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OnderwijsMaster en PhD opleidingenEconometrics, Operations Research and Actuarial Studies
Header image Econometrics, Operations Research and Actuarial Studies

Econometrics, Operations Research and Actuarial Studies

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.

Facts & Figures
Degree
MSc in Econometrics, Operations Research and Actuarial Studies
Course type
Master
Duration
12 months (60 ECTS)
Croho code
60646
Language of instruction
English
Start
February, September
Faculty
Economics and Business
Accreditation logo EQUISAccreditation logo AACSB
Why study this programme in Groningen?

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

Programme

The programme 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 programme. Class sizes are relatively small, ensuring interaction between students and lecturers.

EORAS uses mathematical models to analyse complex problems in economics, finance and related areas. The programme teaches students about the most important mathematical models and provides them with a research-oriented attitude. At the same time students learn to translate model outcomes into relevant results for the field of application.

The first semester focuses on learning from, and about research, whereas learning about, and to do research are covered in semester 2.

CoursesCourse Catalog >
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)

Curriculum

Check for in-depth info on all courses:

https://www.rug.nl/ocasys/rug/vak/showpos?opleiding=2030

Programme options
Actuarial Studies (profile)

Actuarial Studies focuses on mathematical models for risk management in the financial sector (insurance companies, pension funds, banks).

Traditionally, actuarial science was focused on calculating insurance premiums for insurance and pensions. Nowadays the scope of actuarial studies is much broader and includes the implementation of supervisory requirements for financial sector (Basel, Solvency), modeling mortality and longevity risks and modeling extreme events (such as stock market crashes).

Econometrics (profile)

Econometrics aims at quantifying causal relations among economic variables. The resulting econometric models are used for forecasting and to make policy decisions.

Examples of relevant questions: 'How will future employment ratios develop in Europe'? or 'What is the influence of high petrol prices on the expected number of train passengers?'

Econometrics has applications in many fields, such as finance, marketing and consumer behaviour, industrial organization and macroeconomics.

Operations Research (profile)

Operations Research uses mathematical models to solve complex optimization and decision-making problems, for example in logistics and planning.

Examples of subject areas: freight routes, railway timetables, stock control, supply chain management, production planning, service and school timetables, location systems, queue management, and financial decisions.

Master Internship (specialization)

Opportunity for an internship between February and June. You will be rewarded 15 ECTS on top of your programme. Your thesis will be postponed to the first semester of your next study year.

More information about this option

Double Degree Master China and the World Economy (specialization)

2 year Double Degree programme in Groningen and Fudan University Shanghai

More information about this option

Study abroad

  • Study abroad is optional
  • For an average of 20 weeks
Entry Requirements

Admission requirements

Specific requirementsMore 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.

To assess whether your educational/academic background meets the specific programme requirements, we will consider the level and curriculum of your previous studies, and the grades that you have obtained.

For more information, see: http://www.rug.nl/feb/education/admission-application/nl-route/1

If you have any questions concerning admission, please contact our Admissions Office: http://www.rug.nl/education/international-students/application-procedure/support/admissions-office

Transfer options

Study programmeOrganizationTransition
Econometrics and Operations ResearchAll Research universitiesNo additional requirements

Admission requirements

Specific requirementsMore information
certified competences

GMAT/GRE; for specific scores (and exemptions), see http://www.rug.nl/feb/education/admission-application/intl-route/1

grade list

A certified grade list(s) is considered in the evaluation.

language test

TOEFL internet based (IBT): 90, IELTS Academic: 6.5; for specific scores, see: http://www.rug.nl/feb/education/admission-application/intl-route/1

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.

To assess whether your educational/academic background meets the specific programme requirements, we will consider the level and curriculum of your previous studies, and the grades that you have obtained.

For more information, see: http://www.rug.nl/feb/education/admission-application/intl-route/1

If you have any questions concerning admission, please contact our Admissions Office: http://www.rug.nl/education/international-students/application-procedure/support/admissions-office

Language requirements

ExamMinimum score
C1 Advanced (formerly CAE)C1
C2 Proficiency (formerly CPE)C2
IELTS overall band6.5
IELTS writing6.5
IELTS speaking6
TOEFL paper based580
TOEFL computer based237
TOEFL internet based90

Application deadlines

Type of studentDeadlineStart course
Dutch students01 June 201901 September 2019
15 October 201901 February 2020
01 June 202001 September 2020
15 October 202001 February 2021
EU/EEA students01 May 201901 September 2019
15 October 201901 February 2020
01 May 202001 September 2020
15 October 202001 February 2021
non-EU/EEA students01 May 201901 September 2019
15 October 201901 February 2020
01 May 202001 September 2020
15 October 202001 February 2021
Tuition Fees
NationalityYearFeeProgramme form
EU/EEA2018-2019€ 2060full-time
non-EU/EEA2018-2019€ 14350full-time
EU/EEA2019-2020€ 2083full-time
non-EU/EEA2019-2020€ 14600full-time

Practical information for:

After your studies

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 can find work at banks, insurers, logistics companies, central banks, pension funds, consultancy firms, government, supervisory authorities, and competition 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. Because all our programmes are EQUIS and AACSB accredited, a standard which only one percent of universities reach worldwide, your degree will be highly valued on the labour market.

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. Check: FEB Career Services.

Research

Linking education to research and career preparation

The EORAS Master's and PhD students cover the entire range of topics and tools used in econometrics, operations research and actuarial sciences, and work on problems that mostly originate in practical (business oriented) settings. As such, our students play an active role in the research activities of the EORAS department, and develop, implement and evaluate new methods to provide insight into significant problems.

Employers realize more and more that with the ever-increasing availability of Big Data, obtained from for instance social media, it is crucial to be able to find one's way through large amounts of data and come up with optimal solutions. Due to this, employers have high regard of the analytical and data-handling skills acquired by EORAS students.

Below you can find an overview of the topics studied in each profile and examples of the master thesis.

Operations Research

Operations Research is about making the best decisions. Some examples from a business context are the following.

  • How many products should firms 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?

At the national level Operations Research addresses problems such as what government subsidy programme best stimulates the transition from oil and gas to sustainable energy (e.g. solar wind). What sets Operations Research aside from, e.g., management consulting, is that "best" really means best: we model problems in mathematical terms and find exact optimal solutions.

The research of the Operations Research group concentrates on the design and control of inventory systems, facilities, maintenance, and planning systems subject to randomness. Students mainly use probability theory, stochastic programming, meta-heuristics, and combinatorial optimization in their research. You can see below some examples of EORAS thesis topics and research:

Marina de Wolff: "Improving gas capacity forecast model by conditionally mapping real-time data to curves." 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: "On a residual algorithm for the one-dimensional cutting stock problem and the effect of order characteristics on the waste percentage". Kevin developed an algorithm to help CIG, located in Groningen and involved in shipbuilding, reduce leftover steel.

Pam van Benthem: "Multi-location spare parts inventory system with lateral transshipments, time-based service and stocking decisions.' 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 to (among other things) implement the method."

Tessa van Swieten: "Signed, sealed, delivered; it is broken. 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 PhD student at the faculty.

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

Actuarial Sciences

Actuarial science applies mathematical and statistical methods to assess risk in insurance, finance, but also in other areas. Frequently, it tries to attach a monetary value to certain risks, so there is a strong link with finance. Now that increasingly more databases with risks and consequences when risks materialize are available, students who have followed this specialization are better able to measure risks, propose measures to mitigate risks that are unwanted, and price these risks when someone else takes the risks. Some examples are:

  • How are mortality rates expected to develop over time?
  • Is dependence on assets more pronounced when the market decreases?
  • What is the probability that a high level of wind speed is exceeded?
  • If you offer a warranty on your product, how much should you expect to pay out?
  • How do we maintain an affordable health insurance program?
  • What are the consequences of changes to the current pension regulations?

Keywords are modelling, (big) data, uncertainty, risk aversion, risk management.


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Contact

If you want to know more about the programme Econometrics, Operations Research and Actuarial Studies, please contact:

  • 
								Testimonial of Kaifeng Wang

    You can predict so many things, and rule out 'chance'

    – Kaifeng Wang
    Read more

    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."

    Close
  • 
								Testimonial of Willemijn Beelen

    Finding solutions is fun!

    – Willemijn Beelen
    Read more

    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.

    Close
  • 
								Testimonial of Lieke Kools

    "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."

    – Lieke Kools
    Read more

    “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.”

    Close

Study associations

VESTING

VESTING is the association for students of Econometrics, Operations Research and Actuarial studies.
Her purpose is to tighten the gap between the abstract theory and the practical use regarding Econometrics and Operations Research. Also, VESTING wants to ameliorate the contact between her members and offer them the possibility to deploy themselves on other aspects than their studies. This is achieved by the organisation of formal as well as informal activities.
https://www.devesting.nl

EBF

The Economics and Business Faculty association (EBF) is the faculty association for all students studying at the faculty of Economics and Business of the University of Groningen.
The EBF is your partner during your time in Groningen by organising events that support you with your studies and help you prepare for your future career.
https://www.ebfgroningen.nl/
Read more
Study support

Studying means working independently and planning your studies yourself. But successful studying depends on many different factors, so it is understandable that you may need to consult an impartial expert to discuss your study progress and personal circumstances that influence your studies. The faculty's study advisors are available to help you. Obviously, everything discussed with the study advisor remains confidential.