Master • Economics and Finance of Aging

Faculty of Economics and Business Administration
2007/2008
Master
• Economics and Finance
of Aging
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Contents
3
Introduction
Introduction
4 Tilburg University
Faculty of Economics and Business Administration
Netspar
Did you know that recent research has predicted that in Europe alone,
7 Economics and Finance of Ageing
At a Glance
Characteristics
Programme
Career Opportunities
Admission Requirements
nearly 35% of the population will be aged 60 and over by the year 2050?
The issue of our ageing population and the implications on economic
issues and policy questions is studied in the Master’s programme
Economics and Finance of Aging, which started in September 2006.
In this brochure, you will find a detailed description of this unique
MSc programme in Economics and Finance of Aging, offered by
13 Tuition Fee
the Faculty of Economics and Business Administration (FEB) of Tilburg
University. This brochure aims to set out what you need to know to
13 Application Procedures
make an informed decision about your graduate studies. To give you a
more personal account of what our graduate programme in Economics
14 More Information
and Finance of Aging is all about, we have also included introductions
by some of our professors.
Separate brochures of the other master’s programmes of the Faculty
of Economics and Business Administration are also available.
For international students there is an additional brochure about
application procedures and the services of the International Affairs
Office. For additional copies of this or other brochures, please send an email to study-info@uvt.nl.
We are looking forward to receiving your application for the next
academic year and welcoming you to Tilburg University.
This brochure was prepared with great care. However, Tilburg
University reserves the right to change without notice any
programmes, policies, requirements or regulations published
in this brochure.
3 Faculty of Economics and Business Administration
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Tilburg University
Faculty of Economics and Business Administration
Tilburg University is an internationally oriented, fully accredited, top
The Faculty of Economics and Business Administration is Tilburg
The master’s programme in Economics and Finance of Aging is
university in the Netherlands. It is well known for its high standards in
University’s largest Faculty and the most prestigious one in the
based on the scientific research of Netspar, the Network for Studies
education and scientific research as well as its excellent support facilities.
Netherlands. The Faculty enjoys high rankings for its excellent quality
on Pensions, Aging and Retirement.
In yearly rankings, Tilburg University has taken a leading position for
in education and research, for example, it is the current number one
many years now.
economics research institute in Europe and the number three business
research institute. With about 500 staff members, the Faculty of
Since 1927, Tilburg University has expanded its horizons and has grown
Economics and Business Administration offers 32 undergraduate and
into a university with six faculties and an Executive Business School
graduate programmes in the fields of Economics and Business to
(TIAS, Executive MBA). Specialised in the Social Sciences and the
approximately 5000 students. Education and research are provided by
Humanities, Tilburg University belongs to Europe’s top in business,
the Faculty’s departments: Accountancy, Econometrics and Operations
economics and law. Its 1,700 staff members provide liberal education
Research, Economics, Finance, Fiscal Economics, Information Systems
for 11,000 students in the disciplines of Arts, Economics and Business
and Management, Marketing, and Organization and Strategy.
Administration, Law, Philosophy, Social and Behavioural Sciences,
and Theology.
All study programmes have achieved accreditation by the Dutch Flemish
Validation Council (NVAO). The research programmes offered by
CentER Graduate School (part of the Faculty of Economics and Business
Administration) have also been accredited by the Royal Netherlands
Academy of Arts and Sciences. Additionally, the business programmes
have achieved accreditation by AACSB International. All represent
hallmarks of excellence that make it possible for Tilburg University to
Degree Programmes
Rankings
compete not only with European Universities, but also with some of
the best Universities in the world.
The Faculty of Economics and Business Administration is consistently
Undergraduate Programmes
Graduate Programmes
ranked in the top best universities in Europe.
Some of the most recent rankings:
Tilburg University invites you to take part in a challenging student life in
8 BSc Programmes
17 MSc Programmes
-
2 MPhil Programmes
-
a truly international setting. The university has 180 partner universities
on all five continents. You can enjoy interactive teaching in small groups,
European Economic Association, 2003)
including case studies and teamwork. You will have access to all campus
facilities such as wireless internet, a high-tech library, a language
Number three in Economics research in Europe
(www.econphd.net 2006)
2 Post-graduate Programmes
centre and internet cafes. The compact campus set-up offers you the
opportunity to meet professors, researchers, lecturers and students of
Number one in Economics research in Europe (Journal of the
-
Number three in Business research in Europe (University of Texas
at Dallas, 2005)
3 PhD Programmes
different backgrounds and nationalities.
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Netspar
Interview
Netspar is a network for research and education in the field of pensions,
aging and retirement. It is an independent network composed of
academics and practitioners in the field, supported by universities
Prof.Dr. Lans Bovenberg
as well as private and public institutions with an interest in Netspar’s
Academic Director of Netspar, Winner Spinoza prize (the ‘Dutch Nobel
research topics. The initiative to establish Netspar was taken by the
prize’) in 2004. He is one of the most-cited national and international
Faculty of Economics and Business Administration and the Faculty
Dutch economists
of Social and Behavioural Sciences of Tilburg University.
Netspar formulates and executes three independent and internationally
Find a new way of dealing with the aging problem
oriented scientific research programmes on pensions, aging and
social insurance in a broad life-cycle context:
“One of my research interests is risk sharing in the society. For young
•
Macroeconomic aspects of ageing and retirement
people absorbing risk is not so difficult, but it is more difficult for old
•
Decisions of individuals and households concerning savings,
people who do not like risks. With the increasing number of old people,
retirement and insurance
risk sharing is becoming more expensive and challenging. We have to
Institutional aspects and behaviour of pension funds and financial
find a new way of dealing with the aging problem, find the people who
institutions
can best bear the risk. Taking risks is good for economic growth and
•
Netspar provides critical mass to these programmes by bringing
innovation, as well as entrepreneurship, but how to allocate the risk
together academic researchers from different fields, disciplines,
more efficiently through pension systems, that is the question. Another
backgrounds and institutions.
interest, also close to this master’s programme, is the difference in life
cycle of young people and the previous generation. More women work,
More information about Netspar is available at
people obtain better education, the average age becomes higher, etc.
www.netspar.nl
This creates many new issues. Additionally, the government’s social
Economics and Finance
of Aging
security expenses are contained in several western countries, as people
take more responsibility for their own lives.
This programme involves its student’s future employers, such as pension
funds, insurers and government agencies. It will be a combination of
working and learning, and students will learn to use different perspectives
like Finance, Economics and Econometrics, to analyse a single problem.
Aging and Pension may sound less interesting to young people, but if
you look at the news nowadays, you will find they are dominant subjects.
And as for the future, the importance will increase further as society ages.
It is challenging and exciting to create the potential value for both business
and society. We are looking for well-rounded students who want to get the
very best out of themselves. They should have keen interests in different
countries, as aging is a global issue. They should also be able to put
various instruments and perspectives together, such as commercial
firms, non-profit organisations, and the government.”
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Economics and Finance of Aging
Case
At a Glance
Characteristics
The Pension Challenge
Programme
Economics and Finance of Aging
The issue of life expectancy has major economic implications – not only
The affordability of old age provisions is coming under pressure
The programme consists of 60 Credits (ECTS), equivalent to 1680 hours
Duration
1-year master’s programme
on an individual level, but also on a global scale. How do we maintain a
because The Netherlands, like other EU countries, has to contend with
of study, offered over two semesters. The first semester starts in
Type
full-time
sustainable pension system? How do pensioners spend their money and
the consequences of an aging population. (…) This is the challenge the
September, with exams in December and January. The second semester
Title
Master of Science
how do they make financial decisions? What is the impact of ageing on
government, pension funds and the central organisations of employers
runs from January to June, but is divided in two. From January to April,
Education
On-campus only (no distance learning),
economics and finance in general? In this programme you are examining
and employees, the so-called social partners, now face.
you will take two courses. From April on, you will be able to focus on
lectures and workshops
the various topics from a multidisciplinary perspective. So besides the
Pension funds play an important role in the Dutch pension system.
your Master’s thesis.
Language of Instruction
English
economic factors, you will also be taking into consideration health issues
The participants of these pension fund pay premiums until retirement.
Exams
written exams, papers, assignments
and the psychological aspects of this worldwide problem of having a
In exchange the pension fund promises to pay pensions after retirement
Semester 1
population that is ageing at a fast rate.
according to a pension plan. In case of a defined benefit plan (more
Introduction to Economics and Finance of
Name
Best Preparatory Bachelor’s Economics, Econometrics and Operations
than 90% of the pension plans), the pension fund promises to pay the
Pensions and Aging
6
Intro. Economics and Finance of Aging,
The MSc in Economics and Finance of Ageing offers you the opportunity
participant, say, 70% of the final salary before retirement. To pay the
Microeconomics of Life-cycle Behavior
6
Microeconomics of Life Cycle Behaviour,
to communicate and cooperate on coursework, assignments, etc. with
promised pensions, the pension fund invests the premiums in assets,
Empirical Research in Pension and Retirement Economics
6
Microeconomics of Pensions and Social
employees from Netspar participants who will also take part in some
like stocks and bonds. The future returns on these investments are used
Investment Analysis of Aging and Pensions I
6
Insurance, Empirical Research in Pension
of the courses. This means that the programme is strongly embedded
to finance the promised pensions. In case of a defined contribution plan
Macroeconomics of Pensions and Social Insurance
6
and Retirement Economics,
in Netspar, the Network for Studies on Pensions, Aging and Retirement.
the promised pension payments depend on the returns (gains or losses)
Investment Analysis of Aging and Pensions I
Netspar’s main concern is increasing the awareness of practitioners
on the pension funds investments in stocks, bonds, and real estate.
Insurance companies, pension funds,
at financial institutes about the macroeconomic and microeconomic
Semester 2
ECTS
ministries and other private and public
implications of ageing and the policies of their institutions.
Questions:
Two courses out of:
12
1.
Compare a defined benefit system with a contributed benefit system
- Psychology of Economic Behavior
from a participant’s viewpoint.
- Health Economics and Aging
Research, Business, Actuarial Sciences
Core Courses
Career Opportunities
ECTS
sector institutions
Start
September
Is this the right programme for me?
Information Day
23 November 2006 and 22 February 2007
Lectures will be given to relatively small groups of students,
2. What exactly is the challenge the social partners are facing?
More Information
www.tilburguniversity.nl/masters
creating opportunities for interaction between the lecturer and
3. Compare the financing of old age pensions via pension funds with
students. Students will be challenged to actively participate in the
the alternative approach, where the government taxes the active
lectures, will get assignments and will be asked to come up with
workers to pay the pensions of the retired workers. Discuss the
their own suggestions to apply theory to real problems.
differences between the two pension systems, taking into account
the aging of the population.
- Investment Analysis of Aging and
Pensions II
- Topics in Economics and Finance of Aging
• Actuarial Sciences: Life Insurance
• General Equilibrium Models
Master’s Thesis
18
Total
60
Source: International site Dutch Ministry SZW (Social Affairs and Employment)
The world’s first MSc in the field of aging,
pensions and retirement
Faculty of Economics and Business Administration 8
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http://internationalezaken.szw.nl.
This programme is provisional. Please refer to the electronic studyguide for the latest
updates: www.tilburguniversity.nl/studyguide.
9 Faculty of Economics and Business Administration
16-04-2007 15:25:57
Interview
Interview
Introduction Economics and Finance of Aging
What are the main issues underlying the current worldwide debate about
the aging of the population and its consequences for pension systems
“People I know are concerned that
from a microeconomic, a macroeconomic and an institutional point
they are going to have to work
of view? This course emphasizes the relationships between these three
hard in the future to pay for the
perspectives.
pensions of a huge number of
retirees. I was curious to see what
Admission Requirements
Macroeconomics of Pensions and Social Insurance
kind of solutions economics is
A bachelor’s degree in Economics, Econometrics and Operations
This course aims to give you a better understanding of the challenges of
offering, and this course has given
Research, Actuarial Sciences, or Business suffices for entry to the
aging on modern welfare states and pension systems. Models of saving,
me a lot of insight into that.
programme. If you have a different degree the possibility to enter
consumption and economic growth with and without overlapping gene-
What I especially liked about the
rations are addressed. Furthermore, the consequences of aging and aging-
course was the small-group focus.
Prof.Dr. Arthur van Soest
More precisely, the courses in the MSc programme Economics and
related risks will be analyzed for the public finances and pension sectors.
All in all, this course was an
Professor of Econometrics (Tilburg University), Senior economist, RAND
Finance of Aging build on a solid academic background at the
Generational accounting (GA) is used to explore distributional, fairness
enjoyable and informative taste of
Corporation (USA), Lecturer MSc Economics and Finance of Aging
bachelor’s level in the fields of:
and sustainability aspects of generational institutional arrangements.
the new Master’s in the
Economics and Finance of Aging.”
into the programme will be judged on an individual basis.
There is a clear demand for graduates
•
Macroeconomics
•
Microeconomics
•
Statistics and Econometrics
Empirical Research in Pension and Retirement Economics
Hanne de Glas
This course focuses on the use of empirical tools from statistics and
Student who took the Netspar course
“I am working both in The Netherlands and the USA. Most of my
•
Financial Economics
econometrics in pension and aging economics. The course discusses the
Introduction to the Economics and Finance
research is on the economics of aging. For example, I am analysing
•
Mathematics
main properties of a variety of standard econometric models and their
of Aging
retirement income expectations and realisations. This is important since
application to issues in aging, retirement, pensions, saving, etc. You will
people’s savings for retirement will depend on what they expect in terms
Upon request, the Board EFA may grant the opportunity to rectify
learn to do empirical research yourself and to evaluate empirical research
of pension and social security income after retirement. At the firms and
deficiencies during the MSc programme.
that others have done.
institutions that participate in Netspar, such as pension funds, insurance
companies and ministries, there is a clear demand for graduates from
Proficiency in English is also required. A minimum IELTS score of 6.5, or,
Microeconomics of Life-cycle behavior
Career Opportunities
the new master’s programme. Nowadays firms and other organisations
alternatively, a minimum TOEFL score of 575 for the paper based version
This course equips you with the tools to understand the microeconomic
As a graduate, you will have expert scientific knowledge relevant for the
explicitly need expertise to manage pension funds and deal with other
or 233 for the computer-based version is necessary. Scores on separate
arguments behind the debate about social insurance, social assistance
specific fields of Aging, Pensions and Retirement, and will have the tools
economic issues raised by aging of the population. Therefore, some
parts are also evaluated, since candidates must possess good reading,
and tax policy. You will be able to understand international journal
to help improve the quality of the pension institutions and related
of these organisations cooperate with the master’s programme in
writing, and oral skills. Native English speakers and applicants with a
articles about these topics and actively participate in the policy debate,
organisations. The programme prepares you for a career in insurance
Economics and Finance of Aging, in the form of guest lectures,
Bachelor’s degree from a programme entirely in English are exempted
understanding the pros and cons of particular policies.
companies, pension funds, other financial institutions, the public
providing internship opportunities, and even by sending their employees
from this requirement.
sector, and research institutes. All Netspar participants have a need
to study in this programme. The programme is organised by Netspar,
Investment Analysis of Aging and Pensions
for graduates of the master’s programme of Economics and Finance
a network involving all the economic faculties in the Netherlands.
You must be able to function both independently and as part
The focus of this course is the investment decisions of institutions
of Aging.
The top lecturers in the Netherlands from these faculties will teach
of a team of professionals in the field and must therefore have good
part of the courses in Tilburg. The students will come from very
communication skills. You should be motivated and interested in the
practical problems studied by Netspar.
as well as individual agents that are related to aging and retirement.
Pension funds and insurance companies aim to offer (investment)
Netspar participants are: ABN AMRO, ABP, Achmea, Aegon, Cordares,
diverse backgrounds. One thing they will have in common is that they
products that are attractive for participants or potential clients, select
DNB, Erasmus University Rotterdam, Fortis, Free University Amsterdam,
are interested in applying economics or finance at a scientific level.
investment portfolios and manage investment risks.
ING, Interpolis, Maastricht University, Ministry of Economic Affairs,
They will mainly find a carreer in positions as applied researchers, either
Ministry of Education, Culture and Sciences, Ministry of Finance,
in firms or government related organisations or even continue in a PhD
For more information about the programme and the courses, please
Ministry of Social Affairs and Employment, Mn Services, NWO, PGGM,
study.”
refer to the electronic study guide on our web pages at
SVB, Stichting Instituut GAK, Tilburg University, University of
www.tilburguniversity.nl/studyguide.
Amsterdam, University of Groningen, Utrecht University.
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Tuition Fee
Application Procedures
The tuition fees for 2007-2008 will be available in December 2006 on
There are different application procedures for students with a Dutch
www.tilburguniversity.nl/prospectivestudents.
Bachelor’s degree and with a non-Dutch Bachelor’s degree.
As an indication, the tuition fees for the academic year 2006-2007 are:
Do you have a bachelor’s degree from Tilburg University or any other
Dutch University?
EEA citizens,
€ 1519
•
See the web pages on www.tilburguniversity.nl/masters
non-EEA citizens with a right to ‘studiefinanciering’,
students with an official status as refugee (UAF students)
Non-EEA citizens
Do you have a non-Dutch bachelor’s degree?
€ 9480
•
See the web pages on www.tilburguniversity.nl/prospectivestudents
•
See the International Student Services brochure for information
about application procedures.
•
•
To students from EEA countries who do not have a right to
Do you have a Dutch Professional bachelor’s degree (hbo)?
‘studiefinanciering’, the Dutch government reimburses € 800 per
•
See the web pages on www.uvt.nl/nahbo
year of the tuition fee.
•
See the guide ‘Opleidingen na hbo’
Tuition fee payments are non-refundable if a student must
unexpectedly leave the programme before graduation.
•
Rent
€ 220
If students do not complete the MSc programme within a year they
will need to register for a second year and pay tuition accordingly.
EEA Countries
Austria, Belgium, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany,
Greece, Hungary, Iceland, Italy, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg,
Malta, Netherlands, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden,
the United Kingdom, also including Switzerland.
€ 220
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More Information
Once you have read this brochure, you may still have some questions
Contact
that cannot be answered within the scope of this brochure.
Students with a Dutch bachelor’s degree
If that is the case, please check our website or send an e-mail to
Academic Affairs Office
study-info@uvt.nl. A professional team of academic advisors, who
Faculty of Economics and Business Administration
are committed to helping you make the right study choices, handles
Tilburg University
all incoming e-mails. So please feel free to contact them.
Koopmans building, Room 228
Website
PO Box 90153
More information about the master’s programmes and courses of
5000 LE TILBURG
Tilburg University can be found on the website:
The Netherlands
www.tilburguniversity.nl/masters
Tel: +31 13 466 3037
Fax: +31 13 466 3072
There is a special website for students with a non-Dutch bachelor’s
E-mail: feb-owb@uvt.nl
degree:
Students with a non-Dutch Bachelor’s degree
www.tilburguniversity.nl/prospectivestudents
International Affairs Office
Faculty of Economics and Business Administration
For Netspar see:
Tilburg University
www.netspar.nl
Koopmans building, Room 210
PO Box 90153
5000 LE TILBURG
The Netherlands
Tel: +31 13 466 2512
Fax: +31 13 466 3072
E-mail: infofeb@uvt.nl
Visiting Address
Tilburg University
Warandelaan 2
5037 AB Tilburg
The Netherlands
Tel +31 (0) 13 466 91 11
Colophon: Editing Faculty of Economics and Business Administration, Communications, Freya Jensen, language editing
Text Zarrea Plaisier, Aniek Verhoeven. Interviews Aniek Verhoeven, Lingxiao Qu. Graphic Design Battery Battery, Breda
Photography Erik van der Burgt, Clemens van Diek, Ton Toemen, Marieke Albers, Wil van Dusseldorp.
Printing Tilburg University Printshop, September 2006
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www.tilburguniversity.nl/masters
Master's programmes
• Accounting
• Accountancy en Management Control
• Economics
• Economics and Finance of Aging
• Financial Management
• Fiscale Economie
• Information Management
• International Business
• International Economics and Finance
• Investment Analysis
• Logistics and Operations Management
• Marketing Management
• Marketing Research
• Mathematical Economics and Econometric Methods
• Operations Research and Management Science
• Quantitative Finance and Actuarial Sciences
• Research Master in Business
• Research Master in Economics
• Strategic Management
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