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MSc Quantitative Finance and Actuarial ScienceTilburg School of Economics and Management
MSc QFASTilburg School of Economics and Management
Why QFAS
in Tilburg?Program
Admissions Questions
Meet the team
Alumnus
Career
Our Main Focus
Determining “correct” prices for complex financial contracts
Avoiding “unacceptable”
risk taking
Designing a “sustainable” pension system
Responsible Risk Management
Why you should study QFAS in Tilburg
Practice-oriented program:
• Strong emphasis on practical knowledge/skills
• Teachers have strong links with practice
• Thesis typically internship based• Teaching in small groups: lectures,
debates, assignments,…
Solid theoretical and technical foundations
• State-of-the-art models and methods
• Math/stat/data science
Great flexibility to choose your own program
• Many electives• Specialize in your own preferred
direction, such as• Quantitative Finance• Finance Analytics• Pensions (Actuarial Science)• …
You can have impact on high level decision making
in financial institutions and insurance companies!
Specialized knowledge of advanced risk management models and pricing principles
The hard skills to understand and apply quantitative approaches and to use relevant software
The soft skills to successfully implement solutions in practice
The attitude to be eager to study and solve both practical and scientific problems
After obtaining your degree, you have:
MSc QFASTilburg School of Economics and Management
Why QFAS
in Tilburg?Program
Admissions Questions
Meet the team
Alumnus
Career
4 electives
Core courses
Valuation and Risk ManagementEmpirical FinanceLife Cycle Investment and Pension Systems
Asset Liability ManagementIssues in Finance and InsuranceData Science Methods
Electives
Econometrics/Data ScienceBusiness AnalyticsFinanceSoft skills (consulting)
Make it your own program!
Courses
4 electives
Program
24 ECTS4 courses
12 ECTS2 courses
General Program
Netspar track
Core Courses
• Life-cycle investment and pension systems (6 ECTS)
• Asset Liability Management (6 ECTS)
• The economics and finance of pensions (6 ECTS)
Mandatory Courses
18 ECTS3 courses
Electives
12 ECTS2 courses
18 ECTS
18 ECTSNetspar-related
MSc Thesis
4 electives
First Semester
Five coursesOn average 15 hours/week
Second Semester
Two coursesThesis
Workload
Valuation and risk management
Empirical finance Data science
methods
* In spring or fall depending on time of entry
Schedule
Unit 1 (Aug - Oct) Unit 3 (Jan - Mar) Unit 4 (Mar - Jun)
Master thesis * Master thesis *
Electives
Issues in finance and insurance
Asset Liability
ManagementLife-cycle investment and pension systems
Unit 2 (Oct-Dec)
Example questions• How to price a complex financial
product?• What is the maximum loan to
offer to a household?• How much capital should banks
invest safely?
You will learnstate-of-the-art modelsand computational techniques
Teaching methodsLectures, guest lecture(s), assignments
Swaps
Semester course: 14 weeks with on average 3 hours/week
Valuation and Risk Management
Source: https://en.wikipedia.org/wiki/Swap_(finance)
Empirical Finance
Example questions:• Do financial markets price assets
“correctly”?• How does a portfolio perform?
You will learnadvanced econometric techniques and how to conduct empirical research yourself.
Teaching methodsLectures, guest lecture(s), assignments.
)!!3.2$:1997Summer ,(y opportunitarbitrageexploittowantYou billionLTCM
Source: De Jong, Rosenthal, Van Dijk (2009), The Risk and Return of Arbitrage in Dual-Listed Companies, Review of Finance, 13, 495-520. Website: http://www.mathijsavandijk.com/dual-listed-companies
Unit course: 7 weeks with on average 6 hours/week
Example questions• How (un)fair is our collective
pension system?• What if we move to individual
accounts?• How should contributions
optimally be invested?
You will learnmodels and techniques to evaluate benefits and drawbacks of various pension systems.
Teaching methodsLectures, guest lecture(s), assignments, debate sessions
Life Cycle Investment and Pension Systems
Financial
return
Biometric
return
Individual
pension wealth
previous period
Contributions
Withdrawal as
income stream
Individual
pension wealth
next period
Personal Pensions with Risk Sharing (PPR):
Semester course: 14 weeks with on average 3 hours/week
4 electives
Other Core Courses
Asset Liability
Management
• How to invest keeping in mind the investment goal (“liabilities”)?
• Should governments issue inflation-linked bonds?
Data Science Methods
• What is the probability that a customer cannot repay a loan?
• How to predict a bear vs. a bull market?
Issues in Finance and
Insurance
• Are investors irrational?• How to allocate risk capital
to divisions?• How to price complex
financial products and insurance contracts?
4 electives
QFAS electives
Business Analytics
courses:
• Optimization• Decision Making with
Business Analytics • Professional Business
Analytics Skills
Finance courses:
• Seminar Financial Markets and Institutions
• Global Banking • Financial Statement Analysis • Financial Analysis and
Investor Behavior • Fixed Income Analysis
Free electives
(restricted)Econometrics courses:
• Panel Data Analysis of Microeconomic Decisions
• Time Series and their Applications
• Financial Econometrics • The Economics and Finance
of Pensions
Netspar track further explained
Study Pensions, Aging and Retirement from an interdisciplinary perspective
Collaboration between Science, Industry, and Government
Special Netspar-track session:14:45-15:30 hrs in Cz111
Sector
GovernmentScience
Governme
nt
MSc QFASTilburg School of Economics and Management
Why QFAS
in Tilburg?Program
Admissions Questions
Meet the team
Alumnus
Career
Less than a month between graduation and first relevant job
€ 3.584 average gross monthly salary
90% is (very) satisfied with the program
100% would recommend the program to friends
Key figures of recent graduatesNational Alumni Survey 2016 (most recent)
Financial Analyst
MSc QFAS graduates find jobs in banking, insurance, pensions
Part-time study towards “Actuaris AG” (EMAS program Actuarial Institute)
Portfolio Manager
Risk Manager
Asset Allocation Analyst
Risk Modeling Consultant
Actuary
But also further study
Research Master possibly followed by PhD
Actuarial Analyst
And many more opportunities …
Banks Insurance companies Traders
And many more opportunities …
Consultancy Energy Pension funds
RegulatorsMultinationals
Where do our graduates work?
• Strategy Consultant at ABN AMRO• Analyst at Accenture• Actuarial Analyst at AEGON• Junior Actuary at ASR• Senior Strategic Asset Allocation Analyst at Bank of Lithuania• Junior Business Analyst at Deloitte• Insurance Risk Trainee at Delta Lloyd• Advisor European Actuarial Services at Ernst & Young (EY)• Analyst at Goldman Sachs• Reinsurance Actuary at ING Groep• Junior Advisor Financial Risk Manager at KMPG• Actuary / Investment Risk Manager at Nationale-Nederlanden• Junior Consultant at ORTEC Finance• Junior Consultant at PricewaterhouseCoopers• Analyst Mergers & Acquisitions at Rabobank Nederland• Portfolio Manager at SNS Reaal• Fixed Income and Derivatives Portfolio Manager at Syntrus Achmea• Analyst at Towers Watson
Consultation for CV and job-applications
Individual guidance
Training, courses and workshops
Career events
Student Career Services to help you on your way!
Available at information fair!
MSc QFASTilburg School of Economics and Management
Why QFAS
in Tilburg?Program
Admissions Questions
Meet the team
Alumnus
Career
Alumnusexperience
Corné Ruwaard
Quantitative Risk Consultant at RiskQuest
Graduated in 2017
MSc QFASTilburg School of Economics and Management
Why QFAS
in Tilburg?Program
Admissions Questions
Meet the team
Alumnus
Career
Admissions
Students with a BSc Econometrics & OR: Unconditional acceptance
Students with other backgrounds: Individual assessment
Max 30 ECTS(5 courses)
Focus on necessary technical skills: Mathematics, probability and statistics, econometrics
If you have deficiencies: we offer an individual (tailor-made) pre-master’s program
Application deadlines:
Dutch students: August 1 or January 1
International students: July 1 or October 1 (if no visa required)
All students Enroll via Studielink
Non-TiSEM students who Submit an application
want to enroll in a (Pre-)Master
See website for specific requirements!
Admissions
MSc QFASTilburg School of Economics and Management
Why QFAS
in Tilburg?Program
Admissions Questions
Meet the team
Alumnus
Career
Nikki Donkers
Program Coordinator
MSc QFAS
& MSc BAOR, EME
Meet the team
of MSc QFAS
Prof. dr. Anja De Waegenaere
Academic Director MSc QFAS
Full Professor
MSc QFASTilburg School of Economics and Management
Why QFAS
in Tilburg?Program
Admissions Questions
Meet the team
Alumnus
Career
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