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EducationMaster's and PhD degree programmesEconometrics, 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 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.

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 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 programme, ensuring high quality education that meets both the AACSB and EQUIS standards, which only one percent of the 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 algorithmic thinking and an analytical attitude. At the same time, students learn to translate model outcomes into relevant results for the field of application.

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)
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)

About 95% of our students combine the writing of their MSc EORAS thesis with an internship at a company or a (semi-)public institute such as the Dutch Central Bank. Often, these students move to the city of their internship for the duration of the internship.In case of an internship in the West of the Netherlands (known as the “Randstad”), communication between student and thesis supervisor often takes place via e.g. Skype. Many students are offered a job at the company where they have done their internship. However, it is also possible to write an MSc thesis without doing an internship, which is an attractive option for research-oriented students who wish to consider the option of doing a PhD after their MSc EORAS.

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. For more information, please visit: https://www.rug.nl/feb/apply-msc.

other admission requirements

Not meeting the pre-education requirements for direct entry? Please read more about our pre-Master programmes: https://www.rug.nl/feb/premaster.

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, please see https://www.rug.nl/feb/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); University of Groningen Language Centre 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.

To assess whether your educational/academic background meets the specific programme requirements, we will consider the level and curriculum of your previous studies. For more information, please visit: https://www.rug.nl/feb/apply-msc. If you have any questions concerning admission to this programme, please contact our Admissions Office: https://www.rug.nl/admissions.

Registration procedure

Students have to apply via Studielink and the Online Application System (OAS) of the University of Groningen. After you apply for the programme of your choice, the Admissions Office will evaluate your educational background and assess your eligibility. Your application will be assessed on an individual basis. More information on how to apply.

Application deadlines

Type of studentDeadlineStart course
Dutch students01 May 202001 September 2020
15 October 202001 February 2021
EU/EEA students01 May 202001 September 2020
15 October 202001 February 2021
non-EU/EEA students01 May 202001 September 2020
15 October 202001 February 2021
Tuition fees
NationalityYearFeeProgramme form
EU/EEA2019-2020€ 2083full-time
non-EU/EEA2019-2020€ 14650full-time
EU/EEA2020-2021€ 2143full-time
non-EU/EEA2020-2021€ 15000full-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 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. Check: FEB Career Services.

Research

Linking education to research and career preparation

The course and thesis topics that students in our MSc EORAS programme 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 labour market, where skills such as data science, mathematical modelling 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 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? What government subsidy programme 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 modelling 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 PhD 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 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.

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Contact

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						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.