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 economics, finance, insurance, and related areas. In this programme, 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 modelling and data science. In the MSc EORAS programme, 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 to 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.
"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.”