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.
**Top rated programme and best MSc EORAS in the Netherlands - Higher Education Guide Masters 2019 **
The MSc EORAS programme uses mathematical and statistical models to analyse problems in business consultancy, 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 post parcels? How to estimate the financial risks of a new insurance product? The central aspect of all these questions is to support a decision-making process with quantitative models and data. In the MSc EORAS programme, you will learn how to make relevant models, design and implement computer algorithms to carry out extensive computations. You use societal and business context to interpret and assess the results.
The MSc EORAS in Groningen is split into three specialized profiles:
1) Econometrics, which aims at quantifying causal relations among economic variables. The models are used for forecasting and to support policy decisions.
2) Operations Research, which uses mathematical and probabilistic models to solve optimization and decision-making problems, for example in business consultancy and logistics.
3) Actuarial Studies, which focuses on mathematical models for risk management in the financial sector, such as insurance companies, pension funds, banks.
Once you have chosen a profile, you are encouraged to also take courses of the other profiles, because data assembly, optimization, and risk evaluation form the essential elements for any successful decision process. In other words, you should gain knowledge about the topics taught in the three profiles. The skill set you develop is in high demand in a world that depends more and more on computer support and quantitative analysis. Graduates of the MSc EORAS are generally very successful in finding a job.
You can predict so many things, and rule out 'chance'
The programme is not easy, but I see that as a challenge. In the beginning I had some difficulty with maths, because of the way the terminology was translated, but it's getting better now and my fellow Dutch students are very helpful.
"I finished my Bachelor's degree in Statistics in Beijing and came to the Netherlands as an exchange student. I decided to continue my studies here because I liked the friendly and relaxed atmosphere. There aren't many Master's degree programmes focusing on statistics, but Econometrics in Groningen comes very close. Many Chinese students choose to study economics, so econometrics is kind of special and I like that. The programme is not easy, but I see that as a challenge. In the beginning I had some difficulty with maths, because of the way the terminology was translated, but it's getting better now and my fellow Dutch students are very helpful. We do a lot of work in groups, and that helps me to adapt quickly and the teachers are very helpful and supportive. You never need to feel ashamed to ask them for help. One of my favourite subjects is Game Theory, because it's very practical. You can predict so many things, and rule out 'chance'. When I graduate I'd like to work for a bank or an insurance company, preferably in Europe."
Finding solutions is fun!
I definitely use on the job what I learned in the programme. When a problem in my company requires scenario calculations, we handle it. There's a certain way of analysing things, of recognising important factors that I developed during the programme that I draw on all the time. Finding solutions and seeing them put into place is interesting, even fun!'
I'm an internal quantitative consultant at TNT Post, and I definitely use on the job what I learned in the programme. If a problem in my company requires statistics, scenario calculations, simulation or optimisation, my department handles it. In my studies I learned the techniques, like optimisation techniques, statistical analyses, and logistical lay-outs. I don't use economic theories every day, but there's a certain way of analysing things, of recognising important factors that I developed during the programme that I draw on all the time. You might think mail is mail, but actually no two projects are the same. Finding solutions and seeing them put into place is interesting, even fun!' 'Econometrics wasn't an easy study programme! But besides studying, I did a lot of different things while I was at the university. I worked as a student assistant, was active in The Knickerbockers, a student football association, and served on a committee and then the board of Vesting, the organisation for Econometrics students that tries to mix theory and practice. I went to Italy for a semester and had an internship at TNT Post, where I now work. Looking back I realise that each path led in its own way to my seeing where I'm strong and where I can improve.
"The most surprising topics appeared, from thinking up a system for libraries to share their books and save money to how a family in Tanzania can best make use of their land given uncertain weather conditions."
“What I enjoyed most about the programme is its diversity. As we dove deeper into mathematical theory, the range of applications kept increasing. The most surprising topics appeared, from thinking up a system for libraries to share their books and save money to how a family in Tanzania can best make use of their land given uncertain weather conditions. The knowledge gained on econometric theory and economic policy helped me and four friends to battle it out against students from all over the world at the econometric games, also known as the world championships for econometrics.
While writing my thesis at the Netherlands Institute of Applied Scientific Research (TNO), I noticed how in our field, rather than looking for practical examples to fit the theory, extensions to theory follow almost naturally from practice. I set out to find the optimal placement for distributed generators of renewable energy. This is a difficult task as the grid should be balanced at all times, but both what consumers demand and what the generators supply is surrounded by uncertainty. I found myself reading up on physics and control theory, and ended up analyzing and trying to adapt an existing optimization algorithm in order to find more accurate solutions in less time.”