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Education Master's and PhD degree programmes Econometrics, Operations Research and Actuarial Studies
Header image Econometrics, Operations Research and Actuarial Studies

Econometrics, Operations Research and Actuarial Studies

Study in Groningen actuarial science, data science, econometrics and operations research. Use real-life data and advanced data science models to make sound decisions in business and society.

How much influence will taxation prices have on car usage? What econometric models can assist in predicting future resource demands and optimizing resource allocation for sustainable use? What is the minimal route length to deliver parcels on time? In the MSc Econometrics, Operations Research and Actuarial Studies (EORAS), you can combine your interests in mathematics, economics, statistics, and data science and develop strong analytical skills as well as a passion for solving complex problems. The programme in Groningen has an international and interdisciplinary approach, is small-scale and allows you to build on a future career that matches your goals and aspirations.

You will learn to apply mathematical and statistical models to address challenges in business, economics, finance, insurance, and related fields. As an example, one of the projects focuses on optimizing the waste collection system in Groningen municipality. Students obtain data from the municipality (data science) to analyze the stochastic deposit process (econometrics), estimate overflow probabilities (actuarial sciences), and compute efficient truck routes (operations research). This is but one of our many projects in which you can learn in our programme how to combine mathematics, computers and consultancy skills to address societal and environmental problems.

The knowledge and skills you gain in any of the four profiles (actuarial science, data science, econometrics and operations research) are highly transferable and provide a level of job security. You learn also about the ethical implications of using data in decision-making processes, a skill which is highly valued. Our alumni find jobs right after graduation and work as data scientist, analyst, AI technical consultant, policy advisor, manager of operations, to name a few.

How does the MSc EORAS score in the Higher Education Guide (Keuzegids)? Students rated the MSc EORAS in Groningen higher for four different themes compared to other study programmes in econometrics offered by Dutch research universities.

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 AACSBAccreditation logo EQUIS
Why study this programme in Groningen?
  • Learn how to develop, adapt and use mathematical models for decision-making in business and society. Data ethics is a focus point in our programme, you will develop a deep understanding of how statistical and mathematical models intersect with ethical considerations in data analysis.
  • Benefit from small class sizes and quality interaction between students and lecturers.
  • Discover how to tackle optimization problems that involve uncertainty in data, parameters and objectives, as such problems are found in many fields such as energy, healthcare, logistics, finance, and sustainability.
  • Choose from four profiles that attract both practically-oriented and researched-focused students thanks to our blended learning approach. You have the opportunity to work with real-life data and business cases. You can earn experience by writing your thesis at companies such as FrieslandCampina, Gasunie, UMCG Hospital, Belsimple, Picknick, and Zalando, to name but a few.
  • Increase your knowledge of mathematics, statistics and complex problem-solving with a degree programme that will open up exciting career opportunities in many directions.
  • Explore risk management applications both in the context of generic investments, and of investments that satisfy certain Environmental, Social and Corporate Governance (ESG) criteria, including climate change, energy, and sustainability.
  • The programme has been internationally accredited by the AACSB and EQUIS, ensuring a high-quality education, which only 1% of universities reach worldwide.
Programme

The Master's programme offers a choice of four distinct profiles:

1) Actuarial Studies focuses on mathematical models for risk management in the financial sector.
2) Data Science combines data assembly and analysis with modeling and decision-making in the large.
3) Econometrics aims at quantifying causal relations among economic variables using statistical models.
4) Operations Research uses mathematical and probability models to solve optimization and decision-making problems.


In addition to taking courses from your chosen profile, you are encouraged to take courses from the other profiles because well-rounded quantitative analysis contains elements from each profile. This way, the toolkit you develop will have a high degree of relevance in a world that depends more and more on data science, programming, and quantitative analysis. There will be plenty of opportunities to put knowledge into practice by working on real-life assignments, and business cases from companies, joining guest lectures from industry experts and alumni and, via the internship (optional). Many students write their thesis while doing an internship and finish with hands-on experience.

Semesters
CoursesCourse Catalog >1a1b2a2b
Econometric Methods (5 EC)
Non-normal Data Analysis (5 EC)

This is the new name of the current Dependence & Extremes in Risk Management course

Optimization under Uncertainty (5 EC)
Electives and other quantitative courses (25 EC)

the full list of electives can be found on Ocasys course catalogue

Data-driven Optimization (5 EC)

This is the new name of the current Planning and Control of Stochastic Systems course

Econometric Tools for Data Analysis (5 EC)
Models for Short Term Risk Management (5 EC)
Master's Thesis (20 EC)
Applied Microeconometrics (5 EC)
Banking, Insurance and Risk Management (5 EC)
Demand Data Analysis & Inventory Control (5 EC)

This is the new name of the current Supply Chain Optimization course

Design of Combinatorial Algorithms (5 EC)
Investing, Uncertainty and Climate Risk (5 EC)

This is the new name of the current Asset and Liability Management course

Networks and Spatial Economics (5 EC)

This is the new name of the current Applied Macroeconometrics course

Programme options
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 International Business and Finance (Shanghai) (specialization)

Are you interested in an international career in or involving China?

Study in Shanghai after your FEB Master's programme in Groningen and gain first-hand knowledge and experience of China and the economy, finance and culture.

More information about this option

Study abroad

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

Transfer options

Transferring from...

Study programmeOrganizationTransition
Econometrics and Operations ResearchUniversity of GroningenNo additional requirements
Economics and Business EconomicsUniversity of Groningen

Via a pre-master

More information:

For students from Economics and EDG profile: you need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

MathematicsUniversity of Groningen

Via a pre-master

More information:

You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

Industrial Engineering and ManagementUniversity of Groningen

Via a pre-master

More information:

You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

PhysicsUniversity of Groningen

Via a pre-master

More information:

You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

AstronomyUniversity of Groningen

Via a pre-master

More information:

You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

ChemistryUniversity of Groningen

Via a pre-master

More information:

You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

Applied PhysicsUniversity of Groningen

Via a pre-master

More information:

You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

Study programmeOrganizationTransition
Econometrics and Operations ResearchErasmus University RotterdamNo additional requirements
Study programmeOrganizationTransition
Business AnalyticsMaastricht University

Via a pre-master

More information:

You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

Economics and Business EconomicsMaastricht University

Via a pre-master

More information:

For Economics track only: You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

Econometrics and Operations ResearchMaastricht UniversityNo additional requirements
Study programmeOrganizationTransition
Business AdministrationRadboud University Nijmegen

Via a pre-master

More information:

For Business Economics track students: You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

Study programmeOrganizationTransition
EconomicsTilburg University

Via a pre-master

More information:

You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

Econometrics and Operations ResearchTilburg UniversityNo additional requirements
Study programmeOrganizationTransition
Business AnalyticsUniversity of Amsterdam

Via a pre-master

More information:

You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

Econometrics and Data ScienceUniversity of AmsterdamNo additional requirements
Actuarial ScienceUniversity of AmsterdamNo additional requirements
Study programmeOrganizationTransition
Business AnalyticsVU University Amsterdam

Via a pre-master

More information:

You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

Economics and Business EconomicsVU University Amsterdam

Via a pre-master

More information:

You need to first complete the 60 EC (or less) Pre-Master's programme. For information about the Pre-MSc application and entry requirements, please check https://www.rug.nl/feb/premaster. Note that our deficiency programme is max. 60EC.

Econometrics and Operations ResearchVU University AmsterdamNo additional requirements
Econometrics and Operations ResearchVU University AmsterdamNo additional 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

The information about entry requirements is an indication of your admissibility.  Every application will be reviewed individually by the Admissions board so the admission decision may differ from the indication in this table. 

Registration procedure

Students with a Dutch diploma can apply directly to Studielink. More information on the steps to apply .

Application deadlines

Type of studentDeadlineStart course
Dutch students01 May 202401 September 2024
15 October 202401 February 2025
01 May 202501 September 2025
15 October 202501 February 2026
EU/EEA students01 May 202401 September 2024
15 October 202401 February 2025
01 May 202501 September 2025
15 October 202501 February 2026
non-EU/EEA students01 May 202401 September 2024
15 October 202401 February 2025
01 May 202501 September 2025
15 October 202501 February 2026

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. If you have any questions concerning admission to this programme, please contact our Admissions Office: https://www.rug.nl/admissions.

certified competences

A GMAT/GRE test is required from all candidates who obtained their bachelor's degree from a university in a non-EU/EEA country. For specific scores and exemptions, please see https://www.rug.nl/feb/gmat-gre.

Both GMAT and GRE are now being offered by mba.com and ETS as an online option to take from home worldwide. Please check their websites for more information.

language test

IELTS Academic overall score 6.5 (Speaking 6, Writing 6.5); TOEFL internet-based overall score 90 (Speaking 20, Writing 24); Cambridge C1 Advanced or C2 Proficiency (overall score 176, Speaking 169, Writing 176).

  • ETS is offering the TOEFL tests as an online option to take from home worldwide. Please check their website for more information.

Registration procedure

Students have to apply via Studielink and the Progress Portal (replacing the previous system, 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 202401 September 2024
15 October 202401 February 2025
01 May 202501 September 2025
15 October 202501 February 2026
EU/EEA students01 May 202401 September 2024
15 October 202401 February 2025
01 May 202501 September 2025
15 October 202501 February 2026
non-EU/EEA students01 May 202401 September 2024
15 October 202401 February 2025
01 May 202501 September 2025
15 October 202501 February 2026
Tuition fees
NationalityYearFeeProgramme form
EU/EEA2023-2024€ 2314full-time
non-EU/EEA2023-2024€ 17800full-time
EU/EEA2024-2025€ 2530full-time
non-EU/EEA2024-2025€ 20800full-time

Practical information for:

After your studies

Job prospects

As a graduate, you will have access to challenging positions at banks, insurance companies, logistics firms, central banks, pension funds, consultancy firms, the government, or supervisory authorities, to name a few.

Organizations in both the public and the private sector will be eager to on-board you. You may also start your career as a researcher in academia or at a research institute. Our alumni work at different companies such as Achmea, Arriva, Deloitte, ASML, Belastingdienst, Riskquest, ABN AMRO, UMCG, Albert Heijn, Royal Haskoning.

Job examples

  • Management consultant
  • Business analyst
  • Pricing actuary
  • Simulation engineer
  • Financial analyst
  • Trader/Quantitative analyst
  • Data scientist
  • Financial consultant
  • Corporate finance trainee
  • Consultant sustainability and innovation
Research

Linking education to research and career preparation

The courses and MSc thesis topics for the MSc EORAS programme are scientifically and practically relevant. Students play an active role in the research activities of the staff as they help implement and evaluate new quantitative methods to analyze problems related to data analysis, estimation, optimization, and risk management. During the study programme, you will use computer-intensive methods, special techniques to deal with large data sets and mathematical models. The research skills of our graduates are in high demand in, for instance, academia, banks, business consulting, finance, insurance, health, marketing, and pension funds.

Research institutes related to the MSc programme:

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Study associations

VESTING

VESTING is the study association for the bachelor Econometrics and Operations Research and for the master Econometrics, Operations Research and Actuarial Studies at the University of Groningen (UG)
VESTING has the goal to bridge the gap between theory and practice in the field of Econometrics, Operations Research and Actuarial Studies. VESTING also strives to improve the contact between its members and to offer them the opportunity to develop themselves outside of the study. To achieve this, VESTING organizes many activities, both formal and informal.
https://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