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M.Sc. Quantitative Finance and Actuarial Science
Tilburg University
| Application deadline: | 1 April (non-EU), 1 July (EU) |
| Tuition fee: |
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| Start date: | September 2013 |
| Credits: | 60 ECTS |
| Duration full-time: | 12 months |
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| Location: |
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| Delivery mode: | On Campus |
| Educational variant: | Full-time |
Description
Tilburg University is renowned for its programme in Econometrics and Operations Research, a unique combination of economics, mathematics and statistics. In this field of quantitative economics the University offers three one-year Master of Science programmes.
The three one-year Master of Science programmes are in the field of quantitative economics: Econometrics and Mathematical Economics, Operations Research and Management Science and Quantitative Finance and Actuarial Science. These three Master's programmes are particularly suitable for students who want to apply quantitative methods (mathematics and/or statistics) to economic problems.
The central theme of Quantitative Finance and Actuarial Science is risk management, which is nowadays usually based upon explicitly quantitative models. Investors apply risk management to weight 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.
With a Master of Science in one of the fields of Econometrics and Operations Research you will be able to apply mathematical and statistical methods and typical techniques related to the MSc programme of your choice in a scientific way. In addition, you will be given a solid basis for a scientific career in econometrics, mathematical economics, operations research or quantitative economics.
Contents
Programme (provisional)The 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. The courses are offered over two semesters. From the core courses listed below, you have to select at least 4 courses. 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 Courseso Dynamic Capital Investment
o Empirical Finance
o Financial Models
o Issues in Finance and Insurance
o Pension System Design
Electiveso Auctions and Public Sector Economics
o Asset Liability Management
o Combinatorial Optimisation
o Econometric Methods
o Financial Markets and Institutions
o Financial Analysis and Investor Behaviour
o Game Theory
o Industrial Organisation
o Introduction to Economics and Finance of Aging
o Life Insurance
o Micro-Econometrics
o Panel Data Analysis of Micro-Econometrics Decisions
o Quantitative Finance
o Queueing Models
o Risk Theory
o Simulation
o Stochastic Models
o Other electives (to be approved)
Requirements
In order to have access to the Master's programme in Quantitative Finance and Actuarial Science, candidates must meet two entry requirements: a Bachelor´s degree in Econometrics or a similar programme from a university that is recognised by the Admission Board, and proficiency in English.
More precisely, a solid academic background is required in the fields of:
* Mathematics and Statistics
* Economics
In order to get an idea of the required mathematical and statistical level, you could review the following literature: * L.J.Bain & M.Engelhardt, Introduction to Probability and Mathematical Statistics, Duxbury, 2nd edition (1992).
* Sydsaeter, K. and P. Hammond, Essential Mathematics for Economic Analysis, Pearson Education (2002).
* D.C. Lay, Linear Algebra and its Applications, Addison-Wesley, Second Edition, Amsterdam, (1997).
Upon request, the Admission Board may grant the opportunity to rectify deficiencies during the Master´s programme.
Proficiency in English is required. Students who did their Bachelor´s in the Netherlands, native English speakers and applicants with a Bachelor´s degree from a programme entirely in English are admitted without test. All other students should have a minimum Academic IELTS score of 6.5 overall (6.0 minimum on parts), or, alternatively, a minimum TOEFL score of 575 (paper test) or 233 (computer test) or 90 (Internet based test) is necessary. Scores on separate parts are also evaluated, since candidates must possess good reading, writing, and oral skills. In addition, candidates need to submit an above average GRE test score.
The following characteristics are not required:
* Candidates with work experience are welcome, but work experience is not a prerequisite to enter the programme.
* Proficiency in Dutch or any other language apart from English.
If you meet these requirements, you have a good chance of being accepted.
IELTS
You are normally required to take an English Proficiency Test.
Most European Universities recognise the IELTS test.
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