QANU, January Assessment of the Master s Programme in Financial Economics at Maastricht University

Transcription

1 QANU, January 2010 Assessment of the Master s Programme in Financial Economics at Maastricht University

2 Quality Assurance Netherlands Universities (QANU) Catharijnesingel 56 P.O Box RA Utrecht The Netherlands Phone: Fax: Internet: QANU Text and numerical material from this publication may be reproduced in print, by photocopying or by any other means with the permission of QANU if the source is mentioned. 2 QANU / Financial Economics, Maastricht University

3 Table of Contents Foreword 5 Preface 7 Part I General Part 9 1. Structure of the report Task and composition of the assessment committee Working method of the assessment committee Domain Specific Requirements Economics Part II Programme Report Report on the Master s programme in Financial Economics offered by Maastricht University 31 Appendices 63 Appendix A: Curricula Vitae of the committee members 65 Appendix B: Composition of the subcommittees 69 Appendix C: Programme of the site visit at Maastricht University 71 QANU / Financial Economics, Maastricht University 3

4 4 QANU / Financial Economics, Maastricht University

5 Foreword This report describes the findings of the assessment committee Economics 2009 for the MSc in Financial Economics programme of Maastricht University. The report is part of the quality assessment of university bachelor and master degree programmes in the Netherlands. The purpose of this report is to present a reliable picture of the results of the degree programmes submitted for this review, to give feedback to the internal quality assurance of the programmes concerned, and to serve as the basis for accreditation of this programmes by the Accreditation Organisation of the Netherlands and Flanders (NVAO). Quality Assurance Netherlands Universities (QANU) aims to ensure independent, unbiased, critically constructive assessments using standardised quality criteria, while taking specific circumstances into account. In the Economics 2009 assessment, QANU uses a new method in which clustered assessments are organised and completed in a short period of time. This preserves the momentum for the programmes involved and ensures quick feedback to the internal quality assurance. In large clustered assessments such as Economics 2009, the new QANU method demands great flexibility from the committee members. Each site visit is executed by a different subcommittee, composed of members of the assessment committee. A core of committee members is present at each site visit to ensure the coherence of the entire assessment. The QANU Economics 2009 assessment committee has fulfilled its task in Maastricht with great dedication. The programmes have been evaluated in a thorough and careful manner. We expect that the judgements and recommendations will be carefully considered by the programme organisation and the Board of the University. We thank the chairman and members of the assessment committee for their willingness to participate in this assessment and for the dedication with which they carried out their task. We also thank the staff of the department concerned for their efforts and for their cooperation during the assessment. Quality Assurance Netherlands Universities Mr. Chris J. Peels Director Dr. Jan G.F. Veldhuis Chairman of the Board QANU / Financial Economics, Maastricht University 5

7 Preface On September , the Economics 2009 assessment committee paid a visit to Maastricht University in the context of her task to evaluate the bachelor and master programmes in Economics. In the period from May to December 2009, the Committee has visited a total of seven Dutch universities offering 62 bachelor and master programmes in Economics. To evaluate the programmes in Maastricht, the Committee carefully read the programme s self-evaluation report and many underlying documents, and talked to faculty, staff and students during the site visit. The Committee greatly appreciates the openness she encountered, both in the written documents as well as in the many interviews. On the basis of this, the Committee was able to form a well-reasoned opinion of the various aspects of the programmes, as summarized in this report. Key to the Committee s assessment is the scientific nature of a programme that should be clear from all of the programme s elements. In particular, the thesis should reflect this, as it is the pièce de résistance of a student. In this thesis, the science taught during the whole programme should result in a scientific piece of work. The Committee has formed his opinion on this crucial aspect on the basis of a careful evaluation of available theses, the procedures that guide the thesis writing process as well all other programme elements leading to this end product. More generally, the Committee appreciates the activities in the field of quality assurance and the clear guidelines for follow-up with respect to course evaluations. In all, the Committee considers Maastricht s master s programme in Financial Economics to be, indeed, of a scientific nature. On behalf of the Committee members, I would like to thank all of those involved in the preparation and execution of this assessment procedure for their contributions and support, both at Maastrich University and at QANU. Without their effort and their willingness to respond constructively to the many requests from the Committee, we could not have carried out the work as smoothly and pleasantly as we did. Also, I gratefully acknowledge the contributions of the other Committee members. In a very pleasant and creative atmosphere, we have been able to work through the whole process to produce this report. In this context, the support of QANU deserves a special note of appreciation. Without that, we would have been nowhere. Arjen van Witteloostuijn Chair Assessment Committee Economics 2009 QANU / Financial Economics, Maastricht University 7

9 PART I: GENERAL PART QANU / Financial Economics, Maastricht University 9

11 1. Structure of the report In this document, the Economics 2009 assessment committee reports its findings. The report consists of two parts: a general part and a programme part. The general part summarises the tasks, composition, input documentation and working methods of the assessment committee. This part of the report also contains the domainspecific requirements for Economics 2009 that were used by the assessment committee. The programme part describes the evaluation and assessment of the Economics programmes at Groningen University that were assessed. This programme part is structured in accordance with the accreditation criteria of NVAO (Accreditation Organisation of the Netherlands and Flanders). QANU / Financial Economics, Maastricht University 11

13 2. Task and composition of the assessment committee 2.1. Task of the assessment committee The task of the Economics 2009 assessment committee is to evaluate and assess a total of 63 degree programmes at seven different universities according to the accreditation criteria set by NVAO. Based on and in accordance with these criteria, the assessment committee is expected to assess different aspects of quality of the programmes involved, based on the information provided by the faculties and programmes in self-evaluation reports and on discussions during the site visits. The assessment reports contain implicit recommendations by the committee; however, the emphasis lies on the assessment and justification of basic quality. The assessment committee has been requested to assess the following programmes (including CROHO number): Wageningen University: Bachelor, Economics & Policy (50101) University of Groningen Bachelor, Economics and Business Economics (50950) Bachelor Econometrics and Operations Research (56833) Bachelor, Accountancy and Controlling (50643) Bachelor, Business Economics (50674) Bachelor, Fiscal Economics (56402) Master, Accountancy and Controlling (60643) Master, Econometrics, Operations Research and Actuarial Sciences (60646) Master, International Economics and Business (60648) Master, Economics (66401) Master, Fiscal Economics (66402) Erasmus University Rotterdam Bachelor, Economics and Business Economics (50950) Bachelor, Econometrics and Operations Research (56833) Bachelor, Fiscal Economics (56402) Master, Fiscal Economics (66402) Master, Econometrics and Management Science (60079) Master, Economics and Business (60652) Master, Economics and Informatics (60951) Maastricht University Bachelor, Economics (50023) Bachelor, Econometrics and Operations Research (50006) Bachelor, Fiscal Economics (56402) Master, Financial Economics (60321) Master, International Economic Studies (60014) Master, Econometrics and Operations Research (60307) Master, Fiscal Economics (66402) QANU / Financial Economics, Maastricht University 13

14 Tilburg University Bachelor, Economics (56401) Bachelor, Econometrics and Operations Research (56833) Bachelor, Fiscal Economics (56402) Bachelor, Economics and Business Economics (50950) Bachelor, Business Economics (50750) Master, Mathematical Economics and Econometric Methods (60056) Master, Operations Research and Management Sciences (60057) Master, Quantitative Finance and Actuarial Sciences (60058) Master, Accounting (60059) Master, Accountancy (60060) Master, Financial Management (60061) Master, Investment Analysis (60062) Master, Marketing Management (60063) Master, Marketing Research (60064) Master, Logistics and Operations Management (60065) Master, Strategic Management (60066) Master, International Economics and Finance (60067) Master, Economics (66401) Master, Fiscal Economics (66402) Master, Economics and Finance of Aging (60898) Master, International Business (60019) University of Amsterdam Bachelor, Actuarial Sciences (56411) Bachelor, Econometrics and Operations Research (56833) Bachelor, Fiscal Economics (56402) Master, Accountancy and Control (60900) Master, Actuarial Sciences (66411) Master, Business Economics (60901) Master, Econometrics (60177) Master, Economics (66401) Master, Fiscal Economics (66402) Master, Operations Research and Management (60904) VU University Amsterdam Bachelor, Economics and Business Economics (50950) Bachelor, Econometrics and Operations Research (56833) Master, Accounting & Control (60047) Master, Economics (66401) Master, Marketing (60048) Master, Finance (60046) Master, Economics and Operations Research (66833) 14 QANU / Financial Economics, Maastricht University

15 2.2. Constitution of the committee The assessment committee consists of a chairman and 14 members. Appendix A lists short descriptions of the curricula vitae of the committee members. Chair Prof. dr. A. van Witteloostuijn, Research Professor of Economics and Management at University of Antwerp (Belgium) and Professor of Institutional Economics at the Utrecht School of Economics. Members Prof. dr. P.A. Verheyen, retired professor of business econometrics and former chair of the board of the University of Tilburg (vice-chair); Prof. dr. J. Annaert, Professor of Finances, University of Antwerp (Belgium); Prof. dr. J.W. Zwemmer; retired professor of tax law, University of Amsterdam; Prof. dr. P. Vanden Abeele, Professor of Marketing and Organisation, Catholic University Leuven (Belgium); Prof. dr. ir. B. Wierenga, Professor of Marketing, Erasmus University Rotterdam; Prof. dr. J. Hartog, Professor of Economics, University of Amsterdam; Prof. dr. J.G. Kuijl, Professor of Business Economics incl. fiscal accounting, Leiden University; Prof. dr. F.A.G. den Butter, Professor of Economics, VU University Amsterdam; Prof. dr. J.F.M.J. van Hout, retired professor of education, University of Amsterdam, professor at the Ruud de Moor Centre, Open University Netherlands; Mrs. ir. H. Grunefeld, educational advisor, IVLOS, Utrecht University; Mrs. drs. L. van der Grijspaarde, educational advisor, independent entrepreneur for educational advice; Mrs. P.L.M. Geertman, student of Econometrics & Operations Research, University of Tilburg; Mr. E.A. de Kok, student of Econometrics, member of FSR FEB, University of Amsterdam. Advisory member Prof. dr. H.C. Tijms, retired professor of operations research, VU University Amsterdam. Drs. A. Wiering (student Economics, VU Amsterdam) was installed as student member of the committee Economics Due to illness at the time of one visit and job obligations at a second visit, he did not participate in any site-visit. Given the large number of degree programmes and the short period during which the site visits were planned, the decision was made to work with a pool of committee members. For each site visit a subcommittee was selected from this pool. Several factors were taken into consideration for the composition of the subcommittees: the availability of the committee members, conflicts of interest, the discipline of expertise of the committee members, and the composition of the different subcommittees. In appendix B the composition of the subcommittees and the dates of the site visits are provided. QANU / Financial Economics, Maastricht University 15

16 A core group of committee members was involved in the assessment of all participating universities. This core group consisted of professor A. van Witteloostuijn, professor P.A. Verheyen and professor J. Annaert. It should be mentioned that although professor A. van Witteloostuijn was not a member of the subcommittee that assessed the programmes at Groningen University, he did study the findings and the report to ensure the consistency of the assessments. Despite the formal absence of a conflict of interest, professor P.A. Verheyen did not consider himself objective enough to assess the programmes at the University of Tilburg. For the assessment of the degree programmes at this university, professor H.C. Tijms was asked to provide a written assessment of the econometric programmes. This construction ensured that for all subdisciplines, the assessment committee had sufficient expertise. The project leader of the clustered assessment of economics programmes was Mrs. dr. M.J.V. Van Bogaert, QANU staff member. She was also appointed secretary for the site visits at Wageningen University, Erasmus University Rotterdam and VU University Amsterdam. Secretary for the site visit at the University of Groningen was the self-employed advisor drs. P.C. van Drunen. Secretary for the site visit at Maastricht University was the self-employed advisor Mrs. drs. K.B. Wibbelink. Additionally, Mrs. drs. L. van der Grijspaarde, selfemployed advisor and committee member was involved in the writing of the report, as was Mrs. dr. M.J.V. Van Bogaert. Secretary for the site visit at the University of Tilburg was the self-employed advisor Mrs. drs. T. Buising. Secretary for the site visit at the University of Amsterdam was Mrs. N. Verseput MSc, QANU staff member All members of the assessment committee signed a declaration of independence as required by the QANU protocol to ensure that the committee members judge without bias, personal preference or personal interest, and the judgement is made without undue influence from the institute, the programme or other stakeholders Specifics on the site visit at Maastricht University The committee was requested to assess the following programmes at Maastricht University: Bachelor, Economics (50023) Bachelor, Econometrics and Operations Research (50006) Bachelor, Fiscal Economics (56402) Master, Financial Economics (60321) Master, International Economic Studies (60014) Master, Econometrics and Operations Research (60307) Master, Fiscal Economics (66402) The subcommittee for the site-visit at Maastricht University consisted of the following committee members: Prof. dr. A. van Witteloostuijn (chair) Prof. dr. P.A. Verheyen Prof. dr. J. Annaert Prof. dr. P. Vanden Abeele Prof. dr. J.W. Zwemmer Mw. drs. L. van der Grijspaarde Mr. E.A. de Kok 16 QANU / Financial Economics, Maastricht University

17 Not all committee members were able to participate the site-visit. For the discipline in fiscal economics there was no independent committee member available in the month of September. Therefore it was agreed that professor J.W. Zwemmer would provide a written assessment previous to the site-visit, and that he would be involved in the writing of the report. After the site-visit the secretary, Mrs. drs. K.B. Wibbelink, resigned her activities for QANU. The writing of the report was taken over by Mrs. drs. van der Grijspaarde and Mrs. dr. Van Bogaert. The site visit took place on September The programme of the site visit is included in appendix C. Due to a different reaccraditation date for the master s programme in Financial Economics, it was decided to write a separate report for this programme. The other programmes (three bachelor s programmes and three master s programmes) are combined in a second report. QANU / Financial Economics, Maastricht University 17

19 3. Working method of the assessment committee 3.1. Introduction The assessment committee was constituted formally on 23 April During this inaugural meeting the assessment committee discussed its task and the working methods. Furthermore, the assessment committee discussed the proposal for domain-specific requirements of the Landelijk disciplineoverleg Economie. This proposal was adjusted by the assessment committee at several points and subsequently instituted as the Domain-Specific Requirements Economics 2009, provided in chapter Preparatory phase After receiving the self-evaluation reports from one of the faculties, the responsible secretary checks the quality and completeness of the information provided. After approval of the selfevaluation reports, they are forwarded to the appropriate subcommittee. During the initial meeting at the start of each site visit, the subcommittee is prepared for that specific site visit. After reading the self-evaluation reports, the subcommittee members formulate questions that are forwarded to the secretary. The secretary compiles the questions into a document and groups them by theme. In addition to the self-evaluation reports, the subcommittee members read at least two theses for each programme that is assessed. The actual number of theses assessed per programme depended on the total number of programmes to be assessed and the number of subcommittee members. A maximum of four theses for each member of the subcommittee was the set limit. When considered necessary, committee members could read additional theses during the site visit. Selection of the theses is done at random by the secretary, after deliberation with the chairman. Since the assessment committee has to evaluate programmes leading to a scientific degree (BSc or MSc), specific attention is given to the scientific level of the theses, the requirements, carefulness of judgement by the reviewer of the programme and the assessment procedure used. After all, in a thesis the student has to show evidence of the required qualifications to earn a degree. Precise safeguarding of the consistency of clustered assessments is always considered of major importance. For this specific cluster close attention is being paid to the consistency of assessments between the universities because of the different compositions of the subcommittees and the time-limits and schedule of delivery of the reports. The chair, professor dr. A. van Witteloostuijn, and the project coordinator, dr. M.J.V. Van Bogaert, are responsible for ensuring consistency. One of the measures taken was the creation of a core group of committee members, who were asked to incorporate previous assessments when discussing the scores and programmes during a site visit. Also, it was decided to inform the entire committee about the outcomes of each site visit and have all committee members approve of all finalized reports. Finally, the secretaries involved in the clustered assessment meet regularly to coordinate the assessments. Within each subcommittee a specific allocation of tasks is agreed upon, based on its expertise and composition. It should be emphasized that although specific tasks are assigned, the entire assessment committee remains responsible for the judgements and the final reports. QANU / Financial Economics, Maastricht University 19

20 3.3. Site visits Before each site visit the responsible secretary creates a programme for the interviews. The draft programme is discussed with the chair of the assessment committee and the coordinator of the faculty being visited. If needed, the programme is adapted. During the site visits, interviews are held with a representative of the faculty board, the programme management, alumni, education committees, examination committee(s), study advisors and other supporting staff. Furthermore, for each programme a selection of both students and lecturers is interviewed. During each site visit the subcommittee receives additional information, for example study books and reports from the meetings of the education committees. This information is studied during the site visit. The assessment committee is also granted access to the electronic landscape of the programmes. A consultation hour is scheduled to give students and staff of the programmes the opportunity to talk to the assessment committee. No requests were received for the consultation hour at Maastricht University. The assessment committee uses a significant part of the final day of a site visit to discuss the assessment of the programmes and to prepare a preliminary presentation of the findings. Each site visit concludes with a presentation by the chair in which the preliminary findings are provided. The presentation consists of a general assessment and several specific findings and impressions of the programmes Scores of the standards The assessments are performed in accordance with NVAO s accreditation framework. The scale for the scores of the standards prescribed by NVAO was adopted; each standard is scored on a four-point scale (unsatisfactory, satisfactory, good, and excellent), themes are scored on a two-point scale (satisfactory, unsatisfactory). The assessment committee adopted the standard decision rules provided by QANU. These are: Unsatisfactory, which means that the level for this facet is below the basic standard of quality; Satisfactory, which means that the level meets the best basic standards of quality; Good, which means that a quality level is attained that exceeds the basic standards of quality and is the result of a well-considered policy; Excellent, which means that a quality level is attained that is very good in all aspects and meets international benchmarking. It is an example of international best practice. The default assessment is satisfactory, i.e. the programme complies adequately with the criteria. The assessment committee feels that despite critical remarks, the score satisfactory can be given to a specific standard. In those situations, the critical remarks will be accompanied by positive observations. Furthermore, the assessment committee is of the opinion that if the programme management deals adequately with the critical remarks, the score satisfactory might become good at the next site visit. When the assessment committee observes a good national practice, the judgment will be good. When both a good practice and a critical remark are observed by the committee, a weighed average score is given. In the rare case that the assessment committee decides to 20 QANU / Financial Economics, Maastricht University

21 grant an excellent score, it aims to signal a best international practice that deserves to be copied within the academic community Reporting After each site visit the responsible project leader writes a draft report based on the findings of the committee. The draft is first read and commented upon by the chair and subsequently sent to the other subcommittee members. The draft report is then sent to the faculty involved to check for factual irregularities. Any comments of the faculty are discussed with the chair of the assessment committee and, if necessary, with the other subcommittee members. The final report is sent out to the entire committee for final comments and approval. After that, the report becomes official. QANU / Financial Economics, Maastricht University 21

23 4. Domain Specific Requirements Economics 2009 Introduction and benchmark A domain-specific Economics benchmark for 2009 was created in order to assess the standard of all BSc and MSc degree programmes at Dutch universities that fall within the scope of the Economics 2009 cluster. The benchmark outlines the minimum requirements for academic degree programmes in the Economics field or subfield. Because of the diversity of degree programmes within the cluster, it was decided that the benchmark should not be prescriptive. The benchmark thus offers degree programmes the latitude to develop their own profiles, giving variable weight to specific aspects of the programmes depending on the central aims and the approach taken. This framework requires degree programmes to justify the choices made by proving that they meet the criteria of the NVAO accreditation framework. Explicit references to the domain-specific Economics benchmark for 2009 can be used to explain deviations. Economics as a discipline Economics is the social science that analyses the production and distribution of scarce resources. Many economists study the factors which drive agents to act in markets and within organizations. Such analyses focus on the important role played by the allocation of scarce production factors and the impact this has on the prosperity of society as a whole. General economics takes a primarily social perspective, whereas business economics goes deeper into the various business processes. Another key focus area is the study of business process management. Methodology is another important aspect of this domain: this is where subjects such as decision-making, econometrics and mathematics come into play. Aims, level and orientation of the degree programmes In general, the committee expects the aims of the degree programmes to express the fact that they aim to train students both in the chosen discipline (i.e. in relation to the field in question) and academically. This means that students should gain knowledge and understanding of the field and acquire both relevant subject-related and general academic skills. Hence the programmes emphasize the characteristics and value of academic research, the importance of knowledge and understanding of theory and methodology, and the relative nature of interpretations; they also offer a framework within which students can learn to apply that knowledge and understanding appropriately. A BSc degree programme offers a broad, general education to an elementary academic standard. Students who have completed a BSc degree meet the criteria for entry to an MSc degree programme. An MSc programme offers the opportunity to go deeper into a particular field, subfield or combination of subfields than is possible in a BSc programme. An MSc programme also focuses more on the future working environment, for instance research institutes, government institutions or the business world. The various degree programmes also prepare students for careers in society at large, where the knowledge and skills gained during their studies may be put to use. Generally speaking, this is not so much a case of preparation for specific career paths; rather, it is about acquiring an academic attitude and a box of academic tools. These should dovetail with the expectations society has of graduates of the degree programmes assessed in the context of the Economics 2009 assessment. This means that the degree programmes highlight both academic and social aspects and do not merely concentrate on current developments within the field of study. The BSc degree programme is the cornerstone of the development of a QANU / Financial Economics, Maastricht University 23

24 general academic way of thinking. During this period students learn not only to cast the net further than their own subfield; they also learn to view subject-specific issues in a wider social context. Considering the importance of the BSc degree programme for the development of academic skills, facilities to prepare students with a BSc degree in Higher Professional Education to transfer to a university MSc degree must concentrate on developing an academic way of thinking. This covers issues such as bolstering students understanding of the relationship between the various fields of knowledge, familiarizing them with research methods and applying those methods in practice, and learning to take the time to consider the results of their own or other s research. Skills a. Subject-specific skills The skills acquired by students on an Economics degree programme depend on the subfield and specialization of the programme in question. A degree programme referred to as Economics must give students a coherent understanding of economic concepts that goes further than an Introduction to... course. These concepts encompass general economics (for example macroeconomics, microeconomics, public sector economics and international economics), business economics (for example reporting, finance, marketing, organization, information science and strategy) and the methodological subjects (mainly statistics and mathematics). Methodological courses are by definition core parts of the Econometrics and Decision-making field. A BSc degree programme provides students with the basic tools needed to study one or more disciplines in depth. The subject-specific skills of students on MSc degree programmes build on the skills they acquired in the BSc degree programme. In the spirit of the Treaty of Bologna, and given the increasing international character of degree programmes, quality standards must be as 'international as possible. Use of proper terminology Students on a BSc degree programme learn how to use their knowledge when confronted with a relatively straightforward economics problem in the realm of business or public policy. They must also be able to put what they ve learned into perspective. For instance, this can be achieved by comparing one theory with another, or by confronting economics concepts with approaches from other relevant fields. Students with a BSc degree in Economics will have acquired the following skills: Reproduction and interpretation graduates can reproduce conceptual and methodological principles of economics, and can discuss them with colleagues. Analysis and explanation graduates can analyse and explain phenomena and problems using the conceptual and methodological principles of economics. 24 QANU / Financial Economics, Maastricht University

25 Graduates of an MSc degree programme in Economics meet the following profile: Graduates are able to work independently, and can formulate relevant research questions themselves and draft a plan of action in justification. This includes sourcing and using relevant subject-specific literature, and plugging any gaps there may be in the knowledge required to answer the research question. Graduates are able to read and understand recent articles from journals and relevant sections of renowned academic publications and put their own research question in the context of existing literature. Graduates should also be able to analyse variations on existing models to some extent. The ability to make a contribution to the development of the field by means of research Graduates of a BSc degree programme can collect, collate and interpret relevant insights gleaned from literature in the field. Research in the MSc degree programme focuses much more on testing and developing theories. Graduates of an MSc degree programme in Economics should have the following skills in this respect: Formulation of aim and problem definition graduates can formulate a problem definition relating to economics based on academic concepts and theories. Choice of research design graduates can choose a research design that suits the problem definition. Selection of methods for collecting and processing data graduates can choose one or more suitable methods for collecting and processing data. Drawing conclusions graduates can make pronouncements about the initial problem definition on the basis of the results. The ability to develop policy from knowledge and understanding gleaned from the field At the level of a BSc degree, the opportunities for developing policy are limited to the formulation of a plan of action for one specific problem. At the level of an MSc degree programme, however, more attention should be paid to the wider context, whether that be in relation to business or public policy. Graduates of an MSc degree programme in Economics should have the following skills in this respect: Drafting policy advice documents graduates can draw up a proposal for solving economics problems, based on economics concepts and theories. Strategic activities graduates are able to assess whether their policy recommendations are feasible and practical. b. General skills General skills comprise knowledge, skills and attitudes which, although they are developed within the context of a degree programme, are not a specific product of the programme in question. These general academic skills form the basis for later academic thinking patterns and attitudes. The fact that many degree programmes even those in the field of economics are not specifically tailored to the requirements of the job market means that many students soon find themselves working in jobs that make no demands on their know-how in the field. The following three subject-specific skills in particular contribute to the desired general skills: the hypothetical-deductive nature of economics, the different decision-making methodologies and the importance attached to empirical research. QANU / Financial Economics, Maastricht University 25

26 The committee expects the learning outcomes of all the BSc degree programmes it assesses to communicate the fact, either implicitly or explicitly, that graduates have acquired academic, research and communicative skills to a basic standard. In addition, it expects the learning outcomes to be related to the admission requirements of at least one MSc degree programme and, where applicable, the professional sphere. The committee expects the learning outcomes of all the MSc degree programmes it assesses to communicate the fact that graduates have developed academic, research and communicative skills to an advanced level, and that these learning outcomes have a bearing on the professional sphere. Academic skills Graduates of BSc degree programmes have the skills needed to devise and sustain arguments and to solve problems within the field of study. Graduates of MSc degree programmes are able to apply the same skills to new or unfamiliar circumstances within a wider, or multidisciplinary, context within the field of study. Graduates of BSc degree programmes have a general understanding of the nature and function of academic research. Graduates of MSc degree programmes have an in-depth knowledge of their subject. Graduates of BSc degree programmes are able to collect and interpret relevant information from a range of sources and subfields. Graduates of MSc degree programmes are able to assimilate knowledge and deal with complex subject matter. Graduates of BSc degree programmes are able to form an opinion that is at least partly based on a comparative assessment of relevant social, scientific or ethical aspects. Graduates of MSc degree programmes are able to form an opinion based on incomplete or limited information, taking into account the aforementioned aspects when applying their own knowledge and judgement. Graduates of BSc degree programmes are able to work independently under supervision and as part of a team. Graduates of MSc degree programmes are able to work both independently and as part of a multidisciplinary team. Research Skills Graduates of BSc degree programmes are, under supervision, able to set up and carry out a modest literature search or other research on a limited scale that has a reasonable and realistic programme. Graduates of MSc degree programmes are able independently to set up and carry out an academic research project that meets the requirements of the field of study. Graduates of MSc degree programmes have a thorough understanding of the relevant research methods and techniques in the field of study. Graduates of BSc degree programmes have a passive understanding of all these methods, and an active understanding of some of them. Communication Skills Graduates of BSc degree programmes are able to communicate information, ideas and solutions to both specialist and non-specialist audiences. Graduates of MSc degree programmes are able to draw conclusions and use their knowledge, understanding, motivation and considered reasoning to substantiate these conclusions and convey them to similar audiences. Graduates of BSc degree programmes are able to summarize the results of research on a limited scale orally or in writing, in a way that is clear and precise. Graduates of MSc degree programmes are able to do the same for research where the scope and complexity matches the level of the degree programme. 26 QANU / Financial Economics, Maastricht University

27 Relationship with the professional sphere The learning outcomes are tailored to the expectations of future employers, regardless of diversity or otherwise. Graduates have the necessary skills to perform work in which an academic education to BSc level or MSc level is required or preferred. Graduates of BSc degree programmes are aware of the possible relevance and use of academic insights in their field of study in relation to social issues and needs. Graduates of MSc degree programmes are able to make a considered judgement on the possible relevance or use of academic insights within their field of study in relation to social issues and needs. Graduates will have been able to consider the options for possible future work at the appropriate level. Learning environment A salient feature of academic degree programmes is that they encourage students to do things that enrich their academic experience. Stimulating independence and allowing students to work in teams without undue external influence are important in this regard QANU / Financial Economics, Maastricht University 27

29 PART II: PROGRAMME REPORT QANU / Financial Economics, Maastricht University 29

31 5. Report on the Master s programme in Financial Economics offered by Maastricht University Administrative data Master s programme in Financial Economics: Name of the programme: Financial Economics CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full-time Location(s): Maastricht Expiration of accreditation: 7 February 2011 The site visit of the Economics assessment committee to the Faculty of Economics and Business Administration 1 of Maastricht University took place on September Structure and organization of the faculty The self-evaluation report provides the following overview: Mission and positioning The Faculty of Economics and Business Administration of Maastricht University (FEBA) was founded in Its ambition is to belong to and excel among international institutions for research and learning. FEBA aims to be international: over 3000 students were enrolled in the year , of whom approximately 50% were not Dutch (over 50 different nationalities). FEBA has concluded agreements for collaboration, especially for student exchange, with 130 partner universities in a total of 39 countries around the world. FEBA is well-known for its problem-based learning system (PBL), which was developed at Maastricht University. Both the university and FEBA continue to develop and adapt PBL to meet the changing needs of education and of practice in economics and business. The mission mentioned by FEBA is to educate and train undergraduates, graduates and postgraduates (executives) to be able to function effectively in international business and economics, and to generate ideas that advance scientific and practice-oriented economic and management knowledge. Through these objectives FEBA aims to contribute to the society of which it is a part. Organisational embedding of the programme The Faculty Board, chaired by the dean, bears the ultimate responsibility for setting policy concerning education, research and internationalisation, for setting up and monitoring processes for implementing these and for the attainment of the results. Formal advisory and 1 Per 31 August 2009 the Faculty is renamed as Maastricht University School of Business and Economics. QANU / Financial Economics, Maastricht University 31

32 decision-making bodies are in place, such as the Faculty Council, Programme Committee and Board of Examiners/Education and Exam Committee (OEC). In addition, FEBA has installed an International Advisory Board (IAB) consisting of members from the business community and from renowned business schools, which advises on strategic issues in international development, corporate relationships, and programme and research development. FEBA holds a triple crown accreditation (AACSB, EQUIS, AMBA). In order to attract highly motivated students, Maastricht University grants scholarships to cover the tuition fee for the top 3% of students per year and faculty. The management of the educational programmes is structured around the undergraduate, graduate and postgraduate levels. For each level a director is accountable for the management, structure, content, objectives and quality of the programmes within the portfolio. These directors are mainly in charge of conducting marketing initiatives, student recruitment and of programme structure and quality assurance; the directors also make sure that feedback mechanisms from the labour market are in place and contribute to education and internationalisation policies. Further, they are members of the OEC, which is chaired by the Faculty Board member responsible for educational affairs who is accountablefor the overall strategy on education, student selection, and national and international accreditation, and holds budget responsibility. Most of the teaching is provided by FEBA s departments, or outsourced in the case of specific subjects (e.g. to the university s Faculty of Law or to research institutes). The contributions of the departments to programmes match their research expertise. The programmes currently being reviewed by the committee are part of FEBA s overall programme portfolio, shown in Table 1. As a result of a different accreditation cycle of several programmes, these programmes are currently not being reviewed. BSc programmes Econometrics and Operations Research* Economics and Business Economics* Fiscale Economie* International Business MSc programmes International Economic Studies* Infonomics Econometrics and Operations Research* Fiscale Economie* Financial Economics* International Business Management of Learning Business Research (research MSc) Economic and Financial Research (research MSc) Postgraduate programmes MBA programme Chartered controller and accountancy programme In-company training Open executive training Table 1: Degree programmes offered by FEBA *programme included in the present accreditation cycle Maastricht University is well-known for its PBL system, a student-centred learning approach. Several characteristics of this PBL are worth mentioning. The first is the focus on the student: learning in small groups, under the guidance of a tutor. The tutor is more a facilitator than a lecturer. Students are confronted with real-life problem situations before having studied or prepared for analyzing the problem situation. The problems presented to the students are 32 QANU / Financial Economics, Maastricht University

33 used as a tool to achieve the required knowledge and to acquire the necessary problemsolving skills. Finally, new information is acquired through self-directed learning. Students in a PBL curriculum at FEBA spend 8 weeks on each of a number of courses in the area of economics. In such an 8 week module, the students meet twice a week for each course in small groups (8-12) and work on a diverse set of tasks, under the guidance of a tutor. Cases, projects and research assignments are used to encourage the students to work on problem situations from various angles. The self-evaluation report states that the idea that successful learning depends on empowering students to conduct research, review the literature, integrate academic theory with professional practice, and develop the necessary skills to approach problem situations lies at the heart of the PBL approach. Critical to the success of PBL is the selection of course materials that involve students in thinking, analysing and reviewing what they have learned when working on problems, cases or research assignments. In addition, it is crucial that tutors guide the learning process, provide structure for the students and conduct a thorough review of what has been learned. According to the self-evaluation report, teaching is considered a complex activity, regardless of the pedagogical setting. Teachers must understand the meaning of students ideas, how their learning progresses, and how they acquire skills in approaching problem situations needed in the professional field. PBL is an instruction method in which students learn to work on problem situations and reflect on their learning with the help of their tutors. Special attention is paid to the ways in which tutors can facilitate collaborative knowledge construction in student-centred classrooms The assessment framework Aims and objectives S1: Subject-/discipline-specific requirements The intended learning outcomes of the programme correspond with the requirements set by professional colleagues, both nationally and internationally and the relevant domain concerned (subject/discipline and/or professional practice). Description The MSc programme in Financial Economics comprises of three tracks, with common objectives. According to the self-evaluation report, the objectives pursued through the curriculum of the MSc programme in Financial Economics are: Academic objectives: 1. to give students a thorough academic understanding of the financial economics literature, in particular in the fields of asset pricing and financial market volatility, with further emphasis on the analytical understanding of problem resolution; 2. to help students develop a strong grasp of statistical and econometric methods for the economic analysis of financial markets and assets; 3. to integrate the fields of finance, monetary economics and econometrics, and thereby create a multidisciplinary programme in financial economics; 4. to develop students skills in implementing solutions reached via an analytical and/or empirical approach that combines knowledge of monetary economics, econometrics and finance; 5. to teach students the necessary attitude and skills to conduct independent academic research. QANU / Financial Economics, Maastricht University 33

34 Academic and professional objectives: Objectives 6 and 7 are related to both the academic and the professional field according to the self-evaluation report: 6. students will be able to conduct independent academic research in financial economics, encompassing the fields of finance, monetary economics and econometrics (academic practice); 7. students will be trained as well-qualified, internationally oriented financial professionals who can recognise, analyse and solve financial-economic problems based on a thorough academic understanding of the functioning of financial markets and the role of the financial system in the economy. In particular, graduates specialise in the determination of asset prices, risks and returns on financial assets, and the effects of macroeconomic developments in this area (professional practice). Academic standards International acknowledgement of the programme is evidenced by its international accreditations and reaccreditations by AACSB and EQUIS. Comparable international programmes with and without a final thesis requirement were used as benchmarks to develop the Financial Economics MSc programme. The main criteria for benchmark use were programme length, European context and university reputation. Assessment The committee has studied the objectives mentioned for the Financial Economics MSc programme and has established that the learning outcomes enable the students to obtain the requisite knowledge, skills and academic attitude. Although the committee considers the learning outcomes to be somewhat general in their scope, they fit the domain-specific requirements as formulated by the committee. The committee advises FEBA to elaborate the objectives further in order to make them more specific for the Financial Economics MSc programme. At several points, the committee finds the objectives rather ambitious for a oneyear MSc programme. Students of any one of the three tracks have to attain all these objectives; the committee feels that it might be better to differentiate the objectives according to the track. The committee nevertheless considers the intended learning outcomes to be in agreement with national and international standards. Master s programme in Financial Economics: the committee assesses this standard as satisfactory. S2: Bachelor and master level The intended learning outcomes of the programme correspond with the general, internationally accepted descriptions of a Bachelor s qualification or a Master s qualification. Description The self-evaluation report links the objectives of the programme to the Dublin descriptors. For each of the tracks in the programme the Dublin descriptor 'Knowledge and understanding' is reflected in the knowledge of how financial markets function and their relationship with macro-economic developments, knowledge of research methods and the grasp of statistical methods. Concerning skills, the relevant Dublin descriptor is reflected in recognising links between the disciplines of finance, monetary economics and econometrics, recognising and analysing financial economic problems, and contributing to financial market development. 34 QANU / Financial Economics, Maastricht University