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Master of Science in BusinessEconomics
Master of Science inAdvanced Business Studies
PhD in Business Economics
Faculty of Business and Economics
Leuven
Leuven is a dynamic, vibrant city in the centre of Belgium,only a fifteen-minute train journey from the airport and atwenty-minute journey to Brussels, the capital of Belgiumand seat of the European Union institutions. With Paris,London, Amsterdam and major German cities within easyreach, it is an ideal hub for the inter nationally inclinedstudent. Leuven offers a wealth of cultural and recreationalopportunities, including a lively gastronomic and socialscene, state-of-the-art sports facilities and opportunitiesto hike and bike in the vast woodlands south of town. The humanities and social sciencescampuses are scattered throughout the old town, Oxbridge style. Connoisseurs will enjoy Leuven’sarchitecture, which spans 10 centuries and includes a truly stunning fifteenth-century Gothiccity hall, a UNESCO world-heritage beguinage, and a Renaissance-style castle set in a 3 squarekilometre park. The population is highly educated; many alumni choose to stay in an aroundLeuven after graduation. Graduates work mostly in the service-based or knowledge-basedsectors, but there is also a sizable hi-tech industrial presence (with 94 KU Leuven spin-offsemploying 3,000 people) and one big traditional employer, Anheuser Bush Inbev, which hasa large brewery and its headquarters in Leuven.
Catholic University of Leuven
KU Leuven is a modern university offering an ideal research and learning environment stronglyrooted in tradition but with sights set firmly on the future. The aim of the university is not merelyto train professional experts, but also to foster critical thinking, intellectual openness, a genuinetaste for culture and a sense of civic responsibility. At present, KU Leuven caters to more than38,000 students, around 14% of whom are international scholars from over 140 countries.KU Leuven is a charter member of the League of European Research Universities, togetherwith Cambridge, Oxford, Leiden, Edinburgh, Geneva, Strasbourg, Heidelberg and others.In terms of scholarly output, KU Leuven is consistently ranked among the top ten Europeanuniversities in European surveys. Recently, it was ranked 67th worldwide in the 'Times HigherEducation Supplement'. QS places KU Leuven at the 68th spot worldwide. The universityis ranked fourth worldwide in terms of research valorisation. Imec, the solid-state science labon the Arenberg campus, employs about 1,700 academic researchers and designers, deliveringcutting-edge work. And yes, rumours that the Big Bang theory originated at KU Leuvenare correct.
Likewise, external quality assessments show that KU Leuven's teaching is on par with inter -nationally respected institutions. This academic reputation attracts students and scholars fromacross the globe, creating a vibrant, multicultural atmosphere. Leuven has a truly internationaloutlook, and its alumni can be found all over the world.
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Faculty of Business and Economics
As one of KU Leuven’s 15 faculties, the Faculty of Business and Economics carries outeducation 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 assetsis its vast national and international net -work. We maintain strong links with thebusiness and financial community byorganising regular workshops with industryleaders and the European Commis sion,situated only 30 minutes from our campus.Many of our alumni work at Europeaninstitutions, and many of the department’sstaff members act as advisers to variousEuropean bodies and internationalcompanies. The student association,Ekonomika, is equally active via itsBusiness-to-University lecture programme.Our Alumni network offers excellentcommunication channels and networkingopportunities with leading figures inindustry and politics.
We have a wide international studentexchange network as well. Not only
do we participate extensively in the (intra-EU) Erasmus programme (with 65 partners), we also have numerous agreements with leading universities outside the EU, e.g. the Wharton School of Business (University of Pennsylvania), the University of Chicago,Cornell University, the University of Illinois and Rochester University in the United States,the University of British Columbia, Queen’s University, the University of Toronto and theUniversité de Montréal in Canada, the Indian Institutes of Management Calcutta andBangalore in India, the Chinese University and the City University of Hong Kong, Beida,Tsinghua and Fudan in China, Chulalongkorn University in Thailand, National Taiwan University,Seoul National University in South-Korea, Queensland University of Technology Brisbaneand the University of Sydney in Australia, Stellenbosch in South Africa, Insper in Brazil,Esan in Peru, the University of Monterrey in Mexico and the Singapore Management University.
Our view on education in business and economics
Our mission in the Master’s programmes is to develop participants’ critical, conceptual,problem-solving and decision-making skills. A Master’s degree from KU Leuven’s Faculty of Business and Economics equips students with fundamental and conceptual knowledgeand with analytical tools to cope effectively with the problems of the current and constantlychanging business and economic environment. Adopting a research-based approach, the school focuses on the disciplines that underlie business operations and economicdecisions. This enables its graduates to acquire the necessary skills and tools for copingwith current and future challenges.
A variety of teaching methods (lectures, case discussions, exercises, computer-assistedproblem-solving and individual research) is used to enhance students’ educationalexperience. Students are expected to participate actively. The faculty evaluates classroomwork, written assignments and examinations on a regular basis. The workload is demanding,as to be expected in a high-quality graduate school. Be forewarned: our managementcourses are known to be more analytical than those at other business schools. Our students receive rigorous training in economics.
The faculty’s international credentials and academic reputation guarantee the quality of the programme.
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Master of Science in Business Economics The Master of Science in Business Economics programme emphasises the acquisition of fundamental knowledge and skills in an area of specialisation related to the corporate world.By combining this programme with initial specialisations from the Bachelor’s programme,you will develop deeper insight into a broad range of fields and fine-tune your personalgraduation profile.
On completing this programme, you will be able to apply scientific frameworks independentlyand critically, allowing you to evolve continuously in a dynamic society. KU Leuven occupiesa leading position in management and economic research and is highly ranked by the EuropeanEconomic Association. Top-level research and education complement and strengthen eachother. The Faculty of Business and Economics Alumni Association includes many leadersof industry, ensuring excellent career opportunities for our graduates.
ProfileYou have an entrepreneurial personality with broad socio-economic interests. You arefascinated by the business world and would like to pursue a management career instrategy, international business or finance.
Admission requirements• For Flemish applicants, see www.econ.kuleuven.be/ond/studiekiezerdiploma.• For all other applicants, the following requirements apply:
Prior education 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 BusinessEngineering from the Faculty of Business and Economics at KU Leuven. By a degree inBusiness or Economics we mean an academic education (with sufficient credits in macro -economics, microeconomics, management, statistics, mathematics,…), not a technicaltraining (e.g. marketing or hotel management). Notice that our faculty has a strong analytical/mathematical approach. In order to verify whether you have sufficient background knowledgein this respect, see www.econ.kuleuven.be/eng/edu/docs/mbe-prerequisites.pdf.
• Comparability is evaluated by the Admissions Board on the basis of informationprovided by the applicant (see required documents).
Proof of proficiency in English• 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 requirement is possible for applicants with auniversity degree or high school degree earned in Australia, Canada, Ireland, New Zealand,United Kingdom or the United States. The certified degree and transcripts suffice,provided they confirm that the entire study was completed in English.
Required documentsAll applicants should provide the following documents:• certified copies of transcripts, degrees 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);• a letter of motivation written and signed by the applicant, explaining the choice for
Leuven and for this particular programme;• two recommendation forms, see www.econ.kuleuven.be/eng/edu/admissionrequirements,
filled out and signed, and mailed in a sealed envelope signed across the flap by the refereeto the Faculty of Business and Economics. Forms not provided in a sealed envelopesigned across the flap by the referee will be regarded as void. The recommendationforms can also be mailed directly by the referee to [email protected].
These documents suffice for applicants with a non-Belgian degree from:• universities that have an exchange agreement with the Faculty of Business and Economics
of KU Leuven• universities that are 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 impossiblefor us to reliably assess degree comparability. In those cases a GMAT or GRE result abovethe 75th percentile on the quantitative part is required.
The Admissions Board evaluates all applications and has the final say on the admissibilityof the applicant, taking into account the relevant information. Incomplete application fileswill not be processed.
Application procedure
• Non-EEA citizens must submit a complete application file by 1 March. Non-EEAcitizens (or EEA-citizens with a residence permit for Belgium) are strongly advised tosubmit their application file before 1 June but can apply until the end of August.
• Tuition fee: ±600 EURFor more information on how to apply, please visitwww.econ.kuleuven.be/eng/edu/prospectivestudent.
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Career prospects
Graduates of the Master of Science in Business Economics mostly take up managerial and/orresearch positions in business, national and international institutions, and in managerialfunctions at universities. Given the variety of skills acquired, you will be highly sought-afterby a wide range of companies (from small firms to multinational corporations) in a variety ofpositions and sectors in Belgium or abroad. You can pursue a career as an auditor, entrepreneur,a consultant, financial analyst, financial manager, project manager, sales manager or stockbroker. This is only a small selection of the many options available to you.
Programme
The programme starts at the end of September. The academic year is divided into two semesters, each consisting of 13 teaching weeks, followed by exam revision periods and exams. The programme consists of one core course, a major including a Master’s thesis (15 credits), a minor and one elective course.
I joined KBC Securities Corporate Finance in 2003. In our department, we advisecorporate clients on mergers and acquisitions and equity capital markettransactions. Many people have an incorrect view of the financial sector andbelieve that it only deals with hard numbers. However, on a daily basis weexperience the importance of the more personal aspects of a deal. Entrepreneurslooking to sell their company often prefer a buyer whose personality matchestheir own. Hence, it is not always the bid with the greatest financial meritsthat will be chosen. On the other hand, a large acquisition or an initial publicoffering on the stock exchange constitutes an important milestone in the lifeof a company, which has to fit within its long-term strategy. Therefore, we oftencarry out analyses regarding our clients’ market development and competitivepositioning. My Business Economics degree has provided an ideal backgroundthrough its combination of technical-financial courses and ‘softer’ skills.Basic compulsory courses at the Bachelor’s level provide you with a solidfoundation that can be complemented by specific elective courses, such asStrategic Analysis. Through frequent group assignments and presentations,you will gain experience in people management and problem-solving skillsin very diverse contexts – just like in real life!
(Cedric)
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MASTER OF SCIENCE IN BUSINESS ECONOMICS 60 CREDITSCOURSE CREDITS
Core courses 6• Strategic Management 6
Master's thesis 15
Major 24Students choose one major Major 1: Strategy, Innovation and Entrepreneurship Students select 4 courses from the following list: • Innovation Management and Strategy 6• Political Business Strategy 6• Competitive Analysis and Strategy 6• Economics of Global Innovation 6• The Foundations of Entrepreneurship 6• Introduction to Entrepreneurship 6• Applied Game Theory and Economics of Information 6 Major 2: International Business • Core Courses
- International Business Strategy 6- International Management 6
• Electives: students select 2 electives from the following list:- Economic Aspects of European Integration 6- International Business Finance 6- International Marketing 6- Cultural Issues in International Business 6
Major 3: Financial Economics• Core Courses
- Macro Finance 6- Econometric Methods & Models 6- Security Pricing and Portfolio Selection 6
• Electives: students select 1 of both electives:- The Economics of Financial Intermediation 6- International Business Finance 6
Major 4: Marketing• International Marketing 6• Product Management 6• Marketing Strategy 6• Consumer Behaviour 6
Minor 12Students choose one minor: • Strategy, Innovation and Entrepreneurship • International Business• Financial Economics • Marketing• Accounting and Auditing • Business Research
Free electives: students choose one free elective course 3
For detailed descriptions of this programme's courses and for the course timetable,please consult www.kuleuven.be/coursecatalogue
Master of Science in Advanced Business Studies The Master of Science in Advanced Business Studies is mainly designed to offer studentswith a background in business or management science an additional and advanced curriculumin business research methodology. The programme allows the participants to deepen theirknowledge in a number of substantive areas, both conceptually and methodologically. Its courses are not designed to offer a general management background, but instead to providein-depth, specialised treatment of business research methodology. The purpose of the programmeis to familiarise students with current research practices in business and management studiesused in leading academic institutions, international companies and institutions.
The programme provides excellent preparation for undertaking a PhD in Business Economics,but it is also ideal for students seeking research-oriented positions outside the university.Extensive contact with students from different nationalities and cultures adds an extradimension to the programme.
Admission requirements
Prior education requirements
Applicants must hold either of the following: • a Master's degree in business studies or applied economics• a Master's degree in another field, provided that the basics of business have been
covered and the other elements in the application file are outstanding and should havea sound mathematical and statistical background.
Academic performance should be above average (e.g. applicants should have obtained theirdegree with at least cum laude or with distinction). Admissibility is evaluated by the AdmissionsBoard on the basis of information provided by the applicant (see required documents).
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Proof of proficiency in English
• All applicants must submit a satisfactory score on one of the following internationallyrecognised 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 requirement is possible for applicants with auniversity degree or high school degree earned in Australia, Canada, Ireland, New Zealand,United Kingdom or the United States. The certified diploma and transcripts suffice, providedthey 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 allother requirements are met as well, but this is not an absolute minimum.
• two recommendation forms (see www.econ.kuleuven.be/eng/edu/admissionrequirements)filled in, signed, and mailed in a sealed envelope signed across the flap by the refereeto the Faculty of Business and Economics. Forms not provided in a sealed envelopesigned across the flap by the referee will be regarded as void. The recommendationforms can also be mailed directly by the referee to [email protected].
• a letter of motivation written and signed by the applicant detailing the choice forLeuven and for this particular programme.
The Admissions Board evaluates all applications and has the final say on the admissibilityof the student, taking the relevant information into account. Application files will not beprocessed as long as they are incomplete.
Application procedure
• Non-EEA citizens must submit a complete application file by 1 March. Non-EEAcitizens (or EEA-citizens with a residence permit for Belgium) are strongly advised to submit their application file before 1 June but can apply until the end of August.
• Tuition fee: 1,400 EURFor more information on how to apply, please visitwww.econ.kuleuven.be/eng/edu/prospectivestudent.
ProfileAs the programme's courses are at the advanced Master’s level, we stress the importanceof a solid undergraduate background in business economics or management studies.Students should also have a sound mathematical and statistical background. Students shouldhave a keen interest in recent analytical developments in business economics and a desire towork in research positions at universities, in business or in national and international institutions.
Career prospects
A large majority of the graduates of the Master of Science in Advanced Business Studiesprogramme begin careers in managerial and/or research positions in business, nationaland international institutions and universities. Graduates from the MABS programme canalso enrol in the PhD programme in Business Economics at KU Leuven.
Programme
The programme focuses on the use of business research methodology and stresses acombination of theory and applications drawn from real business problems in variousmanagement disciplines.
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MASTER OF SCIENCE IN ADVANCED BUSINESS STUDIES 60 creditsCOURSE CREDITS
Core Courses 6Students take 3 courses from this group, for a total of 18 credits• Combinatorial Optimisation and Local Search Techniques 6• Advanced Econometrics 6• Multivariate Statistics 6• Advanced Time Series Analysis 6• Applied Game Theory 3• Economics of Information 3• Optimisation: Special Topics 6• Statistical Modelling 3• Advanced Regression Modelling 6• Statistics for Finance and Insurance 6• Actuarial and Financial Models 6
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Electives 18Students take electives for a total of 18 credits from this group or: One or more additional core courses - One or more courses at PhD level, from other universities - One or more courses at PhD level, from other programmes at KU Leuven, particularlyfrom the Master of Science in Advanced Studies in Economics programme.• Architecture and Modelling of Management Information Systems 6• Asset Prices: Basic Models and Tests 6• Simulation Theory and Applications 6• Knowledge Management and Business Intelligence 6• The Empirics of Financial Markets 6• Advanced Industrial Economics 6• Bibliometrics as a Research Field 3• Economics and Strategy of Innovation 6• Advanced Applied Econometrics 6• Survey Methodology 4• Experimental Design 4• Multi-agent Systems 4• Advanced Topics in Risk Management 6• Advanced Non-life Insurance Mathematics 6• Advanced Life Insurance Mathematics 6
Research component 24• Master’s thesis 18
The Master’s thesis consists of a research paper in the student’s field of interest, using advanced research methodologies under the guidance of a supervisor. The thesis should reflect that the student has mastered contemporarymethodological tools used in business economics and is able to apply themindependently. The topic of the Master’s thesis is drawn from one of the followingfields: marketing, organisation studies, operations management, operationsresearch and business statistics, management informatics, finance, accountancy,actuarial science or managerial economics, and strategy and innovation.
• Selected Research Topics 6Students read a selection of research papers and attend seminars related to the topic of their Master’s thesis.
For detailed descriptions of this programme's courses and for the course timetable,please consult www.kuleuven.be/coursecatalogue
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Before joining KU Leuven, I graduated in management at Bocconi University,Italy. I had already realised that research was my passion during my studiesthanks to two internship experiences at the United Nations and at the EuropeanParliament. After graduating, I worked as a researcher at Fondazione Eni EnricoMattei, a leading Italian research centre for two years. My main researchinterests are regulation, privatisation and corporate governance. Given myprevious studies in management, I felt that I needed more specific trainingin quantitative methods, and after very careful consideration, I decided tocome to KU Leuven. In fact, I found this Master’s programme to be a trulyunique combination of quantitative methods, applied economics and businessresearch. Moreover, you have a wonderful environment for learning, PhD levelclasses and a very stimulating teaching method, with many applications notonly for research, but also for high-level professions in banking or consulting.I was also positively surprised by the city of Leuven, which is very beautifuland offers a very nice and lively environment for students. In Leuven and atKU Leuven you always feel welcome and you can enjoy a lot of differentactivities besides studying.
(Silvia Vitiello, graduate)
PhD in BusinessEconomicsThe doctoral programme in Business Economics is an advanced four-year programme designedto train future researchers in one of the key fields of management: marketing, organisationstudies, operations management, operations research and business statistics, managementinformatics, finance, accountancy, actuarial science or managerial economics and strategyand innovation. The programme is designed to develop and nurture young talent and preparePhD graduates for careers in both academia and international business. Currently about100 students with diverse backgrounds and nationalities are enrolled in the doctoral programme,creating an energetic and stimulating work environment.
The purpose of the programme is to familiarise students with current research practices inbusiness and management studies used in leading academic institutions, international businesscompanies and institutions. The programme is designed to prepare PhD graduates forcareers in both academia and international business. PhD students obtain the degree of Doctor of Business Economics after successfully defending a doctoral dissertation.
Admission requirements
The programme targets highly motivated graduate students with a strong interest in pursuingan academic career and/or undertaking research in business studies. The programme buildson undergraduate studies in business economics but holders of other Master’s degreesare also eligible. Students must demonstrate good verbal, analytical and quantitative skills.
Prior education requirements
Applicants must hold one of the following:• a Master's degree in business (or a degree equivalent to four or five years of
management studies)• a Master's degree in another field, provided that the basics of business have been
covered and other elements in the application file are outstanding and attest to asound mathematical and statistical background.
Academic performance should be above average (e.g. applicants should have obtaineddistinction at least twice). Admissibility is evaluated by the Admissions Board on the basisof information provided by the applicant, including certified copies of his/her degree andtranscripts, etc. (see below).
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Proof of proficiency in English
Applicants who are non-native speakers of English must provide evidence of Englishlanguage proficiency.• Applicants with a KU Leuven degree: Applicants who have already successfully completed an
English-language programme at KU Leuven do not have to take an English proficiency test.• Applicants with a university degree obtained in Australia, Canada, Ireland, New Zealand,
the United Kingdom or the United States: the certified degree 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 anexclusively English-taught programme.
• Other applicants should submit a satisfactory score on an internationally recognisedtest of English language proficiency: TOEFL (minimum score 575 paper-based, 233computer-based, 90 internet-based) or IELTS (minimum score 7). No other proficiencytests 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 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 allother requirements are met as well, but this is not an absolute minimum.
• two recommendation forms (see www.econ.kuleuven.be/eng/edu/admissionrequirements)filled in, signed, and mailed in a sealed envelope signed across the flap by the refereeto the Faculty of Business and Economics. Forms not provided in a sealed envelopesigned across the flap by the referee will be regarded as void. The recommendationforms can also be mailed directly by the referee to [email protected].
• a letter of motivation written and signed by the applicant detailing the choice forLeuven and for this particular programme.
The Admissions Board evaluates all applications and has the final say on the admissibilityof the student, taking the relevant information into account.
Profile
Students should have a keen interest in recent analytical developments in businesseconomics and desire to work in research positions at universities, in business or innational and international institutions.
Application procedure
For information on how to apply, please visit www.econ.kuleuven.be/eng/edu/prospectivestudent
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Programme
Career prospects
A large majority of graduates with a PhD in Business Economics pursue careers in bothacademia and international business.
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Soon I’ll be halfway through the doctoral programme at the Faculty of Businessand Economics at KU Leuven. When I look back at what I’ve experienced andlearned over the past two years, I can only hope that the coming years willbe just as fascinating and captivating. The doctoral programme provides mewith the opportunity to contribute to the research community, and the stimulatingenvironment in which I am being trained as a researcher helps me achievemy ambitions and objectives. The combination of the intellectual freedom thatI am granted as a doctoral student and the support offered by the facultyencourages me to achieve my aspirations and to conduct innovative andground-breaking research. I feel that a PhD from KU Leuven is a solid basisfor a successful academic career and I can hardly imagine a better choice thanthe doctoral programme at the Faculty of Business and Economics at KU Leuven.
(Bram Van den Bergh, PhD student)
FIRST YEAR• Doctoral courses, a comprehensive exam about research in one’s field
of interest, writing a PhD proposal
SECOND YEAR• Research reports
THIRD YEAR• Doctoral seminars, presentation at an international conference
FOURTH YEAR• Preliminary defence and public defence of the doctoral dissertation,
international publication
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Learn more
www.econ.kuleuven.be/eng/edu/prospectivestudentwww.kuleuven.be/ma/mbe www.kuleuven.be/ma/mabs www.econ.kuleuven.be/phd
General informationInternational programmes: www.kuleuven.be/internationalprogrammes International Office: www.kuleuven.be/english
Faculty of Business and Economicstel. + 32 16 32 66 12fax + 32 16 32 66 [email protected]/eng
Communications OfficeOude Markt 13 box 5005
BE-3000 LEUVEN, Belgiumtel. + 32 16 32 40 10 • fax + 32 16 32 40 14
This brochure provides the most complete and accurate information available concerning Master’s programmes offered at
KU Leuven. Amendments to the composition of this programme may, however, be approved at any time. The study load of
many Master’s programmes may increase from 60 to 120 credits 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 2012
Copyright: D/2012/1082/26
