statistical software, and to design and implement computer algorithms. Importantly, you also learn how to give a proper economic interpretation of the outcomes of quantitative models.

The MSc EORAS in Groningen is split into three specialized profiles:

  1. Econometrics, which aims at quantifying causal relations among economic variables using statistical models. The models are used for forecasting purposes and to support policy decisions.
  2. Operations Research, which uses mathematical and probabilistic models to solve optimization and decision-making problems, for example in logistics, transportation and inventory management.
  3. Actuarial Studies, which focuses on mathematical models for risk management in the financial sector, consisting of insurance companies, pension funds, banks, hedge funds, and institutional investors.

In addition to taking courses from the chosen profile, you are encouraged to take courses from the other profiles. The reason is that a proper quantitative analysis contains elements from each profile, such as data collection and analysis, optimization strategies and risk assessment. In other words, you are encouraged to broaden your problem-solving skills by acquiring knowledge on the topics taught in multiple profiles. The “toolkit” that you develop in this way will be of high relevance in a world that depends more and more on data science, programming, and quantitative analysis. Graduates of the MSc EORAS are generally very successful in finding a job.

Why study this program in Groningen?

The program has three profiles to choose from and is attractive for both research-oriented and more practically focused students. The emphasis is on the application of mathematical modeling to practical problems and how to extract useful information from available economic data. Besides, it is an internationally accredited program, ensuring high-quality education that meets both the AACSB and EQUIS standards, which only one percent of the universities reach worldwide.

Program

Year 1

The program in Econometrics, Operations Research and Actuarial Studies (EORAS) offers three distinct profiles to choose from. This allows you to benefit from the combination of three profiles within the same program. Class sizes are relatively small, ensuring interaction between students and lecturers.

EORAS uses mathematical models to analyze complex problems in economics, finance, and related areas. The program teaches students about the most important mathematical models and provides them with algorithmic thinking and an analytical attitude. At the same time, students learn to translate model outcomes into relevant results for the field of application.

Courses

  • AS | Asset and Liability Management, OR: Banking, Insurance, and Risk Management (5 EC, optional)
  • AS | Dependence & Extremes in Risk Management (5 EC)
  • AS | Models for Short Term Risk Management (5 EC)
  • EC | Applied Macroeconometrics, OR: Applied Microeconometrics (5 EC, optional)
  • EC | Econometric Inference (5 EC)
  • EC | Econometric Theory and Methods (5 EC)
  • Electives (subject to approval) (10 EC)
  • Electives MSc EORAS (15 EC)
  • Master's Thesis EORAS (20 EC)
  • OR | Analysis of Complex Systems, OR: Supply Chain Optimization (5 EC, optional)
  • OR | Combinatorial Optimization (5 EC)
  • OR | Stochastic Programming (5 EC)

Study abroad

  • Study abroad is optional;
  • For an average of 20 weeks.

Entry requirements

Admission requirements

Dutch diploma

Specific requirements More information
Previous education

To be eligible for admission to this Master, you need to hold an academic Bachelor's or Master's degree from a research university in the field of Econometrics and Operations Research.

International diploma

Specific requirements More information
Certified competences

GMAT/GRE

Language test

IELTS Academic overall score 6.5 (Speaking 6, Writing 6.5); TOEFL internet-based overall score 90 (Speaking 20, Writing 24); C1 Advanced, C2 Proficiency (with minimum score 180); the University of Groningen Language Center Test (Speaking B2, Writing C1).

Previous education

To be eligible for admission to this Master, you need to hold an academic Bachelor's or Master's degree from a research university in the field of Econometrics and Operations Research.

Registration procedure

Students have to apply via Studielink and the Online Application System (OAS) of the University of Groningen. After you apply for the program of your choice, the Admissions Office will evaluate your educational background and assess your eligibility.

Application deadlines

Type of student Deadline Start course
Dutch students

01 May 2020

15 October 2020

01 September 2020

01 February 2021

EU/EEA students

01 May 2020

15 October 2020

01 September 2020

01 February 2021

non-EU/EEA students

01 May 2020

15 October 2020

01 September 2020

01 February 2021

Tuition fees

Nationality Year Fee Program form
EU/EEA 2019-2020 € 2083 full-time
non-EU/EEA 2019-2020 € 14650 full-time
EU/EEA 2020-2021 € 2143 full-time
non-EU/EEA 2020-2021 € 15000 full-time

Job prospects

Graduates of the MSc EORAS are generally very successful in finding a job. The three profiles have a broad scope and are highly valued by employers.

As a graduate, you typically work at banks, insurance companies, logistics firms, central banks, pension funds, consultancy firms, the government, or supervisory authorities, to name a few. Both the public and the private sector offer interesting job perspectives. Finally, you could start a career as a researcher in academia or at research institutes.

FEB Career Services

To support you in developing your career and strengthen your employability skills, our FEB Career Services empowers you to achieve lifelong success through various career services during your studies.

Research

Linking education to research and career preparation

The course and thesis topics that students in our MSc EORAS program typically work on are both practically and scientifically relevant. In this way, our students play an active role in the research activities of the EORAS department. Students typically implement and evaluate new quantitative methods to solve economically relevant problems.

EORAS students have an excellent position in the labor market, where skills such as data science, mathematical modeling, and programming are highly appreciated. Below you can find an overview of some recent topics studied in each profile.

Econometrics

At its most fundamental level, econometrics is about the identification and estimation of causal relations among economic variables. Recent developments include the rise of computer-intensive methods, and special techniques to deal with large data sets. Econometrics consists of both theoretical and applied topics. Theoretical econometrics is closely related to (mathematical) statistics but focuses on the kind of problems that are relevant in economics. Applied econometrics uses techniques and methods from theoretical econometrics and applies them to problems in e.g. quantitative and empirical finance, data science, economics, and marketing.

Below some examples of thesis topics are given, coming from recent MSc EORAS graduates who specialized in Econometrics.

Johan Starkenburg: “The effect of news sentiment on returns and trading strategies in the context of cryptocurrencies.” Johan showed that including news sentiment enhances models for forecasting cryptocurrency returns and also improves trading strategies for such currencies. Johan used techniques from machine learning techniques in his thesis.

Tom Jongsma: “Promotion techniques at bol.com”. Tom investigated the effectiveness of promotion techniques at Bol.com, the largest e-commerce corporation in the Netherlands.

Nina Francke: "Setting bundle sizes for mobile internet: a practical approach using customer data". Nina used econometric techniques to give a recommendation on the optimal set of bundle sizes.

Operations Research

Operations Research is about making optimal decisions. Some examples: How many products should firm keep in stock, and where? Should you sell products online or offline, or both? What delivery routes to the customers minimize cost and CO2 output? What government subsidy program provides optimal incentives to the energy transition from oil and gas to sustainable resources such as wind or solar energy?

Operations Research differs from less quantitative fields (such as management consulting) due to its extensive use of mathematical modeling and optimization methods. Research topics in Operations Research include, but are not limited to, the design and analysis of inventory, maintenance, and planning systems subject to uncertainty. Relevant techniques in this field are probability theory, stochastic programming, heuristics, combinatorial optimization, and simulation.

Below some examples of thesis topics are given, coming from recent MSc EORAS graduates who specialized in OR.

Marina de Wolff: "Improving models to predict the gas capacity in Groningen using real-time data." Marina developed a model to better forecast the capacity of the Groningen gas fields. She did so whilst situated at ORTEC in Groningen and continued to work there. She is still involved with the university, giving guest lectures and taking part in a sustainable energy project.

Kevin John Mann: "An algorithm to minimize waste material." Kevin developed an algorithm to help CIG, located in Groningen and involved in shipbuilding, reduce leftover steel.

Pam van Benthem: "A Multi-location spare-parts inventory system.” Pam developed a new method for managing inventories across 19 countries at a technical wholesaler with approximately 50,000 customers. She was then hired by the firm where her activities included, among others, implementation of her own method.

Tessa van Swieten: "A quantitative analysis of the costs of Dead-On-Arrival products." Tessa analyzed the effects of parts arriving broken at repair sites, using data from various companies. She won the national Service Logistics thesis award for her research.

Ruben van Beesten: "Convex approximations for mixed-integer mean-risk recourse models with conditional Value-at-Risk". Ruben is currently a Ph.D. student at the faculty.

Thom Steenhuis: "Demand Forecasting using Machine Learning Techniques in the Semi-Conductor Industry". Thom works at ORTEC.

Actuarial Studies

Actuarial Studies applies mathematical and statistical methods to risk management in the financial sector, which includes insurance companies, pension funds, banks, hedge funds, and institutional investors. It is closely related to the field of (quantitative) finance. More traditional areas in Actuarial Sciences include a premium calculation for life and liability insurance, while more recent topics are related to asset and liability management and other risk-management techniques. Some examples: How are future mortality rates expected to develop over time? Are stock and bond returns more negatively correlated during a crisis? Analysis of extremal events, such as extreme weather conditions. What is the flood risk in a particular area of the world and what are the costs involved? What is a fair premium for mobile-phone insurance?

Below some examples of thesis topics are given, coming from recent MSc EORAS graduates who specialized in Actuarial Studies.

Bert Bekker: “Determinants of Health Claim Frequency”. Bert used data from a health insurance company to explain why some policyholders file many claims and others only a few.

Zakiatul Widani: “Forecasting portfolio Value-at-Risk using copulas”. Zakiatul used an advanced statistical method to forecast the risk of international portfolios of stocks and found out that her new approach outperformed existing methods.

Eveline Liefkens: “Modelling insurance lapse”. Eveline used data from an insurance company to explain why policyholders prematurely terminate their insurance policy and showed that the model she developed can be used by insurance companies to predict which policyholders will prematurely terminate their insurance.

Program taught in:
  • English (US)

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Last updated October 22, 2019
This course is Campus based
Start Date
Feb 1, 2020
Sep 1, 2020
Duration
12 months
Full-time
Price
2,143 EUR
EU/EEA students: €2143/year. Non-EU/EEA students: €15000
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