Master of Science in Economics Master of Science in Advanced Studies in Economics PhD in Economics Faculty of Economics and Business Discover KU Leuven Situated in the heart of Western Europe, KU Leuven has been a centre of learning for nearly six centuries Today, it is Belgium’s largest university Founded in 1425, it is one of the oldest and most renowned universities in Europe As a leading European research university and co-founder of the League of European Research Universities (LERU), KU Leuven offers a wide variety of programmes in English, all supported by high-quality, innovative, interdisciplinary research The university welcomes more than 40,000 students, of which 16% are international students from more than 140 countries KU Leuven’s doctoral schools organise internationally oriented PhD programmes for over 4,000 doctoral students The university is located in Flanders, the Dutch-speaking part of Belgium Leuven is a modern, bustling and safe student city with a long and rich history Cultural and recreational opportunities abound KU Leuven’s central location offers a truly international experience Major European capitals such as Brussels, Paris, London and Amsterdam are only a (very) short train journey away Faculty of Economics and Business As one of KU Leuven’s 15 faculties, the Faculty of Economics and Business carries out education and research in five departments: • • • • • Economics Marketing and Organisation Studies Accountancy, Finance and Insurance Managerial Economics, Strategy and Innovation Decision Sciences and Information Management One of the Faculty’s most important assets is its vast national and international network It maintains strong links with the business and financial community by organising regular workshops with industry leaders and the European Commission, situated only 30 minutes from the campus Many of the alumni work at European institutions, and many staff members act as advisers to various European bodies and international companies The Faculty's alumni network offers excellent communication channels and networking opportunities with leading figures in industry and politics External quality assessments prove the Faculty of Economics and Business' teaching is internationally respected and renowned This academic reputation attracts students and scholars from across the globe, creating a vibrant, multicultural atmosphere The faculty has a truly international outlook, and its alumni can be found all over the world This international focus is also clear in its wide international student exchange network The Faculty of Economics and Business participates extensively in the (intra-EU) Erasmus programme (with 65 partners) and has numerous agreements with leading universities outside the EU, including: the Wharton School of Business (University of Pennsylvania), the University of Illinois and Rochester University in the United States, the University of British Columbia and Queen’s University in Canada, the Indian Institutes of Management Calcutta and Bangalore in India, the Chinese University and the City University of Hong Kong, Tsinghua University and Fudan University in China, the University of Sydney and the University of Adelaide in Australia, Stellenbosch University in South Africa, Insper in Brazil, and the Singapore Management University Why KU Leuven? The faculty’s graduate-level and doctoral programmes aim to develop participants’ critical, conceptual, problem-solving and decision-making skills A graduate degree from KU Leuven’s Faculty of Economics and Business equips students with fundamental and conceptual knowledge and analytical tools to cope effectively with the problems of the current and constantly-changing business and economic environment Adopting a research based approach, focus is placed on the disciplines underlying business operations and economic decisions This enables graduates to acquire the necessary skills and tools for coping with current and future challenges A variety of teaching methods (lectures, case discussions, exercises, computer-assisted problem-solving and individual research) is used to enhance students’ educational experience Students are expected to participate actively The faculty evaluates classroom work, written assignments and examinations on a regular basis The workload is demanding, as to be expected from a high-quality graduate school The faculty’s international credentials and academic reputation guarantee the quality of the programme Master of Science in Economics As an economist, you will observe the various players (individuals, companies, domestic and foreign governments) and their interactions within the global economy You will be able to interpret the general economic situation in a wider social and legal context The programme offers students with a Bachelor’s degree a theoretical framework, allowing them to provide well-grounded answers to socio-economic questions Why KU Leuven? KU Leuven offers a broad-based programme, which includes many courses that stimulate reflection and critical thinking in a more general and social context Profile By the end of this Master’s programme, you will have thoroughly mastered key economic principles You will learn to interpret individual, interpersonal and social phenomena from a global economic perspective You should therefore have broad interests in social and scientific matters and demonstrate critical and creative thinking You are eager to gain in-depth knowledge of economic research, develop strategies for addressing economic challenges and interpret existing research outcomes You will be expected to develop a high degree of autonomy with regard to knowledge, research and methodology Admission requirements • • For Flemish applicants, see www.econ.kuleuven.be/ond/studiekiezerdiploma For all other applicants, the following requirements apply: Degree requirements Applicants should hold a university Bachelor's degree in Economics or Business Economics comparable to a Bachelor's degree in Economics, Applied Economics or Business Engineering from the Faculty of Business and Economics at KU Leuven By a degree in Business or Economics we mean a broad-based academic education, not a technical training programme (e.g marketing or hotel management) Please note that our faculty has a strong analytical/ mathematical approach In order to verify whether you have sufficient background knowledge in this respect, see www.econ.kuleuven.be/eng/edu/docs/me-prerequisites.pdf Comparability is evaluated by the Admissions Board on the basis of information provided by the applicant (see required documents) Language requirement • • All applicants must submit a satisfactory score on one of the following internationally recognised tests of English language proficiency: - TOEFL (minimum score 575 paper-based, 233 computer-based, 90 internet-based) - IELTS (minimum score 7) An exemption from the TOEFL or IELTS is only possible for applicants with a university degree or high school degree earned in Australia, Canada, Ireland, New Zealand, United Kingdom or the United States The certified diploma and transcripts suffice, provided they confirm that the entire study was completed in English Required documents All applicants should provide the following documents: • certified copies of degrees, transcripts and, if available, a ranking indication; • the comparability form with a course description of all relevant courses (see www.econ.kuleuven.be/eng/edu/admissionrequirements); • two recommendation forms (see www.econ.kuleuven.be/eng/edu/ admissionrequirements) completed, signed and posted in a sealed envelope signed over the lid by the referee to the Faculty of Economics and Business Forms not provided in a sealed envelope signed across the lid by the referee will be regarded as void The recommendation forms can also be mailed directly by the referee to fbe@econ.kuleuven.be; These documents suffice for applicants with a non-Belgian degree from: • universities which have an exchange agreement with the Faculty of Economics and Business of KU Leuven • universities in the global top 200 in the most recent Times Higher Education or QS rankings Additional information is required for applicants from other universities as it is impossible for us to reliably assess degree comparability In those cases a GMAT or GRE result above the 75th percentile on the quantitative part is required The Admissions Board evaluates all applications and has the final say on the admissibility of the student Incomplete application files will not be evaluated Programme The programme consists of a common core of two programme units and a Master’s thesis You select one of the three majors, which prepares you for an advanced Master Master of Science in Advanced Studies in Economics Master of Science in Financial Economics Research in Economics major Financial Economics major General Economics major Master of Science in Economics MASTER OF SCIENCE IN ECONOMICS COURSE Compulsory General Core • Advanced Macroeconomics I • Advanced Microeconomics I 60 ECTS ECTS 12 6 Majors 48 Major 1: General Economics • Core courses - Econometric Methods & Models - Master’s Thesis 18 Students choose 24 ECTS including at least 12 ECTS from the major courses and a maximum of 12 ECTS in elective ECTS • Major courses - Advanced Health Economics - Trading and Exchanges - Advanced Public Economics - Economic Aspects of European Integration - Environmental and Transportation Economics - Macro Finance - Advanced Labour Economics - Welfare Economics - Welfare, Inequality and Poverty - Advanced International Trade Theory - Advanced Development Economics - Advanced Industrial Economics • Electives - Advanced Macroeconomics II - Advanced Microeconomics II - Competitive Analysis and Strategy - Political Business Strategy - Strategic Financial Management - The Economics of China 6 COURSE - Internship - Research Project @FEB - Capita Selecta Economics and Business Major 2: Research in Economics • Core courses - Dynamic Methods - Advanced Econometrics - Master’s Thesis Economics - Advanced Time Series Analysis • Electives (Students choose 12 ECTS) GROUP 1: students choose at least one of these courses - Advanced Microeconomics II - Advanced Macroeconomics II GROUP 2: students choose one course from this group - Advanced Health Economics - Trading and Exchanges - Advanced Public Economics - Economic Aspects of European Integration - Environmental and Transportation Economics - Macro-Finance - Advanced Labour Economics - Advanced Development Economics - Advanced Industrial Economics - Advanced Applied Econometrics - Welfare Economics - Welfare, Inequality and Poverty - Advanced International Trade Theory - Internship - Research Project @FEB - Capita Selecta Economics and Business Major 3: Financial Economics • Core courses - Econometric Methods & Models - Macro Finance - Master’s Thesis • Electives (students choose 18 ECTS from the following list) - Strategic Financial Management - The Economics of Financial Intermediation - Asset Prices: Basic Models and Tests - Financial Statement Analysis - Security Pricing and Portfolio Selection - Advanced Industrial Economics - Advanced International Trade Theory - Internship - Research Project @FEB - Capita Selecta Economics and Business ECTS 6 or 6 18 6 6 6 6 6 6 6 6 6 or 6 18 6 6 6 6 or For detailed descriptions of this programme’s courses and for the course timetable, please consult www.kuleuven.be/ma/me Application procedure • • Non-EEA citizens must submit a complete application file by March EEA citizens (or non-EEA citizens with a residence permit for Belgium) are strongly advised to submit their application file before June but can apply until the end of August Tuition fee: ±600 EUR For more information on how to apply, please visit www.econ.kuleuven.be/eng/edu/prospectivestudent Career prospects As a graduate of this Master’s programme, you will have a very informed perspective on economics and society as a whole Moreover, you will be equipped to address a variety of social problems in an economically and socially sound way This expertise and flexibility qualifies you for employment in a variety of fields The following career options are well-suited to the skills developed in this programme: • Policy development in sectors in which decision-making is highly dependent on the external economic context: government research centres, professional associations, large enterprises and international organisations • Problem solution and implementation in managerial positions involving external communication, i.e government departments, public institutions, international organisations, financial services, companies and social organisations • Critical reflection on and transfer of knowledge in education and basic scientific research • External communication, journalism and public relations in companies and social organisations Immediately after graduating, I worked in the Student Guidance Centre for six years This meant I could put to good use what I had learned, primarily looking at the world through an economic lens This was more important to me than course content, although I found most courses interesting I have similar experiences in my current job as an environmental economist with the Flemish regional government Most of my colleagues have a degree in natural sciences They have extensive knowledge of the measures and technologies that can be used in order to protect or regenerate the environment However, the government budget to reach these targets is obviously limited So it’s important to single out those measures that yield the best possible result within the given budget And that’s a typical economic line of reasoning (Graduate) Master of Science in Advanced Studies in Economics (MASE) The Master of Science in Advanced Studies in Economics is the second year of coursework within the doctoral programme in Economics After having successfully completed core economics courses in the research track of the initial Master of Science in Economics (or comparable programmes at other universities), the MASE programme aims to take students closer to the research frontier Students apply the tools they have acquired during their first year to interesting problems in economics The programme features a choice of courses from different fields within economics, a doctoral workshop and weekly seminars given by guest speakers The goal of the programme is to enable you to find a promising research topic and to develop your own research on this topic This research leads to the MASE thesis, which for many will become the first chapter of their doctoral dissertation Each year, the programme brings together about 25-30 students from all corners of the globe, providing a very stimulating and international atmosphere Admission requirements Prior education requirements • • Students with a KU Leuven Master’s degree in Economics (major Research) awarded with distinction (cum laude) by the Faculty of Economics and Business of KU Leuven have direct access to the programme Students who not have distinction may still apply for admission The Admissions Board decides on admissibility Other applicants should hold a diploma from one of the following two groupings: - a university Master’s degree in Economics, Business Economics or Business Engineering awarded by the Faculty Economics and Business at KU Leuven or a degree comparable to a Master’s degree in Economics, Applied Economics or Business Engineering from the Faculty of Economics and Business at KU Leuven; - another university Master’s degree with a solid background in mathematics and statistics (for example, a university Master’s degree obtained at the Faculty of Engineering or at the Faculty of Bioscience Engineering) and with a strong interest in economics Admissibility is evaluated by the Admissions Board on the basis of information provided by the applicant (see required documents) Applicants should be able to demonstrate above-average academic performance (e.g have obtained distinction in previous studies) Language requirement • All applicants must submit a satisfactory score on one of the following internationally recognised test of English language proficiency: - TOEFL (minimum score 575 paper-based, 233 computer-based, 90 internet-based) - IELTS (minimum score 7) No other proficiency tests will be accepted • An exemption from the TOEFL or IELTS is only possible for applicants with a university degree or high school degree earned in Australia, Canada, Ireland, New Zealand, United Kingdom or the United States The certified diploma and transcripts suffice, provided they confirm that the entire study was completed in English Required documents All applicants should provide the following documents: • certified copies of transcripts, degrees and, if available, a ranking indication; • a GMAT or GRE score A GRE or a GMAT test result above the 90th percentile on the quantitative part (or on average) normally entails immediate admission, provided all other requirements are met as well, but this is not an absolute minimum 10 • • two recommendation forms (see www.econ.kuleuven.be/eng/edu/ admissionrequirements) completed, signed, and posted in a sealed envelope signed across the lid by the referee to the Faculty of Economics and Business Forms not provided in a sealed envelope signed across the lid by the referee will be regarded as void The recommendation forms can also be mailed directly by the referee to fbe@econ.kuleuven.be a letter of motivation motivation written and signed by the applicant detailing the choice for KU Leuven and for this particular programme The Admissions Board evaluates all applications and has the final say on the admissibility of the student Incomplete application files will not be evaluated The skills I developed while pursuing the Master of Science in Advanced Studies in Economics degree at KU Leuven proved to be a valuable asset for my professional career The MASE programme provides rigorous training in economics, helping students to develop a deep understanding of the field and a powerful set of techniques The MASE degree is excellent preparation for a demanding professional career in leading private or public sector institutions and for admission to doctoral programmes The international dimension given to the programme by the variety of nationalities represented is also extremely enriching Last but not least, the city of Leuven is a paradise for students! (Marie Donnay, graduate European Commission, financial sector analyst) Application procedure • • Non-EEA citizens must submit a complete application file by March EEA citizens (or non-EEA citizens with a residence permit for Belgium) are strongly advised to submit their application file before June but can apply until the end of August Tuition fee: 1,400 EUR For more information on how to apply, please visit www.econ.kuleuven.be/eng/edu/prospectivestudent 11 Profile The programme is geared towards students with an adequate background in economics, a keen interest in recent analytical developments in economics and the desire to work in research positions in business, in national and international institutions and at universities, or to pursue a PhD in economics Programme All students are required to take the course Advanced Time Series Analysis, participate in a doctoral workshop and attend the department’s weekly research seminar In addition, students must select five field courses and write a Master’s thesis Subject to approval by the Programme Coordinator, students may select courses from the corresponding advanced economics programmes at the nearby economics department of the Université Catholique de Louvain (UCL) and the Université Libre de Bruxelles (ULB) The Master’s thesis consists of a research paper on a specific problem in the student’s field of interest The student learns how to formulate and solve an economic problem and how to report his/her findings The thesis should represent a contribution to the field and show that the student has mastered the methodological tools used in economics and can apply them independently MASTER OF SCIENCE IN ADVANCED STUDIES IN ECONOMICS COURSE 60 ECTS ECTS Core 18 18 • Master’s Project Electives at least 45 Students choose at least 45 ECTS worth of electives UCL/ULB advanced economics courses may also be taken as electives If a student has not yet taken the following courses, these courses are to be taken instead of the electives • Dynamic Methods • Advanced Econometrics • Advanced Microeconomics I or Advanced Microeconomics II • Advanced Macroeconomics I or Advanced Macroeconomics II Electives: None of these courses can be followed by students who have already taken a similar course and no exemptions can therefore be given for one of these courses if it has been added to the individual study programme • Advanced Time Series Analysis • Doctoral Workshop • Advanced Health Economics • Environmental and Transportation Economics • Advanced International Trade Theory 12 COURSE • • • • • • • • • • • • • • • • • • • • Welfare Economics Current Developments in European Integration Fixed Income Securities Advanced International Monetary Economics The Empirics of Financial Markets Advanced Development Economics Welfare, Inequality and Poverty Advanced Industrial Economics Advanced Corporate Finance Multivariate Statistics Asset Prices: Basic Models and Tests Advanced Applied Econometrics Statistical Modelling Advanced Macroeconomics I Advanced Macroeconomics II Advanced Microeconomics I Advanced Microeconomics II The Economics of Financial Intermediation Advanced Labour Economics Doctoral Workshop ECTS 6 6 6 6 6 6 6 6 6 6 For detailed descriptions of this programme's courses and for the course timetable, please consult www.kuleuven.be/mase Career prospects A large majority of MASE graduates pursue careers in managerial and/or research positions in business, national and international institutions and universities Students graduating with distinction can apply for the PhD Programme in Economics at KU Leuven 13 PhD in Economics The doctoral programme in Economics is an advanced three-year programme designed to train future researchers in one of the key fields of economics: econometrics, public economics, economic history, international economics, development economics, monetary and information economics, energy, transportation and environment economics The programme aims to develop and nurture young talent, and to prepare PhD graduates for careers in both academia and international business Currently, about 50 students with diverse backgrounds and nationalities are enrolled in the doctoral programme in economics, creating an energetic and stimulating work environment PhD students obtain the degree of Doctor of Economics after successfully defending a doctoral dissertation Admission requirements Prior education requirements The programme targets highly motivated graduate students with a strong interest in pursuing an academic career and/or in undertaking research in economics The programme builds on undergraduate studies in economics To supplement their previous studies, students may be required to undertake an individual “colloquium doctum” (entrance examination), consisting of courses from the Master of Science in Advanced Studies in Economics programme Students who have obtained a Master of Science in Advanced Studies in Economics degree from KU Leuven with distinction (70%) or higher will be exempted from this colloquium doctum To qualify for admission to the doctoral programme in economics, students must hold a Master’s degree in economics (or an equivalent degree) and have demonstrated the ability to conduct independent research The Faculty Board will decide on degree equivalence in consultation with the Programme Director Language requirement Applicants who are non-native speakers of English must provide evidence of English language proficiency • Applicants with a KU Leuven degree: Applicants who have already successfully completed an English-language programme at KU Leuven not have to take an English proficiency test 14 • • Applicants with a university degree obtained in Australia, Canada, Ireland, New Zealand, the United Kingdom or the United States: the certified diploma and transcripts suffice, provided they confirm that the entire university programme was completed in English No other degrees will be accepted as evidence even if the applicant has followed an exclusively English-taught programme Other applicants should submit a satisfactory score on an internationally recognised test of English language proficiency: TOEFL (minimum score 575 paper-based, 233 computer-based, 90 internet-based) or IELTS (minimum score 7) No other proficiency tests will be accepted, and no application will be considered without a test certificate Additional credentials In addition to certified copies of degrees and transcripts, all applicants must provide: • a GRE or GMAT score A GRE or GMAT test result above the 90th percentile on the quantitative (or on average) normally entails immediate admission, provided all other requirements are met as well, but this is not an absolute minimum • two recommendation forms (see www.econ.kuleuven.be/eng/edu/ admissionrequirements) completed, signed and posted in a sealed envelope signed across the lid by the referee to the Faculty of Economics and Business Forms not provided in a sealed envelope signed across the lid by the referee will be regarded as void The recommendation forms can also be mailed directly by the referee to fbe@econ.kuleuven.be • a letter of motivation written and signed by the applicant detailing the choice for KU Leuven and for this particular programme The Admissions Board evaluates all applications and has the final say on the admissibility of the student Profile Students should have a keen interest in recent analytical developments in economics and a desire to work in research positions at universities, businesses and national and international institutions Application procedure For more information on how to apply, please visit www.econ.kuleuven.be/eng/edu/prospectivestudent 15 Programme Educational activities: • Colloquium doctum, consisting of a number of courses from the Master of Science in Advanced Studies in Economics programme • PhD courses • Reading courses offered by the faculty as third-cycle courses • Seminar series at the Department of Economics • PhD courses taught by guest professors and offered by the faculty within the framework of established interuniversity PhD networks For detailed descriptions of this programme's courses and for the course timetable, please consult www.econ.kuleuven.be/phd Research support activities: Students are actively supported by their supervisor In addition, they are fully integrated into the department’s research environment This involves: • discussing the doctoral proposal and regularly reporting on progress; • presenting preliminary results in research workshops; • participating actively in international conferences and research seminars; • publishing articles in international journals Career prospects A large majority of graduates with a PhD in economics pursue careers in academia, international business or international institutions The PhD programme in economics at KU Leuven has been a great opportunity for me to face the responsibility of developing my own research, since doctoral students are free to follow their own interests This freedom is combined with pertinent support from the professors In fact, my supervisor is not the only person willing to offer me research guidance – other professors have also spent time giving useful comments on my work Furthermore, the academic agreement among Belgian economics departments has considerably enlarged the list of available doctoral courses Likewise, the facilities available to doctoral students significantly contribute to the progress of my research (Blanca Zuluaga, PhD student) 16 Learn more www.econ.kuleuven.be/eng/edu/prospectivestudent www.kuleuven.be/ma/me www.kuleuven.be/ma/mase www.econ.kuleuven.be/phd General Information International programmes: www.kuleuven.be/internationalprogrammes International Office: www.kuleuven.be/english Faculty of Economics and Business tel + 32 16 32 66 12 fax + 32 16 32 66 20 www.econ.kuleuven.be/onderwijshelpdesk www.econ.kuleuven.be/eng 17 This brochure provides the most complete and accurate information available concerning these Master’s programmes offered at KU Leuven However, amendments to the composition of this programme may be approved at any time The study load of many Master’s programmes may increase from 60 to 120 ECTS in the future Consequently, KU Leuven is in no way legally bound by the information provided in this brochure The most recent information on all our academic programmes can be consulted at www.kuleuven.be/coursecatalogue Last updated: February 2013 Copyright: D/2012/1082/93 v.u.: Isabelle Van Geet, Oude Markt 13 bus 5005, 3000 Leuven DIENST COMMUNICATIE Oude Markt 13 bus 5005 3000 LEUVEN, België tel + 32 16 32 40 10 • fax + 32 16 32 40 14 onderwijscommunicatie@kuleuven.be www.kuleuven.be ... an advanced Master Master of Science in Advanced Studies in Economics Master of Science in Financial Economics Research in Economics major Financial Economics major General Economics major Master. .. an individual “colloquium doctum” (entrance examination), consisting of courses from the Master of Science in Advanced Studies in Economics programme Students who have obtained a Master of Science. .. The Master of Science in Advanced Studies in Economics is the second year of coursework within the doctoral programme in Economics After having successfully completed core economics courses in