Assessment of the Degree Programmes in Economics at Tilburg University

Transcription

1 Assessment of the Degree Programmes in Economics at Tilburg University QANU, April 2010 QANU / Economics 2009 / Tilburg University 1

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 / Economics 2009 / Tilburg 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 bachelor s programme in International Economics and Finance Report on the master s programmes in Accounting, Marketing Research, and International Business Report on the master s programmes in Economics, Economics & Finance of Aging, and International Economics & Finance Report on the master s programmes in Financial Management, and Investment Analysis Report on the master s programmes in Mathematical Economics and Econometric Methods, Operations Research and Management Science, and Quantitative Finance and Actuarial Sciences Report on the master s programmes in Strategic Management, and Logistics and Operations Management 265 Appendices 309 Appendix A: Curricula Vitae of the committee members 311 Appendix B: Composition of the subcommittees 315 Appendix C: Programme of the site visit at Tilburg University 317 QANU / Economics 2009 / Tilburg University 3

4 4 QANU / Economics 2009 / Tilburg University

5 Foreword This report describes the findings of the assessment committee Economics 2009 for the Economics programmes of Tilburg 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 standardized 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 Tilburg 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 / Economics 2009 / Tilburg University 5

7 Preface On October 12-14, and October , the Economics 2009 assessment committee paid a visit to Tilburg 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 Tilburg, the committee carefully read the self-evaluation reports 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 summarised 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 its 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. 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 Tilburg 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 Titia Buising deserves a special note of appreciation. Without her, we would have been nowhere. Arjen van Witteloostuijn Chair Assessment Committee Economics 2009 QANU / Economics 2009 / Tilburg University 7

9 PART I: GENERAL PART QANU / Economics 2009 / Tilburg 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 Tilburg 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 / Economics 2009 / Tilburg 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 / Economics 2009 / Tilburg 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) 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. 14 QANU / Economics 2009 / Tilburg University

15 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. 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 QANU / Economics 2009 / Tilburg University 15

16 Tilburg 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 Tilburg University The committee was requested to assess the following programmes at 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) 16 QANU / Economics 2009 / Tilburg University

17 The subcommittee for the site-visit at Tilburg University consisted of the following committee members: Prof. dr. A. van Witteloostuijn (chair) Prof. dr. P.A. Verheyen (observing) Prof. dr. H.C. Tijms (advising member) Prof. dr. J. Annaert Prof. dr. P. Vanden Abeele Prof. dr. J.W. Zwemmer Prof. dr. J.F.M.J. van Hout Mr. E.A. de Kok As mentioned previously in this report, professor Verheyen did not consider himself sufficiently objective to assess the programmes at Tilburg University. For the assesssment of the degree programmes in his subdiscipline (quantitative economics), professor Tijms was invited to assess these programmes. Since professor Verheyen was one of two committee members who participated in all site visits, he was present as an observing committee member during the site visit in Tilburg, to assure consistency between the different site visits. Not all committee members were able to participate the entire site-visit. The programme of the site visit was adjusted to the expertise and presence of the committee members. For the assessment of each degree programme, at least fve committee members were present during the interviews. The secretary of the subcommittee was Mrs. drs. T. Buising. During the site-visit she was assisted by Mrs. N. Verseput MSc, QANU staff member. The site visit took place on and October The programme of the site visit is included in appendix C. The assessment of the 21 degrees at Tilburg University are provided in two reports. The first report contains assessments in Dutch of the bachelor s programmes Algemene Economie, Bedrijfseconomie, Econometrie en Operationele Research, Fiscale Economie, and of the master s programmes in Accountancy, Marketing Management, and Fiscale Economie. The second report contains assessments of the bachelor s programme in International Economics and Finance, and of the master s programmes in Accounting, Marketing Research, International Business, Economics, International Economics and Finance, Economics and Finance of Aging, Financial Management, Investment Analysis, Mathematic Economics and Econometric Methods, Operations Research and Management Science, Quantitative Finance and Actuarial Studies, Strategic Management, and in Logistics & Operations Management. Due to the large number of programmes the committee had to assess combined with the limited time that could be spend to each programme during the site-visit, the committee decided to cluster the assessment of several standards. Often, the assessment is provided at faculty level, after which exceptions or additions are given for the individual programmes. It is possible that the general assessment is adapted for all programmes that are assessed in the relevant chapter of the report. The committee has nonetheless decided to keep the original assessment intact. Most programme reports contain the assessment of several educational programmes. In both the description and in the assessment of the standards the following procedure was used: The QANU / Economics 2009 / Tilburg University 17

18 descriptions and assessments that apply to all programmes are given first. If a paragraph refers to one ore more specific programmes, the name(s) of this/these programme(s) are given in Italic above the paragraph. 18 QANU / Economics 2009 / Tilburg University

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 finalised 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 emphasised that although specific tasks are assigned, the entire assessment committee remains responsible for the judgements and the final reports 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 QANU / Economics 2009 / Tilburg University 19

20 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 Tilburg 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 grant an excellent score, it aims to signal a best international practice that deserves to be copied within the academic community. 20 QANU / Economics 2009 / Tilburg University

21 3.5. 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 / Economics 2009 / Tilburg 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 emphasise 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 general academic way of thinking. During this period students learn not only to cast the net QANU / Economics 2009 / Tilburg University 23

24 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. 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. 24 QANU / Economics 2009 / Tilburg University

25 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. 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. QANU / Economics 2009 / Tilburg University 25

26 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 summarise 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. 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 26 QANU / Economics 2009 / Tilburg University

27 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 / Economics 2009 / Tilburg University 27

29 PART II: PROGRAMME REPORT QANU / Economics 2009 / Tilburg University 29

31 5. Report on the bachelor s programme in International Economics and Finance Administrative data Bachelor s programme in International Economics and Finance: Name of the programme: International Economics and Finance CROHO number: Level: bachelor Orientation: academic Number of credits: 180 EC Degree: Bachelor of Science Mode(s) of study: full time Location(s): Tilburg Expiration of accreditation: 13 February 2011 The site visit of the Economics assessment committee to the Faculty of Economics and Business of Tilburg University took place on and October Structure and organization of the faculty The Tilburg University (UvT) specialises in the field of human and social sciences, with the Faculty of Economics and Business (FEB) being one of the six faculties. Founded in 1927, the FEB is the oldest and largest faculty of the university. Of the almost 12,000 UvT students, slightly less than half studies at the FEB. A quarter of all fte personnel work at the FEB. The FEB has a faculty management team, consisting of the dean, three vice-deans (Education, Research and Internationalisation), the director and a student advisor. The FEB offers eight bachelor programmes and nineteen master programmes, and consists of eight departments to which the scientific personnel (and the support personnel of the department) are attached: Accountancy Economics Econometrics and Operations Research Finance Fiscal Economics Information Management Marketing Organization and Strategy Each department has a head of department. In addition, there is a faculty office for the support of academic staff. It has units like the Education Office, MT Staff Office, ICT Unit, HRM Unit, International Programmes Unit, International Student Services Unit, et cetera. In 2008, the FEB employed over fte of academic staff. Each programme has a director. The programme director is responsible for the contents of the curriculum, quality assurance and improvement, admissions, information provision to QANU / Economics 2009 / Tilburg University 31

32 students (current and prospective) and communication with other involved parties within the FEB. The programme director is supported in his/her tasks by a student advisor and a academic advisor. In 2007, a Mid-Term Review of Education was conducted, led by Professor Abraham of KU Leuven. With this as a stimulus, the FEB decided to formulate a new policy regarding education and internationalisation, and to implement the modernisation of several curricula. With the introduction of the bachelor-master structure in , the FEB decided on 8 wide-ranging bachelor s and 19 specialised master s programmes (based on the former doctoraal programmes). New programmes include the bachelor s programme in Business Studies and the master s programme in Economics and Finance of Aging. The programme discussed in this report, International Economics and Finance (IEF), will be reformed into a bachelor s degree in Economics, starting with the first academic year in September The name of the degree will be adopted immediately, implying that all students graduating after September 2009 will receive a degree in Economics rather than in IEF. The bachelor s programme in IEF has a combined first year with the bachelor s programme in International Business. International Business is not part of this accreditation exercise 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 self-evaluation report states that the IEF programme has three central objectives. First, the programme wants to attract internationally-minded students and prepare them for the international labour market. Second, the programme aims to offer these students a solid academic foundation in economics, while taking into account theoretical knowledge, practical application and institutional details. And third, the programme seeks to give graduates access to a wide range of international master programmes in economics (and related disciplines) all over the world. In order to achieve these objectives, three types of learning outcomes have been formulated and adopted. These qualifications (knowledge, skills and attitude) have been important principles in the design of the IEF degree ever since its initiation in Knowledge Graduates of the IEF programme should have knowledge of: the concepts, tools and models (and their interrelationships) in: o Microeconomics o Macroeconomics (K1); the following core specializations in economics: financial economics, international economics, public sector economics and development economics (K2); three specialised disciplines from the following list of six: experimental & behavioural economics, competition policy & regulation, environmental economics, labour economics, the economics of banking & finance, the economics of pensions & insurance (K3); 32 QANU / Economics 2009 / Tilburg University

33 the basic concepts and tools in business economics (K4); the quantitative disciplines: mathematics, statistics and econometrics (K5); the following adjacent disciplines: philosophy of the economy, methods of scientific research and philosophy of science (K6); the mutual relations between the historical, the reflective and the philosophy of science backgrounds of economics (K7); the international aspect of and global influences on all the key knowledge areas of economics (K8). Skills The bachelor graduate must have the capability to: start up, plan, conduct and complete (individual) assignments in which knowledge of the key areas of economics is applied (S1); make connections between theory and real-life economic situations and problems (S2); apply basic tools and methods in economic research including econometrics, mathematics and statistics (S3); conduct scientific research: gathering, analyzing and interpreting data and information, and use ICT and other appropriate tools for this purpose (S4); work in teams with students from different cultural backgrounds (S5); inform others by means of a written report about findings, ideas, conclusions and/or recommendations (in English) (S6); give a clear presentation to a professional audience (in English) (S7); communicate effectively from person to person in an intercultural setting (S8); define economic issues and problems in terms of the key knowledge areas and specific core disciplines of economics (S9); be able to make use of the following adjacent disciplines when defining economic issues and problems: business economics and philosophy of the economy (S10); learn and be open for feedback, acknowledge opportunities for personal development, and experiment with new ideas and behaviours (S11). Attitude Students completing the bachelor in IEF have an attitude that is characterised by: academic attitude: ability to reflect critically and from an analytical perspective (A1); flexibility: being able to switch between different assignments, project and perspectives (A2); self-confidence: trust in one s own competence and performance (A3); realism: a valid assessment of one s own abilities and the boundaries of the field (A4); empathy: ability to place oneself in someone else s position, thoughts or feelings (A5); cultural awareness: be able to appreciate cultural differences (A6); international orientation: to make the values of a multicultural and international orientation the basis of one s view of man and society (A7); social responsibility: to accept social responsibility and sustainability as values (A8). In the self-evaluation report a comparison was made with the programme of the London School of Economics. There are several differences. One is the broad character of the first year of the IEF programme, which is offered jointly with the bachelor s programme in QANU / Economics 2009 / Tilburg University 33

34 International Business. Then there is the remarkably strong focus on applied versus theoretical courses and the lack of clearly recognizable sequences in macroeconomics, microeconomics and econometrics. The self-evaluation report also provides a table in which the individual courses are systematically cross-matched with the learning outcomes. This table shows the composition of the overall programme. Assessment The committee studied the learning outcomes of the bachelor s programme in IEF and established that the formulated learning outcomes enable the students to obtain sufficient knowledge, skills and academic attitudes during the programme. The learning outcomes fit with the domain-specific requirements as formulated by the committee for the evaluation of the economic programmes. The committee concludes that the learning outcomes of this bachelor s programme are in line with (inter)nationally accepted domain-specific standards. The established presence of international staff, national staff with international teaching experience and contacts with various foreign universities contributes to this alignment with national/international domain-specific standards. The committee establishes that the learning outcomes of the bachelor s programme in IEF are in line with requirements set by professional colleagues, both nationally and internationally. The committee appreciates the systematic and lucid formulation of the programme s learning outcomes. The committee states that the table concerning the link between the learning outcomes and the courses (as presented in the self-evaluation report) provides a clear picture of the extent to which the various learning outcomes of the programme are achieved. The learning outcomes cover knowledge and understanding of the main concepts and analytical tools (and the interrelationships between these concepts and tools) of micro and macroeconomics. Students also gain skills to apply the theory in research (research skills), for example through the use of basic tools and methods of economic research (including mathematics, statistics and econometrics). Attention is paid to the application of knowledge in professional practice, for example by establishing links between theory and practical problems. Among others, this is implemented in the course Microeconomics in the first year. On the whole, the committee has concluded that the bachelor s programme in IEF meets the criteria concerning this standard. The committee observes that the programme has the ambition to train high-level students, both academically and professionally, by combining academic knowledge with the demand from the professional field and insights from national/international professional and legal standards. Bachelor s programme in International Economics and Finance: 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 states that the learning outcomes of the programme correspond to internationally accepted qualifications for an academic bachelor s programme, described in the Dublin descriptors. The self-evaluation report relates the learning outcomes to the Dublin descriptors as shown in table 1: 34 QANU / Economics 2009 / Tilburg University

35 Dublin descriptor Knowledge and understanding Applying knowledge and understanding Making judgments Communication Learning outcomes K1, K2, K3, K4, K5, K6, K7, K8, A1 S1, S2, S3, S4, A1, A2, A3, S5, S6, S7, S8 Learning skills K6, K7, K8, S11, A3 Table 5.1: Dublin descriptors and learning outcomes (see also S1). K6, K7, K8, S2, S9, S10, A4, A5, A6, A7, A8 K8, S6, S7, S8, S11, A3, A4, A5, A6, A7, A8 Assessment The committee established that the learning outcomes of the programme concerning the intended level correspond to the Dublin descriptors, which are considered general, internationally accepted descriptions of a bachelor s programme. The committee evaluates the programme on this standard as sufficient. The Dublin descriptor on knowledge and understanding is reflected in learning outcome K1, where students are expected to have knowledge of the concepts, tools and models (and their interrelationships) in microeconomics and macroeconomics. The Dublin descriptor on applying knowledge and understanding is covered in learning outcome S1 to start up, plan, conduct and complete (individual) assignments in which knowledge of the key areas of economics is applied. The Dublin descriptor on making judgments is partly reflected in learning outcome A1, where students are expected to have an academic attitude: the ability to reflect critically and from an analytical perspective. The fourth Dublin descriptor, communication is mirrored in learning outcome S7 to give a clear presentation (in English). The fifth Dublin descriptor, learning skills, is described in learning outcome S11, where students are expected to have the capability to learn and be open for feedback, acknowledge opportunities for personal development, and experiment with new ideas and behaviours. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. S3: Academic orientation The intended learning outcomes of the programme correspond with the following descriptions of a Bachelor s and a Master s qualification: The intended learning outcomes are derived from requirements set by the scientific discipline, the international scientific practice and, for programmes to which this applies, the practice in the relevant professional field. An academic bachelor (WO-bachelor) has the qualifications that allow access to at least one further programme at academic master's level (WO-master) and the option to enter the labour market. An academic master (WO-master) has the qualifications to conduct independent research or to solve multidisciplinary and interdisciplinary questions in a professional field for which academic higher education is required or useful. Description According to the self-evaluation report, graduates of the bachelor s programme in IEF have mastered the general characteristics of academic training. The learning outcomes not only define the professional learning outcomes, they also describe the general academic skills and research techniques. The academic knowledge is reflected in the learning outcomes regarding knowledge. For example, learning outcome K1, which states that students should have knowledge of the concepts, tools and models in micro and macroeconomics, or K4, according to which students are expected to have knowledge of the basic concepts and tools in business QANU / Economics 2009 / Tilburg University 35

36 economics. The qualifications to conduct independent research are reflected in learning outcome S3, S4 and A1. Learning outcome S3, for example, implies that graduates can apply basic tools and methods in economic research, including econometrics, mathematics and statistics. The ability to conduct scientific research by gathering, analyzing and interpreting data and information and to use appropriate tools for this purpose is described in learning outcome S4. Learning outcome A1 focuses on academic attitude: the ability to reflect critically and from an analytical perspective. The link with current relevant professional practice is reflected in learning outcome S2, where the graduate is expected to make connections between theory and real-life economic situations and problems. To be sure that graduates have achieved these learning outcomes, the teaching technology of the programme ensures that students get ample opportunity to improve their communication skills and develop a truly academic attitude. According to the self-evaluation report, a substantial part of the degree is taught by faculty who are strongly involved in research and who are connected with the international profession through journal publications, conferences and seminar participation. The focus on academic attitude is also reflected in the grading policy. Participation is stimulated and always part of the course assessment scheme. The bachelor s thesis at the end of the degree forces the student to apply in practice both his academic knowledge and acquired research skills. The thesis defence includes a short and concise presentation, as well as an examination session with the supervisor and a second reader. Students from the bachelor s programme in IEF have direct access to the master s programme in International Economics and Finance, the master s programme in Economics and the master s programme in Economics and Finance of Aging. Moreover, as a significant number of IEF students prefer a specialisation in the field of Finance, they have conditional access to the master s programme in Investment Analysis and the master s programme in Financial Management. Some students apply for the research master in Economics at UvT. A rising number of undergraduates seek to continue their study with a master s programme abroad. Assessment The committee studied the learning outcomes from the perspective of its orientation. In the assessment of Standard 1 (subject/discipline-specific requirements), the committee concludes that the learning outcomes sufficiently correspond to both scientific and professional requirements. The committee established that the learning outcomes also refer to the ability to conduct scientific research and to communicate the results. The committee confirms that IEF undergraduate students can directly enter at least one master s programme (in International Economics and Finance, Economics or Economics and Finance of Aging). Students also have conditional access to master s programmes aimed at a specialisation in the field of Finance (in Investment Analysis and Financial Management). The committee concludes that students have sufficient information on the possibilities and requirements for entering other master s programmes, both within UvT and at other national/international universities. The committee considers that the bachelor s programme in IEF corresponds to the national/international requirements within the scientific domain. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. 36 QANU / Economics 2009 / Tilburg University

37 Assessment of the theme Aims and objectives The committee comes to an overall assessment of the theme Aims and objectives on the basis of its assessments of the separate standards. In the case of the bachelor s programme in International Economics and Finance, it assesses this theme as satisfactory Curriculum Description of the curriculum of the programmes The first year of all bachelor programmes is divided into four units, which consist of a period with courses (seven weeks) and an examination period. The FEB employs an annual schedule with one examination period after each study unit or semester. In the first year of all bachelor programmes, there is an examination week after unit 1. After study units 2 and 3, there are two examination weeks the first for the resits from the previous study unit, and the second for the regular examinations. Study unit 4 is immediately followed by the examinations for that study unit. Then, also the remaining resits and the resits for unit 4 are scheduled. The second and third year of the bachelor programmes are divided into semesters. The examinations are held at the end of the semester. After the first semester, the regular examinations are held. After the second semester, the regular examinations are held first, followed by the resits from semester 1 and subsequently the resits from semester 2. Table 2 presents the courses from the academic year of the bachelor s programme in IEF. The table summarises the following aspects: courses and course sequence, credit points, contact hours, and status (compulsory or elective). Year 1 Course EC Period Contact hours Management 1 6 Study unit 1 28 Microeconomics 6 Study unit 1 28 Mathematics 1 6 Study unit 1 and 50 2 Accounting 1: Financial Accounting 6 Study unit 2 40 Macroeconomics 6 Study unit 2 28 Financial Economics 6 Study unit 3 28 Introduction Marketing 6 Study unit 3 46 Statistics 1 6 Study unit 3 & 4 56 Corporate Finance 1 6 Study unit 4 32 International Economics 6 Study unit 4 26 Year 2 Course EC Period Contact hours Economics of the European Union 6 Semester 1 50 Finance and Development 6 Semester 1 52 Mathematics 2 6 Semester 1 72 Money, Banking and Financial Markets 6 Semester 1 52 Philosophy of Science 6 Semester 1 28 Comparative Public Economics 6 Semester 2 52 Industrial Organization and Technological 6 Semester 2 52 Change Institutions and Incentives 6 Semester 2 52 International Trade and Exchange rates 6 Semester 2 54 Statistics 2 6 Semester 2 56 QANU / Economics 2009 / Tilburg University 37

38 Year 3 Course EC Period Contact hours Bachelor s Thesis 12 Semester 2 Variable Philosophy of the Economy 6 Semester 2 24 Corporate Finance 2 (Elective) 6 Semester 1 29 Development Economics (Elective) 6 Semester 1 56 Accounting 2: Management Accounting (Elective) 6 Semester 2 58 Competition Policy and Deregulation (Elective) 6 Semester 52 Economics of Health and Health Care (Elective) 6 Semester 2 52 Environmental Economics (Elective) 6 Semester 2 52 European Financial and Monetary Integration 6 Semester 2 52 (Elective) International Risk Management (Elective) 6 Semester 2 50 Labour Economics (Elective) 6 Semester 2 40 Table 5. 2: Bachelor s programme in IEF The bachelor s programme in IEF has a combined first year with the bachelor s programme in International Business. All courses comprise 6 EC. The first and second years are mandatory. The third year includes one mandatory course and seven electives. The bachelor s thesis is scheduled in the second semester of the third year, comprising 12 EC. S4: Requirements for academic orientation The proposed curriculum meets the following criteria for an academic orientation: The students develop their knowledge through the interaction between education and research within the relevant disciplines The curriculum corresponds with current developments in the relevant discipline(s) by verifiable links with current scientific theories The programme ensures the development of competences in the field of research Where appropriate, the curriculum has verifiable links with the current relevant professional practice. Description According to the self-evaluation report, students develop their knowledge through the interaction between education and research within the relevant discipline. In principle, FEB only hires staff with high actual or potential research performance such as tenure trackers and qualified PhD students, who are also responsible for teaching. This policy guarantees the link between education and research, especially in year two and three of the IEF programme. The self-evaluation report also states that the curriculum corresponds with current developments in the relevant discipline(s) by verifiable links with modern scientific theories. The programme aims to present the state-of-the-art knowledge embodied in the economic literature. A good example in this respect is the field of microeconomics. Recent developments in this field have been fast and significant (for example, game theory, information economics, and institutional economics). This is reflected in a sequence of courses: the standard Microeconomics course in the first year, and a follow-up of three courses in the second year (Public Economics, Institutions and Incentives, Industrial Organization & Technological Change). As to the individual courses, all course coordinators in the IEF programme are requested to review the content and literature of their course every year, to see if revisions are desirable. Good examples in this respect are the recent updates of the applied courses Finance and Development, Money, Banking and Financial Markets, and The Economics of the European Union. 38 QANU / Economics 2009 / Tilburg University

39 A very important goal of the programme is to prepare students for carrying out independent research. Analytical skills are developed throughout the programme. In the first year, students are confronted with economic language, simple economic models, the use of mathematics and descriptive statistics. Special instruction classes help those who lag behind in mathematics. Students also learn how to use Excel and how to conduct library search. For some courses (notably Financial Economics and International Economics), students have to complete small assignments at home which are discussed in class. In the second year, students receive further math training and get to know basic econometrics. In the core economic courses, students are expected to read original academic papers. They also start working on more complex assignments which are integrated in the course schedule. To this end, the UvT Language Centre provides additional instruction classes about the way to set up and compose an academic paper. The last activity in the bachelor s programme is to write, present and defend a bachelor s thesis (see also Standard 20). The bachelor s programme in IEF has, according to the self-evaluation report, various links with current relevant professional practice. The first and central goal of the programme is to offer a mixture of theoretical knowledge, practical applications and institutional details in all field courses. Economic news and policy issues are integrated in the lectures whenever appropriate (now, for example, the credit crunch). Several lecturers are highly involved in the public debate and/or advisory activities. In addition, student associations organise excursions to Brussels (semester 2) and Frankfurt (semester 6). They also organise debates and conferences about relevant topics such as, recently, microcredit, the future of Europe, and financial stability. In the interviews with the students, it became apparent that the students appreciate the involvement of researchers in the programme. The students also emphasised that a good researcher is not always a good teacher. Students also stated that the teaching of research skills could be improved. Now, students mostly read about research instead of conducting research themselves. Students appreciate the time they spend abroad. Even though the level of foreign education is not always high, students learn a lot from the experience of being alone in a different country. Assessment The committee concludes that the bachelor s programme in IEF satisfies the requirements set for an academic orientation. During the site visit, the committee established that the interaction between education and scientific developments is integrated in the programme, both with students and lecturers, while connections are made with the current practice in the relevant professions. The committee establishes that the majority of the lecturers have a PhD degree, and full professors regularly give lectures during the courses, also in the first year of the programme. The committee notes and appreciates the fact that through the requirement of both educational and research activities for staff members, the developments within research will find their way into the courses. Both students and staff indicated that especially after the first year, in which the body of knowledge is taught, recent scientific developments are incorporated into the courses. Lecturers often refer to recent scientific developments and are able to clarify information by using practice-based examples. The committee values the fact that course coordinators in the IEF programme are requested to review the content and literature of their course every year, to see if revisions are needed. The committee concludes that courses are updated after review. QANU / Economics 2009 / Tilburg University 39

40 Also, the committee finds that the development of skills in the field of scientific research are addressed sufficiently. Analytical skills are developed throughout the programme and appear from the first year on regularly in various courses (Mathematics 1 and Mathematics 2, and Statistics 1 and Statistics 2). The committee is positive on the special instruction classes for those who lag behind in mathematics. The committee also determines that the bachelor s programme in IEF has verifiable links with current relevant professional practice. A number of lecturers, for example, were previously employed in professional practice. Several lecturers are highly involved in the public debate and/or advisory activities. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. S5: Correspondence between the aims and objectives and the curriculum The curriculum is an adequate realisation of the intended learning outcomes of the programme and this regards the level, the orientation and the subject-/discipline-specific requirements. The intended learning outcomes are adequately transferred into the educational goals of the curriculum or parts thereof. The contents of the curriculum ensure the students achievement of the intended learning outcomes. Description The self-evaluation report provides an overview of the courses included in the bachelor s programme in IEF (see table 1). The self-evaluation report also has a table in which the individual courses are systematically cross-matched with the learning outcomes. The first and second year of the programme are general and mandatory. Students receive a broad orientation in economics, business and quantitative skills. In the third year, student specialise by taking electives. The learning outcomes related to knowledge that return every year of the bachelor s programme in IEF are K2, regarding knowledge of core specialisations in economics (for example, in the Financial Economics course in the first year and the Development Economics course in the third year) and K8, involving knowledge of the international aspect of and global influences on all the key knowledge areas of economics (for example, in the International Economics course in the first year and International Trade and Exchange Rates in the third year). Learning outcomes K1, knowledge of the concepts, tools and models in microeconomics and macroeconomics, and K5, knowledge of the quantitative disciplines, are both linked to courses in the first and second year. Learning outcome K1 is linked to courses like Microeconomics and Institutions and Incentives. Learning outcome K5 is linked to the courses that relate to mathematics and statistics. Learning outcomes K6 and K7, philosophy of the economy, methods of scientific research and philosophy of science (K6), and the mutual relations between the historical, the reflective and the philosophy of science backgrounds of economics (K7) are linked to courses in the second and third year, such as Philosophy of Science and Philosophy of the Economy. Learning outcome K4 concerns knowledge of the basic concepts and tools in business economics, and is presented in the first and third year in courses that relate to accounting and corporate finance. Learning outcome K3 involves knowledge of three specialised disciplines and is only represented in the third year of the curriculum. The learning outcomes in terms of skills that return in almost every course of the programme, are S2 (the ability to make connections between theory and real-life economic situations and 40 QANU / Economics 2009 / Tilburg University

41 problems), S5 (the ability to work in teams with students from different cultural backgrounds) and S11 (the ability to learn and to be open for feedback, acknowledge opportunities for personal development, and experiment with new ideas and behaviours). From the second year, learning outcome S1 (the ability to start up, plan, conduct and complete assignments) and S8 (the ability to communicate effectively) are also linked to almost all courses. Learning outcomes S3 (the ability to apply basic tools and methods in economic research) and learning outcome S4 (the ability to conduct research) receive attention in the third year. Learning outcome S10 (the ability to make use of the adjacent disciplines when defining economic issues and problems) is spread over years one and three. Learning outcomes that apply only when writing the bachelor s thesis are S6 (the ability to inform others by means of a written report), S7 (the ability to give a clear presentation to a professional audience) and S9 (the ability to define economic issues and problems in terms of the key knowledge areas and specific core disciplines of economics). The learning outcomes in terms of attitude that return in almost every course of the programme, are learning outcome A4, concerning realism (a valid assessment of one s own abilities and the boundaries of the field), and A6, involving cultural awareness. As from the first half of the second year, learning outcome A1, concerning academic attitude, and learning outcome A7, relating to international orientation, are linked to almost all courses. Starting in the second half of the second year, attention is paid to A3. This learning outcome states that students completing the bachelor s programme in IEF have an attitude that is characterised by self-confidence, trust in one s own competence and performance. In the last year of the bachelor s programme, learning outcomes A2 (flexibility), A5 (empathy) and A8 (social responsibility) receive attention within the courses. Assessment The committee concludes that the students are sufficiently trained in the core discipline and that the programme is well thought-out and clear. The committee thinks the description of learning outcomes at the course level is a well-organised presentation of the qualities and knowledge which graduates should have. The committee observes that the matrix presenting the link between learning outcomes and courses, as presented in the self-evaluation report, provides a clear overview of the extent to which the various learning outcomes are found within the programme. The matrix shows the structure of the programme. Spread over the entire program, attention is paid to all learning outcomes in terms of knowledge. Especially in the third year, considerable attention is paid to learning outcomes in terms of skills and understanding of the more specialised disciplines. Learning outcomes in terms of attitude also gain the most attention in the final year of the programme. The committee states that this structure fits with a logical build-up of the programme. The committee is also positive about the presence of academic skills within the curriculum. The committee assesses that there is a lot of interaction between education and research. Students learn using relevant literature and gain skills such as presenting, both orally and in a written report. According to the committee, the development of academic skills could be addressed earlier in the curriculum. At the moment, only four of eleven learning outcomes in terms of skills are implemented from the first year on. The committee would like to see, for example, learning outcome S7, the ability to give a clear presentation, being integrated earlier in the curriculum. Nevertheless, the committee is of opinion that the programme more than meets the criteria for this standard. Bachelor s programme in International Economics and Finance: the committee assesses this standard as good. QANU / Economics 2009 / Tilburg University 41

42 S6: Consistency of the curriculum The contents of the curriculum are internally consistent. Description The self-evaluation report states that internal consistency is guaranteed by the design of the programme, existing of a mandatory programme in the first two years and electives in the third year of the programme. The programme has deliberately chosen a pyramid model, where students are trained from a broad generalist basis to be a specialist. All first-year courses are introductory. They give students a broad orientation in the core fields of economics and business. They also encourage motivation and self-selection. As explained earlier, the programme of the first year is similar for students in IEF and students in International Business (IB). This implies that they all get the same broad orientation in economics (four courses), in business (four courses) and in quantitative skills (two courses). The format also implies that students are allowed to postpone or change their specific study choice (IB or IEF) until the end of the first year. Some students indicate that they do change their choice during the first year (see Standard 8). The second year constitutes the central part of the IEF programme. IEF students are offered a comprehensive set of courses. Taken as a whole, this set gives them in-depth exposure to the various theories and institutions in economics (notably International Economics, Financial Economics and Microeconomics), confronts them with important and major applications (The Economics of the EU and Finance and Development), deepens the mastering of mathematics and statistics and gives them insight into the philosophy of science. According to the self-evaluation report, students often indicate that their understanding of the many specifics and details of international economics and finance increases and becomes more mature over the second year. In some cases, however, they also argue that the sequence of and coordination between the many courses could be improved and that the time to absorb all the material is too limited. The fifth semester is reserved for a study abroad. Students are given the opportunity to take courses at one of the partner universities of FEB for credits. FEB monitors the students selection and performance. The one semester abroad is also an opportunity for students to experience a foreign culture and to work on their personal development. In general, students appreciate the study period abroad very much. Some prefer staying in Tilburg while selecting courses from other programmes or faculties. In the sixth semester, students can select two advanced courses according to their interest. They also take one additional course in philosophy and write a bachelor s thesis. The bachelor s thesis (see Standard 20) is regarded as a key element in the degree. The self-evaluation report states that the structure of the programme is such that (1) specialisation follows foundation, (2) electives build on the mandatory part, and (3) skill and attitude training starts immediately, is integrated in the field courses and gets more attention as the programme develops. In the interviews with the students, it became apparent that they do not always see the coherence in the programme. Students are not informed about the different tracks on offer and also do not see these tracks reflected in the programme. From the talks with the lecturers, it became apparent that lecturers do not discuss the coherence of the programme. Lecturers are primarily focused on their own courses. 42 QANU / Economics 2009 / Tilburg University

43 Assessment The committee studied the internal coherence of the bachelor s programme in IEF and concludes that the substantive consistency in the programme is logical and adequate, especially as described in the self-evaluation report. All key elements related to economics are represented within the programme. However, the committee notes that in practice this consistency is not always clear. There seems to be no system to control consistency. The committee also observes that there is not much of an exchange between lecturers about the consistency of the programme and related matters. The committee would like to see more communication between the lecturers on this. Students indicate that, even though they are not informed about the coherence and the different tracks, they consider themselves quite capable of putting together a coherent programme. Furthermore, they experience consistency within the curriculum. Nevertheless, here too communication can be improved. The committee welcomes the way in which the curriculum of the bachelor s programme is elaborated. The committee assesses that the pyramid model is consistently developed within the programme. The courses at the various stages of the programme logically build on one another, from courses of introductory and exploratory nature in the first two years to in-depth and more specialist courses in third year. The committee notes that academic skills are addressed sufficiently within the curriculum. The academic skills are building up, leading to the bachelor s thesis. In preparation for their thesis, students gain skills such as conducting scientific research and applying basic tools and methods in economic research. In the assessment of Standard 5, the committee already stated that they would like to see the application of academic skills earlier in the curriculum. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. S7: Workload The curriculum can be successfully completed within the set time, as certain programme-related factors that may be an impediment in view of study progress are eliminated where possible. Description The self-evaluation report indicates that the first year is composed of four study units, which are equal in terms of study load. Each study unit contains one economic course (6 EC) and one business course (6 EC). The remaining credit points relate to mathematics (3 EC in both study unit 1 and study unit 2) and statistics (3 EC in both study unit 3 and study unit 4). The mid-term course assignments and the Binding Study Advice system encourage students to start studying immediately and keep working on a continuous basis. The structure of the second year follows a semester format. Each semester contains five courses. Field courses are spread over the year (three in the first and four in the second semester). The same holds for the two method courses (mathematics in the first and statistics in the second semester). As to the workload, academic directors monitor that the various course assignments and paper presentations do not cluster too much at a particular point in time. In the first semester of the third year, students go abroad and, obviously, need to accommodate to the foreign university s teaching schedule. Yet, academic advisors in Tilburg are well informed, and communicate these schedules to the outgoing exchange students in advance. The last semester of the degree contains three courses (one is Philosophy of the Economy and the other two are electives). Hence, students have ample time to prepare a bachelor s thesis. In order to avoid delays in the process of writing the bachelor s thesis, a thesis QANU / Economics 2009 / Tilburg University 43

44 coordinator is appointed to monitor the students progress. The coordinator imposes a strict schedule which helps students (and supervisors) to finish the thesis defence before the end of the semester. In case this turns out to be impossible, students get a second opportunity in August. Despite the careful design of the curriculum, the self-evaluation report states that two obstacles in the programme cause difficulties for some students. In year one, Microeconomics is hampered by the low initial level of mathematics, which can be compensated for only gradually during the study unit. In year 2, a drawback of the chosen balance is that students are exposed to regression analysis quite late in the programme. So students lack econometric skills which could be useful for reading the empirical papers in the field courses. Improvements have been suggested, which will be implemented as part of the restructuring process. The self-evaluation report states that apart from this, students did not indicate problems with the workload of the programme. It also observed that based on informal talks with students, the total study load becomes a bit low once the first year is completed successfully. In the interviews, students confirmed that after the first year, the workload is lower. Students study, on average, 30 hours per week. Assessment On the basis of the self-evaluation report and information collected from the site visit, the committee concludes that there are no major impediments hindering study progress. The committee states that the students also recognise no major impediments regarding study progress. The interviews with the students as well as the evaluation results show that the average student does not experience an extreme high workload. Consequently, the committee evaluates the programme on this criterion as sufficient. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. S8: Admission requirements The structure and contents of the intended curriculum are in line with the qualifications of the incoming students: Academic bachelor s programme (WO-bachelor): VWO (pre-university education), propaedeutic certificate from a hogeschool (HBO)or similar qualifications, as demonstrated in the admission process Master s programme (WO-master): a bachelor's degree and possibly a selection (with a view on the contents of the discipline). Description The self-evaluation report states that UvT developed various information provision activities and tools for prospective students for the different phases in the course selection process (orientation, reconnaissance, exploring the options in depth, and decision-making). This includes orientation days for 4 vwo (pre-university education) pupils at the university, a bachelor magazine, initial pages of the website for those choosing a bachelor s programme, a bachelor information day held twice a year, a bachelor brochure, special magazines for individual bachelor programmes (for example, Econometrics and Operations Research and Fiscal Economics). There are also trial study days, and fresher students can ask at the student service desk and the FEB's student advisors for specific information. Several programmes also provide guest lectures at vwo schools. In addition, UvT aims to attract international students. Internationalisation is one of the main themes of the strategic policy that the university has formulated for the next three years. This 44 QANU / Economics 2009 / Tilburg University

45 policy aims to continue and intensify the internationalisation policy established in the past few years. Its key points are strengthening the international orientation of the programmes, recruiting staff from the international job market, promoting international student exchange, collaborating with respected foreign institutes and intensifying the enrolment of foreign students. The university uses different means to stimulate the enrolment of international students: brochures, websites, profiles in fair catalogues abroad, advertisements in international magazines, visits to international fairs, mailings to counsellors of international schools, et cetera. In general, the intake of foreign students is not as high as the FEB would like it to be. Partly for this reason, a quota with decentralised selection will be imposed on the international bachelor s progammes for the academic year The number of incoming students in the first year of the bachelor s programme in IEF has grown from 50 in to 77 in In , the majority of these students came from abroad (60%). The other students (40%) came from the Netherlands. In the last five years, the majority of international students are from Asia. The self-evaluation report states that the FEB will put into practice (in ) a numerus fixus and a decentralised selection procedure for all international bachelor s programmes. The bachelor s programme in IEF has a joint first year with the bachelor s programme in International Business. After this year, IEF students can switch to the second year of the bachelor s programme in International Business without any study delay, and International Business students can decide to continue their studies in the bachelor s programme in IEF. According to the self-evaluation report, more students switch to the bachelor s programme in IEF than vice versa. Students are eligible to apply for the programme with one of the following Dutch diplomas: Dutch vwo diploma (until 2009): o profile Economie en Maatschappij o profile Cultuur en Maatschappij including the Mathematics A1, 2 or B1 courses o profile Natuur en Gezondheid including the Economics 1 course o profile Natuur en Techniek including the Economics 1 course Dutch vwo diploma (after 2009) o profile Economie en Maatschappij o profile Cultuur en Maatschappij including the Mathematics A or B courses o profile Natuur en Gezondheid o profile Natuur en Techniek Dutch vwo diploma obtained before 1999 including Mathematics A or B A diploma from the first year of a four-year hbo-programme (higher professional education) with the same requirements for Mathematics Special entrance exam (Colloquium Doctum) Students with a non-dutch diploma are eligible to apply for the programme if they have one of the following diplomas: An International Baccalaureate (IB) diploma, including Math Standard or Math Higher. With an IB diploma including English and Math Standard or Higher, no extra tests are required. An European Baccalaureate (EB) diploma, including mathematics (3 hrs). With an EB diploma including English and mathematics (3 hrs), no extra tests are required. QANU / Economics 2009 / Tilburg University 45

46 Another secondary or high school diploma equivalent the Dutch vwo diploma, including English and mathematics for which students have successfully passed or will pass the exam. An example is the German Abitur. In addition, the student may have to demonstrate sufficient knowledge of mathematics and English. Proficiency in English can be demonstrated by taking either a TOEFL or an IELTS test. The required minimum score for TOEFL is 550 (paper-based), 213 (computer-based) or 80 (internet-based); for IELTS 6.0, mathematics is a required course. This means that even if the student has a recognised diploma, they must be able to prove that they master a sufficient level of mathematics. In some cases, the admission board might require the student to participate in an entrance examination in mathematics (Colloquium Doctum). In the interviews with the students, it became apparent that they have different backgrounds. Students do not always interact with fellow students from different backgrounds. For assignments, students can compose their own groups, so integration is not forced upon them by the lecturers. The lecturers confirmed that in some courses students are free to form their own groups; in other courses, lecturers demand a minimum of two nationalities per group. Assessment The committee states that students can enrol in the programme without restrictions for several vwo profiles; other profiles require a specific list of subjects to guarantee a minimal level of mathematics and economics. However, according to the committee, it is indeed not necessary for vwo graduates with the N&G and N&T profile to have economics in their list of subjects. Academic economics programmes cover all economic theory and do not build upon economics programmes at the vwo level. The committee furthermore observes that foreign students have several possibilities to enter the bachelor s programme in IEF. The committee considers the programme to be successful in attracting foreign students, as witnessed by an increasing inflow from Asia. The committee would like to point out that the integration of Asian students in the programme, on a social and academic level, is still a point of concern. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. S9: Credits The programme meets the legal requirements regarding the range of credits: Academic bachelor s programme (WO-bachelor): 180 credits Academic master s programme (WO-master): a minimum of 60 credits. Description The curriculum of the bachelor s programme in International Economics and Finance comprises 180 EC and complies with the formal requirements with respect to the size of the curriculum. Assessment The bachelor s programme in International Economics and Finance complies with the formal requirements with respect to the range of credits. 46 QANU / Economics 2009 / Tilburg University

47 S10: Coherence of structure and contents The educational concept is in line with the aims and objectives. The study methods correspond with this educational concept. Description The self-evaluation report states that the didactical concept of the IEF programme focuses on interactive teaching and project-based learning. The typical format of an IEF course consists of three steps. First, instructors/lecturers explain the relevant theories and institutions. Next, students work on applications and cases at home, usually in small teams of three or four students, and prepare group assignments. Then, teams discuss these applications and assignments in interactive classes under the guidance of the lecturer or the tutorial teacher. In this way, students get a better understanding of the course contents while learning to apply theoretical knowledge to real-life situations. At the same time, they develop other competences such as collaboration and communication (intercultural) in a team setting, oral presentations in English for an international audience, dealing with questions and criticism, improving self-confidence and flexibility, and the like. The way this typical format is being implemented differs across courses and study years. In the first year, all field courses are offered in a very intensive way (1) within a study unit of seven weeks, (2) with all contact hours used for interactive and small-group teaching, and (3) with a substantial number of hours reserved for self-study. Mathematics and statistics are organised as semester courses with five contact hours per week. It was found that, for these two courses, students need a longer absorption and digestion period than just one study unit. In the second and third year of the IEF programme, the teaching format is elaborated differently. Lectures are given to the entire group of IEF students (often together with a significant number of exchange students, and sometimes together with students from the bachelor s programme in Algemene Economie). Interactive training and class discussions, which are still a key element, take place in the tutorials where students are divided into smaller groups, as in the first year, and where students can earn a participation grade. Books and other materials are basically selected by the course coordinator. In the first year, students read standard textbooks, such as Mankiw (macro), Besanko and Braeutigam (micro), Mishkin (financial economics), and Krugman and Obstfeld (international economics). In the other years, coordinators start with additional reading material such as journal articles and research papers. Often, internet links are provided for further information, as for group assignments. In the last semester, when students write their bachelor s thesis, considerable time is reserved for independent study at home. Individual supervisors are assigned to help students find their way in the process of library search, problem definition, data analysis et cetera. According to the self-evaluation report, the basic intention is to teach in small groups. In the first year, all classes are limited to a maximum of 40 students. In the second and third year, however, some classes can be overcrowded due to a variety of reasons. One reason is the inflow of foreign exchange students, often in large numbers, often queuing for a limited number of appropriate courses. The other reason is the occasional necessity of having to combine students from the bachelor s programme in IEF and the bachelor s programme in Algemene Economie in one joint lecture due to capacity constraints. QANU / Economics 2009 / Tilburg University 47

48 In the interviews with the lecturers, it became apparent that the group sizes indeed differ considerably. There are also courses with 100 students. During the course, these students are divided into five groups. In the third year, the groups are smaller. In the new programme, lecturers stated, groups will be even smaller. Groups of 55 students will also be divided into two groups. Lecturers emphasise that during the courses experiments and real-world examples are used. Assessment The committee concludes that, in contrast to the other programmes of the FEB, IEF has explicitly formulated an educational concept, involving interactive teaching and project-based learning. The study methods are the same as for the other programmes: mainly lectures (interactive or instruction) and tutorials. The main difference is that the IEF programme pays special attention to group assignments, in which students in small teams work on applications and cases. Despite the favourable student/staff ratio, the groups of students in the lectures and tutorials are sometimes still quite large. Group sizes differ from 40 to 100 students. The committee feels that the bachelor s programme in IEF has chosen study methods that correspond with the educational concept. The committee evaluates the criteria for this standard as satisfactory. The committee recommends that the programme maintain small groups for tutorials, if possible. The committee recommends initiating a structural debate between lecturers about didactical issues, such as interactive lecturing and study methods. The interviews with the lecturers revealed that there is not yet a faculty-wide educational concept. The lecturers also emphasised that conducting research and incorporating research in the curriculum (by reading and discussing articles, conducting research, et cetera) is an important aspect of all UvT programmes. The committee strongly recommends developing an educational concept based on research, and to formulate and implement some new teaching and study methods in line with this educational concept that might be coined research-based teaching. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. S11: Learning assessment By means of evaluations, tests and examinations, the students are assessed in an adequate and for them insightful way to determine whether they have achieved the intended learning outcomes of the programme or parts thereof. Description In the self-evaluation report, the FEB indicated that there is a faculty-wide Board of Examiners. This board focuses specifically on the regulations concerning testing and examination, and is made up of scientific staff members. The Board of Examiners is assisted by an official secretary of the Education Office. The Board of Examiners holds a meeting on current business every two weeks and organises several policy meetings each year. The board recently delegated several of its tasks: The preparation and assessment of examinations, and the signing of certificates have been delegated to examiners. This is usually FEB personnel, along with several staff members from other faculties. The FEB student student advisors have been given a mandate for decisions about exemptions on the examiner s recommendation, decisions about entrance to the programmes and/or tests forming part of examinations, decisions about whether an 48 QANU / Economics 2009 / Tilburg University

49 examination has to be taken (this includes requests for replacing a compulsory course), decisions about an alternative opportunity for a test, and agreeing with the arrangement of the degree of choice within a course. In doing so, the student advisors must act in accordance with the guidelines prepared by the Board of Examiners. The processing and assessment of applications for admission to the pre-master s programmes and the master s programmes have been delegated to the programme directors. Ensuring satisfactory and expert invigilators during a test has been delegated to the Central Student Administration. The Education and Examination Regulations (OER) cover the instructions concerning testing and assessment. Interviews of the committee with members of the Board of Examiners revealed that the board primarily deals with individual cases. The other tasks are undertaken by the student advisors or the programme directors. For each programme, there are two slots for examination annually: the examination and the resit. During the subsequent year, there are again two opportunities for the course in question. The FEB employs a annual schedule with one examination period after each block or semester. In the first year of all bachelor programmes, there is an examination week after block 1. After blocks 2 and 3, there are two examination weeks: the first for the resits from the previous block, and the second for the regular examinations. Block 4 is immediately followed by the examinations for that block, after which the remaining resits and the resits for block 4 are scheduled. For the second and third years of the bachelor programmes, the examinations are held at the end of the semester. After the second semester, the regular examinations are held first, followed by the resits from semester 1 and then the resits from semester 2. In the interviews with the lecturers involved, it became apparent that the examinations were prepared by the lecturers teaching the course. This means that for courses taught by several lecturers, the examination is prepared by more than one lecturer. For courses given by one lecturer, the examination is prepared by only one lecturer. The lecturers also prepare the answer key in advance of the examination. In the digital course catalogue for the university, the form of testing is indicated for each course. Information is also provided about the dates of the tests and the resits. In the selfevaluation report, the faculty stated that explicit assessment criteria specified on the assessment form are utilised in the evaluation of projects and presentations. The lecturer completes this form during the assessment to provide feedback to the students. The faculty is of the opinion that this promotes transparency towards the students, and at the same time ensures that different lecturers use the same criteria. The result of a written examination must be available within 15 working days and must be published within the next 5 working days. Every examination is evaluated by the students after completion. In 2007, the UvT commissioned a baseline measurement of the quality of the examinations. With this as a basis, a test expert was engaged to analyse all tests of all courses during a period of three years (for objective test preparation process, assessment process, grading and transparency). The self-evaluation report indicates that the grading policies differ across courses and study years. Course coordinators decide on the modes of assessment. They are instructed to inform students about this at the very start of the semester (both in the first class and through the QANU / Economics 2009 / Tilburg University 49

50 internet tool Blackboard). They are also requested to take into account not just the grade for the written exam (which basically tests the student s knowledge), but also the quality of the assignments (which evaluates the student s ability to apply theories and to analyse specific economic situations), as well as the performance in class (which reflect other communication skills and attitudes). In some courses, bonuses are used to stimulate and reward students for active class participation. This is, for example, the case in the Macroeconomics and International Economics courses in the first year and Finance and Development and International Trade and Exchange Rates in the second year. Multiple-choice exams are adopted only when the number of participating students is high, as in year 1 when students of the bachelor programmes in IEF and International Business take classes together. The programme uses written exams, papers, presentations, management game, assignments (group), mid-term examinations and class participation marks as forms of examination. Assessment The committee studied the information referring to the assessment and testing, and ascertains that both programmes have selected the appropriate test forms. It feels that the test forms used in the programme clearly reflect the educational concept and serve the learning outcomes of the courses. On the basis of the examinations reviewed, the committee ascertains that the points students can earn for each part of the examination are mentioned. The committee would like to point out to the Board of Examiners that its role will change in the near future (as legally required), making the board formally responsible for the quality of the contents of the examinations. It therefore advises the Board of Examiners to consider the consequences of this for its role. From the interviews, the committee concludes that a prior assessment of the examination questions by two persons is not always done. To guarantee the quality of the contents of the examinations, the committee recommends formalising this ex ante quality assurance principle. Formalisation will be mandatory under the new legislation. The committee therefore advises the programmes to undertake steps in the near future to formalize procedures as to the ex ante quality assurance of the contents of the examinations. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. Assessment of the theme Curriculum The committee comes to an overall assessment of the theme Curriculum on the basis of its assessments of the separate standards. In the case of the bachelor s programme in International Economics and Finance, it assesses this theme as satisfactory Staff S12: Requirements for academic orientation The programme meets the following criteria for the deployment of staff for a programme with an academic orientation: Teaching is principally provided by researchers who contribute to the development of the subject/discipline. Description The FEB indicates in the self-evaluation report that, as a matter of principle, all staff members have a doctorate degree (or are actively engaged in earning a doctorate), and have both research and teaching tasks. Trainee research assistants also have a teaching task of 20% over three years. Since 1996, the FEB has applied a tenure track policy for young faculty who 50 QANU / Economics 2009 / Tilburg University

51 recently earned their doctorate degree. The tenure track position is a provisional position for a period of six years. In this period, the staff member must conduct high-quality research and demonstrate pedagogical skills to secure a permanent position (tenure). In contrast to other FEB staff members, they have a 40% teaching task and a guaranteed 60% research task. Permanent staff members are awarded research time according to the quality and quantity of their prior research output. The permanent staff members devote, on average, 60% of their time to teaching and 40% to research. To secure a tenure position, the staff member in question must have had independent articles published in journals judged by the FEB to be top, very good or good, and their pedagogical evaluations must be of a higher level than the average of colleagues teaching similar courses. This assessment is conducted by the Faculty Management Team (FMT), which is advised by the Faculty Evaluation Committee (FEC). The FEC consists of six professors who are partly chosen by the personnel and partly appointed by the FMT. The FEC is also involved in advising on proposed promotions (from university lecturer to senior lecturer, from senior lecturer to professor 1 and from professor 1 to professor 2 ). Interviews with lecturers revealed that there is also an adjunct professor track. It is intended for staff members who excel in teaching, but who are not able to meet the research requirements of a tenure track within the set deadlines due to their focus on their teaching task. Currently, there is one adjunct professor employed in the faculty. In the self-evaluation report, reference is made to the university website Experts and expertise. This site contains information about teaching and research activities, publications, extra duties and any unusual aspects of all lecturers. The FEB's research is conducted within CentER, the Center for Research in Economics in Business. It occupies a high position in different international rankings. The quality of the faculty is apparent from the assessment of the faculty's research programmes done by different agencies (VSNU in 2002, Scientific Council of CentER in 2005, part of the internal Mid-Term Review and QANU in 2009). The research programmes are mostly awarded a good (4) or excellent (5) grade. Renowned researchers are involved in the bachelor s programme in IEF. The number of full professors teaching increases throughout the programme. In the first year, the courses are mainly given by lecturers, associate professors, assistant professors and PhD candidates. In the first year, full professors are not involved. In the second year, three full professors are involved; in the third year, this increases to eight. Seven of ten courses in the third year are coordinated by full professors. Assessment The committee ascertains that the majority of members of the scientific staff has a PhD. The committee notes that developments in the field of scientific research and developments in practice are handled in the teaching provided. The committee concludes that the teaching is provided by active top researchers who are making relevant contributions to the development of the field covered by the course. The committee appreciates the involvement of quite a lot of full professors in the third year of the programme. Research conducted at the FEB is nationally and internationally highly appreciated. The FEB strives for top research, which the committee considers a sensible objective. This choice has consequences for staff members who cannot meet the FEB s strict research QANU / Economics 2009 / Tilburg University 51

52 demands. For this reason, the FEB has established the position of adjunct professor, there is at present one adjunct professor. The committee considers this a good initiative and advises to further develop this initiative. Based on these conclusions, the committee feels that the programme more than meets the criteria expected of a scientific programme. Bachelor s programme in International Economics and Finance: the committee assesses this standard as good. S13: Quantity of staff Sufficient staff are deployed to realise the desired quality of the programme. Description The self-evaluation report contains FEB-level data on the number of registered students, the number of diplomas awarded, the number of fte scientific personnel, the student-staff ratio, and the diploma-staff ratio. The number of students registered at the FEB ranges around 5,000. The number of fte scientific personnel varied from fte in to fte in The student-staff ratio was 20, 21 and 19, respectively, in the past three academic years ( , and ). In the interviews with the programme directors and the Faculty Board, the allocation model was discussed. The departments receive their annual financing based on the number of students registered two years earlier. The research units receive their financing from the departments, with the following basic assumptions: a fixed budget of 40% per research unit, and a variable proportion based on the number of students attending a course for the first time. The departments and research units are free to spend the budget as they wish. In the self-evaluation report, the FEB lists the lecturers assigned to the different phases of the programme. For the bachelor s programme in IEF, primarily assistant or associate professors, PhD candidates and lecturers are employed in the first year. In the second and third year, full professors are also employed. In the third year, seven of the ten courses are coordinated by full professors. In the self-evaluation report, the programme management states that the basic intention is to teach in small groups. In the first year, all classes are limited to a maximum of 40 students. In the second and third years, however, some classes can be overcrowded for a variety of reasons. One reason is the inflow of foreign exchange students, often in large numbers, often queuing for a limited number of appropriate courses. The other reason is the necessity of sometimes having to combine students from the IEF and Algemene Economie programmes in one joint lecture due to capacity constraints. The programme management realises that this is an undesirable situation. Thus, along with the restructuring of the programme (see standard 18), these obstacles will be seriously addressed. In the interviews with the lecturers, it became apparent that group sizes differ. There are courses with up to 100 students. During the course, these students are divided into five groups. In the third year the groups are smaller. In the new programme, lecturers stated, groups will be even smaller. Groups of 55 students will also be divided into two. 52 QANU / Economics 2009 / Tilburg University

53 Assessment The committee realises the implementation of small-group teaching requires more effort in large programmes and large faculties. Nevertheless, the committee wants to stress that the FEB as a whole has a very favourable student/staff ratio. On that basis, small groups of students could be arranged, but this requires tailor-made policies. In practice, however, groups tend to be large, compared to Dutch standards. The committee appreciates that especially in the first year, courses are taught in relatively small groups. In the other two years the lectures and tutorials are sometimes quite large. Group sizes vary, by and large, from 40 to 100 students. The committee appreciates that in the new programme, the groups will be smaller. The committee feels that the IEF programme is evenly balanced regarding the sizes of the different classes in the different years of the programme. The committee recommends keeping the number of students participating in tutorials as small as possible. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. S14: Quality of staff The staff deployed are sufficiently qualified to ensure that the aims and objectives regarding the content, didactics and organisation of the programme are achieved. Description As specified under standard 12, the FEB has a tenure track policy for promising young faculty. After a provisional position lasting six years, they can be awarded a permanent position if they demonstrate excellent research and teaching skills in that period. The heads of the departments conduct annual performance reviews with staff members. The results of the course evaluations are used to discuss pedagogical performance. In the annual review meeting of the programme director and the head of the department on the personnel requirements of the programme, the programme director can indicate which staff member s/he would like to employ or would not like to employ. Teaching performance is also critically reviewed when considering promotion. The Faculty Evaluation Committee (FEC) has established criteria for the promotion of staff members. For promotion, the contribution of the staff member to innovation in education and the development of teaching programmes are assumed necessary. For new lecturers and trainee research assistants, the faculty organises a compulsory foundation course in didactical skills. Its objective is to improve didactical skills. The course concludes with an individual assessment, with one lesson given by the lecturer being filmed and discussed. Starting in 2010, the Fundamental Qualification in Education (BKO) will be introduced across the university for all new staff members. Lecturers can have individual supervision upon request or after indication on the basis of course evaluations. This option is used several times a year. In addition, regular meetings on specific themes are organised for staff members (for example, on ICT and education, supervision of theses, testing and intercultural communication). Given the drive towards internationalisation (see standard 8), there are increasingly more English-language subjects within the course curriculum. Therefore, since , each staff member is required to pass an English language test. Based on the results, staff members QANU / Economics 2009 / Tilburg University 53

54 may receive a recommendation to improve their command of English. In the university's language lab, staff members can take various courses. The number of staff members who actually do so is still limited. Within the FEB, the establishment of a faculty education expertise centre is underway. The objective is to combine and distribute the knowledge present within the FEB in the field of educational studies and didactical matters. Assessment The committee feels that the FEB programmes meet the criteria applicable to this standard. The committee notes that a number of clear developments have been initiated to stimulate the didactical development of lecturers. The FEB's four-day foundation course in didactical skills is compulsory for new lecturers. The BKO will be implemented across the university from 2010, giving the university a minimal basic guarantee for the didactical quality of its teaching staff. Also, in the performance reviews, attention is explicitly paid to teaching performance, partly based on course evaluations. These evaluations guarantee systematic assessment of the didactical qualities of lecturers. The committee understands that adequate action is taken when a lecturer receives a poor assessment. After a poor assessment, the lecturer is given sufficient opportunities to follow training courses or a coaching track to improve his/her didactical skills. If subsequent assessments remain poor, a process is implemented that can lead to outplacement. The committee feels that given the current level of didactic training and the BKO requirement after 2010, the minimal quality criteria can be ensured. However, there is still room for improvement. Faculty-wide educational meetings, often focusing on a specific theme, are held regularly, but the committee feels that attendance is too low. This also applies to the English language courses. There is little exchange between lecturers about pedagogical and didactical issues. Based on the interviews with lecturers, the committee concludes that too little use is made of sharing the good teaching practices present within the FEB. The committee suggests to actively stimulating such information transfer. The initiative to establish an education expertise centre within the FEB, which can collect and combine available data, knowledge and practices, is a good step in the right direction. The committee is in favour of this initiative. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. Assessment of the theme Staff The committee comes to an overall assessment of the theme Staff on the basis of its assessments of the separate standards. In the case of the bachelor s programme in International Economics and Finance, it assesses this theme as satisfactory Services S15: Facilities Housing and facilities are adequate to achieve the learning outcomes. Description All UvT courses are given on the campus. All facilities and materials required to provide education are present on campus and accessible to all students. The faculties share all 54 QANU / Economics 2009 / Tilburg University

55 teaching facilities. The students' satisfaction with the facilities is evaluated each year at university level. There is a large number of lecture halls and classrooms available, with varying capacities (<25 to >300 seats), almost all with internet access and other teaching support facilities. In addition, there are several computer practice rooms available which can be used by students for self-study when they are not being used for classes. The evaluation results given in the self-evaluation report reveal that the students are in general positive about the quality of the lecture halls and classrooms. For this aspect, the faculty scores 3.7 (on a scale of 1 to 5, in academic year ). There are a number of rooms available with a total of 930 workplaces for students (including 500 workplaces in the library). Students can make use of the student workplaces in the library on Monday to Friday until 21:30 hours and on Saturday and Sunday from 10:00-17:00 hours. The Montesquieu Learning Center and the Goossens Learning Center are open each working day until 22:30 hours. Some of the student workplaces have lockers with an electric socket. The students can recharge their own laptop or mobile telephone there while they work. At various places, the setting resembles an internet café. In March 2009, the city of Tilburg s public library opened a municipal study centre where students have free access to the university network. All of these facilities are available to all UvT students. The students are less positive about the number of workplaces available, according to the results in the selfevaluation report. For this aspect, the faculty scores 3.1 (on a scale of 1 to 5, in academic year ). The university has a videoconference room that can also be used by students. It has installed a wireless network, which the students can log onto from their own laptop. In addition, there is a second-hand bookstore on the campus, where students can buy and sell books (the proceeds go to charity). The campus also houses a central library. For the economics and business economics courses, relevant databases are available. The students can consult the Library Service Desk for assistance and advice in searching for information. The library also contains a Scriptorium where students can find individual supervision and advice about writing a thesis, paper, or report in Dutch or English. To prepare timetables, the UvT has been using the electronic programme Syllabus Plus since the academic year The aim is to utilise the available lecture halls better. For the FEB, this has led to a relatively large number of lectures in the evenings. In the interviews with students, it became clear that the students were not uniformly enthusiastic about this development. The FEB utilises different electronic systems in teaching. First of all, the Electronic Course Catalogue (ESG) lists all degree courses, programmes and electives. It also provides information about lecture and examination timetables. Second, Blackboard covers all courses, providing detailed information about them. Blackboard is primarily used for sending the students messages about a particular course, storing copies of presentations used in the lectures and issuing assignments. The third system is BSCW, a programme that enables collaboration at a distance via the internet. Using this programme, members of a group (project) have access to a common workspace where documents can be stored, shared and modified. In addition, discussions can be conducted, facilitating joint coordination and QANU / Economics 2009 / Tilburg University 55

56 decision-making. From the interviews with the students, it became apparent that many are not familiar with the BSCW programme. Through the student portal on the university website, students gain access to different applications (with just one log-in). The student portal also provides students with information on supervision, student administration, et cetera. Currently, the FEB is conducting an experiment in recording lectures on video. At the site visit, it was explained that this application can be used when subjects are removed from the curriculum and students have to resit the examination, or when students want to review the lectures again or were not able to attend the lecture. Assessment Based on the description in the self-evaluation report, the committee concludes that there are currently enough classrooms, lecture halls and study places available. The committee would like to point out that if the number of students increases further, the facilities will not be adequate. The committee also ascertains that the lecture halls and classrooms suit the current didactical practices, which involves working with relatively large groups. For another didactical concept involving working with smaller groups, the current facilities will be inadequate. The committee appreciates the cosy feeling of the campus and the associated facilities. The committee is also pleased with the presence of the videoconference room and the secondhand bookstore for students. The committee confirms that the ICT facilities and electronic work environment look excellent. In interviews with students, it was noted that the students are not familiar with the BSCW programme. The committee clearly appreciates the added value of recording lectures on video. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. S16: Tutoring Tutoring and information provision for students are adequate in view of study progress. Tutoring and information provision for students correspond with the students needs. Description In the self-evaluation report, the FEB indicated that the students are responsible for their own study behaviour and progress. The initiative to seek support when problems arise lies primarily with the student. In the self-evaluation report, a distinction is made between facilities at the FEB level and at the university level. At the FEB level, the student service desk (1.9 fte, two staff members) is available. It is an easily accessible facility where students go first with course-related questions (except for questions about registration, which are dealt with by the Central Student Desk). The staff members of the student service desk refer more complex questions to the academic advisors. In 2012, the faculty intends to transform the student service desk into a one-stop shop, where all the students' questions can be answered. The student advisory office (MAK) consists of five student members appointed as student assistants by the FEB Education Office. The MAK organises various introductory activities for new students. During these activities, the freshmen are assigned to mentor groups and 56 QANU / Economics 2009 / Tilburg University

57 become acquainted with each other and a range of aspects of the programme and the FEB. The MAK also participates in the activities for international students. They accompany the students from the train station to their accommodation and help them to complete formalities. They also provide students with information about studying at the university, especially at the FEB. At the university level, academic advisors and psychologists are available at the Student Affairs Service. Students can get in contact through the student advisor or independently. At the Language Lab of the Student Affairs Service, students can take various language courses. All students of the university are given language vouchers with a total value of 12 EC with which they can take two language courses of 6 EC at the Language Lab during their course of their study. The faculty employs five student advisors (4.0 fte). Each student advisor is associated with a number of bachelor and/or master programmes. The coordinator of the study counselling unit can also act as a student advisor in busy periods. The student advisors offer support on course-related issues like problems with progress, selection processes and questions about the contents of the course and required skills. The student advisors are also involved in information-provision activities for prospective students and introductory activities for freshmen. The student advisors confer regularly with the programme director(s) of the programmes with which they are associated about information provision activities and developments in courses. The student advisors have consultations by appointment and open office hours. For international and exchange students, the International Student Services is available (6 staff members, 5.0 fte) to answer specific, individual questions about studying abroad. The university website plays an important part in information provision to students (see also standard 15 about facilities). In addition, the students periodically receive an English newsletter about developments regarding teaching within the FEB. In the Blackboard course FEB facts you need to know, the rules and procedures of the FEB and university are explained. The FEB also organises information meetings on course selection (after the first year of the bachelor programmes in General Economics, Business Economics and Fiscal Economics) and the range of choices after the bachelor s programme. The evaluation results in the self-evaluation report reveal that students of the FEB are in general less satisfied with the supervision than other students at the university. An upward trend is evident, however (from 2.3 in to 3.3 in , on a scale of 1 to 5). Assessment The committee ascertains that all expected forms of supervision and tutoring at the FEB or central level are present. The initiative for requesting any form of supervision is left up to the student. In the different interviews with students, the committee explicitly asked their opinion on this standard. In general, students appeared to be reasonably satisfied with the supervision and advice that they received in practice. The committee focused in particular on international students. With respect to the bachelor s programmes, the student s satisfaction about the tutor groups within the first year of the programme varies. Students of the bachelor s programme IEF are quite satisfied with the way those groups function. Students of other bachelor s programmes are not that contented about the tutor system. Because the system is equal for all of the QANU / Economics 2009 / Tilburg University 57

58 programmes, this could be an incident. Nevertheless, the committee argues that the tutor system is rather free. A result of this could be that the success of the system depends on the effort of the tutors (the senior students) and the first year students themselves. The committee would like to see a formalization of the tutor system. The committee is of the opinion that the activities of the programme management concerning supervision and information provision are adequate to promote study progress and that they meet the students' needs. The committee notes that the supervision could be improved by changing the optional nature of a number of parts. The committee also has established, based on the interviews, that the student advisors would like to play a more active role. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. Assessment of the theme Services The committee comes to an overall assessment of the theme Services on the basis of its assessments of the separate standards. In the case of the bachelor s programme in International Economics and Finance, it assesses this theme as satisfactory Internal quality assurance system S17: Periodical evaluations The curriculum is periodically evaluated in the light of verifiable objectives and other measures. Description The internal quality assurance system is described in the self-evaluation report for the FEB as a whole and consists of three layers. The first layer concerns external quality assurance cycles, such as the six-year accreditation cycle. The second is an internal quality assurance cycle at the university level. There is a permanent Education Quality Assurance Steering Committee, coordinating activities concerning the quality of education for the university as a whole. Proposals from this steering committee are discussed by the university board and the faculties. Some proposals from the steering committee are implemented throughout the university. In , the Mid-Term Review of Education took place halfway through the external quality assurance cycle, covering the entire university. The third layer of the quality assurance system is the internal quality assurance cycle conducted at the FEB level. The FEB programme directors are responsible for the quality of education. Teaching programme committees (OLCs) monitor the actions of the programme directors and give advice on their activities. The OLCs also advise the faculty board about the Education and Examination Regulations (OER). For reasons of efficiency, there are in total three clusters of OLCs, each with equal numbers of scientific staff members and students. Hardly any professors participate in OLCs. The OLCs meet at least three times a year to discuss the semi-annual reports from the programme directors on the current state of affairs and the OER. It appears from the interviews that, in practice, there are more than three meetings per year. It also became apparent that the OLCs clearly have an advisory rather than a legislative role. The influence and involvement of the OLCs seem to have increased in the past few years. There are also plans to allow the OLCs to function more systematically and fulfil a more proactive role in the quality assurance process. 58 QANU / Economics 2009 / Tilburg University

59 Along with the contacts with the OLCs, the programme directors receive management information from the FEB education office. The education office carries out examination and curriculum evaluations. All courses and associated exams are evaluated every year at the end of the course, using a standard evaluation form on which students indicate on a scale of 1 to 5 the extent of their agreement with a number of statements. The course s lecturers and their heads of departments receive the evaluation results. Because the results of the evaluations are not made publicly available (according to the interviews), the student societies have taken the initiative to produce shadow evaluations conducted by students. Thus, students gain insight into the assessment of the courses by their fellow students, and they can base their choices on this. Focus groups can highlight problems that students are having with a particular course. A focus group has been set up for all programmes, consisting of students from different years of a programme. Each semester this focus group meets several times to discuss the education given in that period. In addition, the education office organises curriculum evaluations among students to explore all parts of the curriculum (one particular academic year), usually through a written questionnaire. If the causes of problems in a course are difficult to uncover, panel discussions are set up at the request of the lecturer teaching a course, the programme director or the head of the department. Invitations to be on the panel are sent to several students, and possibly to the lecturer. A discussion is initiated with staff members of the education office on a topic referring to the teaching in the course, and suggestions are made for improvement. Another form of panel discussion involves groups of students evaluating course-related issues and service provision to students. Starting in , this form of panel discussions will be implemented. Along with these evaluation methods, there are also alumni surveys and contacts with the relevant job market (see standard 19). From the interviews with lecturers and students, it appeared that the results of the course evaluations are not publicly available. Apart from those directly involved in the courses, only members of the OLC may view the results. For some programmes, the relevant student society conducts shadow evaluations, which are made public. Assessment The committee feels that the programme meets the criteria for this standard. The committee ascertains that the education provided is periodically evaluated according to a set of objectives (see description under S18) and that the programme management actively acts on the results. It also confirmed that the evaluations are conducted in a formalized and structured way and that the programme management structurally analyses the results and takes action, if necessary. Based on its discussions held with the members of the different OLCs, the committee ascertains that the OLCs feel involved in the quality assurance system for the programmes. The committee considers the size of the different OLCs to be overly large, and the involvement of full professors in all OLCs to be too low. The committee feels that the OLCs act rather passively, without having systematic contact with their constituencies (i.e., other lecturers and students). In the discussions, it became apparent that this difficulty has been noted earlier by the OLCs themselves and in an external survey conducted by the university. The role of the OLCs continues to grow in importance, however, and has expanded in the past few years. The committee favours this development and sees great potential if this growth trend continues. Both the OLCs and the programme management confirmed that remarks and suggestions from the OLCs are taken seriously. The OLCs have contributed, for QANU / Economics 2009 / Tilburg University 59

60 example, to issues concerning the OER. They are also active in analysing the evaluation results for courses. Different interviews revealed that reviews are conducted in a formalized and structured way based on course and examination evaluations, as well as focus groups. The programme management structurally analyses the results and takes action, if necessary. The committee likes the panel discussions that are arranged whenever some aspect of a course is unclear. The information derived from the evaluations could be processed in a more systematic and coordinated manner, however. Strengthening the contacts between the different involved parties -for example, the OLCs and the focus groups- could contribute to this. In addition, the contact with the OLCs constituencies (particularly the students) must be strengthened. On the one hand, students need more insight into the evaluation system, to know where to go with a problem. On the other hand, students need to be informed about the results of evaluations. In the interviews with students and lecturers, it became apparent that the evaluation results are not made public. Currently, students are forced to obtain this information through shadow evaluations. The committee considers it important that students are given insight into the results of evaluations (perhaps, after a privacy check). The committee is positive about the implementation of the Mid-Term Education Review and the baseline measurement conducted by the university to improve testing practices. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. S18: Measures for improvement The outcomes of the evaluation form the basis of verifiable measures for improvement that contribute to the achievement of the objectives. Description The self-evaluation report describes how the results of evaluations are dealt with. All of the results are entered in the electronic programme file for the programmes (as far as possible). This gives the programme directors and OLCs access in an orderly manner to all data collected about a programme. The data can then be analysed, after which conclusions can be drawn about the strong and weak points of the programme (or parts of it). This provides a basis to stimulate steps for improvement. After implementing these improvements, the new collected information can be used to examine the extent to which the desired effect was achieved. The programme dossier was developed in the course of the academic year and is constantly being updated. The results derived from the programme dossier are discussed in performance reviews and management reviews, and form a stimulus for staff members to take didactical training when a course is judged as unsatisfactory on this aspect for the second time in a row. The discussions revealed that both the programme directors and the OLCs sense that the results of the evaluations are taken seriously. In the OLCs, a course that has been judged to be unsatisfactory is definitely discussed. The self-evaluation report revealed that at the FEB level different recommendations have been implemented, including most of the ones that had emerged during the previous accreditation cycle. Examples include the recruitment of an education specialist to survey the teaching of skills in the bachelor programmes, development of an assessment form for 60 QANU / Economics 2009 / Tilburg University

61 bachelor and master theses, improvement of communication with the students, and an increase the number of student workplaces. The faculty is also occupied with implementing recommendations made by the committee in the Mid-Term Review in Partly due to the Mid-Term Review, for example, the faculty instituted a new policy as to the internationalisation of education. Moreover, several curricula will have to be revised in the near future. The bachelor s programme in IEF will be reformed and renamed (the new name will be bachelor s programme in Economics). The self-evaluation report gives an overview of the reform. First, admission to the bachelor s programme in Economics will follow from a decentralised selection procedure, and will be limited to 75 internationally oriented students per year. Second, a major difference between the current and the future set-up of the programme includes the choice not to combine the first year of the bachelor s programme in Economics with the first year of the bachelor s programme in International Business. Third, the first year will be separated in two semesters rather than four study units. The advantages of a semester structure are: (1) more contact hours per course and per week, (2) more time to digest content, (3) less pressure and hurry both for students and lecturers, and (4) more flexibility in terms of starting dates, exams and breaks. Fourth, the reform of the curriculum will not only affect the IEF programme, but also the bachelor s programme in Algemene Economie (Economie en Bedrijfseconomie as from September 2009). Since students from both programmes should be eligible for the same master programmes, and hence should meet similar learning outcomes at the end of the bachelor s phase, the restructuring of the IEF programme has been used as a model for restructuring the second and third year of the bachelor s programme in Algemene Economie. Fifth, when designing the new curriculum, the experiences with the UvT bachelor s programme in IEF as well the Economics curricula of renowned institutions in the US, the UK and continental Europe were taken into account. In the academic year , both the first and the second-year courses are offered for the last time (first year to repeaters only); in , the third year will be taught for the last time. However, retake opportunities will be organised until August The second-year courses in mathematics and statistics will be recorded on dvd. Students can also decide to attend comparable courses in the bachelor s programme in Economie en Bedrijfseconomie, when necessary. Assessment The committee approves the implementation of programme dossiers. In these dossiers, it is evident that courses can be evaluated before and after every examination. This information is available for all years, starting in It is also evident in the dossiers that courses with low scores in the evaluation are actually improved or removed. The committee gets the impression that good use is made of the programme dossiers. The committee ascertains that the results of the course evaluations lead to concrete measures for improvement when there is a need for it. The committee examined different examples of measures taken to improve the quality of the teaching. The committee feels that along with the formal measures implemented by programme management, individual improvements were carried out by lecturers based on the course evaluations and other signals they perceived. The committee appreciates the changes that are implemented in the programme. The committee feels that the bachelor s programme in International Economics and Finance meets the criteria for this standard. Bachelor s programme International Economics and Finance: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 61

62 S19: Involvement of staff, students, alumni and the professional field Staff, students, alumni and the relevant professional field will be actively involved in the internal quality assurance system. Description As already stated in standard 17, lecturers and students are involved in the quality assurance system in the following ways: The programme directors are also lecturers. They are assisted by a student advisor and an academic advisor. Lecturers and students are represented on the educational committees with equal numbers of lecturers and students. The FEB has three educational committees. Students participate in focus groups and are involved in panel discussions about a particular course. Students can express their opinions about courses and examinations through written course and examination evaluations carried out after the conclusion of a course or examination. Alumni and representatives from the professional field currently have a rather modest role in the quality assurance system. There are annual alumni surveys conducted through the WO monitor by the Research Centre for Education and Job Market (ROA), but a survey among representatives of the professional field is not done structurally. There is some contact with the professional field in the form of students' final projects conducted in companies. The programme receives feedback on the student's abilities as evidenced in how they carried out the project from the internship supervisor, which may also include indirect feedback about the programme. The self-evaluation report also states that the FEB has a Social Advisory Board with representatives from the business community and other institutes. The members of the Social Advisory Board offer their vision of the path the faculty could and/or should take from their specific viewpoints. The Social Advisory Board meets several times a year. It is consulted in strategic discussions within the FEB. At university level, an alumni database is being established, and a pilot of a large-scale survey is being conducted among alumni. The intention is to put together an alumni panel that can be periodically consulted on relevant issues. The university also wants better information as to its international alumni. At the moment, they generally disappear once they have graduated and returned home. The FEB intends to establish a Career Center for alumni to stimulate binding with alumni by organising various activities and to obtain more systematic feedback on the FEB programmes. Currently, the FEB is actively recruiting an alumni officer to handle the alumni policy. In practice, most students enter a master s programme after obtaining their diploma for the bachelor s programme in IEF. It is unusual for a student to enter the labour market with a bachelor s certificate only. Often students enrol in a master s programme at the FEB. Assessment The committee is of the opinion that the programme meets the criteria for this standard. Based on the discussions with students and lecturers, the committee ascertains that the staff members and students are committed to their programme. The contacts between OLCs and other students could be strengthened and structured better. In this way, the functioning of these committees would be enhanced. Contacts with the professional field and alumni do exist, but could be better structured. 62 QANU / Economics 2009 / Tilburg University

63 The committee notes that the contacts between students from the OLC and their fellow students run primarily through the informal network contacts. Students do not appear to know who represents them on the OLC. The committee advises the OLC to structure the contacts and information provision to students better. In this way, it will be clearer for the students what measures are taken in response to the outcomes of the course evaluations. This could also lead to an increase in the information that reaches the OLC, because students know where they can go with their issues. The committee feels that the current OLCs mostly respond reactively. They discuss important issues, but mainly at management's request. The committee advises the OLCs to act more proactively in the future, and take up an agenda-setting role. The committee also notes that the current OLCs are rather large, and that hardly any full professors are members. This can affect their decisiveness and influence. The committee appreciates that a university-wide external survey on the working of the OLCs was conducted. The committee notes that the role of the OLCs is being taken more and more seriously by the programmes. It is important that this development continues. Bachelor s programme International Economics and Finance: the committee assesses this standard as satisfactory. Assessment of the theme Internal quality assurance system The committee comes to an overall assessment of the theme Internal quality assurance system on the basis of its assessments of the separate standards. In the case of the bachelor s programme International Economics and Finance, it assesses this theme is satisfactory Results S20: Achieved learning outcomes The achieved learning outcomes correspond with the aims and objectives regarding level, orientation and subject- /discipline-specific requirements. Description At FEB level, rules have been formulated for thesis supervision, and criteria have been developed for the assessment of the theses. Regarding the supervision of students, the FEB definitely considers this the responsibility of a staff member with a PhD. In addition, the assessment must always be done by two staff members who separately fill in an assessment form according to the formulated criteria. This will make it clear to students how the final grade is obtained, and a certain arbitrariness of the assessment criteria employed by individual judges can be prevented. The assessment of the thesis is based on an assessment form that takes into account the various criteria which a research paper should meet. Six aspects are distinguished: the research question, theory, methods and findings, conclusions and recommendations, form and style, and independence. The self-evaluation report notes that the bachelor s thesis needs to be completed during the last semester of the programme. Students start searching for a topic and as a supervisor in early January. A special website, composed and managed by the Department of Economics, helps students to make their choice, and lists potential supervisors. In order to avoid delays and monitor students progress efficiently, the process of writing the thesis is strictly QANU / Economics 2009 / Tilburg University 63

64 organised in terms of time. There are deadlines for the thesis proposal, for the first draft and for the final version. Supervisors are reminded during the semester to stick as much as possible to these deadlines. Also, the number of words is restricted to 8,000. Once the research question has been approved by the supervisor, regular meetings take place to discuss difficulties and preliminary results. Moreover, supervisors check if their earlier comments and feedback have been implemented and understood. At the end of the process, supervisors invite a colleague to act as the second reader, and to join the presentation and final defence. After the defence, the supervisor and co-reader jointly evaluate the contents and design of the thesis, as well as the student s performance during the defence. Most students enter a master s programme after obtaining their diploma for the bachelor s programme in IEF. It is unusual for a student to enter the labour market with a bachelor s certificate only. Often, students enrol in a master s programme at the FEB. Assessment The overall conclusion is that the quality and level of the bachelor theses are satisfactory. The committee has determined that all of the lecturers have a clear idea of the requirements of a bachelor s thesis. Nevertheless, during the site visit it became clear that students not always have a clear view on what is expected from them. The committee therefore advises the programme management to make sure that requirements are made more explicit and are communicated to the students. Students should be provided with a useful guideline on what is expected. Next to this, the committee feels that the requirements for the bachelor s thesis could be extended. The committee considers that a thesis could be limited to a literature review, but only (a) if this literature is taken from good or excellent economic journals and monographs, and not from the economics textbooks or from discussions during the courses alone, and (b) if concluded with a critical reflection upon the state of the art. In the case of an empirical thesis, the work done should involve at least some data collection, processing and interpretation efforts; a theoretical thesis should at least include an attempt at theory building. In the former case, quantitative or qualitative data analysis might be required, but not necessarily so. Similarly, in the latter case, formal modelling might be required, but not necessarily so. Whatever the precise nature of the thesis, a well-argued research question is key. The committee made a random selection of two theses from the list of the 25 most recently completed theses and the associated assessment forms. Consideration was given to the grading (both a low and a high grade) and the supervisor (the selected theses had different supervisors). The committee members read the theses and assessed their presentation of the problem, review of the literature, methods and justification, conclusion and discussion, structure, and legibility and verification. To a large extent, the committee agrees with the grades awarded by the supervisors. The first thesis studied by the committee has a rather unoriginal but clear problem definition. The thesis presents three overviews of relevant theories based on a literature review. The research is adequate, but not very surprising. The conclusions are quite straightforward, and present no new insights. The thesis is well structured and readable. The second thesis has a clear but broad problem definition. The literature used mainly consisted of reports, and less scientific literature. The research has a descriptive character; not many data is used nor is 64 QANU / Economics 2009 / Tilburg University

65 theory applied. Also for this thesis, the committee considers the conclusions to be quite straightforward. The thesis is quite readable, but the structure could have been better. The committee ascertains that not all of the selected and assessed final theses were accompanied by a completed assessment form. In addition, on a number of assessment forms a score was given without any justification. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. S21: Study progress Target figures that are comparable to other relevant programmes are formulated to express the expected success rate. The programme s success rate complies with these target figures. Description The self-evaluation presents university-wide target figures. The post-bsa efficiency after four years should be 70%, and 90% after five years. At the moment, an average of 59% of the students finishes the bachelor s programme in four years, and 74% in five years. On average, 31% of the students earn their degree in three years. In the past six years, the average percentage of IEF students who received a negative BSA was 18%. This percentage was 26% for the whole FEB. The post-bsa results are: 37% obtains the diploma after three years of study, 61% obtains the diploma after four years of study, and 76% obtains the diploma after five years of study. These results are slightly higher than the results for the FEB as a whole. The self-evaluation report states several arguments for the delay of students at FEB level: For the BSA, students are required to obtain 36 EC (60% of the total amount of EC) which leads to strategic study behaviour by the students. The FEB feels that this demand (36 EC) is not strict enough, and advocates a higher standard. The BSA is a university-wide initiative, and increasing the demands will lead to discussion with other faculties. Once the student experiences a delay, it is hard to catch up, which means that during specific periods students have to study harder. Students have extracurricular activities such as hobbies or a job. Students participate in student associations. Students make a conscious choice to study longer than three years. Personal, unforeseen circumstances. The FEB and the programme management do not suggest any measures of improvement on these arguments. Interviews held by the committee with students revealed that they prefer to finish all courses before starting with the thesis. In the programme, the start of the thesis coincides with two courses. Students also have several extracurricular activities. QANU / Economics 2009 / Tilburg University 65

66 Assessment The committee is of opinion that the success rates are low, as is also the case in comparable programmes in the Netherlands. Still, the committee feels that the programme meets the criteria for this standard. The committee is of opinion that providing students with a preliminary study advice early in the first year and more proactive supervision of students can increase the success rate. The committee notes that the initiative for requesting any form of guidance is expressly left up to the student. A proactive approach from the programme could lead to early warnings and avoid study delay. Bachelor s programme in International Economics and Finance: the committee assesses this standard as satisfactory. Assessment of the theme Results The committee comes to an overall assessment of the theme Results on the basis of its assessments of the separate standards. In the case of the bachelor s programme in International Economics and Finance, it assesses this theme as satisfactory. 66 QANU / Economics 2009 / Tilburg University

67 Overview of the committee s assessment Bachelor s programme in International Economics and Finance: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Good objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Good 13. Quantity of staff Satisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 5. Internal quality assurance system Satisfactory 6. Results Satisfactory 16. Tutoring Satisfactory 17. Periodical evaluations Satisfactory 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni Satisfactory and the professional field 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory The committee s overall assessment of the bachelor s programme in International Economics and Finance The committee concludes, on the basis of its assessments of the themes and standards from the assessment framework: that the bachelor s programme in International Economics and Finance fulfils the formal requirements which are a prerequisite for accreditation. QANU / Economics 2009 / Tilburg University 67

69 6. Report on the master s programmes in Accounting, Marketing Research, and International Business Administrative data Master s programme in Accounting Name of the programme: Accounting CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full time Location(s): Tilburg Expiration of accreditation: 13 February 2011 Master s programme in Marketing Research Name of the programme: Marketing Research CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full time Location(s): Tilburg Expiration of accreditation: 13 February 2011 Master s programme in International Business Name of the programme: International Business CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full time Location(s): Tilburg Expiration of accreditation: 13 February 2011 The site visit of the Economics assessment committee to the Faculty of Economics and Business Administration of Tilburg University took place on and October Structure and organization of the faculty The Tilburg University (UvT) specialises in the field of human and social sciences, with the Faculty of Economics and Business (FEB) being one of the six faculties. Founded in 1927, the FEB is the oldest and largest faculty of the university. Of the almost 12,000 UvT students, slightly less than half studies at the FEB. A quarter of all fte personnel works at the FEB. The faculty has a faculty management team, consisting of the dean, three vice-deans (Education, Research and Internationalisation), the director and a student advisor. QANU / Economics 2009 / Tilburg University 69

70 The FEB offers eight bachelor programmes and nineteen master programmes, and consists of eight departments to which the scientific personnel (and the support personnel of the department) is attached: Accountancy Economics Econometrics and Operations Research Finance Fiscal Economics Information Management Marketing Organization and Strategy Each department has a head of department. In addition, there is a faculty office for the support of academic staff. It has units like the Education Office, MT Staff Office, ICT Unit, HRM Unit, International Programmes Unit, International Student Services Unit, et cetera. In 2008, the FEB employed over fte of academic staff. Each programme has a director. The programme director is responsible for the contents of the curriculum, quality assurance and improvement, admissions, information provision to students (current and prospective) and communication with other involved parties within the faculty. The programme director is supported in his/her tasks by a student advisor and a academic advisor. In 2007, a Mid-Term Review of Education was conducted, led by Professor Abraham of KU Leuven. With this as a stimulus, the faculty decided to formulate a new policy regarding education and internationalisation, and to implement the modernisation of several curricula. With the introduction of the bachelor-master structure in , the FEB decided on eight wide-ranging bachelor s and nineteen specialised master s programmes (based on the former doctoraal programmes). New programmes include the bachelor programme in Business Studies and the master programme in Economics and Finance of Aging. The master s programmes in Accounting and in Accountancy will merge into a new programme in 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 learning outcomes have been derived from the goals of the corresponding programmes and are categorised into knowledge, skills and attitude qualifications. Master s programme in Accounting According to the self-evaluation report, the master s programme in Accounting aims at providing high-quality education in the area of business administration with a focus on 70 QANU / Economics 2009 / Tilburg University

71 accounting i.e., the language of business. The programme prepares students for a career in which accounting information is used extensively: corporate finance, financial consulting, investment banking, corporate analysts, and corporate accounting/controllership. The programme does not target audit firms, since that is the focus of the master s programme in Accountancy. The programme has a number of learning outcomes: Knowledge The graduate has knowledge and understanding of: financial reporting and conceptual framework of International Financial Reporting Standards (IFRS) (K1); recent developments in methods and techniques in management accounting (K2); academic research in the area of financial and management accounting (K3); economic based theories in accounting (K4); the way accounting choices are affected by incentives and resources (K5); finance and/or strategic management (K6). Skills The graduate has the capability to: write and present reports and papers (S1); connect practical economic problems with specific knowledge with the aim to apply this knowledge in a specific practical context (S2); communicate the implications of the analysis and persuade others of the conclusion (S3); read and understand the scientific literature in order to understand new development in the area of accounting (S4). Attitude The graduate can be characterised by the following attitude: to identify, understand and solve practical problems with tools and methods developed in the academic literature (A1); to consider and evaluate ideas developed by others (A2); to take up challenges and stimulate others to do the same (A3); to be able to critically evaluate the own and others work, both in terms of logical cohesion and business relevance (A4); to develop an attitude of continuous learning (A5). According to the self-evaluation report, the programme holds its own with several US-based benchmark schools: the Wharton School (University of Pennsylvania), the Kellogg Graduate School of Management (North-western University), the Booth School of Business (University of Chicago), the Ross School of Business (University of Michigan), the Marshall School of Business (University of Southern California), and the Simon Graduate School of Business Administration (University of Rochester). The programme management concludes that in terms of content, there are many similarities between courses on Advanced Financial Accounting, Financial Statement Analysis, Advanced Management Accounting and Management Control and the programmes of at least four of the six benchmark schools. Tax courses (both taxes and business strategy, and federal taxes) are common in many US schools, but are not offered at the UvT master s programme in Accounting. The reason is that tax QANU / Economics 2009 / Tilburg University 71

72 issues are country-specific and are based on a country s legislation. The Dutch tax code is written in Dutch, and a tax course is currently offered in Dutch in the master s programme in Accountancy. A second difference is the Accounting Theory course. The course is offered in the UvT master s programme in Accounting, and provides an overview of the academic literature on the financial reporting environment. The programme is a member of the CFA Institute Program Partnership, the global, not-for-profit association of investment professionals that awards the CFA designations (chartered financial analyst). The selfevaluation report also provides a table in which the individual courses are systematically cross-matched with the learning outcomes. This table shows the composition of the overall programme. Master s programme in Marketing Research According to the self-evaluation report, the master s programme in Marketing Research aims at obtaining theoretical knowledge, academic attitudes, and practical skills. Both knowledge and skills are directed at: (1) problem analysis and building of theoretical models, (2) data collection, (3) data analysis, and (4) communicating the findings. The programme is a combination of theory and practice. The master s programme in Marketing Research has the following objectives: Knowledge The graduate has: profound knowledge of research methodology, pertaining to the various stages of the research process in particular study design and data analysis (K1); knowledge of marketing management. Understanding of the conceptual issues is essential to allow correct problem identification, choice of study design, formulation of conclusions, and communication with customers of the research project (often marketing decision makers) (K2). Skills The graduate has the ability: to understand a marketing problem situation and delineate the corresponding research question (S1); to understand alternative research methods and to make a selection given the research question, and finally apply the method (S2); to communicate the findings, by means of presentations, reports, and articles (S3); to use relevant computer software (S4); to be able to judge one's own and other's work in the field of marketing research (S5); to understand scientific literature in the field of marketing (S6). Attitude The graduate has an attitude which can be characterised by: the appreciation of research as an essential tool for progress of marketing in practice and science (A1); an intrinsic interest in studying relevant (practical and scientific) marketing problems (A2). In the self-evaluation report, a comparison is made with other national/international universities: the University of Texas (UTA), the University of Southern Illinois (SIEU), the 72 QANU / Economics 2009 / Tilburg University

73 University of Georgia, Virginia Tech, Ghent University, and the Erasmus University Rotterdam (EUR). The programme management concludes that there are many similarities. The focus in the marketing research programmes is on courses such as Advanced Marketing Research, where both univariate as well as multivariate research techniques are discussed, and Marketing Models, where the emphasis lies on measuring the effectiveness of marketing instruments via econometric models. Besides the more research-oriented courses, there is also room for courses that focus on the managerial side of marketing, such as Marketing Strategy and International Marketing. The self-evaluation report also provides a table in which the individual courses are systematically cross-matched with the learning outcomes. This table shows the composition of the overall programme. Master s programme in International Business The self-evaluation report states that the master s programme in International Business aims at providing a solid education in corporate decision-making for managers of international companies. It prepares students to deal with the increasing internationalisation of business. Specifically, it prepares them for a professional career as an officer in a multinational company, as expatriates of Dutch companies, or as employees of a foreign company. The master s programme in International Business has a number of learning outcomes: Knowledge The graduate of the master in International Business has: understanding of the international aspects of doing businesses (K1); knowledge of the recent academic literature on the international dimensions of the four key business disciplines (accounting, finance, marketing, and strategy/organization) (K2). Skills The graduate of the master in International Business has the ability to: write reports and give oral presentations for an international audience (S1); conduct research on international subjects(s2); perform and communicate well in an international environment (S3). Attitude The attitude of the graduate of the master in International Business can be characterised by: perceptiveness and open-mindedness towards differences in cultures and business practices (A1); flexibility to co-operate in a multi-cultural framework (A2); life-long learning (A3). The self-evaluation report draws a comparison with other programmes: the master's programme in International Business offered by the Rotterdam School of Management (RMS), Máster en Gestión Internacional (MGI) offered by the Universitat Pompeu Fabra (UPF) in Barcelona and the master's programme in International Management offered by HEC Paris. The programme management concludes that in these benchmark programmes, the acquisition of the appropriate practical and technical skills is ensured by frequent contact with practitioners outside the circle of regular academic faculty. The main feature of the UvT programme is an academic orientation, while the benchmark programmes have a more general structure with greater emphasis on internship-based learning and less on an academic QANU / Economics 2009 / Tilburg University 73

74 understanding of international business management. The self-evaluation report also provides a table in which the individual courses are systematically cross-matched with the learning outcomes. This table shows the composition of the overall programme. Assessment The committee studied the learning outcomes of three programmes and established that the formulated learning outcomes enable the students to obtain sufficient knowledge, skills and academic attitude in the programme. The learning outcomes fit with the domain-specific requirements as formulated by the committee. The committee concludes that the learning outcomes of the three programmes are in line with nationally/internationally accepted, domain-specific standards. The established presence of international staff, national staff with international experience and contacts with various foreign universities contributes to this alignment. The committee confirms that the learning outcomes of the three programmes match with requirements set by professional colleagues, both nationally and internationally. The committee also states that the tables concerning the link between the learning outcomes and the courses of the master s programmes (as presented in the self-evaluation report) provide a clear picture of the extent to which the various learning outcomes of the programme are presented in the courses. Master s programme in Accounting The committee feels that the academic qualifications are covered in the learning outcomes. This is reflected in learning outcomes S1 and S3. Students learn to write and present reports and papers, and to communicate the implications of analyses to other people and to persuade them of the conclusions. The academic skills are covered by reading and understanding of scientific literature in order to understand new developments in the area of accounting (S4). Students also learn to critically evaluate their own and others work, to consider and evaluate ideas that were developed by others, and to take up challenges and stimulate others to do the same (learning outcomes A2, A3 and A4). Master s programme in Marketing Research The learning outcomes cover profound knowledge and understanding of research methodology, pertaining to the various stages of the research process, in particular study design and data analysis of marketing management. Students also learn to understand a marketing problem situation and delineate the corresponding research question (learning outcome S1), to communicate their findings by means of presentations, articles and reports (learning outcome S3), and to use relevant software (learning outcome S4). Students also learn to appreciate research as an essential tool for the progress of marketing in practice and science (learning outcome A1). Master s programme in International Business The learning outcomes cover knowledge and understanding of the international aspects of doing business. The academic skills are reflected in knowledge of the recent academic literature on the international dimensions of the four key business disciplines (accounting, finance, marketing, and strategy/organisation, learning outcome K2) and the ability to conduct research (learning outcome S2). Students also learn to write reports and give presentations for an international audience, and to perform and communicate in an international environment (learning outcomes S1 and S3). Furthermore, students are expected to have an open mind towards differences in cultures and business practices, and to develop the flexibility to co-operate in a multicultural framework (learning outcomes A1 and A2). 74 QANU / Economics 2009 / Tilburg University

75 Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: 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 states that the learning outcomes of the programme correspond to internationally accepted qualifications for an academic master s programme, as described in the Dublin-descriptors. The self-evaluation report relates the learning outcomes to the Dublin-descriptors as shown in tables 6.1, 6.2 and 6.3. Master s programme in Accounting Dublin descriptor Knowledge and understanding Applying knowledge and understanding Making judgments Communication Learning outcomes K1, K2, K3, K4, K5, K6, S2, S4, A1, A2 S1, S2, S3, S4, A1, A2, A3, A4 S1, S2, S3, S4, A1, A2, A3, A4, A5 S1, S3, A3, A4 Learning skills S1, S2, S3, S4, A4, A5 Table 6.1: Dublin descriptors and learning outcomes (see also standard 1). Master s programme in Marketing Research Dublin descriptor Knowledge and understanding Applying knowledge and understanding Making judgments Communication Learning outcomes K1, K2, S1, S2, S4, S5, S6 S1, S2, S3, S4, S5, S6 A1, A2 Learning skills S5, S6, A1, A2 Table 6.2: Dublin descriptors and learning outcomes (see also standard 1). Master s programme in International Business Dublin descriptor Knowledge and understanding Applying knowledge and understanding Making judgments Communication S3 Learning outcomes K1, K2 S1, S2, S3 A1, A3 A1, A2, S1, S2, (S3 for international students) Learning skills A1, A2, S1, S2 Table 6.3: Dublin descriptors and learning outcomes (see also standard 1). Assessment The committee established that the learning outcomes of the programmes, concerning the intended level, correspond to the Dublin-descriptors, which are considered general, internationally accepted descriptions of a master programme. The committee evaluates the three programmes on this criterion as sufficient. QANU / Economics 2009 / Tilburg University 75

76 Master s programme in Accounting The Dublin descriptor on knowledge and understanding is reflected, for example, in learning outcome K1. Students are expected to have knowledge and understanding of financial reporting and a conceptual framework of International Financial Reporting Standards (IFRS). The Dublin descriptor on applying knowledge and understanding is mirrored in learning outcome S1 the ability to write and present papers. The Dublin descriptor on making judgements is partly covered by learning outcome A2, where students are expected to have the attitude to consider and evaluate ideas developed by others. The fourth Dublin descriptor, communication, is reflected in learning outcome S3, which involves the ability to communicate the implications of the analysis and persuade others of the conclusion. The fifth Dublin descriptor, learning skills, is described in the intended learning outcome S4, where students are expected to have the capability to read and understand the scientific literature in order to follow new developments in the field of accounting. Master s programme in Marketing Research The Dublin descriptor on knowledge and understanding is mirrored in, for example, learning outcome K1. Students are expected to have a profound knowledge of research methodology, pertaining to the various stages of the research process, in particular study design and data analysis. The Dublin descriptor on applying knowledge and understanding is reflected in learning outcome S1, which relates to the ability to understand a marketing problem situation and delineate the corresponding research question. The Dublin descriptor on making judgements is partly reflected in learning outcome A2, where students are expected to have an attitude which can be characterised by an intrinsic interest in studying relevant marketing problems (practical and scientific). The fourth Dublin descriptor, communication, is only covered by learning outcome S3 to communicate the findings by means of presentations, reports, and articles. The fifth Dublin descriptor, learning skills, is described in the intended learning outcome S6, where students are expected to have the ability to understand the scientific literature in the field of marketing. Master s programme in International Business The Dublin descriptor on knowledge and understanding is reflected, for example, in learning outcome K1. Students are expected to have an understanding of the international aspects of doing businesses. The Dublin descriptor on applying knowledge and understanding is covered by learning outcome S2 the capability to conduct research on international subjects. The Dublin descriptor on making judgements is partly reflected in learning outcome A1, where students are expected to have an attitude characterised by perceptiveness and openmindedness towards differences in cultures and business practices. The fourth Dublin descriptor, communication, is mirrored in learning outcome S1, to write reports and five oral presentations for an international audience. The fifth Dublin descriptor, learning skills, is described in the intended learning outcome A4, where students are expected to have an attitude that can be characterised by life-long learning. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. 76 QANU / Economics 2009 / Tilburg University

77 S3: Academic orientation The intended learning outcomes of the programme correspond with the following descriptions of a Bachelor s and a Master s qualification: The intended learning outcomes are derived from requirements set by the scientific discipline, the international scientific practice and, for programmes to which this applies, the practice in the relevant professional field. An academic bachelor (WO-bachelor) has the qualifications that allow access to at least one further programme at academic master's level (WO-master) and the option to enter the labour market. An academic master (WO-master) has the qualifications to conduct independent research or to solve multidisciplinary and interdisciplinary questions in a professional field for which academic higher education is required or useful. Description Master s programme in Accounting According to the self-evaluation report, the master s programme in Accounting aims at providing students with a solid understanding of relevant and recent topics in both financial and managerial accounting. The self-evaluation report also states that accounting is a rapidly evolving discipline, given that businesses are becoming more global enterprises. An example is the adoption of the International Financial Reporting Standards (IFRS) in more than 110 countries over the world, including the EU. Tilburg is involved in Europe and is part of a European Commission-funded Research Network (INTACCT) to study the economic consequences of the globalisation of the language of business (accounting standards). The emphasis on IFRS is reflected in learning outcome K1, where knowledge and understanding are focused on the financial reporting and conceptual framework of IFRS. The academic knowledge is furthermore covered by the learning outcomes regarding knowledge. For example, learning outcome K2 states that graduates should have knowledge of recent developments in methods and techniques concerning management accounting. In K4, graduates are expected to have knowledge of economic-based theories in accounting, which reflects academic knowledge. The qualifications to conduct independent research are mirrored in learning outcomes K3, S4, and A1. Learning outcome K3, for example, implies that graduates have knowledge and understanding of academic research in the area of financial and management accounting. The ability to read and understand the scientific literature in order to follow new developments in the field of accounting is described in learning outcome S4. Learning outcome A1 focuses on the academic attitude to identify, understand and solve practical problems with tools and methods developed in the area of accounting. The self-evaluation report states that the master s thesis is seen as the ultimate assignment in which the student demonstrates the ability to communicate a research question, justify the research of that question from the academic literature, and empirically test the potential solutions to that question. The link with the relevant professional practice is reflected in learning outcomes S2 and A1, where the graduate is expected to connect practical economic problems with specific knowledge and to apply this knowledge in a specific practical context (S2). In learning outcome A1, it is stated that graduates have the ability to identify, understand and solve practical problems with tools and methods developed in the field of accounting. Master s programme in Marketing Research The self-evaluation report states that the learning outcomes are derived from the academic marketing research discipline. Most courses focus on academic papers, allowing students to translate scientific knowledge and expertise to a professional context (and vice versa). QANU / Economics 2009 / Tilburg University 77

78 Academic knowledge is reflected in the learning outcomes regarding knowledge for example, learning outcomes K1 and K2. The former states that graduates should have a profound knowledge of research methodology, pertaining to the various stages of the research process, in particular study design and data analysis. In learning outcome K2, graduates are expected to have knowledge of marketing management. The qualifications to conduct independent research are covered by learning outcomes K1, S1, S2, S6 and A1. Learning outcome K1 states that graduates should have a profound knowledge of research methodology, pertaining to the various stages of the research process, in particular study design and data analysis. The ability to understand alternative research methods and make a selection given the research question to finally apply the method is described in learning outcome S2. Learning outcome S1 focuses on the ability to understand a marketing problem situation and delineate the corresponding research question. Understanding the scientific literature in the field of marketing is implied by learning outcome S6. Learning outcome A1 expects graduates to display an attitude in which research is appreciated as an essential tool for the progress of marketing in practice and science. Furthermore, the self-evaluation report states that the purpose of the master s thesis is to provide an academic and scientific solution for a more practical problem. The thesis problem statement is based on insights from the academic field (literature study) and is investigated by using procedures, techniques, and methods discussed in the marketing research courses. The link with the relevant professional practice is reflected in learning outcome S1, where the graduate is expected to understand a marketing problem situation and delineate the corresponding research question. Students with a master s degree in Marketing Research can (when their grades are sufficient) directly enter into the second year of the MPhil programme (provided that they take some additional courses). Master s programme in International Business According to the self-evaluation report, the programme aims at providing students with a solid understanding of relevant and recent topics on the international aspects of management. The programme management feels that it is of great importance that students are able to understand and apply the theoretical concepts of modern management theory in practice. This is reflected in the learning outcomes regarding knowledge: K1 and K2. The former states that graduates should have an understanding of the international aspects of doing businesses. In learning outcome K2, graduates are expected to have knowledge gained from the recent academic literature on the international dimensions of the four key business disciplines (accounting, finance, marketing, and strategy/organisation). The qualification to conduct independent research is implied by learning outcome S2: the ability to conduct research on international subjects. The self-evaluation report states that the master s thesis is very important in order to learn how to formulate a research question, perform scientific research and communicate the results, both in writing and verbally. The link with the relevant professional practice is less apparent in the learning outcomes. The self-evaluation report states that the majority of the students will move on to work in industrial or financial companies, consultancies or international organisations. Therefore, it is important that students are able to understand and apply the theoretical concepts of modern management theory in practice. Few graduates will pursue an MPhil (research master) in preparation for an academic career. 78 QANU / Economics 2009 / Tilburg University

79 The skills are covered by learning outcomes S1 and S3. Graduates are expected to write reports and give presentations to an international audience (S1), and to perform and communicate well in an international environment (S3). Graduates are also expected to be perceptive and maintain an open mind towards differences in cultures and business practices, and develop the flexibility to co-operate in a multicultural framework. Assessment The committee studied the learning outcomes of the three programmes from the perspective of its orientation. In the assessment of Subject 1 (subject/discipline-specific requirements), the committee concludes that the learning outcomes of the programme sufficiently correspond to both scientific and professional requirements. The committee considers that the three master s programmes discussed in this report correspond to the national/international requirements within the scientific domain. Master s programme in Accounting The committee establishes that the learning outcomes refer to the ability to conduct scientific research (for example, learning outcomes K3, S4 and A1) and to communicate the results (S1 and S3). Master s programme in Marketing Research The committee verifies that the learning outcomes refer to the ability to conduct scientific research (K1, S1, S2 and A1) and to communicate the results (S3). Master s programme in International Business The committee concludes that the learning outcomes cover the ability to conduct scientific research (S2) and to communicate the results (S1 and S3). Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. Assessment of the theme Aims and objectives The committee comes to an overall assessment of the theme Aims and objectives on the basis of its assessments of the separate standards. In the case of the master s programme in Accounting, it assesses this theme as satisfactory. In the case of the master s programme in Marketing Research, it assesses this theme as satisfactory. In the case of the master s programme in International Business, it assesses this theme as satisfactory Curriculum Description of the curriculum of the programmes The academic year is divided into two semesters, of which the second semester consists of two blocks. Regular examinations are held after the first semester. The first seven-week period of the second semester consists of coursework. After this period, the resits of the first semester are held, followed by the regular examinations of this period. The second period consists of the master s thesis. The resits of the second semester of the master programmes are planned in the same period as the resits of the second and third year of the bachelor programmes. QANU / Economics 2009 / Tilburg University 79

80 Tables 6.4, 6.5 and 6.6 provide an overview of the programmes' courses from the academic year The tables summarise the following aspects: courses and course sequence, credit points, contact hours, and status (compulsory or elective). Master s programme in Accounting Course EC Period Contact hours Advanced Financial Accounting 6 Semester 1 28 Advanced Management Accounting 6 Semester 1 42 International Financial Reporting and Analysis 6 Semester 1 35 Management Control 6 Semester 1 36 Accounting Theory 6 Semester 2 28 Master s Thesis 18 Semester 2 Variable Corporate Valuation (elective) 6 Semester 1 52 Investment Analysis (elective) 6 Semester 1 50 Strategic Management (elective) 6 Semester 1 28 Financial Analysis and Investor Behaviour (elective) 6 Semester 2 42 Treasury Management (elective) 6 Semester 2 49 Table 6.4: Master s programme in Accounting The master s programme in Accounting consists of five core courses and five electives. Students can choose two courses from among four Finance electives and one Strategic Management elective course. The core accounting courses in the master s programme in Accounting are also part of the accounting courses taught in the master s programme in Accountancy. In , the master s programme in Accounting and the master s programme in Accountancy will merge into one new programme. Master s programme in Marketing Research Course EC Period Contact hours Advanced Marketing Research 6 Semester 1 30 Marketing Models 6 Semester 1 30 Strategic Marketing Management 6 Semester 1 28 Master s Thesis 18 Semester 2 Variable Survey Methodology 6 Semester 2 30 International Marketing (elective) 6 Semester 1 40 Market Assessment (elective) 6 Semester 1 31 Microeconometrics (elective) 6 Semester 1 42 Panel Data Analysis of Microeconomic Decisions (elective) 6 Semester 1 50 Simulation (elective) 6 Semester 1 54 Experimental Research (elective) 6 Semester 2 22 Marketing Information Management (elective) 6 Semester 2 30 Table 6.5: Master s programme in Marketing Research The programme is made up of four mandatory and seven elective courses. Students have to select four elective courses. 80 QANU / Economics 2009 / Tilburg University

81 Master s programme in International Business Course EC Period Contact hours International Financial Management 6 Semester 1 52 International Financial Reporting and Analysis 6 Semester 1 35 International Management 6 Semester 1 22 International Marketing 6 Semester 1 36 Corporate Governance and Restructuring (elective) 6 Semester 1 56 Management Control (elective) 6 Semester 1 36 Marketing Communication (elective) 6 Semester 1 39 Strategic Management (elective) 6 Semester 1 28 Seminar IB: Accounting (elective) 6 Semester 2 21 Seminar IB: Finance (elective) 6 Semester 2 21 Seminar IB: Management (elective) 6 Semester 2 21 Seminar IB: Marketing (elective) 6 Semester 2 21 Master s Thesis 18 Semester 2 Variable Table 6. 6: Master s programme in International Business The programme consists of four mandatory and eight elective courses. Students can choose two electives, one in each semester. The elective of the first semester must be chosen from among four courses from other FEB master s programmes; each of these courses is an advanced course in the respective field. In the second semester, there is an additional elective to be chosen among any course from other FEB master s programmes. S4: Requirements for academic orientation The proposed curriculum meets the following criteria for an academic orientation: The students develop their knowledge through the interaction between education and research within the relevant disciplines The curriculum corresponds with current developments in the relevant discipline(s) by verifiable links with current scientific theories The programme ensures the development of competences in the field of research Where appropriate, the curriculum has verifiable links with the current relevant professional practice. Description According to the self-evaluation report, the FEB only hires staff with a high actual or potential research performance, such as tenure trackers and qualified PhD students, who are also responsible for providing the teaching. This policy guarantees the link between education and research. Master s programme in Accounting The self-evaluation reports states that high-quality research is essential for the reputation and quality of the faculty, and has a significant impact on the quality of education. Most lecturers of the core courses are members of the Research Group Accounting (RGA) within the CentER institute of UvT. The research produced by members of RGA in the period put RGA in second place in Europe, based on publication output in the top-three academic journals. According to the self-evaluation report, the Management Control, Advanced Management Accounting and Accounting Theory courses rely heavily on the scientific literature. In these courses, students are asked to analyse the scientific articles critically and discuss them in the classroom. According to the self-evaluation report, the integration of recent scientific theories and research findings occurs mainly in the core courses of Management Control, Advanced Management Accounting, and Accounting Theory. For example, the academic literature in the area of empirical financial accounting focuses on the theme of financial reporting quality. QANU / Economics 2009 / Tilburg University 81

82 In the Accounting Theory course, the determinants of reporting quality are discussed and related to reporting standards and supervision, management incentives for earnings management, the influence of analysts, banks, unions, auditors, and tax systems. The self-evaluation report describes that research skills are developed and exercised within the Advanced Management Accounting and Accounting Theory courses. Students are asked to read academic articles thoroughly and discuss them in class. Knowledge of statistics is also required according to the self-evaluation report. The master s thesis is seen as the ultimate assignment in which the student demonstrates the ability to communicate a research question, justify the research of that question from the academic literature, and empirically test the potential solutions to that question. The empirical testing requires a thorough understanding of scientific methods, such as economic models, statistics, and programming skills. The self-evaluation report states that the majority of students will be employed in a business setting where accounting plays a key role: controller, corporate finance, analyst, regulator (such as the Authority for the Financial Markets in the Netherlands), or banker. In exceptional cases, students choose to continue their studies in the research Master (MPhil in Accounting). Those students pursue an academic career. In the interviews held with the students, it became clear that the lecturers' research is discussed in the courses. Students are expected to study articles in preparation for the examination. Master s programme in Marketing Research The self-evaluation report states that good research is essential for the reputation and the quality of the faculty and improves the quality of the teaching. The staff of the MSc programme in Marketing Research are members of research groups. In addition, in the various courses, state-of-the-art research methodologies are explained, discussed, and put into practice by means of academic papers. For example, in the Marketing Models and Market Assessment courses, the latest statistical procedures are discussed based on the lecturers' research experience (e.g., recent research papers of the lecturers and their co-authors are used by way of illustration). Research skills and knowledge form the core of the programme. According to the selfevaluation report, a wide range of research skills are trained in the core courses of Advanced Marketing Research, Marketing Models, and Survey Methodology, but also in elective courses such as Market Assessment and Experimental Research. In the master s thesis, which concludes the programme, students learn to apply their knowledge of the various research methodologies discussed in the individual courses in practice (often by using data provided by a company). As stated in the self-evaluation report, relations with the professional practice are established through the contacts of the lecturers with industry. These contacts are established via scientific and applied research, as well as postdoctoral programmes targeted at members of industry. This enables the teaching staff to provide courses that are not only of outstanding academic quality, but are also related to practice. In addition, practical applications (such as the use of real data sets from industry) are frequently used and/or referred to in the individual courses. For the Strategic Marketing Management course, for example, students write a marketing plan for a real company. 82 QANU / Economics 2009 / Tilburg University

83 In the interviews with the students, it became clear that many recent research papers are used in the programme. Master s programme in International Business The self-evaluation report states that the staff teaching the master s programme in International Business constitutes an excellent research group. Students therefore benefit from being taught by an internationally renowned department that can provide conceptually rigorous methods for tackling practical problems. The FEB is one of the leading business faculties in Europe, according to the self-evaluation report. Therefore, lecturers bring to students a high level of academic knowledge. In most courses, lecturers discuss papers from journals, some of which they have written themselves, so that students are constantly exposed to academic research. In this way, the programme confronts students with recent developments in each of the four fields. For example, the elective Corporate Governance and Restructuring deals with the recent internationalisation of corporate governance practices, whereby investors from different countries and legal systems make their voice heard to the boards of listed companies. The self-evaluation report describes that research skills are developed and implemented in the research seminars. These seminars, in each core discipline, are specifically designed to develop the students individual research assignments that will contribute to the formulation of research questions for their thesis at a later stage. The programme management notices that, while the seminar must be chosen in the field of the thesis, these assignments need not necessarily constitute the topic of the thesis. The self-evaluation report also states that most courses in the programme contain individual or group assignments. In these assignments, students learn how to apply their acquired theoretical knowledge to practical situations. As stated in the self-evaluation report, relations with professional practice are established in the final stage of the programme in which students have to write their master s thesis. The thesis can be based on an internship within a company or an individually developed research question related to recent literature in the field of specialisation. The student independently discusses the relevant and related literature, and applies a research methodology to the chosen topic. In the interviews with the students, it became clear that lecturers often refer to their own research in classes. According to the students, the lecturers also discuss the relations with professional practice and make use of cases and simulations. The students also indicated that more statistics would be welcome (in relation to conducting research), with the remark that at the moment this can be compensated by choosing the elective courses from the Marketing Department. Assessment The committee concludes that the three master s programmes discussed in this report meet the requirements set for an academic orientation. During the site visit, the committee established that the interaction between education and scientific developments is integrated in the programme, with students and lecturers. The committee established that most lecturers are either full professors or assistant professors. The committee notes and appreciates the fact that through the staff requirement of both educational and research activities, the developments within recent research will find their way into the courses. QANU / Economics 2009 / Tilburg University 83

84 Master s programme in Accounting The committee thinks that scientific research skills are sufficiently developed in the Advanced Management Accounting and Accounting Theory courses, and in the master s thesis. Master s programme in Marketing Research The committee feels that scientific research skills are sufficiently developed. These skills are the main focus of the programme and are more explicitly developed in the core courses of Advanced Marketing Research, Marketing Models, and Survey Methodology, but also in elective courses such as Market Assessment and Experimental Research. Master s programme in International Business The committee notes that research skills are sufficiently developed in the research seminars in the second semester and in the master s thesis. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. S5: Correspondence between the aims and objectives and the curriculum The curriculum is an adequate realisation of the intended learning outcomes of the programme and this regards the level, the orientation and the subject-/discipline-specific requirements. The intended learning outcomes are adequately transferred into the educational goals of the curriculum or parts thereof. The contents of the curriculum ensure the students achievement of the intended learning outcomes. Description The self-evaluation report provides an overview of the courses included in the three master s programmes (see tables 4, 5 and 6). The self-evaluation report also provides a table in which the individual courses are systematically cross-matched with the learning outcomes. Master s programme in Accounting Learning outcome K1 (regarding knowledge and understanding of financial reporting and conceptual framework IFRS) is related to the Advanced Financial Accounting, International Financial Reporting and Analysis, and Accounting Theory courses. The last course is also linked to learning outcomes K3, K4 and K5: knowledge and understanding of academic research in the area of financial and management accounting (K3), economic-based theories in accounting (K4) and the way accounting choices are affected by incentives and resources (K5). These learning outcomes, together with learning outcome K2 (knowledge and understanding of recent developments in methods and techniques in management accounting), are also represented in the Advanced Management Accounting and Management Control courses. Learning outcome K6, regarding knowledge and understanding of finance and/or strategic management, is linked to the Corporate Valuation, Investment Analysis, Strategic Management, and Financial Analysis and Investor Behaviour courses. Learning outcome S2, regarding the ability to connect practical economic problems with specific knowledge with the aim to apply this knowledge in a specific practical context, is presented in all courses and in the master s thesis. The other learning outcomes regarding skills are linked to fewer courses. Learning outcome S1, for example, regarding the ability to write and present reports and papers, is presented in the Advanced Financial Accounting, Advanced Management Accounting, Management Control, Financial Analysis and Investor Behaviour, and Accounting Theory courses. This learning outcome is the only learning outcome that is not linked to the master s thesis. Learning outcome S3, regarding the ability 84 QANU / Economics 2009 / Tilburg University

85 to communicate the implications of the analysis and persuade others of the conclusion, is represented in the Advanced Management Accounting and Accounting Theory courses. The learning outcomes in terms of attitude (A1-A5) return in every course of the master s programme in Accounting. Master s programme in Marketing Research Learning outcome K1, regarding profound knowledge of research methodology, pertaining to the various stages of the research process, in particular study design and data analysis, is reflected in all but two courses (Strategic Marketing Management and International Marketing). In these two courses, learning outcome 2 regarding knowledge of marketing management is addressed. Five of six learning outcomes regarding skills (S1-S5) are also related to all but three courses, the latter being Strategic Marketing Management, International Management and Micro- Econometrics. Learning outcome S6, relating to the ability to understand the scientific literature in the field of marketing, is reflected in all courses except the Panel Data Analysis course. Learning outcome A1, concerning the appreciation of research as an essential tool for the progress of marketing in practice and science, is reflected in all courses. The second learning outcome regarding attitude, A2, is covered by all but three courses (the latter being Micro- Economics, Panel Data Analysis and Simulation). Master s programme in International Business Learning outcome K1, regarding understanding of the international aspects of doing businesses, is linked to the four compulsory courses in the first semester: International Financial Management, International Financial Reporting and Analysis, International Management, and International Marketing. Knowledge relating to the recent academic literature on the international dimensions of the four key business disciplines (accounting, finance, marketing, and strategy/organisation), described in learning outcome K2, is represented in all courses. Learning outcomes S2 (the ability to conduct research on international subjects), A1 (perceptiveness and keeping an open mind towards differences in cultures and business practices) and A2 (developing flexibility to co-operate in a multicultural framework) are also reflected in all courses. The learning outcome regarding life-long learning (A3) is linked to the four elective International Business seminars in the second semester of the programme. Assessment For all three programmes the committee concludes that the students are sufficiently trained in the core discipline and that the programmes are well thought-out. The committee feels that the description of the learning outcomes at the course level is a well-organised presentation of the qualities and knowledge which graduates should have. The committee states that the tables presenting the link between learning outcomes and courses, given in the self-evaluation report, provide a clear overview of the various learning outcomes. Master s programme in Accounting Regarding the master s programme in Accounting, the committee established that the learning outcomes regarding skills are linked to all courses. The committee recommends revising this part of the table to achieve a more balanced distribution of the learning outcomes related to skills. The committee thinks it is remarkable that learning outcome S1, QANU / Economics 2009 / Tilburg University 85

86 involving the ability to write and present reports and papers, is the only learning outcome that is not represented in the master s thesis. Nevertheless, the committee evaluates the programme on this criterion as sufficient. Master s programme in Marketing Research The committee considers the table of the master s programme in Marketing Research to be quite packed. Eight of the ten learning outcomes are represented in more than nine of twelve courses. The committee recommends revising the relations between the learning outcomes and the courses to realise a more balanced overview. Nevertheless, the committee evaluates the programme on this criterion as sufficient. Master s programme in International Business The committee considers the table of the master s programme in International Business to be quite packed. Four of eight learning outcomes are related to all courses, one learning outcome is related to all but one course. The committee recommends revising the relations between the learning outcomes and the courses to realise a more balanced overview. The committee also thinks it is remarkable that learning outcome S3, regarding the ability to perform and communicate well in an international environment, is only addressed in the master s thesis. Nevertheless, the committee evaluates the programme on this criterion as sufficient. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. S6: Consistency of the curriculum The contents of the curriculum are internally consistent. Description Master s programme in Accounting The self-evaluation report states that the master s programme in Accounting has been designed to ensure that knowledge of both management and financial accounting is gained. The five core courses cover the body of knowledge. In addition, the students can choose two courses on four Finance electives and one Strategic Management course to develop their understanding of corporate investments and financing decisions, corporate governance, valuation, and strategic management choices. Students pursuing a job in a finance/accounting department of a large corporation will spend time on cost and profitability analysis, business performance management, external financial reporting, strategic planning, capital structure and valuation issues, and investment problems. The programme develops the key knowledge and skill set required of professionals in such a corporate environment: accounting, finance and strategic management. As noted in the self-evaluation report, the programme (together with the master s programme in Investment Analysis) was recognised in May 2009 as a Program Partner of the Chartered Financial Analyst Institute. The partnership aligns UvT s master s programme in Investment Analysis and its master's programme in Accounting with the CFA Program Candidate Body of Knowledge syllabus, allowing student candidates to complete these programmes and prepare for the CFA Program at the same time. This combination places successful students in an advantageous position when seeking to enter the finance industry or enhance their careers. Starting in , students who want to prepare for the CFA exam will have to choose the Investment Analysis and Financial Analysis and Investor Behaviour courses. 86 QANU / Economics 2009 / Tilburg University

87 In the interviews with the lecturers, it became apparent that the consistency of the programme is not a topic of conversation, according to the lecturers. The lecturers primarily focus on their own courses. Master s programme in Marketing Research According to the self-evaluation report, the master s programme in Marketing Research is a highly specialised programme that focuses on marketing research methodologies. The focus primarily lies on specialised research courses, but by including more general marketing management courses (such as Strategic Marketing Management and International Marketing), the programme aims to ensure a profound knowledge of marketing (note that the Marketing and Consumer Behaviour courses are prerequisites to enter the programme) that will enable students to understand marketing management and efficiently communicate with marketing managers. In semester 1, both highly specialised econometrics courses as well as more general marketing (research) electives are provided. As stated in the self-evaluation report, the programme is designed in such a way that it is interesting for both students with an econometrics interest (and/or background) and students with a managerial focus. Students with an econometrics background usually choose the highly specialised econometrics electives, whereas students with a business background most often choose the more general marketing (research) electives. In the interviews with the lecturers, it became apparent that the consistency of the programme is not a topic of conversation, according to the lecturers. The lecturers primarily focus on their own courses. Master s programme in International Business The self-evaluation report states that the programme is organised around the four core business disciplines of accounting, finance, marketing, and strategy/organisation. For each discipline, the compulsory courses provide an in-depth introduction to a broad set of topics. Furthermore, students can choose two electives, one in each semester. The elective in the first semester is to be chosen from among four courses from other master s programmes; each of these courses is an advanced course in the respective core field. In the second semester, students have to choose a research seminar course in the discipline in which they will write their thesis. Finally, students choose one free elective among all master-level courses. The two electives ensure that the students can choose at least one course that is not directly related to international business. The self-evaluation report states that one of the electives must be closely related to the most important aspects of the four core management disciplines at an advanced level. The rationale for the free elective is also to provide flexibility in an otherwise strictly structured programme, so that specific student needs may be accommodated. The self-evaluation report states that the programme builds up progressively towards the master s thesis. The coursework provides students with the knowledge and understanding of multiple aspects of international management. The four core courses in the first semester provide the academic foundations for each discipline, while the core seminar in the second semester explicitly focuses on research skills. The self-evaluation report describes the seminar's focus on the thesis-related skills that will become essential, namely the ability to QANU / Economics 2009 / Tilburg University 87

88 turn vague practically relevant problems into clear research questions that can be addressed with academic methods. In the interviews with the lecturers, it became apparent that the consistency of the programme is not a topic of conversation, according to the lecturers. The lecturers primarily focus on their own courses. In the interviews with the students, however, it became clear that the programme gives the students insight into the coherence of the field of International Business. Assessment The committee studied the internal coherence of the three programmes and concludes that their substantive consistency is logical and adequate. The consistency is also realised by the more specialised character of the programmes. The committee also notes that, acoording to the lecturers, there is not much exchange between lecturers about the consistency of the programmes and related matters. The committee therefore would like to see more communication between the lecturers. The committee notes that academic skills are addressed sufficiently within the curriculum of the programmes. In the master s programme in Accounting, these skills are addressed in the Advanced Management Accounting and Accounting Theory courses, and in the master s thesis. The master s programme in Marketing Research is primarily focused on research skills. More explicitly, these skills are taught in courses such as Advanced Marketing Research, Marketing Models, Survey Methodology, Market Assessment and Experimental Research. In the master s programme in International Business, academic and research skills are addressed in the research seminars and the master s thesis. The committee concludes that the three programmes are internally consistent and evaluates the three programmes on this criterion as sufficient. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. S7: Workload The curriculum can be successfully completed within the set time, as certain programme-related factors that may be an impediment in view of study progress are eliminated where possible. Description Master s programme in Accounting As stated in the self-evaluation report, the composition of the programme ensures that the total number of EC (60) is evenly spread over the two semesters. The second semester is divided into two periods of seven weeks. In the first period, the contact time during the core Accounting Theory course and one of the elective courses is doubled to ensure enough time within the second period of the second semester to work full-time on the master s thesis, and to allow students to follow an internship. The master s thesis represents 18 EC. The students are strongly encouraged to finish their master s thesis within six months, and preferably before the end of the academic year (see also standard 20). 88 QANU / Economics 2009 / Tilburg University

89 In the interviews with the students, it became apparent that students study 30 hours per week, on average. In these interviews, the students also noted that the examinations are scheduled close to each other. Master s programme in Marketing Research The self-evaluation report states that the total amount of 60 EC is equally distributed across the two semesters. After each written exam, students evaluate the difficulty level, the representativeness of the exam, and the correspondence of the study time with the amount of EC awarded per course. According to the self-evaluation report, no substantial problems are observed. In the Sounding Board, students with a pre-master background indicated that some courses (especially the Marketing Models course) were too difficult, given their level of knowledge in mathematics. Starting this year, an additional mathematics course was therefore offered in the pre-master programme. In the interviews with the students, it became apparent that students study 40 hours per week, on average. In these interviews, the students also noted that the resits of the first semester examinations are scheduled too closely to the examinations of the second semester. Students also indicate that they have to find a trainee post themselves, which in some cases can lead to delay. The lecturers have mentioned that there is a website available for students on which trainee posts are listed. Master s programme in International Business As stated in the self-evaluation report, the master s programme in International Business is structured in such a way that both semesters contain a workload of 30 EC in coursework or thesis. In order to allow students to do an internship for the master s thesis, the second semester has been split into two parts. In the first seven weeks, the programme offers two 6 EC courses, one elective and one compulsory seminar. In the meantime, students should think about and develop a research proposal for their master s thesis. However, the programme notes that a number of students postpone this choice, and only start the thesis later in the semester, with the result that they graduate later than expected. The self-evaluation report states that the evaluations and feedback sessions with students confirm that the course level is generally not perceived as excessive. In addition, the workload is sometimes perceived as high, but it is not causing major delays. Such perceptions also depend on differences in the students background. Students who postpone the development of their research question do this mostly voluntarily, since they do not intend to finish their master s within one year. According to the self-evaluation report, students have expressed a concern that the scheduling of exams may become problematic due to a lack of coordination across courses so that, depending on the electives taken, there could be too many exams in a short period. This may result in failing some of them and delaying the start of the thesis. This is a concern that the programme management is going to address. In the interviews with the students, it became apparent that they study 60 hours per week, on average. In these interviews, the students also noted that the scheduling of examinations could be improved. Students of the master s programme in International Business follow courses from other programmes. The scheduling of the exams of different programmes is not always geared to one another. Students also have to find a trainee post themselves, which in some cases can lead to delay. QANU / Economics 2009 / Tilburg University 89

90 Assessment On the basis of the self-evaluation reports and information collected from the site visit, the committee concludes that there are no major impediments regarding study progress in the three programmes described in this report. The committee states that the students also recognise no major impediments to study progress. The interviews with the students as well as the evaluation results show that the average student does not experience an extremely high workload. The committee notes that in nearly all of the programmes, students do not graduate within one year after starting the programme (see also standard 21). According to the students the committee spoke to, this is because students want to finish all courses before starting the master s thesis or because they are following an internship. The committee estimates that on a weekly basis, the workload is fine. On a yearly basis, however, the distribution of the workload could be improved regarding the scheduling of examinations, resits and the master s thesis. For all three programmes, the committee evaluates this criterion as sufficient. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. S8: Admission requirements The structure and contents of the intended curriculum are in line with the qualifications of the incoming students: Academic bachelor s programme (WO-bachelor): VWO (pre-university education), propaedeutic certificate from a hogeschool (HBO)or similar qualifications, as demonstrated in the admission process Master s programme (WO-master): a bachelor's degree and possibly a selection (with a view on the contents of the discipline). Description The self-evaluation report states that the UvT developed various information provision activities and tools for prospective students for the different phases in the course selection process (orientation, reconnaissance, exploring in depth and decision-making). This includes the master s programme magazine, the initial pages of the website for those choosing a master s programme, a master information day, master s brochure, the electronic study guide, and trial study days for those interested in following a research master. Students can also ask for specific information at the student service desk and the student advisors. In addition, the UvT aims to attract international students. Internationalisation is one of the main themes of the strategic policy that the university has formulated for the next three years. This policy aims to continue and intensify the internationalisation policy established in the past few years. Its key points are strengthening the international orientation of the programmes, recruiting staff from the international job market, promoting international student exchange, collaborating with respected foreign institutes and intensifying the enrolment of foreign students. The UvT uses different means to stimulate the enrolment of international students: brochures, website, profiles in fair catalogues abroad, advertisements in international magazines, international fairs, mailings to counsellors of international schools, etcetera. In general, the intake of foreign students is not as high as the UvT would like it to be. A quota with decentralised selection will be imposed on the international bachelor s programmes for the academic year QANU / Economics 2009 / Tilburg University

91 In addition to the enrolment criteria listed below, international students have to demonstrate sufficient knowledge of the English language. Proficiency in English can be demonstrated by taking either a TOEFL or an IELTS test. The required minimum score for TOEFL is 575 (paper based), 233 (computer based) or 90 (internet based) and for IELTS 6.5 (6.0 on parts). Native speakers and students who completed their undergraduate education in English do not have to show their proficiency in English. Students who do not have a degree of one of the partner institutions of UvT should also submit a GMAT or a GRE score, depending on the discipline. The admission committee will decide whether the student will be allowed to enrol in the programme. Master s programme in Accounting The number of incoming students in the master s programme in Accounting increased from 18 in to 20 in The majority of these students came from a FEB bachelor s programme (60%), 20% of the students followed the pre-master programme, and 20% followed a bachelor s programme outside the FEB. Some 25% of the students are from abroad, with most students coming from Asia (80%). Students who want to enrol in the master s programme in Accounting should meet the following criteria: A bachelor's degree from the FEB/Tilburg University in Business Administration, International Business or Business Studies, including the Intermediate Management Accounting and either Intermediate Financial Accounting or Comparative Financial Accounting courses, will have direct access to the master's programme in Accounting; students are allowed to start the programme while still lacking 12 credits in the bachelor s programme; A bachelor s degree from the FEB/Tilburg University in Information Management, including the courses Financiering 2, Accounting 2, Intermediate Financial Management and Intermediate Management Accounting; students are allowed to start the programme while still lacking 12 credits in the bachelor s programme; The pre-master s programme in Accounting of the FEB/Tilburg University; students are allowed to start the programme while still lacking 12 credits in the pre-master s programme. Another university bachelor s degree which includes the following areas: Mathematics and Statistics (18 ECTS) Academic Training (24 ECTS) Economics (12 ECTS) Management or Marketing (12 ECTS) Finance (12 ECTS) Accounting (24 ECTS) Master s programme in Marketing Research The number of incoming students in the first year of the master s programme in Marketing Research grew from 11 in to 17 in Some 41% of the students came from a bachelor s programme of the UvT, while another 41% are from the pre-master s programme and 18% from a bachelor s programme outside the FEB. Some 24% of the students are from abroad, with half of them coming from Asia (50%). Students who want to enrol for the master s programme in Marketing Research should meet the following criteria: QANU / Economics 2009 / Tilburg University 91

92 A bachelor's degree from the FEB/Tilburg University in Business Administration, International Business or Business Studies, including the Marketing Research or International Marketing Research course, will have direct access to the MSc programme in Marketing Research; students are allowed to start the programme while still lacking 12 credits in the bachelor s programme; A bachelor's degree in Econometrics and Operations Research from the FEB/Tilburg University including the Marketing 1, Marketing Research and Consumer Behaviour courses will give direct access as well; students are allowed to start the programme while still lacking 12 credits in the bachelor s programme The pre-master s programme in Marketing Research of FEB/UvT; students are allowed to start the programme while still lacking 12 credits in the pre-master s programme. Another university bachelor s degree with a solid background in the following areas: Mathematics and Statistics Academic Skills Organization Management Finance or Accounting Marketing Master s programme in International Business The number of incoming students in the first year of the master s programme in International Business grew from 54 in to 59 in The majority of these students (53%) came from the pre-master s programme, 36% from a bachelor s programme from UvT, and 12% from outside UvT. Some 58% of the students are from abroad, of which the majority came from Asia (68%). Students who want to enrol for the master s programme in International Business should meet the following criteria: A bachelor s degree from the FEB/Tilburg University in Business Administration, International Business or Business Studies will give direct access; students are allowed to start the programme while still lacking 12 credits in the bachelor s programme; A bachelor s degree from the FEB/Tilburg University in Information Management, including the Finance 2, Accounting 2, Management 2 and Marketing 2 courses; students are allowed to start the programme while still lacking 12 credits in the bachelor s programme; The pre-master s programme in International Business from the FEB/Tilburg University; students are allowed to start the programme while still lacking 12 credits in the premaster s programme; Another university bachelor s degree with a solid basis in the following areas: Marketing (12 EC) Management (12 EC) Accounting (12 EC) Finance (12 EC) Economics (12 EC) Academic Training (24 EC) Mathematics and Statistics (24 EC) 92 QANU / Economics 2009 / Tilburg University

93 In the interviews with the students, it became apparent that the integration of international students varies. German and French students are open for integration, while Asian students tend to be more oriented towards other Asian students. Assessment The committee concludes that for students who have finished one of several bachelor s programmes, it is possible to enrol in the programmes without restrictions. Students who do not meet the admission requirements can enrol in the pre-master s programmes of the FEB. Regarding the master s programme in Marketing Research, the committee finds that the number of students who enrol after following the pre-master programme is quite large. The interviews with the lecturers and students revealed that the intake of the pre-master students is usually smooth and does not lead to problems. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. S9: Credits The programme meets the legal requirements regarding the range of credits: Academic bachelor s programme (WO-bachelor): 180 credits Academic master s programme (WO-master): a minimum of 60 credits. Description The curriculum of the master s programme in Accounting comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. The curriculum of the master s programme in Marketing Research comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. The curriculum of the master s programme in International Business comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. Assessment The master s programme in Accounting complies with the formal requirements with respect to the range of credits. The master s programme in Marketing Research complies with the formal requirements with respect to the range of credits. The master s programme in International Business complies with the formal requirements with respect to the range of credits. S10: Coherence of structure and contents The educational concept is in line with the aims and objectives. The study methods correspond with this educational concept. Description Master s programme in Accounting According to the self-evaluation report, lectures highlight the main points in order to assist students in obtaining knowledge and understanding of the relevant topics in the programme, as well as to offer guidelines for gaining in-depth specialised knowledge. Interactive lectures are used in those cases where the course objectives go beyond those offered by regular QANU / Economics 2009 / Tilburg University 93

94 textbooks and theories, and where student-teacher interaction is essential. The master s thesis completes the programme and serves the purpose of providing evidence of the student s ability to conduct scientific research independently, but under supervision. The thesis is defended publicly. In the self-evaluation report, it is stated that the size of the groups is too large (see standard 13). Students of the Accounting programme attend the core courses together with the students of the Accountancy programme. Interviews with the students revealed that courses exclusively for the master s programme in Accounting have students per group. As stated earlier, the self-evaluation report provides an overview of the courses and describes the study forms that are used as well as the contact hours. The master s programme in Accounting mainly uses interactive lectures; tutorials are not used. Of the compulsory courses, the Advanced Management Accounting course is the most intensive one, consisting of 42 contact hours. Of the electives, the Corporate Valuation course is the most intensive one, with 52 contact hours. Master s programme in Marketing Research The self-evaluation report indicates that the master s programme in Marketing Research adopts a mixture of lectures and tutorials. Because of the relatively small student numbers (approximately 15), lectures are often interactive in nature. Tutorials are often a combination of computer exercises and in-depth interactive discussions with regard to state-of-the-art research methodologies. The self-evaluation report states that great value is attached to selfstudy (making assignments, preparing papers, and studying parts of books and papers on an individual basis). Most courses have a mixture of academic papers and specialised books as course materials. In the lectures, a main overview of relevant theories and models is given, and students are required to study the materials in more depth on an individual basis. The self-evaluation report provides an overview of the courses, describes the study forms that are used, and lists the contact hours. The master s programme in Marketing Research uses interactive lectures, tutorials and computer practicals. In one course, Survey Methodology, tutorials are used. Computer practicals are given in several courses (for example, Advanced Marketing Research, Market Assessment, and Panel Data Analysis of Microeconomic Decisions. The compulsory courses all consist of contact hours. Of the electives, the Simulation course is the most intensive one, with 54 contact hours. Master s programme in International Business The self-evaluation report states that the teaching philosophy of the programme is to transfer new knowledge by interactive lectures, and to let the students acquire the related skills by learning by doing. According to the self-evaluation report, this is reflected in the assignments, cases and the master s thesis and/or internship. Lecturing for the core courses is done in groups varying from 60 to 100 students. According to the self-evaluation report, lectures serve to highlight the main points so as to assist students in gaining a better knowledge and understanding of the course's subjects, as well as to offer directives for gaining more in-depth specialised knowledge of the course's subject for example, by self-study. Tutorials provide students with a more extensive illustration of the topics discussed during lectures, often going through detailed exercises that can clarify technical issues. They further provide students with feedback on how well they are mastering the course's subject, and prepare for the final exam. According to the selfevaluation report, interactive lectures are used in those cases where the course's objectives go beyond those offered by regular textbooks and theories (e.g., a very detailed discussion of a 94 QANU / Economics 2009 / Tilburg University

95 particular topic). These lectures require more active participation from the students for example, by preparing case discussions. The master s thesis completes the programme and serves to provide sufficient evidence of the student's ability to carry out a research project independently using a scientific attitude, based on the knowledge acquired. The selfevaluation report presents an overview of the types of lectures and activities for each course in This shows that all courses consist of interactive lectures. Tutorials are not used as a form of study. The number of contact hours is approximately 20 hours per week in semester 1 and eight hours in semester 2. The remaining hours are spent on self-study: preparing for classes, studying for written exams, group work (assignments, simulations and the like), and individual projects (including the master s thesis). International Financial Management is the most intensive course, with 52 contact hours. In the interviews with the students, it became apparent that the group sizes differ. There are classes with 20 students, but also classes with 400 students (see also standard 13). Assessment The committee concludes that the programmes use a rather traditional educational concept, consisting mainly of lectures and tutorials. The educational concept has not been formalized or explained. The committee feels that the programmes have chosen study methods that correspond with the educational concept, or lack thereof. Despite the favourable student/staff ratio, the groups of students in the lectures and tutorials tend to be quite large. The enrolment numbers in the programmes differ for the three programmes. This means that the groups to be taught are correspondingly different. The groups for lectures and tutorials in the master s programme in Marketing Research are small, consisting of 15 students. This allows for interactive teaching. The groups in the master s programme in International Business are larger, consisting of 60 to 100 students, on average. The committee feels that for real interactive teaching, the groups should be much smaller (see also standard 13). The committee also recommends initiating a structural debate between lecturers about didactical issues, such as interactive lecturing and study methods. The interviews with the lecturers revealed that there is no faculty-wide educational concept yet. The lecturers also emphasised that conducting research and incorporating research into the curriculum (by reading and discussing articles, conducting research, et cetera) is an important aspect of all UvT programmes. The committee strongly recommends developing an educational concept based on research, and to formulate and implement some new teaching and study methods in line with this educational concept that might be coined research-based teaching. The committee evaluates the criteria for this standard for all three programmes as satisfactory. The committee recommends that the programme maintain, if possible, the relatively small groups. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 95

96 S11: Learning assessment By means of evaluations, tests and examinations, the students are assessed in an adequate and for them insightful way to determine whether they have achieved the intended learning outcomes of the programme or parts thereof. Description In the self-evaluation report, the FEB indicated that there is a faculty-wide Board of Examiners. This board focuses specifically on the regulations concerning testing and examination, and is made up of scientific staff members. The Board of Examiners is assisted by an official secretary of the Education Office. The Board of Examiners holds a meeting on current business every two weeks and organises several policy meetings each year. The board recently delegated several of its tasks: The preparation and assessment of examinations, and the signing of certificates have been delegated to examiners. This is usually FEB personnel, along with several staff members from other faculties. The FEB student advisors have been given a mandate for decisions about exemptions on the examiner s recommendation, decisions about entrance to the programmes and/or tests forming part of examinations, decisions about whether an examination has to be taken (this includes requests for replacing a compulsory course), decisions about an alternative opportunity for a test, and agreeing with the arrangement of the degree of choice within a course. In doing so, the student advisors must act in accordance with the guidelines prepared by the Board of Examiners. The processing and assessment of applications for admission to the pre-master s programmes and the master s programmes have been delegated to the programme directors. Ensuring satisfactory and expert invigilators during a test has been delegated to the Central Student Administration. The Education and Examination Regulations (OER) cover the instructions concerning testing and assessment. Interviews of the committee with members of the Board of Examiners revealed that the board primarily deals with individual cases. The other tasks are undertaken by the student advisors or the programme directors. For each programme, there are two possibilities for examination annually, the initial exam and the resit. In the next year, there are again two opportunities. The master s programmes all take one year, which is divided into two semesters, of which the second semester exists of two blocks. After the first semester the regular examinations are held. The first seven-week period of the second semester consists of courses. After this period, the resits of the first semester are held first, followed by the regular examinations of this period. The second period consists of the master s thesis. The resits of the second and third year of the bachelor programmes are planned in the same period as the resits of the second semester of the master s programme. For students who have not yet finished all bachelor courses, this is a busy period. In the interviews with the lecturers, it became apparent that the examinations were prepared by the lecturers that teach the course. This implies that for courses taught by several lecturers, the examination is prepared by more than one lecturer. For courses given by one lecturer, the examination is prepared by only one lecturer. The lecturers also prepare the answer key in advance of the examination. In the digital course catalogue for the university, the form of testing is indicated for each course. Information is also provided about the dates of the tests and the resits. In the self- 96 QANU / Economics 2009 / Tilburg University

97 evaluation report, the faculty stated that explicit assessment criteria specified on the assessment form are utilised in the evaluation of projects and presentations. The lecturer completes this form during the assessment to provide feedback to the students. The faculty is of the opinion that this promotes transparency towards the students, and at the same time ensures that different lecturers use the same criteria. The result of a written examination must be available within 15 working days and must be published within the next 5 working days. Every examination is evaluated by the students after completion. In 2007, the UvT commissioned a baseline measurement of the quality of the examinations. With this as a basis, a test expert was engaged to analyse all tests of all courses during a period of three years (for objective test preparation process, assessment process, grading and transparency). Master s programme in Accounting The self-evaluation report indicates that the evaluation and review process in most courses is based solely on a written examination. The examination of three compulsory courses also includes an assignment. According to the self-evaluation report, the written examination is ideal for testing knowledge, as indicated in the table with learning outcomes. In some courses where interactivity is important (Advanced Management Accounting, International Financial Reporting and Analysis, and Accounting Theory), part of the assessment is based on assignments. These assignments are also used for evaluating skills, such as the ability to write and present reports to communicate the implication of an analysis. Finally, in one course, students are evaluated on their contribution during lectures; in the Accounting Theory course, students can earn 15% of their grade by actively asking questions and participating in classroom discussions. The self-evaluation report states that two conditions are necessary to make an objective assessment of class participation. First, the group should not be too large in order to give everyone the opportunity to participate in the discussion. Second, the instructor should be able to identify the active students and reward them. According to the self-evaluation report, these two conditions are not always met. Class participation seems difficult if the class group size exceeds 80 students. This is confirmed by student evaluations at the end of the semester. According to the self-evaluation report, the groups should be much smaller. Satisfying the second condition (identification of the student) is not always obvious in the existing layout of the auditoriums, according to the self-evaluation report. A flat and wide classroom makes it difficult to read the name tags of students. Also, student photo sheets and names are not made available to the instructor. The self-evaluation report indicates that from the next academic year onward, student photo sheets can be downloaded via Blackboard. Master s programme in Marketing Research The self-evaluation report states that the exams for the master s programme in Marketing Research mainly assess the students knowledge, skills, and scientific attitudes. The written exams focus on knowledge and skills, whereas the assignments also test the students academic attitude. According to the self-evaluation report, lecturers apply strict and objective assessment criteria when grading exams and assignments. These criteria, together with the student's individual result, are presented to students at the exam inspection moments that are organised after each exam period. The programme mainly uses written exams and (group) assignments as a means of examination. Every course concludes with a written exam and an assignment. In the elective Market Assessment, participation is also used as a means of examination. QANU / Economics 2009 / Tilburg University 97

98 As stated in the self-evaluation report, the FEB has developed assessment criteria for the master s theses to guarantee consistency in grading. The thesis is assessed by an exam committee, consisting of the supervisor of the thesis and a member of the marketing department who is an expert in the domain. Master s programme in International Business The self-evaluation report states that the examination criteria for the courses of the master s programme in International Business are the same as for any other master s programme at Tilburg University. Examinations of compulsory courses in the first semester and of the electives, compulsory or free courses are set by individual lecturers. In line with the various didactical approaches of individual lecturers, the exams are diverse to ensure that the objectives are being met. However, they are typically closed-book examinations, being used to test knowledge and understanding. Communication skills are evaluated more indirectly, as stated in the self-evaluation report. Evaluation of student progress in this respect might include group assignments, but they only account for a small part of the final grade. Class participation is not used as an evaluation tool, given the size of most classes. In the research seminars in the second semester, students are evaluated instead on their ability to provide a good discussion of their thesis proposal, so that communication skills are also assessed. The correspondence between exam expectations and the actual exam is also evaluated by students. The self-evaluation report states that academically more challenging courses tend to be viewed by students as heavier on coursework and exam difficulty, a feature that reflects the quality-based reputation of the programme, in the management's opinion. The master s thesis is assessed at different stages. The first involves the advisor in the writing period, as s/he can observe how independently and effectively the student develops an analysis of a practical problem. Second, a small committee of lecturers and professors judges the oral defence, where particular emphasis is given to the presentation skills shown by the candidate. The programme mainly uses written exams, presentations, and group assignments as the means of examination. The research seminars in the second semester are examined solely by assignments. The compulsory courses in the first semester consist of a written exam and an assignment. All but one of the elective courses in the second semester consists of written exams. Assessment The committee studied the information referring to the assessment and testing, and ascertains that the three programmes have selected the appropriate test forms. It feels that the test forms used in the programme clearly reflect the educational concept and serve the learning outcomes of the courses. On the basis of the examinations reviewed, the committee ascertains that the points students can earn for each part of the examination are mentioned. The committee wants to point out to the board of examiners that its role will change in the future (as legally required), making the board formally responsible for the quality of the contents of the examinations. It advises the board of examiners to consider the consequences of this for its role. From the interviews, the committee concludes that a prior assessment of the examination questions by two persons is not always done. To guarantee the quality of the contents of the examinations, the committee recommends formalising this ex ante quality assurance principle. 98 QANU / Economics 2009 / Tilburg University

99 Formalisation will be mandatory under the new legislation. The committee therefore advises the programmes to undertake steps in the near future to formalize procedures as to the ex ante quality assurance of the contents of the examinations. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. Assessment of the theme Curriculum The committee comes to an overall assessment of the theme Curriculum on the basis of its assessments of the separate standards. In the case of the master s programme in Accounting, it assesses this theme as satisfactory. In the case of the master s programme in Marketing Research, it assesses this theme as satisfactory. In the case of the master s programme in International Business, it assesses this theme as satisfactory Staff S12: Requirements for academic orientation The programme meets the following criteria for the deployment of staff for a programme with an academic orientation: Teaching is principally provided by researchers who contribute to the development of the subject/discipline. Description The FEB indicates in the self-evaluation report that, as a matter of principle, all staff members have a doctorate degree (or are actively engaged in earning a doctorate), and have both research and teaching tasks. Trainee research assistants also have a teaching task of 20% over three years. Since 1996, the FEB has applied a tenure track policy for young faculty who recently earned their doctorate degree. The tenure track position is a provisional position for a period of six years. In this period, the staff member must conduct high-quality research and demonstrate pedagogical skills to secure a permanent position (tenure). In contrast to other FEB staff members, they have a 40% teaching task and a guaranteed 60% research task. Permanent staff members are awarded research time according to the quality and quantity of their prior research output. The permanent staff members devote, on average, 60% of their time to teaching and 40% to research. To secure a tenure position, the staff member in question must have had independent articles published in journals judged by the FEB to be top, very good or good, and their pedagogical evaluations must be of a higher level than the average of colleagues teaching similar courses. This assessment is conducted by the Faculty Management Team (FMT), which is advised by the Faculty Evaluation Committee (FEC). The FEC consists of six professors who are partly chosen by the personnel and partly appointed by the FMT. The FEC is also involved in advising on proposed promotions (from university lecturer to senior lecturer, from senior lecturer to professor 1 and from professor 1 to professor 2 ). Interviews with lecturers revealed that there is also an adjunct professor track. It is intended for staff members who excel in teaching, but who are not able to meet the research requirements of a tenure track within the set deadlines due to their focus on their teaching task. Currently, there is one adjunct professor employed in the faculty. In the self-evaluation report, reference is made to the university website Experts and expertise. This site contains information about teaching and research activities, publications, extra duties and any unusual aspects of all lecturers. The FEB's research is conducted within QANU / Economics 2009 / Tilburg University 99

100 CentER, the Center for Research in Economics in Business. It occupies a high position in different international rankings. The quality of the faculty is apparent from the assessment of the faculty's research programmes done by different agencies (VSNU in 2002, Scientific Council of CentER in 2005, part of the internal Mid-Term Review and QANU in 2009). The research programmes are mostly awarded a good (4) or excellent (5) grade. Master s programme in Accounting Renowned researchers are involved in teaching the master s programme in Accounting. Six of the ten courses are coordinated by full professors. The other four other courses are coordinated by assistant professors. Also, several lecturers and associate professors are involved. In the interviews with the students, it became apparent that the lecturers' research is discussed in the classes. Students are expected to study their articles in preparation for the examination. Master s programme in Marketing Research Renowned researchers are involved in teaching the master s programme in Marketing Research. Five of the eleven courses are coordinated by assistant professors. Four courses are coordinated by full professors, and one course is coordinated by a lecturer. Master s programme in International Business Renowned researchers are involved in teaching the master s programme in International Business. Six of the ten courses are coordinated by full professors. The other four courses are coordinated by assistant professors. Also, several lecturers and associate professors are involved. Assessment The FEB strives for top research, which the committee considers a sensible objective. This choice has consequences for staff members who cannot meet the FEB s strict research demands. For this reason, the FEB has established the position of adjunct professor, there is at present one adjunct professor. The committee considers this a good initiative and advises to further develop this initiative. Master s programme in Accounting and master s programme in Marketing Research The committee ascertained that the majority of members of the scientific staff has a PhD. The committee concludes that the teaching is provided by active researchers who are making relevant contributions to the development of the fields covered by the two programmes. The committee appreciates the involvement of many full and assistant professors in the programme. The research of the FEB is nationally and internationally highly appreciated. The staff of the degree programmes has good scientific expertise, in the committee's view. Based on these conclusions, the committee feels that the master s programme in Accounting and the master s programme in Marketing Research more than meet the criteria expected of a scientific degree programme. Master s programme in International Business The committee ascertained that the majority of members of the scientific staff has a PhD. The committee also appreciates the involvement of many full and assistant professors in the programme. The staff of the degree programme has the necessary scientific expertise in the committee's view. The committee feels that the degree programme meets the criteria expected of a scientific degree programme. 100 QANU / Economics 2009 / Tilburg University

101 Master s programme in Accounting: the committee assesses this standard as good. Master s programme in Marketing Research: the committee assesses this standard as good. Master s programme in International Business: the committee assesses this standard as satisfactory. S13: Quantity of staff Sufficient staff are deployed to realise the desired quality of the programme. Description The self-evaluation report contains FEB-level data on the number of registered students, the number of diplomas awarded, the number of fte scientific personnel, the student-staff ratio, and the diploma-staff ratio. The number of students registered at the FEB ranges around 5,000. The number of fte scientific personnel varied from fte in to fte in The student-staff ratio was 20, 21 and 19, respectively, in the past three academic years ( , and ). In the interviews with the programme directors and the Faculty Board, the allocation model was discussed. The departments receive their annual financing based on the number of students registered two years earlier. The research units receive their financing from the departments, with the following basic assumptions: a fixed budget of 40% per research unit, and a variable proportion based on the number of students attending a course for the first time. The departments and research units are free to spend the budget as they wish. Master s programme in Accounting The self-evaluation report states that the five core accounting courses are taught by a single lecturer each, while the Finance electives and the Strategic Management course are typically taught by more than one lecturer. The tutorials in two of the five core accounting courses (International Financial Reporting and Analysis, Management Control) are also taught by the same instructor. In the self-evaluation report, the faculty lists the lecturers assigned to each degree programme. For the master s programme in Accounting, primarily full and assistant professors are employed. The self-evaluation report states that large class sizes are sometimes a concern. The relation between course evaluations and class size has been discussed since 2007 in the former Business Master Board, and also this year in the operational report to the Educational Committee. From the statistical analysis conducted by the former chairman of the Business Master Board, it seems that lecturer evaluations decrease between class sizes of 25 to 75 students, after which larger class sizes score higher. The highest evaluations are given for class sizes smaller than 25 students. This indicates that stimulation and interaction are still expected by students in class sizes of 50 to 75, but it is increasingly challenging to meet those expectations. Concrete measures to reduce the class size are currently being discussed. Interviews with the students revealed that courses devoted to the master s programme in Accounting usually comprise students. The core accounting courses in the master s programme in Accounting are also part of the accounting courses taught in the master s programme in Accountancy. In the interviews with the lecturers, it became clear that groups sometimes consist of 100 students, lecturers experience this as a point that could be improved. It was also made clear that the focus is primarily on research and top researchers, and little attention is paid to QANU / Economics 2009 / Tilburg University 101

102 realising smaller groups. The lecturers spend a lot of time on research, in their own opinion, and therefore can also give better lectures. Lecturers spend an average of five hours per week on teaching. The lecturers are also in favour of downsizing the number of students in the classes. Master s programme in Marketing Research The self-evaluation report states that most courses have a small number of students (approximately 15), which contributes to the quality of class interactions. Courses such as Advanced Marketing Research, Marketing Information Management, and Strategic Marketing Management are also offered in other programmes (e.g., the master's programme in Marketing Management) and have more students. To stimulate interaction, extra tutorials and/or individual contact moments with the respective lecturers are provided. Given the smaller course sizes, there is usually one lecturer responsible for the course. For the more intensive research courses which are also part of other programmes (as electives), two lecturers are involved (e.g. for the Experimental Research and Survey Methodology courses). In the self-evaluation report, the FEB lists the lecturers assigned to the degree programmes. For the master s programme in Marketing Research, primarily full and assistant professors are employed. In the interviews with the students, it became clear that group sizes are relatively small. Students follow some of the courses with the MPhil students, but even then the groups are relatively small (20-25 students). Master s programme in International Business The self-evaluation report states that all core courses in the master s programme in International Business are taught by one instructor each, with the exception of International Management, which has three instructors. For core courses, there are typically up to 100 students per class. The elective courses come from other master s programmes; in these cases, the students are often in larger groups. According to the self-evaluation report, this has the benefit of exposing students to colleagues who have a stronger preparation in each specific discipline, but the disadvantage of diluting the close relationship with instructors that is typical of this programme. Interviews with the students revealed that group sizes can vary a lot. Students have classes with 20 students, but also with 70 or even 400 students. In the self-evaluation report, the FEB lists the lecturers assigned to the degree programme. For the master s programme in International Business, primarily full and assistant professors are employed. Assessment The committee realises the implementation of small-group teaching requires more effort in large programmes and large faculties. Nevertheless, the committee wants to stress that the faculty as a whole has a very favourable student/staff ratio. On that basis, small groups of students could be arranged, but this requires tailor-made policies. In practice, however, groups tend to be large, compared to Dutch standards. Master s programme in Accounting 102 QANU / Economics 2009 / Tilburg University

103 The committee agrees with the self-evaluation report that the size of the groups is a concern. The committee is of the opinion that the groups in the master s programme in Accounting are too large to be interactive. The groups of the core courses consist of 100 students. For the courses that are exclusively for the master s students in Accounting, the groups are smaller. The committee states that the FEB has a very favourable student/staff ratio and should be able to realise smaller groups. The committee feels that the master s programme in Accounting does not meet the criteria on this standard. Master s programme in Marketing Research The committee feels that the master s programme in Marketing Research has found an adequate balance in the specialised character of the programme, the small group sizes and the larger groups in courses held jointly with other programmes. The majority of the courses of the programme have, on average, 15 students, which enables interactive teaching. The committee feels that the master s programme in Marketing Research meets the criteria on this standard. Master s programme in International Business The committee is of the opinion that the groups of the master s programme in International Business are too large to be interactive. The groups of the core courses consist of 100 students. For the elective courses, the groups are even larger. The committee feels that with these sizeable groups, interactive lectures are impossible to realise. The committee states that the FEB has a very favourable student/staff ratio and should be able to realise smaller groups. This is not put into practice, however. The committee feels that the master s programme in International Business does not meet the criteria on this standard. Master s programme in Accounting: the committee assesses this standard as unsatisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as unsatisfactory. S14: Quality of staff The staff deployed are sufficiently qualified to ensure that the aims and objectives regarding the content, didactics and organisation of the programme are achieved. Description As specified under standard 12, the FEB has a tenure track policy for promising young faculty. After a provisional position lasting six years, they can be awarded a permanent position if they demonstrate excellent research and teaching skills in that period. The heads of the departments conduct annual performance reviews with staff members. The results of the course evaluations are used to discuss pedagogical performance. In the annual review meeting of the programme director and the head of the department on the personnel requirements of the programme, the programme director can indicate which staff member s/he would like to employ or would not like to employ. Teaching performance is also critically reviewed when considering promotion. The Faculty Evaluation Committee (FEC) has established criteria for the promotion of staff members. For promotion, the contribution of the staff member to innovation in education and the development of teaching programmes are assumed necessary. For new lecturers and trainee research assistants, the faculty organises a compulsory foundation course in didactical skills. Its objective is to improve didactical skills. The course QANU / Economics 2009 / Tilburg University 103

104 concludes with an individual assessment, with one lesson given by the lecturer being filmed and discussed. Starting in 2010, the Fundamental Qualification in Education (BKO) will be introduced across the university for all new staff members. Lecturers can have individual supervision upon request or after indication on the basis of course evaluations. This option is used several times a year. In addition, regular meetings on specific themes are organised for staff members (for example, on ICT and education, supervision of theses, testing and intercultural communication). Given the drive towards internationalisation (see standard 8), there are increasingly more English-language subjects within the course curriculum. Therefore, since , each staff member is required to pass an English language test. Based on the results, staff members may receive a recommendation to improve their command of English. In the university's language lab, staff members can take various courses. The number of staff members who actually do so is still limited. Within the FEB, the establishment of a faculty education expertise centre is underway. The objective is to combine and distribute the knowledge present within the FEB in the field of educational studies and didactical matters. Assessment The committee feels that the FEB programmes meet the criteria applicable to this standard. The committee notes that a number of clear developments have been initiated to stimulate the didactical development of lecturers. The FEB's four-day foundation course in didactical skills is compulsory for new lecturers. The BKO will be implemented across the university from 2010, giving the university a minimal basic guarantee for the didactical quality of its teaching staff. Also, in the performance reviews, attention is explicitly paid to teaching performance, partly based on course evaluations. These evaluations guarantee systematic assessment of the didactical qualities of lecturers. The committee understands that adequate action is taken when a lecturer receives a poor assessment. After a poor assessment, the lecturer is given sufficient opportunities to follow training courses or a coaching track to improve his/her didactical skills. If subsequent assessments remain poor, a process is implemented that can lead to outplacement. The committee feels that given the current level of didactic training and the BKO requirement after 2010, the minimal quality criteria can be ensured. However, there is still room for improvement. Faculty-wide educational meetings, often focusing on a specific theme, are held regularly, but the committee feels that attendance is too low. This also applies to the English language courses. There is little exchange between lecturers about pedagogical and didactical issues. Based on the interviews with lecturers, the committee concludes that too little use is made of sharing the good teaching practices present within the FEB. The committee suggests to actively stimulating such information transfer. The initiative to establish an education expertise centre within the FEB, which can collect and combine available data, knowledge and practices, is a good step in the right direction. The committee is in favour of this initiative. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. 104 QANU / Economics 2009 / Tilburg University

105 Assessment of the theme Staff The committee comes to an overall assessment of the theme Staff on the basis of its assessments of the separate standards. Even though the committee assesses S13 (quantity of staff) for the master s programmes in Accounting and International Business as unsatisfactory, the committee feels that this is compensated by the quality of the staff (S12). Therefore, it assesses this theme for the master s programme in Accounting and the master s programme in International Business as satisfactory. In the case of the master s programme in Marketing Research, it assesses this theme as satisfactory Services S15: Facilities Housing and facilities are adequate to achieve the learning outcomes. Description All UvT courses are given on the campus. All facilities and materials required to provide education are present on campus and accessible to all students. The faculties share all teaching facilities. The students' satisfaction with the facilities is evaluated each year at university level. There is a large number of lecture halls and classrooms available, with varying capacities (<25 to >300 seats), almost all with internet access and other teaching support facilities. In addition, there are several computer practice rooms available which can be used by students for self-study when they are not being used for classes. The evaluation results given in the self-evaluation report reveal that the students are in general positive about the quality of the lecture halls and classrooms. For this aspect, the faculty scores 3.7 (on a scale of 1 to 5, in academic year ). There are a number of rooms available with a total of 930 workplaces for students (including 500 workplaces in the library). Students can make use of the student workplaces in the library on Monday to Friday until 21:30 hours and on Saturday and Sunday from 10:00-17:00 hours. The Montesquieu Learning Center and the Goossens Learning Center are open each working day until 22:30 hours. Some of the student workplaces have lockers with an electric socket. The students can recharge their own laptop or mobile telephone there while they work. At various places, the setting resembles an internet café. In March 2009, the city of Tilburg s public library opened a municipal study centre where students have free access to the university network. All of these facilities are available to all UvT students. The students are less positive about the number of workplaces available, according to the results in the selfevaluation report. For this aspect, the faculty scores 3.1 (on a scale of 1 to 5, in academic year ). The university has a videoconference room that can also be used by students. It has installed a wireless network, which the students can log onto from their own laptop. In addition, there is a second-hand bookstore on the campus, where students can buy and sell books (the proceeds go to charity). The campus also houses a central library. For the economics and business economics courses, relevant databases are available. The students can consult the Library Service Desk for assistance and advice in searching for information. The library also contains a Scriptorium where students can find individual supervision and advice about writing a thesis, paper, or report in Dutch or English. QANU / Economics 2009 / Tilburg University 105

106 To prepare timetables, the UvT has been using the electronic programme Syllabus Plus since the academic year The aim is to utilise the available lecture halls better. For the FEB, this has led to a relatively large number of lectures in the evenings. In the interviews with students, it became clear that the students were not uniformly enthusiastic about this development. The FEB utilises different electronic systems in teaching. First of all, the Electronic Course Catalogue (ESG) lists all degree courses, programmes and electives. It also provides information about lecture and examination timetables. Second, Blackboard covers all courses, providing detailed information about them. Blackboard is primarily used for sending the students messages about a particular course, storing copies of presentations used in the lectures and issuing assignments. The third system is BSCW, a programme that enables collaboration at a distance via the internet. Using this programme, members of a group (project) have access to a common workspace where documents can be stored, shared and modified. In addition, discussions can be conducted, facilitating joint coordination and decision-making. From the interviews with the students, it became apparent that many are not familiar with the BSCW programme. Through the student portal on the university website, students gain access to different applications (with just one log-in). The student portal also provides students with information on supervision, student administration, et cetera. Currently, the FEB is conducting an experiment in recording lectures on video. At the site visit, it was explained that this application can be used when subjects are removed from the curriculum and students have to resit the examination, or when students want to review the lectures again or were not able to attend the lecture. Assessment Based on the description in the self-evaluation report, the committee concludes that there are currently enough classrooms, lecture halls and study places available. The committee would like to point out that if the number of students increases further, the facilities will not be adequate. The committee also ascertains that the lecture halls and classrooms suit the current didactical practices, which involves working with relatively large groups. For another didactical concept involving working with smaller groups, the current facilities will be inadequate. The committee appreciates the cosy feeling of the campus and the associated facilities. The committee is also pleased with the presence of the videoconference room and the secondhand bookstore for students. The committee confirms that the ICT facilities and electronic work environment look excellent. In interviews with students, it was noted that the students are not familiar with the BSCW programme. The committee clearly appreciates the added value of recording lectures on video. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. 106 QANU / Economics 2009 / Tilburg University

107 S16: Tutoring Tutoring and information provision for students are adequate in view of study progress. Tutoring and information provision for students correspond with the students needs. Description In the self-evaluation report, the FEB indicated that the students are responsible for their own study behaviour and progress. The initiative to seek support when problems arise lies primarily with the student. In the self-evaluation report, a distinction is made between facilities at the FEB level and at the university level. At the FEB level, the student service desk (1.9 fte, two staff members) is available. It is an easily accessible facility where students go first with course-related questions (except for questions about registration, which are dealt with by the Central Student Desk). The staff members of the student service desk refer more complex questions to the academic advisors. In 2012, the faculty intends to transform the student service desk into a one-stop shop, where all the students' questions can be answered. At the university level, academic advisors and psychologists are available at the Student Affairs Service. Students can get in contact through the student advisor or independently. At the Language Lab of the Student Affairs Service, students can take various language courses. All students of the university are given language vouchers with a total value of 12 EC with which they can take two language courses of 6 EC at the Language Lab during their course of their study. The faculty employs five student advisors (4.0 fte). Each student advisor is associated with a number of bachelor and/or master programmes. The coordinator of the study counselling unit can also act as a student advisor in busy periods. The student advisors offer support on course-related issues like problems with progress, selection processes and questions about the contents of the course and required skills. The student advisors are also involved in information-provision activities for prospective students and introductory activities for freshmen. The student advisors confer regularly with the programme director(s) of the programmes with which they are associated about information provision activities and developments in courses. The student advisors have consultations by appointment and open office hours. For international and exchange students, the International Student Services is available (6 staff members, 5.0 fte) to answer specific, individual questions about studying abroad. The university website plays an important part in information provision to students (see also standard 15 about facilities). In addition, the students periodically receive an English newsletter about developments regarding teaching within the FEB. In the Blackboard course FEB facts you need to know, the rules and procedures of the FEB and university are explained. The FEB also organises information meetings on course selection (after the first year of the bachelor programmes in General Economics, Business Economics and Fiscal Economics) and the range of choices after the bachelor s programme. The evaluation results in the self-evaluation report reveal that students of the FEB are in general less satisfied with the supervision than other students at the university. An upward trend is evident, however (from 2.3 in to 3.3 in , on a scale of 1 to 5). Assessment QANU / Economics 2009 / Tilburg University 107

108 The committee ascertains that all expected forms of supervision and tutoring at the FEB or central level are present. The initiative for requesting any form of supervision is left up to the student. In the different interviews with students, the committee explicitly asked their opinion on this standard. In general, students appeared to be reasonably satisfied with the supervision and advice that they received in practice. The committee focused in particular on international students. The committee is of the opinion that the activities of the programme management concerning supervision and information provision are adequate to promote study progress and that they meet the students' needs. The committee notes that the supervision could be improved by changing the optional nature of a number of parts. The committee also has established, based on the interviews, that the student advisors would like to play a more active role. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. Assessment of the theme Services The committee comes to an overall assessment of the theme Services on the basis of its assessments of the separate standards. In the case of the master s programme in Accounting, it assesses this theme as satisfactory. In the case of the master s programme in Marketing Research, it assesses this theme as satisfactory. In the case of the master s programme in International Business, it assesses this theme as satisfactory Internal quality assurance system S17: Periodical evaluations The curriculum is periodically evaluated in the light of verifiable objectives and other measures. Description The internal quality assurance system is described in the self-evaluation report for the FEB as a whole. The quality assurance system consists of three layers. The first are external quality assurance cycles, such as the six-year accreditation cycle. The second is an internal quality assurance cycle at the university level. There is a permanent Education Quality Assurance Steering Committee coordinating activities concerning the quality of education for the university as a whole. Proposals from this steering committee are discussed by the university board and the faculties. Some proposals from the steering committee are implemented throughout the university. In , the Mid-Term Review of Education took place halfway through the external quality assurance cycle, covering the entire university. The third layer of the quality assurance system is the internal quality assurance cycle conducted at the FEB level. The FEB programme directors are responsible for the quality of education. Teaching programme committees (OLCs) monitor the actions of the programme directors and give advice on the activities. The OLCs also advise the faculty board about the Education and Examination Regulations (OER). For reasons of efficiency, there are in total three clusters of OLCs, each with equal numbers of scientific staff members and students. Hardly any full professors participate in OLCs. The OLCs meet at least three times a year to discuss the semi-annual reports from the programme directors on the current state of affairs and the OER. It appears from the interviews that in practice there are more than three meetings per year. It also became apparent that the OLCs clearly have an advisory rather than 108 QANU / Economics 2009 / Tilburg University

109 a legislative role. The influence and involvement of the OLCs seem to have increased in the past few years. There are also plans to allow the OLCs to function more systematically and fulfil a more (pro)active role in the quality assurance process. Along with the contact with the OLCs, the programme directors receive management information from the FEB education office. The education office carries out examination and curriculum evaluations. All courses and associated exams are evaluated every year at the end of the course using a standard evaluation form, on which students indicate on a scale of 1 to 5 the extent of their agreement with a number of statements. The course s lecturers and their heads of departments receive the evaluation results. Because the results of the evaluations are not made publicly available (according to the interviews), the student societies have taken the initiative to produce shadow evaluations conducted by students. Thus, students gain insight into the assessment of the courses by their fellow students, and they can base their choices on this. Focus groups can highlight problems that students are having with a particular course. A focus group has been set up for all programmes, consisting of students from different years of a programme. In each semester, this focus group meets several times to discuss the education given in that period. In addition, the education office organises curriculum evaluations among students to explore all parts of the curriculum (one particular academic year), usually through a written questionnaire. If the causes of problems in a course are difficult to uncover, panel discussions are set up at the request of the lecturer teaching a course, the programme director or the head of the department. Invitations to be on the panel are sent to several students, and possibly to the lecturer. A discussion is initiated with staff members of the education office on a topic referring to the teaching in the course, and suggestions are made for improvement. Another form of panel discussion involves groups of students evaluating course-related issues and service provision to students. Starting in , this form of panel discussions will be implemented. Along with these evaluation methods, there are also alumni surveys and contacts with the relevant job market (see standard 19). From the interviews with lecturers and students, it appears that the results of the course evaluations are not publicly available. Apart from those directly involved in the courses, only members of the OLC may view the results. For some programmes, the relevant student society conducts shadow evaluations, which are made public. Assessment The committee feels that the programmes meet the criteria for this standard. The committee ascertains that the education provided is periodically evaluated according to a set of objectives (see description under S18) and that the programme management actively acts on the results. It also confirmed that the evaluations are conducted in a formalized and structured way and that the programme management structurally analyses the results and takes action, if necessary. Based on its discussions held with the members of the different OLCs, the committee ascertains that the OLCs feel involved in the quality assurance system for the programmes. The committee considers the size of the different OLCs to be overly large, and the involvement of full professors in all OLCs to be too low. The committee feels that the OLCs act rather passively, without having systematic contact with their constituencies (i.e., other lecturers and students). In the discussions, it became apparent that this difficulty has been noted earlier by the OLCs themselves and in an external survey conducted by the university. The role of the OLCs continues to grow in importance, however, and has expanded in the QANU / Economics 2009 / Tilburg University 109

110 past few years. The committee favours this development and sees great potential if this growth trend continues. Both the OLCs and the programme management confirmed that remarks and suggestions from the OLCs are taken seriously. The OLCs have contributed, for example, to issues concerning the OER. They are also active in analysing the evaluation results for courses. Different interviews revealed that reviews are conducted in a formalized and structured way based on course and examination evaluations, as well as focus groups. The programme management structurally analyses the results and takes action, if necessary. The committee likes the panel discussions that are arranged whenever some aspect of a course is unclear. The information derived from the evaluations could be processed in a more systematic and coordinated manner, however. Strengthening the contacts between the different involved parties -for example, the OLCs and the focus groups- could contribute to this. In addition, the contact with the OLCs constituencies (particularly the students) must be strengthened. On the one hand, students need more insight into the evaluation system, to know where to go with a problem. On the other hand, students need to be informed about the results of evaluations. In the interviews with students and lecturers, it became apparent that the evaluation results are not made public. Currently, students are forced to obtain this information through shadow evaluations. The committee considers it important that students are given insight into the results of evaluations (perhaps, after a privacy check). The committee is positive about the implementation of the Mid-Term Education Review and the baseline measurement conducted by the university to improve testing practices. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. S18: Measures for improvement The outcomes of the evaluation form the basis of verifiable measures for improvement that contribute to the achievement of the objectives. Description The self-evaluation report describes how the results of evaluations are dealt with. All of the results are entered in the electronic programme file for the programmes (as far as possible). This gives the programme directors and OLCs access in an orderly manner to all data collected about a programme. The data can then be analysed, after which conclusions can be drawn about the strong and weak points of the programme (or parts of it). This provides a basis to stimulate steps for improvement. After implementing these improvements, the new collected information can be used to examine the extent to which the desired effect was achieved. The programme dossier was developed in the course of the academic year and is constantly being updated. The results derived from the programme dossier are discussed in performance reviews and management reviews, and form a stimulus for staff members to take didactical training when a course is judged as unsatisfactory on this aspect for the second time in a row. The discussions revealed that both the programme directors and the OLCs sense that the results of the evaluations are taken seriously. In the OLCs, a course that has been judged to be unsatisfactory is definitely discussed. 110 QANU / Economics 2009 / Tilburg University

111 The self-evaluation report revealed that at the FEB level different recommendations have been implemented, including most of the ones that had emerged during the previous accreditation cycle. Examples include the recruitment of an education specialist to survey the teaching of skills in the bachelor programmes, development of an assessment form for bachelor and master theses, improvement of communication with the students, and an increase the number of student workplaces. The faculty is also occupied with implementing recommendations made by the committee in the Mid-Term Review in Partly due to the Mid-Term Review, for example, the faculty instituted a new policy as to the internationalisation of education. Moreover, several curricula will have to be revised in the near future. Master s programme in Accounting The self-evaluation report describes how, over the last four academic years, the evaluations of the individual teachers of the five core accounting courses have improved: from 3.6 to 4.0 on explanation, from 3.5 to 3.8 on stimulation, and from 3.9 to 4.2 on English. Part of the improvement comes from the teachers' increasing familiarity with the new courses. Academic year marked the first year of the new master s programme in Accounting. Interactivity between students and teachers has been promoted in courses such as Advanced Management Accounting and Accounting Theory. According to the self-evaluation report, the lecturer evaluations for both courses have improved over the last four years, and are now the highest in the programme. According to the self-evaluation report, lecturers with poor evaluations discuss their performance with the department head (who also appoints the lecturers and sets the annual teaching loads). Ratings below 3.25 are considered poor. Since students of the master s programme in Accounting represent only a small fraction of the students taking the elective Finance courses, the responsibility for monitoring those courses and teacher quality is in the hands of the Finance Department. Course evaluations vary between 3.2 and 4.3. In , there were two courses with an evaluation around 3.0. The self-evaluation report states that one lecturer (IFRA) was replaced, and the other course was changed to include more class discussion with smaller student groups, resulting in an increase of the course evaluation to 3.2. Master s programme in Marketing Research The self-evaluation report states that over the past few years, few problems were observed with regard to the quantitative evaluations. Students were very satisfied with the courses and lecturers (scores around 4). The self-evaluation report also notes that a sounding board meeting is organised twice a year. The following examples of improvement (results of sounding board meetings) were presented: Starting in 2008, Mathematics 2 was included in the curriculum of the pre-master programme in Marketing Research, because hbo students indicated that they lacked the requisite knowledge for the Marketing Models course. The Market Assessment course is included as an additional elective course because students with a non-econometrical background experienced problems with the advanced econometrical elective courses in semester 1. The Experimental Research course was made more challenging because students indicated that the level was too basic. QANU / Economics 2009 / Tilburg University 111

112 Given the very low inflow of students with an econometrics background, the programme is considering ways to attract those students. One possibility would be to offer more courses (elective) from the Department of Econometrics. Master s programme in International Business The self-evaluation report states that over the last four academic years, the evaluations of the individual lecturers of the core courses have remained consistently high: from 3.9 to 4.1 on explanation, from 3.7 to 4.1 on stimulation, and from 3.8 to 4.3 on English. No case of unsatisfactory performance has arisen, and one case of low performance by a PhD student giving tutorials has been addressed and resolved. The self-evaluation report presents the following measures of improvement. The four required electives were changed and made to follow the core courses more stringently, to avoid students drifting away from the main goal of the programme. The programme now also requires students to choose their research seminar in the subject in which they will write their thesis, to ensure a continuous build-up of skills. The self-evaluation report states that there is still some room for improvement. For example, it would be good to add one additional elective focused on international business topics like the research seminars, and with a similar research-oriented style, so that students can acquire more life-long learning skills. Students sometimes also voice concerns about the lack of coordination in exam scheduling for electives taken from different programmes. The programme management tries to avoid conflicts, at least with the most popular courses. Assessment The committee approves the implementation of programme dossiers. In these dossiers, it is evident that courses can be evaluated before and after every examination. This information is available for all years, starting in It is also evident in the dossiers that courses with low scores in the evaluation are actually improved or removed. The committee gets the impression that good use is made of the programme dossiers. The committee ascertains that the results of the course evaluations lead to concrete measures for improvement when there is a need for it. The committee examined different examples of measures taken to improve the quality of the teaching. The committee feels that along with the formal measures implemented by programme management, individual improvements were carried out by lecturers based on the course evaluations and other signals they perceived. The committee feels that the three master s programmes discussed in this report meet the criteria for this standard. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. S19: Involvement of staff, students, alumni and the professional field Staff, students, alumni and the relevant professional field will be actively involved in the internal quality assurance system. Description As already stated in standard 17, lecturers and students are involved in the quality assurance system in the following ways: 112 QANU / Economics 2009 / Tilburg University

113 The programme directors are also lecturers. They are assisted by a student advisor and an academic advisor. Lecturers and students are represented on the educational committees with equal numbers of lecturers and students. The FEB has three educational committees. Students participate in focus groups and are involved in panel discussions about a particular course. Students can express their opinions about courses and examinations through written course and examination evaluations carried out after the conclusion of a course or examination. Alumni and representatives from the professional field currently have a rather modest role in the quality assurance system. There are annual alumni surveys conducted through the WO monitor by the Research Centre for Education and Job Market (ROA), but a survey among representatives of the professional field is not done structurally. There is some contact with the professional field in the form of students' final projects conducted in companies. The programme receives feedback on the student's abilities as evidenced in how they carried out the project from the internship supervisor, which may also include indirect feedback about the programme. The self-evaluation report also states that the FEB has a Social Advisory Board with representatives from the business community and other institutes. The members of the Social Advisory Board offer their vision of the path the faculty could and/or should take from their specific viewpoints. The Social Advisory Board meets several times a year. It is consulted in strategic discussions within the FEB. At university level, an alumni database is being established, and a pilot of a large-scale survey is being conducted among alumni. The intention is to put together an alumni panel that can be periodically consulted on relevant issues. The university also wants better information as to its international alumni. At the moment, they generally disappear once they have graduated and returned home. The FEB intends to establish a Career Center for alumni to stimulate binding with alumni by organising various activities and to obtain more systematic feedback on the FEB programmes. Currently, the FEB is actively recruiting an alumni officer to handle the alumni policy. Master s programme in Accounting Regarding the relations with the professional practice, the self-evaluation report states that since 2007, there is a curatorium (board) consisting of members of the business community, accounting firms and the Dutch Authority for the Financial Markets (AFM) that reviews the curriculum and checks whether the courses satisfy the current business demand. The curatorium looks at the curriculum as a whole (i.e., at the accounting courses offered at the bachelor s, master s and postmaster s level), and makes sure the complete programme satisfies the business needs and professional standards. The self-evaluation report states that the student organisation, Asset Accounting & Finance, is very active and organises student-employer events. It also stays in touch with alumni. Once a year, it organises a one-day accounting symposium to which prominent speakers from the business and financial community are invited. Master s programme in Marketing Research The self-evaluation report describes that the contacts with the external supervisors of the master's theses lead to useful information regarding the connection between the programme and business, with regard to knowledge as well as skills and attitudes. QANU / Economics 2009 / Tilburg University 113

114 The self-evaluation report also states that a number of lecturers involved in the programme are also active in Executive Teaching programs of the TiasNimbas Business School. Assessment The committee is of the opinion that the programmes meets the criteria for this standard. Based on the discussions with students and lecturers, the committee ascertains that the staff members and students are committed to their programme. The contacts between OLCs and other students could be strengthened and structured better. In this way, the functioning of these committees would be enhanced. Contacts with the professional field and alumni do exist, but could be better structured. The committee notes that the contacts between students from the OLC and their fellow students run primarily through the informal network contacts. Students do not appear to know who represents them on the OLC. The committee advises the OLC to structure the contacts and information provision to students better. In this way, it will be clearer for the students what measures are taken in response to the outcomes of the course evaluations. This could also lead to an increase in the information that reaches the OLC, because students know where they can go with their issues. The committee feels that the current OLCs mostly respond reactively. They discuss important issues, but mainly at management's request. The committee advises the OLCs to act more proactively in the future, and take up an agenda-setting role. The committee also notes that the current OLCs are rather large, and that hardly any full professors are members. This can affect their decisiveness and influence. The committee appreciates that a university-wide external survey on the working of the OLCs was conducted. The committee notes that the role of the OLCs is being taken more and more seriously by the programmes. It is important that this development continues. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. Assessment of the theme Internal quality assurance system The committee comes to an overall assessment of the theme Internal quality assurance system on the basis of its assessments of the separate standards. In the case of the master s programme in Accounting, it assesses this theme is satisfactory. In the case of the master s programme in Marketing Research, it assesses this theme as satisfactory. In the case of the master s programme in International Business, it assesses this theme as satisfactory Results S20: Achieved learning outcomes The achieved learning outcomes correspond with the aims and objectives regarding level, orientation and subject- /discipline-specific requirements. Description At FEB level, rules have been formulated for the supervision of students writing their bachelor s or master s thesis, and criteria have been developed for the assessment of these theses. Regarding the supervision of students, the FEB considers that this must be the responsibility of a staff member with a PhD. In addition, the assessment must always be done 114 QANU / Economics 2009 / Tilburg University

115 by two staff members who separately fill in an assessment form according to the formulated criteria. This will make it clear for students how the final grade is arrived at, and a certain arbitrariness of the assessment criteria employed by individual judges can be prevented. The assessment of the thesis is based on an assessment form taking into account the various criteria that a thesis paper should meet. Six aspects are distinguished: the research question, method and theory, findings, conclusions, recommendations, and style. Master s programme in Accounting The self-evaluation report states that in the master s thesis, the student demonstrates the ability to communicate a research question, justify the research of that question from the academic literature, and empirically test the potential solutions to that question. The empirical test requires a thorough understanding of scientific methods, such as economic models, statistics, and programming skills. According to the self-evaluation report, the writing of the master s thesis is an important final stage of the programme (18 EC). The students are encouraged to find a topic in January and February, and should start working full-time on the thesis research from mid-march, when the coursework has ended. Students discuss their thesis proposal with a central thesis coordinator in the Department of Accountancy. When a proposal has been approved, the student is assigned to a supervisor with similar research interests. The thesis coordinator receives a list of supervisor-candidates from the department head with the maximum number of theses that can be allocated to each supervisor. When the student meets with his/her supervisor for the first time, they discuss the time schedule, expectations, and content of the thesis. Since 2007, the Department of Accountancy has used a set of guidelines that each supervisor discusses in the first meeting with the student: the format, length, theory, empirical methods, et cetera. The self-evaluation report states that one of these guidelines also relates to the time frame to finish the thesis. Students are strongly urged to finish their thesis within six months of the first meeting with their supervisor. Setting strict time schedules has a motivating effect on the students, and the programme management has noticed a large increase in the number of students who finish within six months. After finishing the thesis, the students face a defence. The student gives a ten-minutes presentation for her/his supervisor, a second reader and, when present, the external internship supervisor. After the presentation, the committee asks questions for about 40 minutes. There is a short deliberation, based on the six evaluation criteria. The last part of the defence is used for awarding the diploma and commendation. The self-evaluation report states that students are offered the possibility to do an internship starting in April (after exams of first semester have been completed). According to the selfevaluation report, students are offered sufficient time in the internship to conduct their research for the master s thesis. Master s programme in Marketing Research The self-evaluation report states that the master s programme in Marketing Research concludes with the master s thesis: the knowledge and skills trained in the individual courses are translated into a more practical (business) problem. Students can write an internal or an external thesis. For internal theses, the subject is related to a research problem of one of the researchers within the Marketing Department. For external theses, the student is asked to solve in an academic way a practical research problem from an external company. Most students choose to write their master s thesis for an external company. QANU / Economics 2009 / Tilburg University 115

116 The topic of the master s thesis needs to be consistent with the programme: i.e., research techniques that are discussed during the courses need to be applied in the thesis. Before students start with their thesis, the thesis coordinator checks the appropriateness of the topic, whether it is sufficiently concrete and well-defined, and whether the academic and managerial relevance is sufficient. Once the thesis coordinator has approved the research proposal, the student is allocated an internal thesis supervisor who has a sufficient level of expertise and knowledge to provide feedback and to safeguard the quality of the thesis. The self-evaluation report states that the master s thesis needs to be written within a time span of six months. Students are free to choose the moment to start (some students want to do a short internship first to learn more about the company; others want to focus on the courses and exams first). Ideally, students look for a company and topic in December (the Matchpoint database of the university can help students to find an external company), and start with their thesis in January. The master s thesis is defended in front of a committee, consisting of the internal thesis supervisor and an independent member of the Marketing Department who is also an expert on the subject. In the interviews with the lecturers, it became clear that the lecturers of the master s programmes in Marketing Management and Marketing Research work together closely on the bachelor s and master s theses. The focus of the bachelor s thesis is more theoretical, the master s thesis more empirical. Master s programme in International Business The self-evaluation report states that the thesis is produced after a selection process that involves the student's (i) participation in the research seminar at the beginning of the second semester, (ii) selection of topic and approval by the thesis coordinator in the relevant department (there is no thesis coordinator specifically for this programme, except in the Marketing Department), and (iii) discussions and interaction with the thesis advisor who ultimately decides when the student is ready to defend the thesis. The assessment is made by a small committee of lecturers and professors that examines the oral defence. The evaluation of the thesis covers the ability to identify a relevant problem, find a suitable methodology to address it, successfully develop a quantitative or conceptual approach to solving the problem, and deliver a satisfactory presentation. The self-evaluation report states that in the information sessions with each department thesis coordinator, the additional benefits of an internship and the procedure students should follow for an internship are explained. Sometimes companies approach the coordinator with a request for an internship, sometimes students look for companies themselves, and sometimes individual lecturers have contacts that are used to generate internships. Internships are usually clearly specified research proposals and will be advertised to the master students. The thesis coordinator acts as a first contact person. Care is taken to verify that internships provide students with a real learning experience and are not simply a way for companies to obtain low-cost labour. The programme management remarks that there are no differences in the evaluation and grading of theses that originate from an internship and those that develop an academic topic. Assessment The committee assessed the achieved learning outcomes of the programmes as satisfactory. The overall conclusion is that the quality and level of the master s theses are satisfactory. 116 QANU / Economics 2009 / Tilburg University

117 For each programme, the committee made a random selection of two theses from the list of the 25 most recently completed theses and the associated assessment forms. Consideration was given to the grading (both a low and a high grade) and the supervisor (the selected theses had different supervisors). The committee members read the theses and assessed their presentation of the problem, review of the literature, methods and justification, conclusion and discussion, structure, legibility and verification. To a large extent, the committee agrees with the grades awarded by the supervisors. The committee ascertains that not all of the selected and assessed final theses were accompanied by a completed assessment form. In addition, on a number of assessment forms, there was no justification for the score given. Master s programme in Accounting The first thesis studied by the committee has a clear problem definition, which is clearly related to the relevant literature. The student used much appropriate literature, also related to the hypotheses. The methodology used is quite standard, but the data and the hypotheses are very clearly defined and discussed. The conclusions are critical, balanced and related to the literature used. The thesis is well structured and readable. The committee considered the second thesis to be adequate, but not as good as the first one. The use of the literature, conclusions, methodology and style are all adequate. Master s programme in Marketing Research In the first thesis, a clear problem definition is presented, followed by a structural analysis of the theory involved. The variables and data used are clear and well presented. The conclusions are logical, following the presented research outcomes. The second thesis studied has a clear problem definition, which is followed up throughout the thesis. Excellent literature is reviewed, and the experimental methodology is well chosen. The conclusions are also very good, and related to the problem definition. The committee is impressed by the experimental research used in the thesis. Master s programme in International Business The first thesis studied has a rather messy and not very challenging problem definition. The student reviewed the literature and collected data using a questionnaire in two countries. The analysis is quite reasonable, with straightforward conclusions. The style and structure are also adequate. The second thesis studied also has an adequate problem definition, followed by proper use of the literature and rather straightforward conclusions. The research conducted is quite simple, and not very critical. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. S21: Study progress Target figures that are comparable to other relevant programmes are formulated to express the expected success rate. The programme s success rate complies with these target figures. Description The self-evaluation report presents university-wide target figures. 75% of all master s programme students should finish the programme in one year. At the point in time, this target has not been realised. University-wide, 27% finishes the master s programme within one year, 63% within two years and 79% within three years. QANU / Economics 2009 / Tilburg University 117

118 The self-evaluation report states, at FEB level, several arguments for the delay of students: Students have extracurricular activities such as hobby s or a job. Students make a conscious choice to study more than one year. They find themselves not yet ready or too young to enter the labour market. Personal, unforeseen circumstances. Once the student has a delay (in, for example, the bachelor s programme), it is hard to make up, which means that during specific periods students have to study harder. The master s thesis is also a cause for delay. The master s thesis is scheduled in the second part of the second semester. In the first part of the second semester, students are expected to follow two courses and make preparations for the master s thesis. In the second part of the second semester, there are no master s programme courses scheduled. In practice, during this period, students sometimes also have to finish courses of the bachelor s programme or follow an internship. This usually leads to study delay. The interviews with the students made clear that students still have to finish courses whilst working on the master thesis. This causes a delay. Master s programme in Accounting The results for the master s programme in Accounting are presented below: 24% awarded the diploma after one year, 54% awarded the diploma after two years, and 75% awarded the diploma after three years. These results are slightly lower than those for the FEB. The average time that students needed to finish the programme has decreased from 16 months for the cohort to 15 months for the cohort. Master s programme in Marketing Research The results for the master s programme in Marketing Research are presented below: 19% awarded the diploma after one year, 70% awarded the diploma after two years, and 75% awarded the diploma after three years. These results are slightly lower than those for the FEB (apart from the percentage after two years of study). The average time that students needed to finish the programme has increased from 12 months for the cohort to 13 months for the cohort. Master s programme in International Business The results for the master s programme in International Business are presented below: 30% awarded the diploma after one year, 53% awarded the diploma after two years, and 71% awarded the diploma after three years. 118 QANU / Economics 2009 / Tilburg University

119 Apart from the percentage that graduates after one year, these results are lower than those for the FEB. The average time that students needed to finish the programme has decreased from 15 months for the cohort to 14 months for the cohort. Assessment The committee has learned that the demands regarding the transition between the bachelor s programme and the master s programmes have become stricter. The committee recommends that the programme implement even stricter demands by means of a fixed separation (harde knip) between the bachelor and master programmes. The committee feels that this will motivate the students more to finish the bachelor s programme, and ensure that they do not enter the master s programme before their bachelor courses are complete. The committee believes this could reduce the delay in finishing the programmes. Only then the average time students need to finish the master s programme will be informative. At the moment, the numbers are not informative, as students follow master s courses when they are officially in their bachelor s phase. The committee is of the opinion that the success rates are low, as is also the case in comparable programmes in the Netherlands. Still, the committee feels that the FEB should pay more attention to this issue. The interviews held with the students revealed that internships are often a cause for delay. The internship is usually related to the master s thesis. The committee feels that the incorporation of an internship in the curriculum might lead to less delay, because it enhances the amount of control of the programme on the progress of students. Next to this, it could enhance a stronger relationship between students and the programme. Nonetheless, the committee feels that the three master s programmes meet the criteria for this standard. Master s programme in Accounting: the committee assesses this standard as satisfactory. Master s programme in Marketing Research: the committee assesses this standard as satisfactory. Master s programme in International Business: the committee assesses this standard as satisfactory. Assessment of the theme Results The committee comes to an overall assessment of the theme Results on the basis of its assessments of the separate standards. In the case of the master s programme in Accounting, it assesses this theme as satisfactory. In the case of the master s programme in Marketing Research, it assesses this theme as satisfactory. In the case of the master s programme in International Business, it assesses this theme as satisfactory. QANU / Economics 2009 / Tilburg University 119

120 Overview of the committee s assessment Master s programme in Accounting: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Good 13. Quantity of staff Unsatisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 5. Internal quality assurance system Satisfactory 6. Results Satisfactory 16. Tutoring Satisfactory 17. Periodical evaluations Satisfactory 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni Satisfactory and the professional field 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory 120 QANU / Economics 2009 / Tilburg University

121 Master s programme in Marketing Research: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Good 13. Quantity of staff Satisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 16. Tutoring Satisfactory 5. Internal quality Satisfactory 17. Periodical evaluations Satisfactory assurance system 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni and the professional field Satisfactory 6. Results Satisfactory 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory QANU / Economics 2009 / Tilburg University 121

122 Master s programme in International Business: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Satisfactory 13. Quantity of staff Unsatisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 16. Tutoring Satisfactory 5. Internal quality Satisfactory 17. Periodical evaluations Satisfactory assurance system 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni and the professional field Satisfactory 6. Results Satisfactory 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory The committee s overall assessment of the master s programmes in Accounting, Marketing Research and International Business The committee concludes on the basis of its assessments of the themes and standards from the assessment framework: that the MSc programme in Accounting fulfils the formal requirements which are a prerequisite for accreditation, that the MSc programme in Marketing Research fulfils the formal requirements which are a prerequisite for accreditation, and that the MSc programme in International Business fulfils the formal requirements which are a prerequisite for accreditation. 122 QANU / Economics 2009 / Tilburg University

123 7. Report on the master s programmes in Economics, Economics & Finance of Aging, and International Economics & Finance Administrative data Master s programme in Economics Name of the programme: Economics CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full-time Location(s): Tilburg Expiration of accreditation: 13 February 2011 Master s programme in International Economics & Finance Name of the programme: International Economics & Finance CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full-time Location(s): Tilburg Expiration of accreditation: 13 February 2011 Master s programme in Economics & Finance of Aging Name of the programme: Economics & Finance of Aging CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full-time Location(s): Tilburg Expiration of accreditation: 22 November 2011 The site visit of the Economics assessment committee to the Faculty of Economics and Business Administration of Tilburg University took place on and October Structure and organization of the faculty The Tilburg University (UvT) specialises in the field of human and social sciences, with the Faculty of Economics and Business (FEB) being one of the six faculties. Founded in 1927, the FEB is the oldest and largest faculty of the university. Of the almost 12,000 UvT students, slightly less than half studies at the FEB. A quarter of all fte personnel works at the FEB. The QANU / Economics 2009 / Tilburg University 123

124 faculty has a faculty management team, consisting of the dean, three vice-deans (Education, Research and Internationalisation), the director and a student advisor. The FEB offers eight bachelor programmes and nineteen master programmes, and consists of eight departments to which the scientific personnel (and the support personnel of the department) is attached: Accountancy Economics Econometrics and Operations Research Finance Fiscal Economics Information Management Marketing Organization and Strategy Each department has a head of department. In addition, there is a faculty office for the support of academic staff. It has units like the Education Office, MT Staff Office, ICT Unit, HRM Unit, International Programmes Unit, International Student Services Unit, et cetera. In 2008, the FEB employed over fte of academic staff. Each programme has a director. The programme director is responsible for the contents of the curriculum, quality assurance and improvement, admissions, information provision to students (current and prospective) and communication with other involved parties within the faculty. The programme director is supported in his/her tasks by a student advisor and a academic advisor. In 2007, a Mid-Term Review of Education was conducted, led by Professor Abraham of KU Leuven. With this as a stimulus, the faculty decided to formulate a new policy regarding education and internationalisation, and to implement the modernisation of several curricula. With the introduction of the bachelor-master structure in , the FEB decided on eight wide-ranging bachelor and nineteen specialised master programmes (based on the former doctoraal programmes). New programmes include the bachelor s programme in Business Studies and the master s programme in Economics and Finance of Aging. The master programmes in Economics and in International Economics and Finance will merge into a new programme in 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 learning outcomes were derived from the goals of the corresponding programmes and are categorised into knowledge, skills and attitude qualifications. 124 QANU / Economics 2009 / Tilburg University

125 Master s programme in Economics The self-evaluation report states that the master s programme in Economics aims at providing students who already have a relevant bachelor s degree with the specific scientific knowledge, skills and attitudes relevant to the field of economics, with an emphasis on market functioning and market failures. It has the following learning outcomes: Knowledge The graduate of the programme: understands how markets function, and why they may fail (K1); understands the consequences of these market failures in terms of strategic response of firms and governments, as well of possible solutions to the problems identified (K2); has knowledge of the recent literature in this area (K3); has knowledge of the various research tools used in the field, with a special emphasis on econometrics and mathematics (K4); understands the relevant empirical facts and institutions (K5); has a thorough and critical insight into the boundaries of the field (K6). Skills The graduate of the programme has the ability to: thoroughly analyse the problems of market failures studied by applying theory in practice (S1); communicate the results of the analysis both on paper as well as verbally to an audience of either experts or laymen (S2); derive the implications of market failures for policy making (S3); relate theory to practical and changing situations and vice versa (S4); conduct research in the field concerned using econometrics and mathematics (S5); reflect on theories discussed and ability to properly evaluate the scientific quality of one s own work as well as of the work done by others (S6); work independently and in a team (S7). Attitude The attitude of the graduate of the programme can be characterised by: a critical attitude towards the theories and empirical evidence presented (A1); eagerness to keep abreast of the new developments in the field throughout one s career (A2); willingness to provide constructive criticism to the work of others, and to critically assess one's own work (A3); flexibility to work in teams (A4). In the self-evaluation report the programme draws a comparison with other benchmark programmes: the master s programme in Economics of the London School of Economics (LSE) and the master s programme in Economics of University College London (UCL). According to the self-evaluation report, the master s programme in Economics of UvT is similar to these programmes in terms of the focus on theory and the development of practical research skills (both Tilburg and LSE start with an intensive course on applied methods and econometrics). The UvT programme is more applied in its overall approach, while the QANU / Economics 2009 / Tilburg University 125

126 programmes of LSE and UCL are very close to what the international academic community would consider a MPhil programme. The UvT master s programme in Economics puts more emphasis on skills that are useful for students aiming for a career outside academia (while still offering students the opportunity to prepare themselves to complete a MPhil programme successfully in Tilburg, or at any other university). The self-evaluation report also provides a table in which the individual courses are systematically cross-matched with the intended learning outcomes. This table shows the composition of the overall programme. Master s programme in International Economics & Finance According to the self-evaluation report, the master s programme in International Economics and Finance (IEF) aims to provide students who already have a relevant bachelor s degree with the specific scientific knowledge, skills, and attitudes relevant to the field of international economics and finance. The unifying theme of the programme is The Impact of International Policy Making on Business. It has the following learning outcomes: Knowledge The graduate of the programme has: a deep understanding of the fields international economics, international finance and monetary economics (K1); understanding of the international policy context banks and large non-financial firms are facing, and of the interaction between firms and the various layers of government (K2); knowledge of the recent literature in this area (K3); knowledge of the various research tools used in the field, with a special emphasis on econometrics and mathematics (K4); a good understanding of the relevant empirical facts and institutions (K5); a thorough and critical insight into the boundaries of the field (K6). Skills The graduate of the programme has the ability to: relate theory to practical and changing situations and vice versa (S1); write reports and give oral presentations for an international audience (S2); conduct research in the field concerned (S3); perform well in an international environment (S4); reflect on theories discussed and ability to properly evaluate the scientific quality of one s own work as well as of the work done by others (S5); work independently and in a team (S6). Attitude The graduate of the master s programme IEF has an attitude which is characterised by: a critical attitude towards the theories and empirical evidence presented (A1); willingness to provide constructive criticism to the work of others, and to critically assess one's own work (A2); eagerness to keep abreast of the new developments in the field throughout one s career (A3); flexibility to operate in an internationally oriented multi-cultural framework (A4); flexibility to work in teams (A5). 126 QANU / Economics 2009 / Tilburg University

127 In the self-evaluation report, the programme makes a comparison with the master s programme in Economics and International Financial Economics of the University of Warwick. According to the self-evaluation report, the two programmes compare well in many respects. Both offer an advanced course in mathematics and statistics at the beginning, as well as core courses in microeconomics and macroeconomics relevant to financial and monetary economics and trade. Both programmes also include electives on the role of financial intermediation in the growth process (in developed and developing countries alike), on investment analysis, et cetera. The main differences are that the UvT programme offers more room for specialisation in international and financial economics (at the cost of extra courses on econometrics and research methods as in Warwick) and is more micro-oriented. The selfevaluation report also provides a table in which the individual courses are systematically cross-matched with the learning outcomes. This table shows the composition of the overall programme. Master s programme in Economics & Finance of Aging The self-evaluation report states that the master s programme in Economics and Finance of Aging (EFA) aims to provide students who already have a relevant bachelor s degree with additional scientific knowledge, skills, and attitudes relevant for the specific field of aging, pensions, and retirement. The programme has the following learning outcomes: Knowledge Graduates of the master s programme: have broad knowledge of the major pension systems in industrialised countries, and insight in their strengths and limitations (K1); are familiar with the major issues in the current policy debate on the economic consequences of an aging population (K2); have a thorough understanding of the main scientific theories in micro, macro, and finance that are relevant for the economics of aging, pensions, and social insurance and are able to judge their relevance for practical problems (K3); have in-depth knowledge of the relevant theories in a specific sub-field of the economics of aging (micro, macro, finance, or a related discipline) (K4); expand their knowledge on the statistical and economic research tools (K5). Skills Graduates of the master s programme have the ability to: apply and combine scientific theories and scientific research methods to problems of practical interest in economics and finance of aging, integrating different perspectives (S1); use the basic empirical research tools to analyse problems of interest in economics and finance of aging and can judge whether specific tools are useful for explaining the empirical phenomenon and the actual data (S2); present theoretical and empirical findings to their peers and to critically evaluate and discuss findings of others (S3); write critical essays on topics in pension and aging economics using scientific standards (S4); communicate and cooperate with experts in the field at a professional and scientific level (S5); QANU / Economics 2009 / Tilburg University 127

128 approach, structure, solve, and present independently a specific substantive problem related to the practice of pension or aging economics using the appropriate scientific theories and methods (S6); make a link between practical economic problems and/or scientific theories (S7); understand the scientific literature in the field of specialisation and to do scientific research (S8). Attitude Graduates of the master s programme in EFA are characterised by: the willingness to use scientific methods and theories to address practical problems, combined with a critical attitude to judge which method is useful (A1); an interest in relevant developments at the research frontier and the skills and attitude to keep learning continuously (A2); an open attitude towards integrating and combining arguments from macro, micro, finance, and other relevant fields to solve a practical problem (A3); the ability and willingness to communicate their work with practitioners in the field (A4); a self-critical and self-conscious attitude with a realistic assessment of their own abilities (A5). The self-evaluation report states that the master s programme in EFA was initiated because pension funds, insurance companies, ministries, and other organisations in the field of the economics of pensions and aging expressed a need for scientifically trained graduates with expert knowledge of modern finance and economics, both from the Netherlands and from abroad. The self-evaluation report also notes that the Network for Studies on Pensions, Aging and Retirement (Netspar) is affiliated with the FEB. Netspar aims to increase the awareness of practitioners at financial institutions of the macroeconomic and microeconomic implications of aging and their institutions' policies. The partners in Netspar are the Economics and Business Faculties of Dutch universities, several ministries and other public sector organisations, and a number of pension funds and insurance companies in the private sector. According to the self-evaluation report, the Netspar partners have explicitly expressed their need for national and international graduates in Economics and Finance of Aging at a scientific level. The Netspar partners have also participated in formulating the objectives of the programme and have committed to cooperate in joint activities, internships of master students, guest lectures, et cetera. The self-evaluation report states that there is no equivalent of the programme in other countries. Various master programmes in Economics offer a course on the macro- or microeconomics of aging or on pension economics, and finance programmes sometimes specialise in the field of pensions or life insurance. According to the self-evaluation report, most of these courses or programmes do not correspond one-to-one to the courses in the UvT programme, but there is some overlap in terms of topics, level, literature and the like with several courses in the UvT programme. The self-evaluation report also provides a table in which the individual courses are systematically cross-matched with the learning outcomes. This table shows the composition of the overall programme. Assessment The committee studied the learning outcomes of the three programmes and established that the formulated learning outcomes enable students to obtain sufficient knowledge, skills and academic attitude. The learning outcomes fit with the domain-specific requirements as 128 QANU / Economics 2009 / Tilburg University

129 formulated by the committee for the evaluation of economic programmes. The committee concludes that the learning outcomes of the three programmes are in line with nationally/internationally accepted domain-specific standards. The established presence of international staff, national staff with international teaching experience and contacts with various foreign universities contributes to this alignment with national/international domainspecific standards. The committee establishes that the learning outcomes of the three programmes are in line with requirements set by professional colleagues, both nationally and internationally. The committee also states that the tables showing the link between the learning outcomes and the courses of the master programmes (presented in the self-evaluation report) provide a clear picture of the extent to which the various learning outcomes of the programme are presented in the courses. Master s programme in Economics The committee establishes that academic qualifications are reflected in the learning outcomes. An example is learning outcome K4, which expects the graduate to have knowledge of various research tools used in the field, with a special emphasis on econometrics and mathematics. Learning outcome S5 focuses on the ability to conduct research in the field concerned, using econometrics and mathematics. Master s programme in International Economics & Finance According to the committee, the learning outcomes of the master s programme in IEF reflect the academic qualifications. This is shown in learning outcome K4, regarding knowledge of the various research tools used in the field, with a special emphasis on econometrics and mathematics. The academic qualifications are also reflected in learning outcomes S3 and S5, in which students are expected not only to conduct research in the field concerned, but also to reflect on the theories discussed and to properly evaluate the scientific quality of one s own work as well as of work done by others. Master s programme in Economics & Finance of Aging The committee appreciates the involvement of Netspar in formulating the learning outcomes of the programme; this implies the commitment from professional practice. The committee feels that academic qualifications are well presented in the learning outcomes of the master s programme in EFA. An example is the ability to apply and combine scientific theories and scientific research methods to problems of practical interest in the economics and finance of aging, and to integrate different perspectives (learning outcome S1). Another example is the ability to independently approach, structure, solve, and present a specific problem related to the practice of economics of pensions or aging using the appropriate scientific theories and methods (learning outcome S6). Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 129

130 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 states that the learning outcomes of the programme correspond to internationally accepted qualifications for an academic master s programme specified in the Dublin descriptors. The self-evaluation report relates the learning outcomes to the Dublin descriptors as shown in tables 7.1, 7.2 and 7.3. Master s programme in Economics Dublin descriptor Knowledge and understanding Applying knowledge and understanding Making judgments Communication Intended learning outcomes K1, K2, K3, K4, K5, K6, S1, S3, S4, S5 A4, S1, S3, S4, S5, S7 K6, A1, A3, S6 A3, A4, S2, S7 Learning skills A1, A2, A3, A4, S1, S2, S3, S4, S5, S6, S7 Table 7.1: Dublin descriptors and learning outcomes (see also standard 1). Master s programme in International Economics & Finance Dublin descriptor Intended learning outcomes Knowledge and understanding K1, K2, K3, K4, K5, K6, S1, S3, S5 Applying knowledge and understanding Making judgments Communication A4, A5, S1, S3, S4, S5, S6 K6, A1, A2, S5 A2, A4, A4, S2, S4 Learning skills A1, A2, A3, A4, A5, S1, S2, S3, S4, S5, S6 Table 7.2: Dublin descriptors and learning outcomes (see also standard 1). Master s programme in Economics & Finance of Aging Dublin descriptor Intended learning outcomes Knowledge and understanding K1, K2, K3, K4, K5, S1, A2 Applying knowledge and understanding Making judgments Communication K3, K4, A1, A2, S1, S2 A1, A3, S2, S3, S4, S5, S6 A4, S3, S4, S5, S6, S7 Learning skills A1, A2, A5, S8 Table 7.3: Dublin descriptors and learning outcomes (see also standard 1). Assessment The committee established that the learning outcomes of the programmes, concerning the intended level, correspond to the Dublin descriptors, which are considered general, internationally accepted descriptions of a master s programme. The committee evaluates the three programmes as sufficient on this standard. Master s programme in Economics The Dublin descriptor on knowledge and understanding is reflected in learning outcome K1, where students are expected to understand how markets function and why they may fail. The Dublin descriptor on applying knowledge and understanding is mirrored in learning outcome S3, relating to the ability to derive the implications of market failures for policy-making. The 130 QANU / Economics 2009 / Tilburg University

131 Dublin descriptor on making judgements is partly reflected in learning outcome A1, where students are expected to have a critical attitude towards the theories and empirical evidence presented. The fourth Dublin descriptor, communication, is captured by learning outcome S2, to communicate the results of the analysis both in writing and verbally to an audience of either experts or laymen. The fifth Dublin descriptor, learning skills, is described in the learning outcome A2, where students are expected to have an attitude that can be characterised by eagerness to keep abreast of the new developments in the field throughout one s career. Master s programme in International Economics & Finance The Dublin descriptor on knowledge and understanding is reflected in learning outcome K1, where students are expected to have a deep understanding of the fields of international economics, international finance and monetary economics. The Dublin descriptor on applying knowledge and understanding is mirrored in learning outcome S3, which is the ability to conduct research in the field concerned. The Dublin descriptor on making judgements is partly reflected in learning outcome S5, where students are expected to have the ability to reflect on the theories discussed and properly evaluate the scientific quality of one s own work as well as the work done by others. The fourth Dublin descriptor, communication, is captured by learning outcome S2, to write reports and give oral presentations for an international audience. The fifth Dublin descriptor, learning skills, is described in the intended learning outcome A3, where students are expected to have an attitude that can be characterised by eagerness to keep abreast of the new developments in the field throughout one s career. Master s programme in Economics & Finance of Aging The Dublin descriptor on knowledge and understanding is reflected in learning outcome K1, where students are expected to gain a broad knowledge of the major pension systems in industrialised countries and insight into their strengths and limitations. The Dublin descriptor on applying knowledge and understanding is covered by learning outcome A1, involving the ability to use scientific methods and theories to address practical problems, combined with a critical attitude to judge which method is useful. The Dublin descriptor on making judgements is partly reflected in learning outcome A3, where students are expected to have an open attitude towards integrating and combining arguments from macroeconomics, microeconomics, finance, and other relevant fields to solve a practical problem. The fourth Dublin descriptor, communication, is reflected in learning outcome A4, the ability and willingness to communicate work with practitioners in the field. The fifth Dublin descriptor, learning skills, is described in the intended learning outcome A2, where students are expected to have an attitude that can be characterised by an interest in relevant developments at the research frontier and the skills and attitude to keep learning continuously. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 131

132 S3: Academic orientation The intended learning outcomes of the programme correspond with the following descriptions of a Bachelor s and a Master s qualification: The intended learning outcomes are derived from requirements set by the scientific discipline, the international scientific practice and, for programmes to which this applies, the practice in the relevant professional field. An academic bachelor (WO-bachelor) has the qualifications that allow access to at least one further programme at academic master's level (WO-master) and the option to enter the labour market. An academic master (WO-master) has the qualifications to conduct independent research or to solve multidisciplinary and interdisciplinary questions in a professional field for which academic higher education is required or useful. Description Master s programme in Economics According to the self-evaluation report, the master s programme in Economics not only wants to cater to students who wish to pursue a professional career (working for the government or government-like bodies, in consultancy, in the larger firms, in nongovernmental organisations, et cetera), it also aims to allow students to prepare themselves for an academic career (for example, through an MPhil programme or PhD). The academic knowledge is reflected in the learning outcomes regarding knowledge. For example, learning outcome K1 is aimed at understanding how markets function and why they may fail. Learning outcome K2 expects graduates to understand the consequences of market failures in terms of the strategic response of firms and governments, as well as of possible solutions to the problems identified. Graduates are also expected to have a critical attitude (A1), to communicate the results of their analysis in writing and verbally (S2) and to have knowledge of the recent literature in this area (K3). The qualifications to conduct independent research are reflected in learning outcome S5. Graduates are expected to conduct research in the field concerned using econometrics and mathematics. Graduates are also expected to have knowledge of various research tools that are used in the field, with special emphasis on econometrics and mathematics (learning outcome K4), and to be able to reflect on the theories discussed and to properly evaluate the scientific quality of one s own work as well as that done by others (learning outcome S6). Learning outcomes S1 and S4 represent the link with current relevant professional practice. Graduates are expected to analyse the problems of market failures thoroughly by applying theory in practice (S1) and to relate theory to practical and changing situations, and vice versa (S4). Learning outcome S3 is aimed at deriving the implications of market failures for policymaking. Master s programme in International Economics & Finance According to the self-evaluation report, the master s programme in IEF emphasises the acquisition of academic skills as they are needed to acquire knowledge of the most important theories relevant to the field and to do independent research, and challenges students to acquire a creative mindset regarding solution strategies as well as to develop a critical attitude towards the theories and research presented. Academic knowledge is reflected in the learning outcomes regarding knowledge. For example, learning outcome K1 expects graduates to have a detailed understanding of the fields of international economics, international finance and monetary economics. Graduates are also expected to understand the international policy context that banks and large non-financial firms are facing, as well as the interaction between firms and the various layers of government (K2). The academic skills to write reports and give presentations is captured by S2, and the ability to reflect on the theories discussed and to properly evaluate the scientific quality of one s own work and that done by others is 132 QANU / Economics 2009 / Tilburg University

133 represented in learning outcome S5. Graduates are also expected to be able to work independently as well as in teams (learning outcomes S6 and A5). The qualifications to conduct independent research are reflected in learning outcomes K4, S3, and A1. Learning outcome S3 expects graduates to be able to conduct research. Learning outcome K4 provides graduates with knowledge of the various research tools used in the field, with a special emphasis on econometrics and mathematics. Learning outcome A1 focuses on the ability to be critical towards the theories and empirical evidence presented. Learning outcome S1 involves the link with current relevant professional practice. Graduates are expected to relate theory to practical and changing situations, and vice versa. Master s programme in Economics & Finance of Aging The self-evaluation report states that the programme aims at providing students with scientific knowledge, skills and attitudes relevant for the specific field of aging, pensions and retirement. Academic knowledge is reflected in the learning outcomes regarding knowledge. For example, learning outcome K1 expects graduates to have a broad knowledge of the major pension systems in industrialised countries, as well as insights into their strengths and limitations. Graduates are also expected to be familiar with the major issues in the current policy debate on the economic consequences of an aging population (K2). The academic skills that are covered in the learning outcomes include writing critical essays using scientific standards (S4), presenting theoretical and empirical findings (S3), communicating and cooperating with experts in the field (S5) and keeping an open attitude (A3). The qualifications to conduct independent research are reflected in learning outcomes S1, S2, S6 and S8. Learning outcome S6, for example, expects graduates to independently approach, structure, solve and present a specific substantive problem related to the practice of pensions or economics of aging, using the appropriate scientific theories and methods. Learning outcome S2 is aimed at using the basic empirical research tools to analyse problems of interest in the economics and finance of aging and to be able to judge whether specific tools are useful for explaining the empirical phenomena and the actual data. The link with current relevant professional practice is reflected in learning outcomes S7 and A1. Learning outcome S7 expects graduates to connect to practical economic problems and scientific theories. Learning outcome A1 is aimed at the willingness to use scientific methods and theories to address practical problems, combined with a critical attitude to judge which method is useful. Assessment The committee studied the learning outcomes of the three programmes from the perspective of its orientation. In the assessment of standard 1 (subject/discipline-specific requirements), the committee concludes that the learning outcomes of the programme sufficiently correspond to both scientific and professional requirements. The committee considers that the three programmes correspond to the national/international requirements within the scientific domain. Master s programme in Economics The committee establishes that the learning outcomes refer to the ability to conduct scientific research (S5, K4 and S6), to communicate the results (S2) and to be critical (A1). QANU / Economics 2009 / Tilburg University 133

134 Master s programme in International Economics and Finance The committee concludes that the intended learning outcomes cover the ability to conduct scientific research (K4, S3 and A1) and to communicate the results (S2 and S5). Master s programme in Economics & Finance of Aging The committee verifies that the intended learning outcomes refer to the ability to conduct scientific research (S1, S2, S6 and S8) and to communicate the results (S3, S4 and S5). Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. Assessment of the theme Aims and objectives The committee comes to an overall assessment of the theme Aims and objectives on the basis of its assessments of the separate standards. In the case of the master s programme in Economics, it assesses this theme as satisfactory. In the case of the master s programme in Economics & Finance of Aging, it assesses this theme as satisfactory. In the case of the master s programme in International Economics & Finance, it assesses this theme as satisfactory Curriculum Description of the curriculum of the programmes The year is divided into two semesters, and the second semester consists of two blocks. After the first semester, the examinations are held. The first seven-week period of the second semester consists of courses. After this period, the resits of the first semester are held first, followed by the regular examinations of this period. The second period consists of the master s thesis. The resits of the second semester of the master programmes are planned in the same period as the resits of the second and third year of the bachelor programmes. Tables 7.4, 7.5 and 7.6 provide an overview of the courses from the academic year The tables summarise the following aspects: courses and course sequence, credits (EC), contact hours and status (compulsory or elective). Master s programme in Economics The master s programme in Economics starts with a 6 EC course that is compulsory for all students: Applied Methods for Economists. The thesis is written in the second semester (18 EC). The remaining 36 EC involve course work, consisting of two types of courses: core field courses and electives. There are nine core field courses, as listed in table 4. Of these nine courses, students should select at least four. The list of electives consists of courses of the master s programme in International Economics and Finance (IEF), but also potentially of all other master s courses at the UvT. Courses other than those specified in table 4 can only be selected after receiving consent from the programme director. 134 QANU / Economics 2009 / Tilburg University

135 Course EC Period Contact hours Applied Methods for Economists 6 Semester 1 50 Master s thesis 18 Semester 2 Variable Seminar Competitiveness of the European Economy 6 Semester 1 36 (elective) Seminar Development and Growth (elective) 6 Semester 1 36 Seminar Game Theory and Industrial Organization (elective) 6 Semester 1 36 Seminar Public Economics (elective) 6 Semester 1 33 Seminar Competition and Regulation in Health Care 6 Semester 2 32 Markets (elective) Seminar Competition Policy (elective) 6 Semester 2 36 Seminar Environmental Economics (elective) 6 Semester 2 36 Seminar Labour Economics (elective) 6 Semester 2 30 Seminar Competition and Regulation in Network Industries 6 Semester 2 32 (elective) Table 7.4. Master s programme in Economics The master s programme in Economics offers three different tracks, allowing students to specialise in socio-economic policy issues (especially labour economics and public economics), competition and regulation (anti-trust policies, policies regarding mergers and acquisitions, etcetera), and resources, development and growth (development economics and environmental economics). In the master programmes in Economics and International Economics and Finance will merge into a new programme, where IEF is the fourth track of the new programme. The master s programme in Economics also allows students to take an internship, as part of their master s thesis. Master s programme in International Economics and Finance Course EC Period Contact hours Applied Methods for Economists 6 Semester 1 50 Seminar Financial Economics 6 Semester 1 44 Seminar Taxation and Trade 6 Semester 2 48 Master s thesis in International Economics and Finance 18 Semester 2 Variable Corporate Governance and Restructuring (elective) 6 Semester 1 56 Investment Analysis (elective) 6 Semester 1 56 Seminar Competitiveness of the European Economy 6 Semester 1 36 (elective) Seminar Development and Growth (elective) 6 Semester 1 36 Seminar Public Economics (elective) 6 Semester 1 33 Seminar Competition Policy (elective) 6 Semester 2 36 Seminar Financial Markets and Institutions (elective) 6 Semester 2 28 Table7. 5: Master s programme in International Economics & Finance The master s programme in IEF starts with a 6 EC course that is compulsory for all students: Applied Methods for Economists. The thesis is written in the second semester, and is worth 18 EC. Next, there are two blocks of 9 weeks. In each of these blocks there is one compulsory course of 6 EC: Seminar Financial Economics in the October-December period, and Seminar Taxation and Trade in the January-March period. The remaining 24 credits are electives of 6 EC each. Seven electives are highly relevant to the theme of the master s programme in IEF, and students should take at least three of them. Students can choose at most one elective from any other master s programme offered by UvT, but only after receiving consent from the programme director. In , the master s programme in QANU / Economics 2009 / Tilburg University 135

136 Economics and the master s programme in International Economics and Finance will merge into a new programme, where IEF is the fourth track of the new programme. Master s programme in Economics and Finance of Aging Course EC Period Contact hours Empirical Research in Pensions and Retirement Economics 6 Semester 1 68 Introduction to Economics and Finance of Pensions and Aging 6 Semester 1 45 Investment Analysis of Aging and Pensions 1 6 Semester 1 36 Macroeconomics of Pensions and Aging 6 Semester 1 36 Microeconomics of Life Cycle Behaviour 6 Semester 1 36 Master s thesis 18 Semester 2 Variable Health Economics and Aging (elective) 6 Semester 2 42 Investment Analysis of Aging and Pensions 2 (elective) 6 Semester 2 42 Psychology of Economic Behaviour (elective) 6 Semester 2 42 Topics in Economics and Finance of Aging (elective) 6 Semester 2 42 Table 7.6: Master s programme in Economics & Finance of Aging The master s programme in EFA consists of five compulsory courses, which are taught in the first semester. In the second semester, students have to choose two elective courses. The programme includes an active internship intermediation between students and internship companies. At the Junior Pension Day in June, students present their internship topic and preliminary results. S4: Requirements for academic orientation The proposed curriculum meets the following criteria for an academic orientation: The students develop their knowledge through the interaction between education and research within the relevant disciplines The curriculum corresponds with current developments in the relevant discipline(s) by verifiable links with current scientific theories The programme ensures the development of competences in the field of research Where appropriate, the curriculum has verifiable links with the current relevant professional practice. Description According to the self-evaluation report, the FEB only hires staff with high actual or potential research performance, such as tenure trackers and qualified PhD students, who are also responsible for education. This policy guarantees the link between education and research (see also standard 12). Master s programmes in Economics and in International Economics & Finance The self-evaluation report states that the courses need to be of the highest quality and should reflect the state-of the-art of the field they are covering. The FEB hiring policy ensures that lecturers (especially in the master programmes) are indeed able to teach at the frontier of their field, and their hands-on experience with research enables students to benefit from their expertise regarding research methodology, the pros and cons of the various techniques, etcetera. According to the self-evaluation report, courses are taught by researchers who publish in international top scientific journals. The self-evaluation report, furthermore, states that this allows lecturers to always incorporate any new insights obtained in the field into the courses. For the master s programme in Economics, an example given in the self-evaluation report is the increased emphasis on economic experiments as a research tool, and also on the insights obtained from economic experiments. For the master s programme in IEF, an example given in the self-evaluation report is the increased emphasis on behavioural economics and behavioural finance, focusing on revealed behaviour (observed either in the field or in the experimental lab). 136 QANU / Economics 2009 / Tilburg University

137 According to the self-evaluation report, research skills in both programmes are developed in the intensive Applied Methods for Economists course at the start of the programmes. The course allows students to catch up on techniques they may not have been exposed to (as not all students followed an UvT bachelor s programme), to learn new econometric and mathematical techniques, and also to increase their practical skills by solving assignments and applying new econometric techniques to available data sets. This course also prepares students for writing their master s thesis. The interviews with the students made it clear that the first semester course of Applied Methods for Economists is indeed the preparation for the master s thesis, being the course in which students learn to conduct research. The students, however, consider the period between this course and the master s thesis too long, with the consequence that they are less able to effectively apply the knowledge that they learned by the time they are supposed to do so. The self-evaluation report states that the link with the relevant professional practice in both programmes is realised by using guest lecturers (consultants, executives and civil servants). In the master s programme in Economics the guest lecturers appear in the Development and Growth seminar, the Game Theory and Industrial Organization seminar, the Competition and Regulation in Health Care Markets seminar and in the Competition and Regulation in Network Industries seminar. In the master s programme in IEF, the guest lecturers appear in the Corporate Governance and Restructuring and Investment Analysis courses, as well as in the Competitiveness of the EE seminar. Also, students are allowed to take an internship as part of the master s thesis. In the master s programme in Economics, about 30-40% of the students follow an internship. In the master s programme in IEF, about 40-50% of the students follow an internship. The self-evaluation report states that graduates of the master s programme in Economics start working at ministries (such as OCW, SZW, EZ, and Financiën), consultancy firms (Ecorys, Bureau Ruimtelijke Ordening, AE Adviesbureau), banks (Fortis, ING), trade organisations (KPMG), regulatory authorities (NZa), research institutes (CPB), large manufacturing firms (Essent), and in education (pursuing a second master s programme at for example the London School of Economics, enrolling in MPhil programmes (including UvT s), and pursuing careers as high school teachers). According to the self-evaluation report, graduates of the master s programme in IEF start working at ministries (Financiën), consultancy firms (GE Commercial Finance, JESS Consultancy), banks (Fortis, ABNAmro), research institutes (CPB), large production firms (DSM), and in education (pursuing a second Master's at e.g. the London School of Economics and Yale, and enrolling in MPhil programmes, including Tilburg s but also the programme offered by Columbia University). In the interviews with the students, it became clear that students are expected to study articles in preparation for the classes and examinations. Master s programme in Economics & Finance of Aging The self-evaluation report describes that real-life problems in the field of aging and pensions are addressed using the most recently developed scientific theories and methods. According to the self-evaluation report, this applies in particular to the more advanced elective courses in the second semester, but also in a more limited extent to the courses in the first semester QANU / Economics 2009 / Tilburg University 137

138 (which also need to cover more basic material as a prerequisite for studying articles on the research frontier later). Courses in the first semester use both textbooks and scientific articles. Courses in the second semester are largely based upon scientific articles in leading economics and finance journals. As stated in the self-evaluation report, the courses are taught by researchers affiliated with Netspar. Students are also stimulated to participate in research activities organised by Netspar, offering the opportunity to interact with PhD students and senior and junior research staff affiliated with Netspar. The self-evaluation report states that the programme pays attention to the tools needed to do scientific research in the field. These tools include empirical models and techniques that are used in applied economics, such as panel data models, discrete choice, censored regression and selection models (covered in the Empirical Research in Pension and Retirement Economics course) as well as term structure models and derivative pricing (covered in the Investment Analysis of Aging, and Pensions I and II courses) and approaches to solving general equilibrium models (in the course on General Equilibrium Models). According to the self-evaluation report, students acquire practical experience with the techniques in computer classes and empirical assignments. These tools will also be applied in the master s thesis. According to the self-evaluation report, the link with the relevant professional practice is realised by, for example, guest lectures. In several courses, guest lectures are given by professionals with expertise and experience in the field, and assignments are given to small groups of course participants with, if possible, master students linked to employees from Netspar partners. Master students can also attend workshops organised by Netspar, with mini-courses by scientific experts in the field of the economics and finance of aging. These Netspar activities are attended by practitioners, researchers, PhD students, and master students. The self-evaluation report states that these activities provide a forum where practitioners, fundamental researchers and students meet, and where fundamental research is integrated with research that is more directly oriented towards practical issues. The selfevaluation report also indicates that employees of Netspar partners participate in courses. According to the self-evaluation report, most students find an internship at a Netspar partner. In the interviews held with the students, it became clear they are expected to study research papers in preparation for the classes and the examinations. Assessment The committee concludes that the three programmes meet the requirements set for an academic orientation. During the site visit, both students and lecturers confirmed that the interaction between education and scientific developments is integrated in the programmes. The committee establishes that most lecturers are either full or assistant professors. The committee notes and appreciates the fact that through the requirement of both educational and research activities for staff members, the developments within research will find their way into the courses. Master s programmes in Economics and in International Economics & Finance The committee feels that the development of skills in the field of scientific research is addressed sufficiently. These skills are developed in the Applied Methods for Economists course and in the master s thesis. 138 QANU / Economics 2009 / Tilburg University

139 Master s programme in Economics & Finance of Aging The committee notes that research skills are sufficiently developed in the Empirical Research in Pension, Retirement Economics, Investment Analysis of Aging, and Pensions I and II courses and in the master s thesis. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. S5: Correspondence between the aims and objectives and the curriculum The curriculum is an adequate realisation of the intended learning outcomes of the programme and this regards the level, the orientation and the subject-/discipline-specific requirements. The intended learning outcomes are adequately transferred into the educational goals of the curriculum or parts thereof. The contents of the curriculum ensure the students achievement of the intended learning outcomes. Description The self-evaluation report provides an overview of the courses included in the three programmes (see tables 4, 5 and 6). The self-evaluation report also has a table in which the individual courses are systematically cross-matched with the intended learning outcomes. Master s programme in Economics Most learning outcomes return in almost every course in the programme. Five of the six learning outcomes regarding knowledge and understanding are reflected in nine of ten courses (excluding the Applied Methods for Economists course) and in the master s thesis. Learning outcome K4, regarding knowledge of the various research tools used in the field with a special emphasis on econometrics and mathematics, is reflected in all courses and the master s thesis. The learning outcomes regarding skills are also linked to many of the courses. Learning outcomes S1, S4, S6 and S7 (regarding the ability to analyse problems of the market failures studied by applying theory in practice (S1), the ability to relate theory to practical and changing situations and vice versa (S4), the ability to reflect on theories discussed and to properly evaluate the scientific quality of one s work as well as that done by others (S6), and the ability to work independently and in a team (S7)) are mirrored in all courses and in the master s thesis. Learning outcome S5, regarding the ability to conduct research using econometrics and mathematics, is covered by seven of ten courses and in the master s thesis. The learning outcomes in terms of attitude (A1-A4) return also in almost all courses. Learning outcome A4, regarding the flexibility to work in teams, is the only learning outcome not linked to the master s thesis. Master s programme in International Economics & Finance Many learning outcomes return in almost every course of the programme. Four of the six learning outcomes regarding knowledge and understanding are reflected in nine of ten courses (excluding the Applied Methods for Economists course) and in the master s thesis. Learning outcome K4, regarding knowledge of the various research tools used in the field with a special emphasis on econometrics and mathematics, is reflected in all courses and the master s thesis. QANU / Economics 2009 / Tilburg University 139

140 The learning outcomes regarding skills are also linked to many courses. Learning outcomes S1 (regarding the ability to relate theory to practical and changing situations, and vice versa) and S6 (the ability to work independently and in a team) are reflected in all but one course and in the master s thesis. Learning outcome S5, involving the ability reflect on theories discussed and to properly evaluate the quality of one s own work as well as that of others, is covered by all courses and the master s thesis. The learning outcomes in terms of attitude (A1-A4) also return in almost every course of the master s programme in Economics. Learning outcome A2, regarding the willingness to provide constructive criticism on the work of others and to critically assess one s own work, is the only learning outcome not linked to the master s thesis. Master s programme in Economics & Finance of Aging Learning outcome K1, regarding knowledge of the major pension systems in industrialised countries and insight into their strengths and limitations, is linked to the Introduction to Economics and Finance of Pensions and Aging, Microeconomics of Life Cycle Behaviour, Investment Analysis of Aging and Pensions I and Macroeconomics of Pensions and Aging courses. Learning outcome 3 is also related to three of these four courses (excluding the first one). Learning outcomes K1, K2, K3 and K5 are all related to compulsory courses in the first semester of the programme. Learning outcome K4, regarding in-depth knowledge of the relevant theories in a specific sub-field of the economics of aging, is related to all four elective courses in the second semester and to the master s thesis. Learning outcomes S1 (applying and combining scientific theories and research methods), S2 (using basic empirical research tools) and S4 (the ability to write critical essays on topics in the economics of pensions and aging using scientific standards) are related to compulsory courses in the first semester and to the elective courses in the second semester. Learning outcome S4 is the only learning outcome that is reflected in all courses and in the master s thesis. Learning outcomes S3 (presenting findings), S5 (communicating and cooperating with experts), S7 (linking practical economic problems and scientific theories) and S8 (understanding the scientific literature in the field of specialization and doing research) are linked to the elective courses and the master s thesis in the second semester. Learning outcome A1, regarding the willingness to use scientific methods and theories to address practical problems, is mainly reflected in the first semester s compulsory courses. Learning outcome A2, involving the interest in relevant developments in the research frontier in combination with the skills and attitude to keep on learning, is related to the elective courses in the second semester. Learning outcomes A4 and A5, regarding the ability and willingness to communicate with practitioners in the field and a self-critical and self-conscious attitude with a realistic assessment of one s own abilities, are only linked to the master s thesis. Assessment For all three programmes, the committee concludes that the students are sufficiently trained in the core discipline and that the programmes are well organised. The committee feels that the description of learning outcomes at the course level is a clear presentation of the qualities and knowledge which graduates should have. The committee states that the tables presenting the link between learning outcomes and courses, presented in the self-evaluation report, provide an adequate overview of the various learning outcomes within the programmes. 140 QANU / Economics 2009 / Tilburg University

141 Master s programmes in Economics and in International Economics & Finance Regarding the master s programme in Economics and the master s programme in IEF, the committee considers the tables of the programmes to be very packed. The committee recommends revising the tables to realise a more balanced distribution of the learning outcomes. Furthermore, regarding the master s programme in Economics, the committee considers it remarkable that learning outcome A4, regarding the flexibility to work in teams, is the only learning outcome that is not represented in the master s thesis, especially since learning outcome S7, involving the ability to work independently and in teams, is also linked to the master s thesis. The committee also finds it remarkable that learning outcome A2 (regarding the willingness to provide constructive criticism on the work of others and one s own work) of the master s programme in IEF is the only one not reflected in the master s thesis, especially since learning outcome S5, which is quite similar (regarding evaluating the scientific quality of one s own work and the work of others), is actually linked to the master s thesis. Nevertheless, the committee evaluates the programmes on this standard as sufficient. Master s programme in Economics & Finance of Aging The committee considers the arrangement of the master s programme in EFA to be well balanced. The table shows a structure in which knowledge and skills are built up in the two semesters. Also, the learning outcomes regarding attitude are evenly spread in the programme. The committee evaluates the programme on this standard as sufficient. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. S6: Consistency of the curriculum The contents of the curriculum are internally consistent. Description Master s programme in Economics The self-evaluation report states that the coherence of the programme is ensured by the fact that all courses fit the theme of the programme; they all address markets and market failures in their fields, how governments can respond, and how agents interact. Students need to select at least four courses from the list presented in table 4. Students can take a maximum of two electives from outside the programme (e.g., courses in competition (antitrust) law and courses on economic psychology), but only after receiving consent from the programme director. The self-evaluation report states that students have substantial freedom in selecting the courses they wish to take, but this does not necessarily mean that all combinations of courses are equally useful or logical. Students derive a clear track by choosing the right topic for their thesis and the right combination of core courses and electives, and by writing papers and giving presentations (as part of the course work) on the topic they wish to specialise in. The UvT mentions that students are informed about the tracks by meetings (twice a year), within courses, by student associations and by the website. The self-evaluation report describes three sets of courses that constitute a track: Competition and regulation, Socio-economic policy, and Resources, development and growth. According QANU / Economics 2009 / Tilburg University 141

142 to the self-evaluation report, there are two types of courses within a track: courses that are key to the track and courses that fit well in the track. Most courses are key to one track and fit well in at least one other track. The self-evaluation report states that the chosen track depends ultimately on the students' decisions with respect to their course work. In each course, various topics are discussed, and the students need to choose one or more topics to write an essay on, give a presentation about, et cetera. All topics discussed in the courses that are key to a specific track are relevant to the track under consideration. Concerning the courses that are indicated as fitting the track well, students get added value by choosing to write an essay on (or to give a presentation about) those topics that exactly fit with their track of interest. According to the self-evaluation report, the Competition and regulation track consists of courses that focus on how markets should be organised. This track has a clear industrial organization focus, as evidenced by the key courses of Seminar Game Theory and Industrial Organization and Seminar Competitiveness of the European Union, and also by the electives of Seminar Competition Policy, Seminar Competition and Regulation in Network Industries, and Seminar Competition and Regulation in Health Care Markets. As stated in the self-evaluation report, the Socio-economic policy track consists of courses that focus on how governments can achieve their domestic policy objectives, taking into account the constraints associated with ongoing economic integration. This track centres on the Public Economics and Labour Economics Seminars. Other courses that are recommended include the Game Theory and Industrial Organisation Seminar, the Competitiveness of the European Union Seminar, the Environmental Economics Seminar, Competition and Regulation in Health Care Markets Seminar and the Taxation and Trade Seminar (which focuses on the international and interregional interdependency of tax policies). The last course is a compulsory course in the master's programme in IEF. According to the self-evaluation report, the Resources, development and growth track focuses on the sources of economic growth, the barriers to growth and development, and the negative consequences of growth. Key courses are the Development and Growth Seminar and Environmental Economics Seminar. Other useful courses for this track include the Public Economics, Labour Economics, Game Theory and Industrial Organization, and Competitiveness of the European Union Seminars as these courses provide insight into the factors that limit governments room for policy manoeuvring. Other courses of interest include Environment and Sociology, Environmental Policy, and The Future of a State in a Global Context. In the interviews with the lecturers, it became apparent that the consistency of the programme is not a topic of conversation. The lecturers primarily focus on their own courses. The interviews with the students revealed that they do not always see the connection between the different courses. Students also made it clear that they are not aware of the different tracks. Students indicated that only after finishing the courses did they realise they had followed a specific track. Master s programme in International Economics & Finance The self-evaluation report states that the coherence of the programme is ensured by the fact that all courses fit the theme of the programme; all courses address the financial and/or international side of the economy, focusing on the interaction and interdependencies of firms and the various layers of government. According to the self-evaluation report, students have to choose at least three courses from the list of seven electives, and a fourth course can be any master s programme course offered by UvT, but only after obtaining consent from the 142 QANU / Economics 2009 / Tilburg University

143 programme director. The self-evaluation report states that students have substantial freedom in selecting the courses they wish to take, but this does not necessarily mean that all combinations of courses are equally useful or logical. Students derive a clear profile by choosing the right topic for their thesis and the right combination of core courses and electives, and by writing papers and giving presentations (as part of the course work) on the topic they wish to specialise in. The programme consists of three profiles: IEF-Macro, IEF-Micro and IEF-Financial. As stated in the self-evaluation report, the macro-profile focuses on public policy, analysing how macro-economic policy should be conducted in a globalising world. It looks at both developed and developing countries, as well as the real and financial spheres. The microprofile focuses on market regulation (antitrust regulations) in an international context. National markets are becoming increasingly integrated into the world economy, and mergers and acquisitions take place on an unprecedented scale. According to the self-evaluation report, this profile deepens the students understanding of what these developments mean for market structure, government regulation, and the strategic behaviour by firms. The finance profile focuses on antitrust issues, especially for financial markets. Mergers and acquisitions take place in the various financial sectors, and this profile helps students to combine knowledge about strategic firm behaviour with analysis of the financial positions of firms. In the interviews with the lecturers, it became apparent that the consistency of the programme is not a topic of conversation. The lecturers primarily focus on their own courses. The interviews with the students revealed that they also do not always see the connection between the different courses. Students also made it clear that they are not aware of the different tracks. Students indicated that only after finishing the courses did they realise they had followed a specific track. Master s programme in Economics & Finance of Aging The self-evaluation report states that all courses deal with issues in aging, pensions, retirement, and social insurance. The compulsory Introduction to Economics and Finance of Pensions and Aging course provides a broad overview of these issues and the relevance of microeconomics, macroeconomics, finance, and other disciplines such as psychology and health economics for studying them. In the three compulsory field courses in the first semester, Microeconomics of Life Cycle Behaviour, Investment Analysis of Aging and Pensions I, and Macroeconomics of Pensions and Aging, students become familiar with the most relevant theories, models and empirical findings for the issues in aging, pensions, retirement, and social insurance, according to the self-evaluation report. The compulsory Empirical Research in Pension and Retirement Economics course deals with quantitative and empirical research methods. According to the self-evaluation report, the other first-semester courses use some of the econometric models discussed in Empirical Research in Pension and Retirement Economics to validate the theoretical arguments empirically or to quantify the policy outcomes suggested by the theory. As stated in the self-evaluation report, the second-semester elective Health Economics and Aging, Investment Analysis of Aging and Pensions II, Psychology of Economic Behaviour, and Topics in Economics and Finance of Aging courses build on the mandatory courses in the first semester. Health Economics and Aging mainly builds on the courses Microeconomics of Life Cycle Behaviour and Macroeconomics of Pensions and Aging; Investment Analysis of Aging and Pensions II mainly build on Investment Analysis of Aging and Pensions I; and Psychology of Economic Behaviour mainly builds on Investment Analysis of Aging and Pensions I and Microeconomics of Life Cycle Behaviour. The Topics QANU / Economics 2009 / Tilburg University 143

144 in Economics and Finance of Aging course builds on all first-semester courses, with its emphasis depending on the chosen modules. The second-semester courses also pay attention to stylised facts and empirical work, and thus also build upon the Empirical Research in Pension and Retirement Economics course. In the interviews with the lecturers, it became apparent that the consistency of the programme is not a topic of conversation. The lecturers primarily focus on their own courses. Assessment The committee studied the internal coherence of the three programmes and concludes that their substantive consistency is logical and adequate. The consistency is also realised by the more specialised character of the programmes. The committee also observes that there is not much exchange between lecturers about the consistency of the programme and related matters. The committee would like to see more communication between the lecturers on this. Master s programme in Economics and in International Economics & Finance The committee appreciates the three distinctive tracks that are distinguished in the two programmes. Regarding both programmes, the committee feels that the connection between the courses is something students are not made aware of. The committee also feels that the tracks are not actively discussed between lecturers. These tracks are also not adequately communicated to the students. Before choosing the electives, students are not aware of the tracks. The committee recommends promoting the interaction between lecturers and explicitly communicating the tracks to students, starting in the introductory period. The committee notes that academic skills are addressed sufficiently in the curriculum of the programmes. In the master programmes in Economics and in IEF, these skills are addressed in the Applied Methods for Economists course and the master s thesis. Master s programme in Economics and Finance of Aging The committee realises that the programme is still relatively new and still has to evolve over time. The committee notes that academic skills are addressed sufficiently within the curriculum. These skills are trained in the Empirical Research in Pension, Retirement Economics, Investment Analysis of Aging and Pensions I and II courses and in the master s thesis. The committee concludes that the three programmes are internally consistent and evaluates the three programmes on this criterion as sufficient. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. S7: Workload The curriculum can be successfully completed within the set time, as certain programme-related factors that may be an impediment in view of study progress are eliminated where possible. Description Master s programmes in Economics and in International Economics and Finance The self-evaluation report states that according to the arrangement of the academic year, students are expected to take 4-5 courses in the first semester (September-December), and QANU / Economics 2009 / Tilburg University

145 3 courses in the second semester (early January end of March), and then write a thesis in the period April-June. Students can spread their workload over the year depending on which electives they wish to take. According to the self-evaluation report, students spent slightly more time on courses than the number of EC obtained; student evaluations on the amount of time spent on a course average about 3.4 (on a scale of 1 to 5) over the period , where 3.0 would indicate a perfect match between preparation time and the number of credits awarded for the course. The self-evaluation report also states that the average graduation rates over the period are about 80%-85% for both the first and second exam opportunity, and the minimum pass rate is 60%. Given the intensity with which the programmes are taught (students are forced to work hard during the semester, so that they are well prepared for the exam), the programme management deems these pass rates acceptable. According to the self-evaluation report, the programme is set up to ensure that students have the appropriate entry level. For the students who did their bachelor s programme at UvT, this is not an issue because the programme is well-tailored to the bachelor programmes in Economics and IEF. Students are encouraged to take the right electives in the third year of their bachelor's programme so that they are well-prepared for the courses in the master s programme in Economics. For students who obtained their bachelor s degree at another university, sufficient preparatory knowledge is ensured by means of selection (see also Standard 8). Furthermore, the courses indicate what entry level is expected, defined in terms of a representative textbook. If students do not have sufficient preparatory knowledge, they are required to prepare themselves for the course by making sure they are familiar with the theories explained in the textbook before the start of the course. In the interviews with the students, it became apparent that students of the master s programme in Economics study 20 hours per week, on average. Students of the master s programme in IEF study 40 hours per week, on average. Still, these numbers are derived form a selected number of students. In the interview with the students of the master s programme in IEF, students noted that the workload could be more evenly spread over the year. According to the students, the first semester is quite intensive, while the second semester is more relaxed. Master s programme in Economics & Finance of Aging According to the self-evaluation report, the study load is 30 EC in each semester. The first semester starts with two courses, Introduction to Economics and Finance of Pensions and Aging and Empirical Research in Pension and Retirement Economics. The first course is taught during the first five weeks of the first semester, and provides the students with an introductory overview of the programme. The second course includes a refresher of quantitative techniques during the first four weeks. After this mathematics refresher, the Empirical Research in Pension and Retirement Economics course continues with empirical research techniques. After completion of the Introduction to Economics and Finance of Pensions and Aging course in week 5, the other three courses of the first semester start in week 6. The self-evaluation report states that this subdivision of the courses over the first semester is chosen to spread the study load evenly over the semester. Exams for the first semester are spread over December and January. The second semester is split up into two parts. The first part focuses on courses and exams (February early April) and on preparation for the thesis. The second part focuses on the work for the master s thesis, possibly combined with an internship. QANU / Economics 2009 / Tilburg University 145

146 Assessment On the basis of the self-evaluation reports and information collected during the site visit, the committee concludes that there are no major impediments regarding study progress in the three programmes. The committee states that the students also recognise no major impediments regarding study progress. The interviews with the students as well as the evaluation results show that the average student does not experience an overly high workload. The committee notes that in nearly all master programmes, students do not graduate within one year after starting the programme (see also S21). According to the students the committee has spoken to, this is because students want to finish all courses before starting the master s thesis or because students follow an internship. The committee assesses that, on a weekly basis, the workload is fine. On a yearly basis, however, regarding the scheduling of examinations, resits and the master s thesis, the distribution of the workload could be improved. For all three programmes, the committee evaluates this standard as sufficient. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. S8: Admission requirements The structure and contents of the intended curriculum are in line with the qualifications of the incoming students: Academic bachelor s programme (WO-bachelor): VWO (pre-university education), propaedeutic certificate from a hogeschool (HBO)or similar qualifications, as demonstrated in the admission process Master s programme (WO-master): a bachelor's degree and possibly a selection (with a view on the contents of the discipline). Description The self-evaluation report states that the UvT developed various information provision activities and tools for prospective students for the different phases in the course selection process (orientation, reconnaissance, exploring in depth and decision-making). This includes the master s programme magazine, the initial pages of the website for those choosing a master s programme, a master information day, master s brochure, the electronic study guide, and trial study days for those interested in following a research master. Students can also ask for specific information at the student service desk and the student advisors. In addition, the UvT aims to attract international students. Internationalisation is one of the main themes of the strategic policy that the university has formulated for the next three years. This policy aims to continue and intensify the internationalisation policy established in the past few years. Its key points are strengthening the international orientation of the programmes, recruiting staff from the international job market, promoting international student exchange, collaborating with respected foreign institutes and intensifying the enrolment of foreign students. The UvT uses different means to stimulate the enrolment of international students: brochures, website, profiles in fair catalogues abroad, advertisements in international magazines, international fairs, mailings to counsellors of international schools, etcetera. In general, the intake of foreign students is not as high as the UvT would like it to be. A quota with decentralised selection will be imposed on the international bachelor s programmes for the academic year QANU / Economics 2009 / Tilburg University

147 In addition to the enrolment criteria listed below, international students have to demonstrate sufficient knowledge of the English language. Proficiency in English can be demonstrated by taking either a TOEFL or an IELTS test. The required minimum score for TOEFL is 575 (paper based), 233 (computer based) or 90 (internet based) and for IELTS 6.5 (6.0 on parts). Native speakers and students who completed their undergraduate education in English do not have to show their proficiency in English. Students who do not have a degree of one of the partner institutions of UvT should also submit a GMAT or a GRE score, depending on the discipline. The admission committee will decide whether the student will be allowed to enrol in the programme. Master s programmes in Economics and in International Economics and Finance The number of incoming students in the first year of the master s programme in Economics grew in the past few years from 36 in to 48 in In the year , some 58% of the students came from an UvT bachelor s programme, 2% came from the premaster s programme, and 40% followed a bachelor s programme outside the FEB. Some 29% of the students are from abroad, with 36% coming from North and South America, 41% from the rest of Europe and the Economic European Area, and 7% from Asia. The number of incoming students in the first year of the master s programme in IEF grew from 22 in to 25 in In the year , some 44% of the students came from an UvT bachelor s programme, 12% came from the pre-master s programme, and 44% have followed a bachelor s programme outside the FEB. Some 64% of the students are from abroad, with 31% coming from Asia, and 69% from the rest of Europe and the Economic European Area. Students who want to enrol in the master s programmes in Economics or IEF should meet the following criteria: A bachelor s degree from FEB/UvT in Economics or International Economics and Finance gives direct access to the master's programme in Economics; students are allowed to start the programme while still lacking 12 credits of the bachelor s programme; The pre-master s programme in Economics of FEB/UvT; students are allowed to start the programme while still lacking 12 credits of the pre-master s programme; A bachelor s degree in Economics or in a similar programme (e.g. Econometrics) from a university that is recognised by the programme director; more precisely, a solid academic background is required in the fields of: Macroeconomics (5 EC) Microeconomics (5 EC) Mathematics (10 EC) Statistics (10 EC) Game Theory ( 5 EC) Industrial Organization ( 5 EC) one of: o Labour Economics (10 EC) o Environmental Economics (10 EC) o Public Economics (10 EC) The self-evaluation report states that, because of these admission requirements, the students all have roughly the same knowledge prior to the start of the programme. According to the self-evaluation report, differences in mathematical and econometric skills are addressed in the QANU / Economics 2009 / Tilburg University 147

148 Applied Methods for Economists course taught at the beginning of the academic year. Each course indicates the students expected level of prior knowledge by referring to a standard textbook in that field; if necessary, students are expected to read up on the basis of this textbook (or a similar one). The self-evaluation report states that although lecturers do not formally test whether students have read up on the literature, heterogeneity in the group is not so large that the quality of any of the courses suffers. Master s programme in Economics & Finance of Aging The number of incoming students in the first year of the master s programme in EFA decreased from 34 in to 12 in In the year , some 33% of the students came from an UvT bachelor s programme, 42% came from the pre-master s programme, and 25% followed a bachelor s programme outside the FEB. Some 75% of the students are from abroad, with the majority coming from Asia (67%). Other international students come from North and South America (22%) and the Economic European Area (11%). Students who want to enrol in the master s programme in EFA should meet the following criteria: A bachelor s degree from FEB/UvT in Economics, International Economics and Finance, Business Administration, International Business and Econometrics gives direct access to the MSc in Economics and Finance of Aging; students are allowed to start the programme while still lacking 12 credits of the bachelor s programme; The pre-master s programme in Economics and Finance of Aging of FEB/UvT; students are allowed to start the programme while still lacking 12 credits of the pre-master s programme; Another university bachelor s degree in Economics, Econometrics and Operations Research, Business Administration or International Business; A university bachelor s degree with a solid academic background in the following fields: Macroeconomics Microeconomics Statistics and Econometrics Financial Economics Assessment The committee concludes that for students who have finished one of the several bachelor programmes, it is possible to enrol in the programmes without restrictions. Students who do not meet the admission requirements can enrol in the FEB pre-master programmes. Regarding the master s programme in Economics and Finance of Aging, the committee finds that the number of students who enrol after following the pre-master programme is rather large (42%). The interviews with the lecturers revealed that the intake of the pre-master students is usually smooth and does not present any major problems. This programme also has a large proportion of international students (75%). Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. 148 QANU / Economics 2009 / Tilburg University

149 S9: Credits The programme meets the legal requirements regarding the range of credits: Academic bachelor s programme (WO-bachelor): 180 credits Academic master s programme (WO-master): a minimum of 60 credits. Description The curriculum of the master s programme in Economics comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. The curriculum of the master s programme in International Economics & Finance comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. The curriculum of the master s programme in Economics & Finance of Aging comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. Assessment Master s programme in Economics complies with the formal requirements with respect to the range of credits. Master s programme in International Economics & Finance complies with the formal requirements with respect to the range of credits. Master s programme in Economics & Finance of Aging complies with the formal requirements with respect to the range of credits. S10: Coherence of structure and contents The educational concept is in line with the aims and objectives. The study methods correspond with this educational concept. Description Master s programmes in Economics and in International Economics & Finance The self-evaluation report states that courses typically consist of interactive lectures given by the lecturer on the state-of-the-art of the field (with the lecturers presenting the theories and empirical facts and the students reflecting on them) and of student presentations of papers (either papers they have written themselves or articles from the literature), with the lecturer and the other students reflecting on them. According to the self-evaluation report, there is time for discussion to stimulate the students to adopt a critical attitude towards the theories and arguments presented. The setup differs between courses; many of them separate the two (with the lecturer lecturing in the first 3 or 4 weeks and the students presenting in weeks 4/5 9), while in others the lecturer lectures for the first 45 minutes of a class, and students present in the second 45 minutes. The self-evaluation report notes that students are given incentives to prepare actively for each class. Students are required to hand in assignments, prepare discussion questions on the material before the classes start, present papers (either their own or articles from the literature), may be randomly assigned the role of discussant on a fellow student s presentation, etcetera. Often, all these activities are graded by the lecturer and contribute to the final grade obtained for the course. The teaching materials are usually textbooks combined with papers from scientific literature (seminal and/or very recent). Articles are selected from journals. According to the selfevaluation report, students are expected to read 60 journal pages or 80 textbook pages per week for each course. Students are expected to take three courses per study unit of 9 weeks. QANU / Economics 2009 / Tilburg University 149

150 In addition, they also prepare assignments, presentations, and the like. Thus, the amount of time needed for preparation (self-study) is substantial, but it is still deemed reasonable by students; see also standard 11 below. As stated earlier, the self-evaluation report provides an overview of the courses and describes the study forms that are used as well as the contact hours. The master s programme in Economics mainly uses interactive lectures; interactive lectures are not used. The compulsory Applied Methods for Economists course is the most intensive one, consisting of 50 contact hours. The elective courses have a minimum of 30 contact hours and a maximum of 36 contact hours. The master s programme in IEF also uses mainly interactive lectures. In the Applied Methods for Economists course a computer practical is scheduled. Of the mandatory courses, Applied Methods for Economists is the most intensive one, consisting of 50 contact hours. Of the electives, the Corporate Governance and Restructuring and Investment Analysis courses are the most intensive ones, both with 56 contact hours each. Master s programme in Economics & Finance of Aging In the self-evaluation report, the following didactical starting points are formulated: Students will learn more by actively participating and interacting with the lecturers and other course participants than by just consuming what the lecturer says. Theory and methods are not the goals in themselves, but tools to analyse real-life problems related to the economics and finance of aging. Students benefit and learn from interacting with expert professionals in the field of the economics and finance of aging. Real-life problems will be addressed using the most recently developed scientific theories and methods. Learning by doing: the best way to learn how to apply theory and methods for the students is by doing, in the form of smaller and larger research projects, varying from course assignments to essays and the master s thesis. According to the self-evaluation report, all courses have between 36 and 45 contact hours, with the Empirical Research in Pension and Retirement Economics course being an exception. This course has 2x3 contact hours during the first four weeks of the first semester and 2x2 contact hours during the remaining ten weeks of the first semester. The Introduction to Economics and Finance of Pensions and Aging course provides an overview and is therefore concentrated in the first five weeks of the first semester, with 3x3 contact hours per week (see standard 7). This course is videotaped to make it accessible for Netspar-partner students who might not be able to attend a course with so many contact hours per week. The other courses of the first semester (Investment Analysis of Aging and Pension I, Macroeconomics of Pensions and Aging, and Microeconomics of Life Cycle Behaviour) have 2x2 contact hours, where each course is scheduled on a fixed day in the week, with two contact hours in the morning and two contact hours in the afternoon. The courses in the second semester have 2x3 contact hours for 7 weeks. These courses are concentrated in the first part of that semester, the second part is mostly devoted to the master s thesis. As stated earlier, the self-evaluation report provides an overview of the courses and describes the study forms that are used as well as the contact hours. The master s programme in EFA mainly uses interactive lectures; interactive lectures are not used. Of the compulsory courses, the Empirical Research in Pension and Retirement Economics course is the most intensive 150 QANU / Economics 2009 / Tilburg University

151 one, consisting of 68 contact hours, including four hours of computer practical (2x3 contact hours during the first four weeks of the first semester and 2x2 contact hours during the remaining ten weeks of the first semester). All electives comprise 42 contact hours. In the interviews with the students, it became apparent that the groups are rather small, varying from 10 to 15 students (see also standard 13). Assessment The committee concludes that the programmes use a rather traditional educational concept, consisting mainly of lectures and interactive lectures. The educational concept has not been formalized or explicated. The committee feels that the master programmes have chosen study methods that correspond with the educational concept, or lack thereof. Despite the favourable student/staff ratio, faculty wide, the groups of students in the lectures and interactive lectures tend to be quite large. The number of students enrolled differs for the three programmes. This means that the lecture groups vary correspondingly. The lectures and interactive lectures in the master s programme in Economics and Finance of Aging are small, consisting of groups of 10 to 15 students. This allows interactive teaching. The groups in the master s programme in Economics and IEF are somewhat larger, consisting of 30 students, on average. The committee appreciates the didactical starting points formulated for the master s programme in EFA. The committee feels, however, that they should be translated into an overall educational concept. The interviews with the lecturers of the three programmes revealed that there is not yet a faculty-wide educational concept. The lecturers emphasised that conducting research and incorporating it in the curriculum (by reading and discussing articles, conducting research, et cetera) is an important aspect of all UvT programmes. The committee strongly recommends developing an educational concept based on research, and formulating and implementing some new teaching and study methods in line with this educational concept that might be coined research-based teaching. The committee evaluates the criterion for this standard for all three programmes as satisfactory. The committee recommends that the programme maintain the relatively small groups, if possible. The committee also recommends initiating a structural debate between the lecturers about didactics, interactivity and study methods. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. S11: Learning assessment By means of evaluations, tests and examinations, the students are assessed in an adequate and for them insightful way to determine whether they have achieved the intended learning outcomes of the programme or parts thereof. Description In the self-evaluation report, the FEB indicated that there is a faculty-wide Board of Examiners. This board focuses specifically on the regulations concerning testing and examination, and is made up of scientific staff members. The Board of Examiners is assisted by an official secretary of the Education Office. The Board of Examiners holds a meeting on QANU / Economics 2009 / Tilburg University 151

152 current business every two weeks and organises several policy meetings each year. The board recently delegated several of its tasks: The preparation and assessment of examinations, and the signing of certificates have been delegated to examiners. This is usually FEB personnel, along with several staff members from other faculties. The FEB student advisors have been given a mandate for decisions about exemptions on the examiner s recommendation, decisions about entrance to the programmes and/or tests forming part of examinations, decisions about whether an examination has to be taken (this includes requests for replacing a compulsory course), decisions about an alternative opportunity for a test, and agreeing with the arrangement of the degree of choice within a course. In doing so, the student advisors must act in accordance with the guidelines prepared by the Board of Examiners. The processing and assessment of applications for admission to the pre-master s programmes and the master s programmes have been delegated to the programme directors. Ensuring satisfactory and expert invigilators during a test has been delegated to the Central Student Administration. The Education and Examination Regulations (OER) cover the instructions concerning testing and assessment. Interviews of the committee with members of the Board of Examiners revealed that the board primarily deals with individual cases. The other tasks are undertaken by the student advisors or the programme directors. For each programme, there are two possibilities for examination annually, the initial exam and the resit. In the next year, there are again two opportunities. The master s programmes all take one year, which is divided into two semesters, of which the second semester exists of two blocks. After the first semester the regular examinations are held. The first seven-week period of the second semester consists of courses. After this period, the resits of the first semester are held first, followed by the regular examinations of this period. The second period consists of the master s thesis. The resits of the second and third year of the bachelor programmes are planned in the same period as the resits of the second semester of the master s programme. For students who have not yet finished all bachelor courses, this is a busy period. In the interviews with the lecturers, it became apparent that the examinations were prepared by the lecturers that teach the course. This implies that for courses taught by several lecturers, the examination is prepared by more than one lecturer. For courses given by one lecturer, the examination is prepared by only one lecturer. The lecturers also prepare the answer key in advance of the examination. In the digital course catalogue for the university, the form of testing is indicated for each course. Information is also provided about the dates of the tests and the resits. In the selfevaluation report, the faculty stated that explicit assessment criteria specified on the assessment form are utilised in the evaluation of projects and presentations. The lecturer completes this form during the assessment to provide feedback to the students. The faculty is of the opinion that this promotes transparency towards the students, and at the same time ensures that different lecturers use the same criteria. The result of a written examination must be available within 15 working days and must be published within the next 5 working days. Every examination is evaluated by the students after completion. 152 QANU / Economics 2009 / Tilburg University

153 In 2007, the UvT commissioned a baseline measurement of the quality of the examinations. With this as a basis, a test expert was engaged to analyse all tests of all courses during a period of three years (for objective test preparation process, assessment process, grading and transparency). Master s programme in Economics and in International Economics and Finance The self-evaluation report states that for a substantial share of the courses, the final grade consists of marks for participation (usually with a weight of 10%), for assignments, papers or presentations (30%) and for the final exam (60%). In some cases the grade thus obtained is the final grade only if the grade for the exam is 5.0 or higher (so that students cannot compensate, say, a 4.5 on their exam with a sufficiently high grade for the other parts of the course). The exams are usually written (essay questions), but in some instances there are oral exams as well. In both types of exams, some questions test the level of knowledge acquired while others aim to test whether students can actually use the insights obtained to solve new issues (albeit related to what was presented in the course). The self-evaluation report notes that the quality of the exams is monitored in two ways. First, students fill out an evaluation form at the end of the exam. According to the self-evaluation report, these results have been satisfactory over the past three years, but the time available for the exam could be improved (score of 2.85 on a scale from one to five for the master s programme in Economics). Second, the exams are evaluated in the sounding boards. In general, the exams are evaluated well according to the self-evaluation report. According to the self-evaluation report, there is still room for improvement. In the field courses, the programme management wants to implement evaluation forms to assess the quality of student presentations. Master s programme in Economics & Finance of Aging The self-evaluation report states that all examinations include at least a written or oral exam. Most courses include an assignment or writing a critical essay on a course-related topic as part of the grade, while a number of courses also include the presentation of articles or their own work. According to the self-evaluation report, students have two opportunities to take an examination in the academic year in which the course in question is offered. The first examination for semester 1 follows immediately after the teaching period. A second examination for the course is offered after study unit 3. The first examinations for study unit 3 follow immediately after the study unit in which the courses are offered. A second examination for the courses taught in study unit 3 is offered after study unit 4. The self-evaluation report states that the master s thesis is graded on the basis of the scientific quality of its research content, the structure and quality of the written work, and the quality of the oral presentation (with discussion). The formal FEB rules and procedures for master s thesis supervision and evaluation also apply here (for example the general assessment criteria for the master s thesis in any FEB programme and guidelines for determining the final grade). Assessment The committee studied the information referring to the assessment and testing, and ascertains that the three programmes have selected the appropriate test forms. It feels that the test forms used in the programmes clearly reflect the educational concept and serve the learning QANU / Economics 2009 / Tilburg University 153

154 outcomes of the courses. On the basis of the examinations reviewed, the committee ascertains that the points students can earn for each part of the examination are mentioned. The committee would like to point out to the Board of Examiners that its role will change in the near future (as legally required), making the board formally responsible for the quality of the contents of the examinations. It therefore advises the Board of Examiners to consider the consequences of this for its role. From the interviews, the committee concludes that a prior assessment of the examination questions by two persons is not always done. To guarantee the quality of the contents of the examinations, the committee recommends formalising this ex ante quality assurance principle. Formalisation will be mandatory under the new legislation. The committee therefore advises the programmes to undertake steps in the near future to formalize procedures as to the ex ante quality assurance of the contents of the examinations. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. Assessment of the theme Curriculum The committee comes to an overall assessment of the theme Curriculum on the basis of its assessments of the separate standards. In the case of the master s programme in Economics, it assesses this theme as satisfactory. In the case of the master s programme in Economics & Finance of Aging, it assesses this theme as satisfactory. In the case of the master s programme in International Economics & Finance, it assesses this theme as satisfactory Staff S12: Requirements for academic orientation The programme meets the following criteria for the deployment of staff for a programme with an academic orientation: Teaching is principally provided by researchers who contribute to the development of the subject/discipline. Description The FEB indicates in the self-evaluation report that, as a matter of principle, all staff members have a doctorate degree (or are actively engaged in earning a doctorate), and have both research and teaching tasks. Trainee research assistants also have a teaching task of 20% over three years. Since 1996, the FEB has applied a tenure track policy for young faculty who recently earned their doctorate degree. The tenure track position is a provisional position for a period of six years. In this period, the staff member must conduct high-quality research and demonstrate pedagogical skills to secure a permanent position (tenure). In contrast to other FEB staff members, they have a 40% teaching task and a guaranteed 60% research task. Permanent staff members are awarded research time according to the quality and quantity of their prior research output. The permanent staff members devote, on average, 60% of their time to teaching and 40% to research. To secure a tenure position, the staff member in question must have had independent articles published in journals judged by the FEB to be top, very good or good, and their pedagogical evaluations must be of a higher level than the average of colleagues teaching similar courses. This assessment is conducted by the Faculty Management Team (FMT), which is advised by 154 QANU / Economics 2009 / Tilburg University

155 the Faculty Evaluation Committee (FEC). The FEC consists of six professors who are partly chosen by the personnel and partly appointed by the FMT. The FEC is also involved in advising on proposed promotions (from university lecturer to senior lecturer, from senior lecturer to professor 1 and from professor 1 to professor 2 ). Interviews with lecturers revealed that there is also an adjunct professor track. It is intended for staff members who excel in teaching, but who are not able to meet the research requirements of a tenure track within the set deadlines due to their focus on their teaching task. Currently, there is one adjunct professor employed in the faculty. In the self-evaluation report, reference is made to the university website Experts and expertise. This site contains information about teaching and research activities, publications, extra duties and any unusual aspects of all lecturers. The FEB's research is conducted within CentER, the Center for Research in Economics in Business. It occupies a high position in different international rankings. The quality of the faculty is apparent from the assessment of the faculty's research programmes done by different agencies (VSNU in 2002, Scientific Council of CentER in 2005, part of the internal Mid-Term Review and QANU in 2009). The research programmes are mostly awarded a good (4) or excellent (5) grade. Master s programme in Economics Renowned researchers are involved in teaching the master s programme in Economics. Seven out of ten courses are coordinated by full professors. The other three courses are coordinated by assistant and associate professors. Also, lecturers and PhD students are involved. In the interviews with the students, it became apparent that students are expected to study research articles in preparation for the classes. Master s programme in International Economics and Finance Renowned researchers are involved in teaching the master s programme in IEF. Seven out of ten courses are coordinated by full professors. The other three courses are coordinated by assistant or associate professors. Also, a lecturer and a student-assistant are involved. In the interviews with the students, it became apparent that students are expected to study research papers in preparation for the classes. Master s programme in Economics and Finance of Aging Renowned researchers are involved in teaching the master s programme in EFA. Three out of nine courses are coordinated by assistant or associate professors. The other six courses are coordinated by full professors. Also, guest lecturers from the professional practice as well as from other universities are involved. In the interviews with the students, it became apparent that students are expected to study research articles in preparation for the classes. Assessment The FEB strives for top research, which the committee considers a sensible objective. This choice has consequences for staff members who cannot meet the FEB s strict research demands. For this reason, the FEB has established the position of adjunct professor, there is at present one adjunct professor. The committee considers this a good initiative and advises to further develop this initiative. The committee ascertains that the majority of members of the scientific staff of the three programmes has a PhD. The committee concludes that the teaching in the three programmes QANU / Economics 2009 / Tilburg University 155

156 is provided by active researchers who are making relevant contributions to the development of the fields covered by the programmes. The committee appreciates the involvement of many full professors in the programmes. Research conducted by the FEB is highly appreciated, nationally and internationally. The staff of the programmes has good scientific expertise in the committee's view. Based on these conclusions, the committee feels that the three master s programme more than meet the criteria expected of a scientific master s programme. Master s programme in Economics: the committee assesses this standard as good. Master s programme in International Economics & Finance: the committee assesses this standard as good. Master s programme in Economics & Finance of Aging: the committee assesses this standard as good. S13: Quantity of staff Sufficient staff are deployed to realise the desired quality of the programme. Description The self-evaluation report contains FEB-level data on the number of registered students, the number of diplomas awarded, the number of fte scientific personnel, the student-staff ratio, and the diploma-staff ratio. The number of students registered at the FEB ranges around 5,000. The number of fte scientific personnel varied from fte in to fte in The student-staff ratio was 20, 21 and 19, respectively, in the past three academic years ( , and ). In the interviews with the programme directors and the Faculty Board, the allocation model was discussed. The departments receive their annual financing based on the number of students registered two years earlier. The research units receive their financing from the departments, with the following basic assumptions: a fixed budget of 40% per research unit, and a variable proportion based on the number of students attending a course for the first time. The departments and research units are free to spend the budget as they wish. Master s programme in Economics The self-evaluation report states that the number of students participating in a course is usually less than 50 (about 30, on average). According to the self-evaluation report, this makes it easy to achieve the objectives regarding interaction. However, some courses have decided to abolish writing papers or giving presentations because the student numbers are getting too large (for example in the Competition and Regulation in Network Industries Seminar). At the moment, the programme management considers the amount of interaction in other courses sufficiently large so that this is not a concern yet, but it wants to monitor this in the future. Master s programme in International Economics & Finance The self-evaluation report states that the number of students participating in a course is usually less than 50 (about 30, on average). According to the self-evaluation report, this means that most courses can achieve their objectives regarding interaction quite easily. Only in the Investment Analysis and Corporate Governance and Restructuring courses are student numbers too large to allow for much interaction. These courses are not only open to students of the master s programme in IEF, but also to students of other, larger-scale programmes (such as the master s programme in Investment Analysis). Student numbers here are between 100 and 200. The self-evaluation report notes that the small group size (in all courses but these two) allows for interactive teaching methods. Lectures are interactive, with students 156 QANU / Economics 2009 / Tilburg University

157 having to answer questions or solve cases on the spot, and raising questions with the lecturer and their peers. Also, most courses require students to write a paper, give a presentation, or both. Master s programme in Economics & Finance of Aging According to the self-evaluation report, the lectures are given to relatively small groups of students, creating opportunities for interaction between lecturer and students. The selfevaluation report states that students are challenged to participate actively in the lectures, do assignments, come up with their own suggestions to apply theory to specific problems in practice, et cetera. Since the number of students following this programme is limited, there is no distinction between small and large groups, and the number of lecturers required always remains the same. Interviews with the students revealed that courses scheduled exclusively for the master s programme in EFA usually comprise 10 to 15 students. Assessment The committee realises the implementation of small-group teaching requires more effort in large programmes and large faculties. Nevertheless, the committee wants to stress that the faculty as a whole has a very favourable student/staff ratio. On that basis, small groups of students could be arranged, but this requires tailor-made policies. In practice, however, groups tend to be large, compared to Dutch standards. The committee feels that the three programmes have found an adequate balance in the specialised character of the programme, the small group sizes and, in the case of the master s programme IEF, the larger groups in courses with other programmes. The majority of the courses of the master programmes in Economics and IEF have 30 students, on average, which enables interactive teaching. The master s programme in EFA has even smaller groups (10 to 15 students). The committee feels that the three programmes meet this standard. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. S14: Quality of staff The staff deployed are sufficiently qualified to ensure that the aims and objectives regarding the content, didactics and organisation of the programme are achieved. Description As specified under standard 12, the FEB has a tenure track policy for promising young faculty. After a provisional position lasting six years, they can be awarded a permanent position if they demonstrate excellent research and teaching skills in that period. The heads of the departments conduct annual performance reviews with staff members. The results of the course evaluations are used to discuss pedagogical performance. In the annual review meeting of the programme director and the head of the department on the personnel requirements of the programme, the programme director can indicate which staff member s/he would like to employ or would not like to employ. Teaching performance is also critically reviewed when considering promotion. The Faculty Evaluation Committee (FEC) QANU / Economics 2009 / Tilburg University 157

158 has established criteria for the promotion of staff members. For promotion, the contribution of the staff member to innovation in education and the development of teaching programmes are assumed necessary. For new lecturers and trainee research assistants, the faculty organises a compulsory foundation course in didactical skills. Its objective is to improve didactical skills. The course concludes with an individual assessment, with one lesson given by the lecturer being filmed and discussed. Starting in 2010, the Fundamental Qualification in Education (BKO) will be introduced across the university for all new staff members. Lecturers can have individual supervision upon request or after indication on the basis of course evaluations. This option is used several times a year. In addition, regular meetings on specific themes are organised for staff members (for example, on ICT and education, supervision of theses, testing and intercultural communication). Given the drive towards internationalisation (see standard 8), there are increasingly more English-language subjects within the course curriculum. Therefore, since , each staff member is required to pass an English language test. Based on the results, staff members may receive a recommendation to improve their command of English. In the university's language lab, staff members can take various courses. The number of staff members who actually do so is still limited. Within the FEB, the establishment of a faculty education expertise centre is underway. The objective is to combine and distribute the knowledge present within the FEB in the field of educational studies and didactical matters. The interviews with the students revealed that they feel a good researcher is not always a good lecturer. Assessment The committee feels that the FEB programmes meet the criteria applicable to this standard. The committee notes that a number of clear developments have been initiated to stimulate the didactical development of lecturers. The FEB's four-day foundation course in didactical skills is compulsory for new lecturers. The BKO will be implemented across the university from 2010, giving the university a minimal basic guarantee for the didactical quality of its teaching staff. Also, in the performance reviews, attention is explicitly paid to teaching performance, partly based on course evaluations. These evaluations guarantee systematic assessment of the didactical qualities of lecturers. The committee understands that adequate action is taken when a lecturer receives a poor assessment. After a poor assessment, the lecturer is given sufficient opportunities to follow training courses or a coaching track to improve his/her didactical skills. If subsequent assessments remain poor, a process is implemented that can lead to outplacement. The committee feels that given the current level of didactic training and the BKO requirement after 2010, the minimal quality criteria can be ensured. However, there is still room for improvement. Faculty-wide educational meetings, often focusing on a specific theme, are held regularly, but the committee feels that attendance is too low. This also applies to the English language courses. There is little exchange between lecturers about pedagogical and didactical issues. Based on the interviews with lecturers, the committee concludes that too little use is made of sharing the good teaching practices present within the FEB. The committee suggests to actively stimulating such information transfer. The initiative to establish an education expertise centre within the FEB, which can collect and combine 158 QANU / Economics 2009 / Tilburg University

159 available data, knowledge and practices, is a good step in the right direction. The committee is in favour of this initiative. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. Assessment of the theme Staff The committee comes to an overall assessment of the theme Staff on the basis of its assessments of the separate standards. In the case of the master s programme in Economics, it assesses this theme as satisfactory. In the case of the master s programme in Economics & Finance of Aging, it assesses this theme as satisfactory. In the case of the master s programme in International Economics & Finance, it assesses this theme as satisfactory Services S15: Facilities Housing and facilities are adequate to achieve the learning outcomes. Description All UvT courses are given on the campus. All facilities and materials required to provide education are present on campus and accessible to all students. The faculties share all teaching facilities. The students' satisfaction with the facilities is evaluated each year at university level. There is a large number of lecture halls and classrooms available, with varying capacities (<25 to >300 seats), almost all with internet access and other teaching support facilities. In addition, there are several computer practice rooms available which can be used by students for self-study when they are not being used for classes. The evaluation results given in the self-evaluation report reveal that the students are in general positive about the quality of the lecture halls and classrooms. For this aspect, the faculty scores 3.7 (on a scale of 1 to 5, in academic year ). There are a number of rooms available with a total of 930 workplaces for students (including 500 workplaces in the library). Students can make use of the student workplaces in the library on Monday to Friday until 21:30 hours and on Saturday and Sunday from 10:00-17:00 hours. The Montesquieu Learning Center and the Goossens Learning Center are open each working day until 22:30 hours. Some of the student workplaces have lockers with an electric socket. The students can recharge their own laptop or mobile telephone there while they work. At various places, the setting resembles an internet café. In March 2009, the city of Tilburg s public library opened a municipal study centre where students have free access to the university network. All of these facilities are available to all UvT students. The students are less positive about the number of workplaces available, according to the results in the selfevaluation report. For this aspect, the faculty scores 3.1 (on a scale of 1 to 5, in academic year ). The university has a videoconference room that can also be used by students. It has installed a wireless network, which the students can log onto from their own laptop. In addition, there QANU / Economics 2009 / Tilburg University 159

160 is a second-hand bookstore on the campus, where students can buy and sell books (the proceeds go to charity). The campus also houses a central library. For the economics and business economics courses, relevant databases are available. The students can consult the Library Service Desk for assistance and advice in searching for information. The library also contains a Scriptorium where students can find individual supervision and advice about writing a thesis, paper, or report in Dutch or English. To prepare timetables, the UvT has been using the electronic programme Syllabus Plus since the academic year The aim is to utilise the available lecture halls better. For the FEB, this has led to a relatively large number of lectures in the evenings. In the interviews with students, it became clear that the students were not uniformly enthusiastic about this development. The FEB utilises different electronic systems in teaching. First of all, the Electronic Course Catalogue (ESG) lists all degree courses, programmes and electives. It also provides information about lecture and examination timetables. Second, Blackboard covers all courses, providing detailed information about them. Blackboard is primarily used for sending the students messages about a particular course, storing copies of presentations used in the lectures and issuing assignments. The third system is BSCW, a programme that enables collaboration at a distance via the internet. Using this programme, members of a group (project) have access to a common workspace where documents can be stored, shared and modified. In addition, discussions can be conducted, facilitating joint coordination and decision-making. From the interviews with the students, it became apparent that many are not familiar with the BSCW programme. Through the student portal on the university website, students gain access to different applications (with just one log-in). The student portal also provides students with information on supervision, student administration, et cetera. Currently, the FEB is conducting an experiment in recording lectures on video. At the site visit, it was explained that this application can be used when subjects are removed from the curriculum and students have to resit the examination, or when students want to review the lectures again or were not able to attend the lecture. Assessment Based on the description in the self-evaluation report, the committee concludes that there are currently enough classrooms, lecture halls and study places available. The committee would like to point out that if the number of students increases further, the facilities will not be adequate. The committee also ascertains that the lecture halls and classrooms suit the current didactical practices, which involves working with relatively large groups. For another didactical concept involving working with smaller groups, the current facilities will be inadequate. The committee appreciates the cosy feeling of the campus and the associated facilities. The committee is also pleased with the presence of the videoconference room and the secondhand bookstore for students. The committee confirms that the ICT facilities and electronic work environment look excellent. In interviews with students, it was noted that the students are not familiar with the BSCW programme. The committee clearly appreciates the added value of recording lectures on video. 160 QANU / Economics 2009 / Tilburg University

161 Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. S16: Tutoring Tutoring and information provision for students are adequate in view of study progress. Tutoring and information provision for students correspond with the students needs. Description In the self-evaluation report, the FEB indicated that the students are responsible for their own study behaviour and progress. The initiative to seek support when problems arise lies primarily with the student. In the self-evaluation report, a distinction is made between facilities at the FEB level and at the university level. At the FEB level, the student service desk (1.9 fte, two staff members) is available. It is an easily accessible facility where students go first with course-related questions (except for questions about registration, which are dealt with by the Central Student Desk). The staff members of the student service desk refer more complex questions to the academic advisors. In 2012, the faculty intends to transform the student service desk into a one-stop shop, where all the students' questions can be answered. At the university level, academic advisors and psychologists are available at the Student Affairs Service. Students can get in contact through the student advisor or independently. At the Language Lab of the Student Affairs Service, students can take various language courses. All students of the university are given language vouchers with a total value of 12 EC with which they can take two language courses of 6 EC at the Language Lab during their course of their study. The faculty employs five student advisors (4.0 fte). Each student advisor is associated with a number of bachelor and/or master programmes. The coordinator of the study counselling unit can also act as a student advisor in busy periods. The student advisors offer support on course-related issues like problems with progress, selection processes and questions about the contents of the course and required skills. The student advisors are also involved in information-provision activities for prospective students and introductory activities for freshmen. The student advisors confer regularly with the programme director(s) of the programmes with which they are associated about information provision activities and developments in courses. The student advisors have consultations by appointment and open office hours. For international and exchange students, the International Student Services is available (6 staff members, 5.0 fte) to answer specific, individual questions about studying abroad. The university website plays an important part in information provision to students (see also standard 15 about facilities). In addition, the students periodically receive an English newsletter about developments regarding teaching within the FEB. In the Blackboard course FEB facts you need to know, the rules and procedures of the FEB and university are explained. The FEB also organises information meetings on course selection (after the first year of the bachelor programmes in General Economics, Business Economics and Fiscal Economics) and the range of choices after the bachelor s programme. QANU / Economics 2009 / Tilburg University 161

162 The evaluation results in the self-evaluation report reveal that students of the FEB are in general less satisfied with the supervision than other students at the university. An upward trend is evident, however (from 2.3 in to 3.3 in , on a scale of 1 to 5). Assessment The committee ascertains that all expected forms of supervision and tutoring at the FEB or central level are present. The initiative for requesting any form of supervision is left up to the student. In the different interviews with students, the committee explicitly asked their opinion on this standard. In general, students appeared to be reasonably satisfied with the supervision and advice that they received in practice. The committee focused in particular on international students. The committee is of the opinion that the activities of the programme management concerning supervision and information provision are adequate to promote study progress and that they meet the students' needs. The committee notes that the supervision could be improved by changing the optional nature of a number of parts. The committee also has established, based on the interviews, that the student advisors would like to play a more active role. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. Assessment of the theme Services The committee comes to an overall assessment of the theme Services on the basis of its assessments of the separate standards. In the case of the master s programme in Economics, it assesses this theme as satisfactory. In the case of the master s programme in Economics & Finance of Aging, it assesses this theme as satisfactory. In the case of the master s programme in International Economics & Finance, it assesses this theme as satisfactory Internal quality assurance system S17: Periodical evaluations The curriculum is periodically evaluated in the light of verifiable objectives and other measures. Description The internal quality assurance system is described in the self-evaluation report for the FEB as a whole. The quality assurance system consists of three layers. The first are external quality assurance cycles, such as the six-year accreditation cycle. The second is an internal quality assurance cycle at the university level. There is a permanent Education Quality Assurance Steering Committee coordinating activities concerning the quality of education for the university as a whole. Proposals from this steering committee are discussed by the university board and the faculties. Some proposals from the steering committee are implemented throughout the university. In , the Mid-Term Review of Education took place halfway through the external quality assurance cycle, covering the entire university. 162 QANU / Economics 2009 / Tilburg University

163 The third layer of the quality assurance system is the internal quality assurance cycle conducted at the FEB level. The FEB programme directors are responsible for the quality of education. Teaching programme committees (OLCs) monitor the actions of the programme directors and give advice on the activities. The OLCs also advise the faculty board about the Education and Examination Regulations (OER). For reasons of efficiency, there are in total three clusters of OLCs, each with equal numbers of scientific staff members and students. Hardly any full professors participate in OLCs. The OLCs meet at least three times a year to discuss the semi-annual reports from the programme directors on the current state of affairs and the OER. It appears from the interviews that in practice there are more than three meetings per year. It also became apparent that the OLCs clearly have an advisory rather than a legislative role. The influence and involvement of the OLCs seem to have increased in the past few years. There are also plans to allow the OLCs to function more systematically and fulfil a more (pro)active role in the quality assurance process. Along with the contact with the OLCs, the programme directors receive management information from the FEB education office. The education office carries out examination and curriculum evaluations. All courses and associated exams are evaluated every year at the end of the course using a standard evaluation form, on which students indicate on a scale of 1 to 5 the extent of their agreement with a number of statements. The course s lecturers and their heads of departments receive the evaluation results. Because the results of the evaluations are not made publicly available (according to the interviews), the student societies have taken the initiative to produce shadow evaluations conducted by students. Thus, students gain insight into the assessment of the courses by their fellow students, and they can base their choices on this. Focus groups can highlight problems that students are having with a particular course. A focus group has been set up for all programmes, consisting of students from different years of a programme. In each semester, this focus group meets several times to discuss the education given in that period. In addition, the education office organises curriculum evaluations among students to explore all parts of the curriculum (one particular academic year), usually through a written questionnaire. If the causes of problems in a course are difficult to uncover, panel discussions are set up at the request of the lecturer teaching a course, the programme director or the head of the department. Invitations to be on the panel are sent to several students, and possibly to the lecturer. A discussion is initiated with staff members of the education office on a topic referring to the teaching in the course, and suggestions are made for improvement. Another form of panel discussion involves groups of students evaluating course-related issues and service provision to students. Starting in , this form of panel discussions will be implemented. Along with these evaluation methods, there are also alumni surveys and contacts with the relevant job market (see standard 19). From the interviews with lecturers and students, it appears that the results of the course evaluations are not publicly available. Apart from those directly involved in the courses, only members of the OLC may view the results. For some programmes, the relevant student society conducts shadow evaluations, which are made public. Assessment The committee feels that the programmes meet the criteria for this standard. The committee ascertains that the education provided is periodically evaluated according to a set of objectives (see description under S18) and that the programme management actively acts on the results. It also confirmed that the evaluations are conducted in a formalized and structured way and QANU / Economics 2009 / Tilburg University 163

164 that the programme management structurally analyses the results and takes action, if necessary. Based on its discussions held with the members of the different OLCs, the committee ascertains that the OLCs feel involved in the quality assurance system for the programmes. The committee considers the size of the different OLCs to be overly large, and the involvement of full professors in all OLCs to be too low. The committee feels that the OLCs act rather passively, without having systematic contact with their constituencies (i.e., other lecturers and students). In the discussions, it became apparent that this difficulty has been noted earlier by the OLCs themselves and in an external survey conducted by the university. The role of the OLCs continues to grow in importance, however, and has expanded in the past few years. The committee favours this development and sees great potential if this growth trend continues. Both the OLCs and the programme management confirmed that remarks and suggestions from the OLCs are taken seriously. The OLCs have contributed, for example, to issues concerning the OER. They are also active in analysing the evaluation results for courses. Different interviews revealed that reviews are conducted in a formalized and structured way based on course and examination evaluations, as well as focus groups. The programme management structurally analyses the results and takes action, if necessary. The committee likes the panel discussions that are arranged whenever some aspect of a course is unclear. The information derived from the evaluations could be processed in a more systematic and coordinated manner, however. Strengthening the contacts between the different involved parties -for example, the OLCs and the focus groups- could contribute to this. In addition, the contact with the OLCs constituencies (particularly the students) must be strengthened. On the one hand, students need more insight into the evaluation system, to know where to go with a problem. On the other hand, students need to be informed about the results of evaluations. In the interviews with students and lecturers, it became apparent that the evaluation results are not made public. Currently, students are forced to obtain this information through shadow evaluations. The committee considers it important that students are given insight into the results of evaluations (perhaps, after a privacy check). The committee is positive about the implementation of the Mid-Term Education Review and the baseline measurement conducted by the university to improve testing practices. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. S18: Measures for improvement The outcomes of the evaluation form the basis of verifiable measures for improvement that contribute to the achievement of the objectives. Description The self-evaluation report describes how the results of evaluations are dealt with. All of the results are entered in the electronic programme file for the programmes (as far as possible). This gives the programme directors and OLCs access in an orderly manner to all data collected about a programme. The data can then be analysed, after which conclusions can be 164 QANU / Economics 2009 / Tilburg University

165 drawn about the strong and weak points of the programme (or parts of it). This provides a basis to stimulate steps for improvement. After implementing these improvements, the new collected information can be used to examine the extent to which the desired effect was achieved. The programme dossier was developed in the course of the academic year and is constantly being updated. The results derived from the programme dossier are discussed in performance reviews and management reviews, and form a stimulus for staff members to take didactical training when a course is judged as unsatisfactory on this aspect for the second time in a row. The discussions revealed that both the programme directors and the OLCs sense that the results of the evaluations are taken seriously. In the OLCs, a course that has been judged to be unsatisfactory is definitely discussed. The self-evaluation report revealed that at the FEB level different recommendations have been implemented, including most of the ones that had emerged during the previous accreditation cycle. Examples include the recruitment of an education specialist to survey the teaching of skills in the bachelor programmes, development of an assessment form for bachelor and master theses, improvement of communication with the students, and an increase the number of student workplaces. The faculty is also occupied with implementing recommendations made by the committee in the Mid-Term Review in Partly due to the Mid-Term Review, for example, the faculty instituted a new policy as to the internationalisation of education. Moreover, several curricula will have to be revised in the near future. Master s programme in Economics and in International Economics and Finance The self-evaluation report states that the quality of the programme is ensured by (i) having a student advisor assist the programme director, (ii) official evaluations by students assessing the quality of all courses and exams, (iii) feedback from student representatives in sounding boards, and (iv) student representatives as well as faculty representatives in the OLC. According to the self-evaluation report, all these sources of information are used to improve the quality of the programmes. Signals via (i), (iii) and (iv) are followed up immediately; negative signals from (ii) that are not corroborated by a second source of information result in the course being monitored more closely the following year (during the course via the sounding boards, and afterwards on the basis of the course evaluation). The self-evaluation report for the master s in Economics states that signals regarding the quality of the course can be related to content (as was the case with Applied Methods for Economists (AME) that was deemed too theoretical ), to coherence (as sometimes courses are taught by several people, giving rise to coordination problems as was the case with Seminar Competition and Regulation in Network Industries (SCRNI)) or to teaching skills (which may include poor English pronunciation, as was the case with a teacher of the course Seminar Competitiveness of the European Union (SCEU)). All signals were followed up upon: the lecturer(s) restructured the course (AME), one person was appointed as course coordinator (SCRNI), or remedial training for lecturers was taken care of (SCEU). All these instances occurred in or , and the evaluations one year later indicated that the problems had been dealt with adequately: in , AME scored 4.02 for interesting content, SCRNI scored 4.18 for coherence, and the teacher in SCEU scored 3.1 for English. The self-evaluation report for the master s programme in IEF states similar examples of improvement, for different courses. QANU / Economics 2009 / Tilburg University 165

166 The self-evaluation report indicates that these are all examples of cooperative solutions, trying to convince lecturers that they need to improve their course. The programme director has the right to reject a specific lecturer suggested for a course because of poor past performance, but this has never happened in the master programmes. The self-evaluation report states that there is still room for improvement. First, the programme management is considering using evaluation forms for the assessment of the quality of student presentations. Second, the feasibility of graduating within one year is hampered by the fact that the resits for the courses taught in the first semester are scheduled around the first exam opportunities of the courses taught in the second semester (in March). This is a problem because students know that if they fail to pass the resit of any course, they are unable to complete their programme within one year. The resits for the courses taught in the second semester take place in June. Thus, students are stimulated to study hard in March for the resit of the courses taught in the first semester, at the expense of the amount of time spent on preparing for the first exam opportunity for the courses taught in the second semester as they have an extra chance for those courses in June anyway. According to the self-evaluation report, this is an unfortunate situation, and the programme management is looking for ways to (i) allow students to prepare well for their first exam opportunities for all courses taught, and (ii) still give them ample time to write their thesis (possibly in combination with an internship) in the period April June. Third, the master programmes in Economics and IEF are being integrated into a new programme as foreign students have indicated that the master in IEF label is not very marketable abroad. Also, the Abraham Committee (Mid-Term Review of Education) established that the two programmes are not very distinctive and are in fact identical in their structure, teaching philosophy, and broader aims and targets many courses offered by the one programme are electives in the other, and vice versa. Given that the master s programme in Economics already offers three different tracks, the master s programme in IEF would become the fourth track if the two programmes are merged. The aim is to offer a single economics programme from onwards. Master s programme in Economics & Finance of Aging The self-evaluation report states that the programme started in the academic year Along with the regular course and examinations evaluations, the OLC and the sounding board group, the programme director also has lunch with students and conducts pass rate analyses, possibly interviews with lecturers and sometimes additional, more in-depth evaluations. The self-evaluation report notes that to gain more insight into the students experiences and to become aware of issues requiring improvement, the programme was extensively evaluated throughout its first year. The first semester was evaluated in November 2006, and the second semester (and the entire programme) was evaluated in June According to the selfevaluation report, the most important outcomes of the evaluations were that the Macroeconomics of Pensions and Aging course was considered to be too difficult, requiring too much time compared with the other courses, while most students also preferred to have a refresher in quantitative techniques at the start of the academic year. This resulted in a change in the Empirical Research in Pension and Retirement Economics course, which now also includes such a refresher during the first four weeks. Moreover, the study load and difficulty of the Macroeconomics of Pensions and Aging course were adapted to bring them more in line with the other courses, consistent with the objectives of the programme. According to the self-evaluation report, a major complaint by the students in the second year was the way in which the first semester exams were spread over the exam period. Although it 166 QANU / Economics 2009 / Tilburg University

167 was not easy to organise, given the constraints, the Education Office and the programme director managed to reschedule the exams in line with the students preferences. The results of the evaluations in the third year revealed that the various assignments for the autumn semester are not optimally spread over the semester. Improving the spread requires a better coordination between the various courses, to be implemented during the next academic year. Assessment The committee approves the implementation of programme dossiers. In these dossiers, it is evident that courses can be evaluated before and after every examination. This information is available for all years, starting in It is also evident in the dossiers that courses with low scores in the evaluation are actually improved or removed. The committee gets the impression that good use is made of the programme dossiers. The committee ascertains that the results of the course evaluations lead to concrete measures for improvement when there is a need for it. The committee examined different examples of measures taken to improve the quality of the teaching. The committee feels that along with the formal measures implemented by programme management, individual improvements were carried out by lecturers based on the course evaluations and other signals they perceived. The committee is of opinion that the three master programmes meet the criteria for this standard. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. S19: Involvement of staff, students, alumni and the professional field Staff, students, alumni and the relevant professional field will be actively involved in the internal quality assurance system. Description As already stated in standard 17, lecturers and students are involved in the quality assurance system in the following ways: The programme directors are also lecturers. They are assisted by a student advisor and an academic advisor. Lecturers and students are represented on the educational committees with equal numbers of lecturers and students. The FEB has three educational committees. Students participate in focus groups and are involved in panel discussions about a particular course. Students can express their opinions about courses and examinations through written course and examination evaluations carried out after the conclusion of a course or examination. Alumni and representatives from the professional field currently have a rather modest role in the quality assurance system. There are annual alumni surveys conducted through the WO monitor by the Research Centre for Education and Job Market (ROA), but a survey among representatives of the professional field is not done structurally. There is some contact with the professional field in the form of students' final projects conducted in companies. The programme receives feedback on the student's abilities as evidenced in how they carried out the project from the internship supervisor, which may also include indirect feedback about the programme. The self-evaluation report also states that the FEB has a Social Advisory QANU / Economics 2009 / Tilburg University 167

168 Board with representatives from the business community and other institutes. The members of the Social Advisory Board offer their vision of the path the faculty could and/or should take from their specific viewpoints. The Social Advisory Board meets several times a year. It is consulted in strategic discussions within the FEB. At university level, an alumni database is being established, and a pilot of a large-scale survey is being conducted among alumni. The intention is to put together an alumni panel that can be periodically consulted on relevant issues. The university also wants better information as to its international alumni. At the moment, they generally disappear once they have graduated and returned home. The FEB intends to establish a Career Center for alumni to stimulate binding with alumni by organising various activities and to obtain more systematic feedback on the FEB programmes. Currently, the FEB is actively recruiting an alumni officer to handle the alumni policy. Master s programme in Economics and in International Economics & Finance The self-evaluation report indicates that the most important source of feedback from alumni derives from the internships they offer (on behalf of their employers); many alumni contact the programme management to advertise positions. According to the self-evaluation report, there are several other contacts as well. For example, three alumni now working at the Ministry of Economic Affairs invite students to participate in a master s class at Economic Affairs to recruit new employees. The programme management also organises informal meetings, consisting of a dinner, a short presentation by the programme director, and then informal discussions. According to the self-evaluation report, these meetings have a high turnout (as alumni clearly also view it as a college reunion ) and are very instrumental in assessing the quality of the programme as alumni give feedback on the usefulness of their studies for their current work. Regarding the feedback from the students future employers, the self-evaluation report states that most information is obtained via the informal contacts in the process of thesis/internship supervision. In most instances, faculty members act as scientific supervisors of internships (on the basis of which the student will write his/her thesis) and interact quite intensively with the day-to-day supervisors of the organisations at which the students do their internships. Also, these day-to-day supervisors participate in the thesis defence sessions acting as third readers, and asking questions. During these interactions, these third readers give feedback on the quality of the programme. Master s programme in Economics & Finance of Aging According to the self-evaluation report, alumni of the EFA programme belong to the Netspar community and thus are invited to a number of activities organised by Netspar. This creates opportunities to meet the alumni and get their feedback on the programme, also taking into account their post-master job experience. An example mentioned in the self-evaluation report is the Netspar Junior Pension Day (in June), jointly organised by Netspar and the programme in which students working on their thesis present their problem formulations and preliminary results. Alumni are invited to attend this day as well and to give feedback, also on the programme. The company supervisors of the students doing an internship are also invited to attend the Netspar Junior Pension Day. This creates additional opportunities to obtain feedback from the professional field on the programme. Moreover, representatives of Netspar regularly visit the Netspar partners. The programme, and in particular the internships, is one of the possible items to be discussed. 168 QANU / Economics 2009 / Tilburg University

169 The self-evaluation report also states that most students of the programme write their thesis on the basis of an internship. Students are then supervised by both a university supervisor (a member of the staff) and a company supervisor. This creates a natural opportunity to obtain feedback from the professional field on the programme. The self-evaluation report states that some of the students of the programme are already professionals in the field, working at one of Netspar s partners (typically with a completed master s degree in some other programme), who would like to update their knowledge in the field of the economics and finance of aging. In February 2009 the first of these students successfully completed the programme. Their feedback is also very helpful in finding ways to improve the programme further, taking into account the perspectives of the professional field. Assessment The committee is of the opinion that the programmes meets the criteria for this standard. Based on the discussions with students and lecturers, the committee ascertains that the staff members and students are committed to their programme. The contacts between OLCs and other students could be strengthened and structured better. In this way, the functioning of these committees would be enhanced. Contacts with the professional field and alumni do exist, but could be better structured. The committee notes that the contacts between students from the OLC and their fellow students run primarily through the informal network contacts. Students do not appear to know who represents them on the OLC. The committee advises the OLC to structure the contacts and information provision to students better. In this way, it will be clearer for the students what measures are taken in response to the outcomes of the course evaluations. This could also lead to an increase in the information that reaches the OLC, because students know where they can go with their issues. The committee feels that the current OLCs mostly respond reactively. They discuss important issues, but mainly at management's request. The committee advises the OLCs to act more proactively in the future, and take up an agenda-setting role. The committee also notes that the current OLCs are rather large, and that hardly any full professors are members. This can affect their decisiveness and influence. The committee appreciates that a university-wide external survey on the working of the OLCs was conducted. The committee notes that the role of the OLCs is being taken more and more seriously by the programmes. It is important that this development continues. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 169

170 Assessment of the theme Internal quality assurance system The committee comes to an overall assessment of the theme Internal quality assurance system on the basis of its assessments of the separate standards. In the case of the master s programme in Economics, it assesses this theme is satisfactory. In the case of the master s programme in Economics & Finance of Aging, it assesses this theme as satisfactory. In the case of the master s programme in International Economics & Finance, it assesses this theme as satisfactory Results S20: Achieved learning outcomes The achieved learning outcomes correspond with the aims and objectives regarding level, orientation and subject- /discipline-specific requirements. Description At FEB level, rules have been formulated for the supervision of students writing their bachelor s or master s thesis, and criteria have been developed for the assessment of these theses. Regarding the supervision of students, the FEB considers that this must be the responsibility of a staff member with a PhD. In addition, the assessment must always be done by two staff members who separately fill in an assessment form according to the formulated criteria. This will make it clear for students how the final grade is arrived at, and a certain arbitrariness of the assessment criteria employed by individual judges can be prevented. The assessment of the thesis is based on an assessment form taking into account the various criteria that a thesis paper should meet. Six aspects are distinguished: the research question, method and theory, findings, conclusions, recommendations, and style. Master s programme in Economics and in International Economics & Finance According to the self-evaluation report, students start writing their thesis at the end of March or early April. Students are encouraged to start thinking about a thesis topic much earlier, though, as finding a good topic takes time and inspiration. Because students have the opportunity to write their thesis on the basis of an internship, starting early is very important to secure an internship. Students are informed about the process of writing a thesis in two ways. One is by means of a special information site (on Blackboard) containing information about what a thesis should look like, as well as what the criteria are applied to evaluate the final thesis. The other is a special meeting where information is provided and where students can ask questions of the thesis coordinator. The self-evaluation report states that the matching of students to faculty members is done through a website. According to the self-evaluation report, the thesis needs to make a real contribution to the literature and contain novel work. Thus, the thesis needs to present more than just a review of the literature; it has to reveal the student s research capacities through mastering a scientific problem independently. Most theses either develop a formal model or undertake an econometric analysis. The thesis may not exceed 20,000 words, exclusive of summary, preface, bibliography and possible appendices. To graduate, the thesis must be presented and defended (in public, or just in the presence of the exam committee). Every thesis is evaluated by at least two faculty members, the supervisor as well as a second faculty member knowledgeable in the thesis topic. The interviews with the students revealed that the first-semester Applied Methods for Economists course covers the preparation for the master s thesis and by showing students 170 QANU / Economics 2009 / Tilburg University

171 how to conduct research. The students consider the period between this course and the master s thesis too long to be able to effectively apply the knowledge learned to the master s thesis. Master s programme in Economics & Finance of Aging The self-evaluation report states that, in the master s thesis, students apply the acquired knowledge, insights, and skills to a specific problem in the field of the economics and finance of aging. Students write the thesis and present and defend it to an audience of peers and scientific and professional experts in the field. According to the self-evaluation report, the thesis organisation is as follows. In the first semester, Netspar invites its partners to propose internship options. At the end of the first semester, these proposed internships are communicated to the students. The students who would like to write their Master s thesis on the basis of an internship are invited to indicate a preference (for instance, their top five ). Together with their letter of motivation and CV, their preferences are communicated to the corresponding Netspar partners. In the first seven weeks of the second semester, an internship (job) market takes place: companies make appointments with students, offer them an internship (or not), and students accept possible internship offers (or do not). For each student/company match, the thesis coordinator helps to align with a university supervisor. The university supervisor is responsible for issues related to supervision. Typically, the university supervisor is a Netspar research fellow, most often with an affiliation at the FEB. According to the self-evaluation report, the quality of the university supervisors guarantees that the thesis supervision is of a high scientific and professional level. The master s thesis amounts to 18 EC, corresponding to hours. The self-evaluation report states that the students meet their university supervisor approximately once every two weeks, for one to two contact hours. This corresponds to a total of around 10 to 20 contact hours, including the introductory meeting, possible company visits, and thesis defence. The self-evaluation report indicates that this intermediation procedure organised by Netspar is successful. The number of internships offered is substantially larger than the number of students who would like to write their thesis on the basis of an internship. Moreover, most students looking for an internship are able to find an internship this way. In the academic year the success rate was nearly 100%. In the academic year the success rate seemed to be somewhat lower, probably because Netspar extended its intermediation to other groups of students (in particular, students following an econometrics programme). This increased the competition to find an internship via the intermediation procedure. The final assessment of a thesis takes place on the basis of a meeting in which the student first presents his/her thesis followed by a thesis defence. This meeting is attended by the university supervisor, a second reader (somebody from the university staff), and possibly the company supervisor as advisor. The university supervisor and second reader, possibly advised by the company supervisor, arrive at their final assessment by evaluating the research question, the methods used, the conclusions, and the recommendations, using the FEB assessment form. Assessment The committee assessed the achieved learning outcomes of the programmes discussed in this report as satisfactory. The overall conclusion is that the quality and level of the master s theses are satisfactory. QANU / Economics 2009 / Tilburg University 171

172 For each programme, the committee made a random selection of two theses from the list of the 25 most recently completed theses and the associated assessment forms. Consideration was given to the grading (both a low and a high grade) and the supervisor (the selected theses had different supervisors). The committee members read the theses and assessed their presentation of the problem, review of the literature, methods and justification, conclusion and discussion, structure, legibility and verification. To a large extent, the committee agrees with the grades awarded by the supervisors. The committee ascertains that not all of the selected and assessed final theses were accompanied by a completed assessment form. In addition, on a number of assessment forms, there was no justification for the score given. Master s programme in Economics The first thesis studied by the committee has very clear and accurate problem definition. Excellent literature is used. An excellent research method is applied and the method is very well described. The conclusions follow logically from the presented material. The thesis is very well structured and readable. The second thesis the committee studied has a rather straightforward problem definition. No relevant research articles or literature is used. The research includes original data and is quite simple. The conclusions are straightforward. The thesis is adequately structured and readable. Master s programme in International Economics & Finance The first thesis studied by the committee has a clear but rather unsurprising problem definition. The thesis presents a good and solid overview of relevant literature. The research is adequate, being mainly empirical by bringing new data together. The conclusions are straightforward, and follow directly from the results. The thesis is well structured and readable in reasonably good English. The second thesis has a rather unclear problem definition. A lot of adequate literature is used. The research methodology is adequate, with the conclusions following from the results. The thesis is very well structured and presented. Master s programme in Economics & Finance of Aging The first thesis studied by the committee has a clear and well-defined problem definition. The relevant literature is used. The research methodology is well described, and the conclusions follow from the presented material. The thesis is very well structured and readable. The second thesis studied by the committee has an unclear problem definition. The problem definition is not related to relevant literature. The student makes limitedly use of relevant literature and the research method is not elaborately described or justified. The conclusions are quite straightforward, and not related to relevant literature. The structure of the thesis is adequate. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. 172 QANU / Economics 2009 / Tilburg University

173 S21: Study progress Target figures that are comparable to other relevant programmes are formulated to express the expected success rate. The programme s success rate complies with these target figures. Description The self-evaluation report presents university-wide target figures. 75% of all master s programme students should finish the programme in one year. At the point in time, this target has not been realised. University-wide, 27% finishes the master s programme within one year, 63% within two years and 79% within three years. The self-evaluation report states, at FEB level, several arguments for the delay of students: Students have extracurricular activities such as hobby s or a job. Students make a conscious choice to study more than one year. They find themselves not yet ready or too young to enter the labour market. Personal, unforeseen circumstances. Once the student has a delay (in, for example, the bachelor s programme), it is hard to make up, which means that during specific periods students have to study harder. The master s thesis is also a cause for delay. The master s thesis is scheduled in the second part of the second semester. In the first part of the second semester, students are expected to follow two courses and make preparations for the master s thesis. In the second part of the second semester, there are no master s programme courses scheduled. In practice, during this period, students sometimes also have to finish courses of the bachelor s programme or follow an internship. This usually leads to study delay. The interviews with the students made clear that students still have to finish courses whilst working on the master thesis. This causes a delay. Master s programme in Economics The results for the master s programme in Economics are: 35% obtains the diploma after one year of study, 68% obtains the diploma after two years of study, and 79% obtains the diploma after three years of study. The results after one year are higher than the average results for the FEB. The results after two years are slightly lower, and the results after three years are the same as the results of the FEB. The average time that students needed to finish the programme has decreased from 17 months for the cohort to 11 months for the cohort. The self-evaluation report states that students take more time to write their master s thesis than expected for the number of EC awarded (18 EC). However, personal interviews with students indicate that this is not because the official requirements for a passing grade for the thesis are too demanding. Students indicate that it takes time to get started (i.e., in most instances students need to come up with their own topic, and finding a good research question is time-consuming), but acknowledge that this is part of the learning experience. Another reason mentioned in the self-evaluation report is that students want to spend time to get a good grade rather than just a passing grade. Finally combining a thesis with an internship means that students need more time than covered by 18 EC. QANU / Economics 2009 / Tilburg University 173

174 Master s programme in International Economics & Finance The results for the master s programme in International Economics & Finance are: 25% obtains the diploma after one year of study, 56% obtains the diploma after two years of study, and 68% obtains the diploma after three years of study. These results are lower than the results for the FEB. The average time that students needed to finish the programme has decreased from 15 months for the cohort to 12 months for the cohort. Master s programme in Economics & Finance of Aging The results for the master s programme in Economics & Finance of Aging are: 28% obtains the diploma after one year of study, and 74% obtains the diploma after two years of study. These results are higher than the results for the FEB. The average time that students needed to finish the programme has decreased from 15 months for the cohort to 12 months for the cohort. Assessment The committee has learned that the demands regarding the transition between the bachelor s programme and the master s programmes have become stricter. The committee recommends that the programme implement even stricter demands by means of a fixed separation (harde knip) between the bachelor and master programmes. The committee feels that this will motivate the students more to finish the bachelor s programme, and ensure that they do not enter the master s programme before their bachelor courses are complete. The committee believes this could reduce the delay in finishing the programmes. Only then the average time students need to finish the master s programme will be informative. At the moment, the numbers are not informative, as students follow master s courses when they are officially in their bachelor s phase. The committee is of the opinion that the success rates are low, as is also the case in comparable programmes in the Netherlands. Still, the committee feels that the FEB should pay more attention to this issue. The interviews held with the students revealed that internships are often a cause for delay. The internship is usually related to the master s thesis, but is not an official part of the curriculum. The committee feels that the incorporation of an internship in the curriculum will lead to less delay, because it enhances the amount of control of the programme on the progress of students. Next to this, it could enhance a stronger relationship between students and the programme. Still, the committee considers that the three programmes meet the criteria for this standard. Master s programme in Economics: the committee assesses this standard as satisfactory. Master s programme in International Economics & Finance: the committee assesses this standard as satisfactory. Master s programme in Economics & Finance of Aging: the committee assesses this standard as satisfactory. 174 QANU / Economics 2009 / Tilburg University

175 Assessment of the theme Results The committee comes to an overall assessment of the theme Results on the basis of its assessments of the separate standards. In the case of the master s programme in Economics, it assesses this theme as satisfactory. In the case of the master s programme in Economics & Finance of Aging, it assesses this theme as satisfactory. In the case of the master s programme in International Economics & Finance, it assesses this theme as satisfactory. QANU / Economics 2009 / Tilburg University 175

176 Overview of the committee s assessment Master s programme in Economics: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Good 13. Quantity of staff Satisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 5. Internal quality assurance system Satisfactory 6. Results Satisfactory 16. Tutoring Satisfactory 17. Periodical evaluations Satisfactory 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni Satisfactory and the professional field 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory 176 QANU / Economics 2009 / Tilburg University

177 Master s programme in Economics & Finance of Aging: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Good 13. Quantity of staff Satisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 16. Tutoring Satisfactory 5. Internal quality Satisfactory 17. Periodical evaluations Satisfactory assurance system 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni and the professional field Satisfactory 6. Results Satisfactory 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory QANU / Economics 2009 / Tilburg University 177

178 Master s programme in International Economics & Finance: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Good 13. Quantity of staff Satisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 16. Tutoring Satisfactory 5. Internal quality Satisfactory 17. Periodical evaluations Satisfactory assurance system 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni and the professional field Satisfactory 6. Results Satisfactory 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory The committee s overall assessment of the master programmes in Economics, Economics & Finance of Aging and International Economics & Finance The committee concludes on the basis of its assessments of the themes and standards from the assessment framework: that the master s programme in Economics fulfils the formal requirements which are a prerequisite for accreditation, that the master s programme in Economics & Finance of Aging fulfils the formal requirements which are a prerequisite for accreditation, and that the master s programme in International Economics & Finance fulfils the formal requirements which are a prerequisite for accreditation. 178 QANU / Economics 2009 / Tilburg University

179 8. Report on the master s programmes in Financial Management, and Investment Analysis Administrative data Master s programme in Financial Management Name of the programme: Financial Management CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full time Location(s): Tilburg Expiration of accreditation: 13 February 2011 Master s programme in Investment Analysis Name of the programme: Investment Analysis CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full time Location(s): Tilburg Expiration of accreditation: 13 February 2011 The site visit of the Economics assessment committee to the Faculty of Economics and Business Administration of Tilburg University took place on and October Structure and organization of the faculty The Tilburg University (UvT) specialises in the field of human and social sciences, with the Faculty of Economics and Business (FEB) being one of the six faculties. Founded in 1927, the FEB is the oldest and largest faculty of the university. Of the almost 12,000 UvT students, slightly less than half studies at the FEB. A quarter of all fte personnel works at the FEB. The faculty has a faculty management team, consisting of the dean, three vice-deans (Education, Research and Internationalisation), the director and a student advisor. The FEB offers eight bachelor programmes and nineteen master programmes, and consists of eight departments to which the scientific personnel (and the support personnel of the department) is attached: Accountancy Economics Econometrics and Operations Research Finance Fiscal Economics QANU / Economics 2009 / Tilburg University 179

180 Information Management Marketing Organization and Strategy Each department has a head of department. In addition, there is a faculty office for the support of academic staff. It has units like the Education Office, MT Staff Office, ICT Unit, HRM Unit, International Programmes Unit, International Student Services Unit, et cetera. In 2008, the FEB employed over fte of academic staff. Each programme has a director. The programme director is responsible for the contents of the curriculum, quality assurance and improvement, admissions, information provision to students (current and prospective) and communication with other involved parties within the faculty. The programme director is supported in his/her tasks by a student advisor and a academic advisor. In 2007, a Mid-Term Review of Education was conducted, led by Professor Abraham of KU Leuven. With this as a stimulus, the faculty decided to formulate a new policy regarding education and internationalisation, and to implement the modernisation of several curricula. With the introduction of the bachelor-master structure in , the FEB decided on eight wide-ranging bachelor and nineteen specialised master programmes (based on the former doctoraal programmes). New programmes include the bachelor programme in Business Studies and the master programme in Economics and Finance of Aging. The master programmes in Financial Management and Investment Analysis will merge into a new programme in 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 learning outcomes have been derived from the goals of the corresponding programmes and are categorised into knowledge, skills and attitude qualifications. Master s programme in Financial Management According to the self-evaluation report, the master s programme in Financial Management aims at providing solid education in financial management and corporate financial decisionmaking. The programme prepares students for a professional career as chief financial officer, financial planner, financial analyst, treasurer, financial consultant or banker. It has the following learning outcomes: Knowledge The graduate has knowledge and understanding of: control and accountability of firms in an international perspective (K1); the relation between financial statements and financial planning (K2); 180 QANU / Economics 2009 / Tilburg University

181 valuation and of capital budgeting for investment projects/firms (K3); various aspects and determinants of the financial architecture of the firm (K4); the contents of the treasury function (K5); the main principles of financial/corporate governance regulation in Europe (K6); corporate restructuring through mergers and acquisitions, leveraged buyouts and bankruptcy processes (K7); corporate payout policies (K8). Skills The graduate has the capability to: write and present reports and articles (S1); make a link between practical economic problems and specialised knowledge in order to apply this knowledge in the vocational practice (S2); understand the scientific literature in the field of specialization and to do scientific research (S3); formulate state-of-the-art solutions to case problems (S4); judge one's own and others' work critically, employing scientific underpinning both in terms of logical coherence and in terms of economic relevance (from the point of view of the social sciences) (S5). Attitude The graduate can be characterised by the following attitude: to study and solve both practical and scientific problems with a scientific approach (A1); to be open to ideas from others (A2); to take up new challenges and being able to enthuse others for these challenges (A3); to keep learning (A4). Master s programme in Investment Analysis The self-evaluation report states that the master s programme in Investment Analysis aims at providing a solid education in investment analysis. The programme prepares students for a career in financial institutions like banks, insurance companies, investment funds and pension funds. It has the following learning outcomes: Knowledge The graduate has knowledge and understanding of: modern portfolio theory (K1); risk management and the pricing and use of basic derivatives (K2); practical issues concerning derivatives and derivatives trading (K3); investor behaviour (K4); the working of financial markets (K5); econometric and statistical methods for investment analysis (K6). Skills The graduate has the capability to: understand and apply a quantitative approach (S1); QANU / Economics 2009 / Tilburg University 181

182 (learn to) apply relevant computer software (S2); write and present reports and articles (S3); make a link between practical economic problems and specialised knowledge in order to apply this knowledge in the vocational practice (S4); understand the scientific literature in the field of specialization and to do scientific research (S5); analyse and interpret financial statements (S6); apply relevant econometric methods (S7); judge one's own and others' work critically, both in terms of logical coherence (quantitative approach) and in terms of economic relevance (from the point of view of the social sciences) (S8); Attitude The graduate can be characterised by the following attitude: to study and solve both practical and scientific problems from the point of view of a scientifically quantitative approach (A1); to be open to ideas from others (A2); to take up new challenges and being able to enthuse others for these challenges (A3); to keep learning (A4). In the self-evaluation report, a comparison with other benchmark programmes is presented: the London School of Economics (LSE), Warwick Business School and the Rotterdam School of Management (RSM). According to the self-evaluation report, the UvT master programmes are fully specialised in Financial Management or Investment Analysis, while the benchmark programmes have a more general and broader structure. The specialization reduces the flexibility in terms of electives for the students, but has the advantage that it focuses on the particular knowledge necessary for the intended career perspective. Assessment The committee studied the learning outcomes of the programmes and established that the formulated learning outcomes enable the students to obtain sufficient knowledge, skills and academic attitude in the programme. The learning outcomes fit with the domain-specific requirements as formulated by the committee. The committee concludes that the intended learning outcomes of the programmes are in line with nationally/internationally accepted, domain-specific standards. The established presence of international staff, national staff with international experience and contacts with various foreign universities contributes to this alignment with national/international domain-specific standards. The committee confirms that the learning outcomes of the programmes are in line with requirements set by professional colleagues, both nationally and internationally. The committee also states that the table concerning the link between the learning outcomes and the courses of the master programmes (as presented in the self-evaluation report) provides a clear picture of the extent to which the various learning outcomes of the programme are presented in the courses. Master s programme in Financial Management The committee feels that the academic qualifications are covered in the learning outcomes. This is reflected in learning outcomes S1 and S3. Students learn to write and present reports and articles (S1), to understand scientific literature in the field of specialization and to conduct 182 QANU / Economics 2009 / Tilburg University

183 scientific research (S3) and to judge one s own and other s work critically, employing scientific underpinning in terms of both logical coherence and economic relevance (S5). Master s programme in Investment Analysis The committee feels that the academic qualifications are covered in the learning outcomes: knowledge and understanding of modern portfolio theory (K1), investor behaviour (K4) and econometric and statistical methods for investment analysis (K6). Students also learn to understand the scientific literature in the field of specialization and to conduct scientific research (S5), and to write and present reports and articles (S3). Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: 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 states that the learning outcomes of the programmes correspond to internationally accepted qualifications for an academic master s programme, as specified in the Dublin descriptors. The self-evaluation report relates the learning outcomes to the Dublin descriptors as shown in tables 8.1 and 8.2. Master s programme in Financial Management Dublin descriptor Knowledge and understanding Intended learning outcomes K1, K2, K3, K4, K5, K6, K7, K8 Applying knowledge and understanding S1, S2, S3, S4, S5, Making judgments Communication A1, A2, A3, A4 S1, S2, S5, A1, A2, A3, A4 Learning skills A1, A2, A3, A4, S1, S2, S3 Table 8.1: Dublin descriptors and learning outcomes of the master s programme in Financial Management (see also standard 1) Master s programme in Investment Analysis Dublin descriptor Knowledge and understanding Applying knowledge and understanding Making judgments Communication Intended learning outcomes K1, K2, K3, K4, K5, K6 S1, S2, S3, S4, S5, S7 A1, A2, A3, A4, S4, S5, S8 A1, A2, A3, A4, S3, S5 Learning skills A1, A2, A3, A4, S1, S2, S3, S4, S5, S6, S7, S8 Table 8.2: Dublin descriptors and learning outcomes of the master s programme in Investment Analysis (see also standard1). Assessment The committee established that the learning outcomes of the programmes, concerning the intended level, correspond to the Dublin descriptors, which are considered general, internationally accepted descriptions of a master s programme. The committee evaluates the two programmes on this standard as sufficient. QANU / Economics 2009 / Tilburg University 183

184 Master s programme in Financial Management The Dublin descriptor on knowledge and understanding is reflected in learning outcome K1, where students are expected to have knowledge and understanding of control and accountability of firms in an international perspective. The Dublin descriptor on applying knowledge and understanding is reflected in learning outcome S2, the ability to make a link between practical economic problems and specialised knowledge in order to apply this knowledge in vocational practice. The Dublin descriptor on making judgements is partly reflected in learning outcome A2, where students are expected to have an attitude which can be characterised as being open to ideas from others. The fourth Dublin descriptor, communication, is only reflected in learning outcome S1, to write and present reports and articles. The fifth Dublin descriptor, learning skills, is described in the intended learning outcome A4, where students are expected to have the attitude of life-long learning. Master s programme in Investment Analysis The Dublin descriptor on knowledge and understanding is reflected in learning outcome K1, where students are expected to have knowledge and understanding of modern portfolio theory. The Dublin descriptor on applying knowledge and understanding is reflected in learning outcome S2, the ability to apply relevant computer software. The Dublin descriptor on making judgements is partly reflected in learning outcome A2, where students are expected to have an attitude which can be characterised as being open to ideas from others. The fourth Dublin descriptor, communication, is reflected in learning outcome S3, to write and present reports and articles. The fifth Dublin descriptor, learning skills, is described in the intended learning outcome A4, where students are expected to have the attitude of life-long learning. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. S3: Academic orientation The intended learning outcomes of the programme correspond with the following descriptions of a Bachelor s and a Master s qualification: The intended learning outcomes are derived from requirements set by the scientific discipline, the international scientific practice and, for programmes to which this applies, the practice in the relevant professional field. An academic bachelor (WO-bachelor) has the qualifications that allow access to at least one further programme at academic master's level (WO-master) and the option to enter the labour market. An academic master (WO-master) has the qualifications to conduct independent research or to solve multidisciplinary and interdisciplinary questions in a professional field for which academic higher education is required or useful. Description Master s programme in Financial Management According to the self-evaluation report, the master s programme in Financial Management aims at providing students with a solid understanding of relevant and recent topics on financial management. The self-evaluation report states that students have to be able to apply and understand the theoretical concepts of corporate finance such as valuations of investment projects, cost-of-capital, financial architecture of the firm (capital structure) and derivative securities. According to the self-evaluation report, a profound understanding of international disclosure requirements, corporate governance mechanisms, and regulation is necessary for future careers. 184 QANU / Economics 2009 / Tilburg University

185 Academic knowledge is reflected in the learning outcomes regarding knowledge. For example, in learning outcome K1, graduates are expected to have knowledge and understanding of control and accountability of firms in an international perspective. Graduates are also expected to have knowledge and understanding of valuation and capital budgeting for investment projects/firms (K3), corporate payout policies (K8) and the main principles of financial/corporate governance regulations in Europe (K6). The link with current relevant professional practice is reflected in learning outcomes S2 and A1. In learning outcome S2, graduates are expected to make a link between practical economic problems and the specialised knowledge in order to apply this knowledge in vocational practice. Learning outcome A1 aims at the ability to study and solve both practical and scientific problems with a scientific approach. The qualifications to conduct research independently are reflected in learning outcome S3. In learning outcome S3, graduates are expected to be able to understand the scientific literature in the field of specialization and to conduct scientific research. Academic skills such as writing and presenting reports are represented in learning outcome S1. Graduates also have to be able to judge their own and other s work critically, employing scientific underpinning in terms of both logical coherence and economic relevance (S5). Graduates are expected to be open to ideas from others (A2) and to keep learning (A4). Master s programme in Investment Analysis According to the self-evaluation report, the master s programme in Investment Analysis aims at providing students with a solid understanding of relevant and recent topics on investments. The programme pays attention to the theoretical concepts of modern portfolio theory, risk management, and the pricing and use of derivatives in financial practice. According to the self-evaluation report, the field of behavioural finance has also become important in academic research and in practice. The programme management finds it essential that students acquire knowledge of this type of behaviour and the impact of this behaviour on e.g. portfolio decisions of investors. Academic knowledge is reflected in the learning outcomes regarding knowledge. For example, learning outcome K1, aimed at knowledge and understanding of modern portfolio theory, or learning outcome K3, where students are expected to have knowledge and understanding of practical issues concerning derivatives and derivatives training. The link with current relevant professional practice is reflected in learning outcomes S4 and A1. Learning outcome S4 aims at linking practical economic problems and specialised knowledge in order to apply this knowledge in vocational practice. Learning outcome A1 expects graduates to be able to study and solve both practical and scientific problems from the point of view of a scientific quantative approach. The qualifications to conduct independent research are reflected in learning outcome S3, the ability to understand the scientific literature in the field of specialization and to conduct scientific research. Academic skills that are represented in the learning outcomes are, for example, the ability to understand and apply a quantative approach (S1), to analyse and interpret financial statements (S2) and to apply relevant econometric methods (S7). Graduates are also expected to take up QANU / Economics 2009 / Tilburg University 185

186 new challenges, to be able to interest others in these challenges (A3) and to keep learning (A4). Assessment The committee studied the intended learning outcomes of the programme from the perspective of its orientation. In the assessment of standard 1 (subject/discipline-specific requirements), the committee concludes that the intended learning outcomes of the programmes correspond sufficiently to both scientific and professional requirements. The committee establishes that the intended learning outcomes also refer to the ability to conduct scientific research (S3) and to communicate the results (S1 in the master s programme in Financial Management and S3 in the master s programme in Investment Analysis). The committee believes that the master programmes correspond to the national/international requirements within the scientific domain. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. Assessment of the theme Aims and objectives The committee comes to an overall assessment of the theme Aims and objectives on the basis of its assessments of the separate standards. In the case of the master s programme in Financial Management, it assesses this theme as satisfactory. In the case of the master s programme in Investment Analysis, it assesses this theme as satisfactory Curriculum Description of the curriculum of the programmes The year is divided into two semesters, and the second semester consists of two blocks. After the first semester, the regular examinations are held. The first seven-week period of the second semester consists of courses. After this period, the resits of the first semester are held first, followed by the regular examinations of this period. The second period consists of the master s thesis. The resits of the second and third year of the bachelor programmes are planned in the same period as the resits of the second semester of the master programmes. Tables 8.3 and 8.4 present the courses from the academic year of the two programmes. The tables summarise the following aspects: courses and course sequence, credit points (EC), contact hours, and status (compulsory or elective). The two programmes will, as said before, merge into a new programme in Master s programme in Financial Management The programme consists of four compulsory courses. In the first semester, students follow three compulsory courses and have to choose two courses from among six electives. In the second semester, students follow one compulsory course and one elective (from four elective courses) and have to write the master s thesis. 186 QANU / Economics 2009 / Tilburg University

187 Courses EC Period Contact hours Capital Structure 6 Semester 1 14*4 Corporate Governance and Restructuring 6 Semester 1 14*4 Corporate Valuation 6 Semester 1 14*4 Treasury Management 6 Semester 2 7*6, 5*2 Advanced Financial Accounting (elective) 6 Semester 1 14*3 Derivative Securities and Risk Management (elective) 6 Semester 1 14*4 International Financial Management (elective) 6 Semester 1 14*4 International Management (elective) 6 Semester 1 10*2.5, 8*4 Investment Analysis (elective) 6 Semester 1 14*4 Strategic Management (elective) 6 Semester 1 14*2 Empirical Finance and Investment Cases (elective) 6 Semester 2 7*2, 7*2 Financial Analysis and Investor Behaviour (elective) 6 Semester 2 7*6 Financial Statement Analysis (elective) 6 Semester 2 7*4 Seminar Financial Markets and Institutions (elective) 6 Semester 2 7*4 Master s thesis 18 Semester 2 varies Table 8.3. Master s programme in Financial Management Master s programme in Investment Analysis Courses EC Period Contact hours Derivative Securities and Risk Management 6 Semester 1 14*4 Investment Analysis 6 Semester 1 14*4 Empirical Finance & Investment Cases 6 Semester 2 7*2, 7*2 Financial Analysis and Investor Behaviour 6 Semester 2 7*6 Advanced Financial Accounting (elective) 6 Semester 1 14*3 Capital Structure (elective) 6 Semester 1 14*4 Corporate Governance and Restructuring (elective) 6 Semester 1 14*4 Corporate Valuation (elective) 6 Semester 1 14*4 International Financial Management (elective) 6 Semester 1 14*4 Investment Analysis of Aging and Pensions 1 (elective) 6 Semester 1 9*4 Master's thesis 18 Semester 2 varies Table 8.4. Master s programme in Investment Analysis In the first semester, students follow two compulsory courses and have to choose three courses from among six electives. In the second semester, students also follow two compulsory courses and write the master s thesis. The master s programme in Investment Analysis has obtained a CFA (Chartered Financial Analyst) partnership. One requirement for obtaining a partnership is that the curriculum covers a sufficient part (70%) of the Candidate Body of Knowledge (CBOK). The CBOK topics represent what practitioners in the field indicate that students need to know to do their future job well. S4: Requirements for academic orientation The proposed curriculum meets the following criteria for an academic orientation: The students develop their knowledge through the interaction between education and research within the relevant disciplines The curriculum corresponds with current developments in the relevant discipline(s) by verifiable links with current scientific theories The programme ensures the development of competences in the field of research Where appropriate, the curriculum has verifiable links with the current relevant professional practice. Description According to the self-evaluation report, the FEB only hires staff with high actual or potential research performance such as tenure trackers and qualified PhD students, who are also responsible for the education. This policy guarantees the link between education and research. QANU / Economics 2009 / Tilburg University 187

188 Master s programme in Financial Management The self-evaluation report states that most staff members of the Department of Finance at UvT have published in journals like Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis and Journal of Financial Intermediation. According to the self-evaluation report, this implies that the lecturers have well developed academic skills and up-to-date knowledge in this particular field. Research skills are developed in several courses, according to the self-evaluation report. In the first semester, the core courses Capital Structure, Corporate Governance and Restructuring, and Corporate Valuation discuss the basic theories and the empirical evidence on capital structure, corporate valuation and mergers, acquisitions, leveraged buyouts and divestitures. In the second semester, according to the self-evaluation report, the core course Treasury Management makes students familiar with the basic skills for a treasurer like risk management, cash management and liquidity management. In the final stage of the programme, students have to write the master s thesis. The student should not only discuss the relevant and related literature but also develop and apply a research methodology, and analyse and interpret the findings of the specific problem. The interviews with the students revealed that they have to read a multitude of research papers. Students also indicated that doing research themselves happens mainly during the master s thesis. The link with current relevant professional practice is realised by for example guest lectures, according to the self-evaluation report. In several guest speakers presented cases from practice: Goldman Sachs, Credit Suisse and PricewaterhouseCoopers presented cases on the valuation of Mergers & Acquisitions (M&A) and leveraged buyouts. The self-evaluation report states that the core courses do not contain assignments in which the students can apply the knowledge in practice, except for the discussion of cases. The majority of the electives does contain an individual or a group assignment. Master s programme in Investment Analysis The self-evaluation report states that most of the lecturers in the core courses and electives have published in finance journals, like Journal of Finance, Journal of Financial Economics, and Journal of Financial and Quantitative Analysis. According to the self-evaluation report, the lecturers can model high-level academic skills and knowledge. Lecturers refer to or discuss papers from these journals in the courses in order to confront students with recent developments in the field of investment analysis. In the self-evaluation report, long-term portfolio theory is referred to as an example. Standard investment textbooks do not pay much attention to this topic, probably due to the fact that the topic is still under debate or is too complicated to discuss in standard textbooks. In the Financial Analysis and Investor Behaviour course, students are confronted with the recent developments in the area of investment analysis. The self-evaluation report also states that in the core courses in the first semester, textbooks are used, while courses in the second semester mainly use articles from finance journals. According to the self-evaluation report, research skills are developed in the Empirical Finance and Investment Cases course. In this course, after a refresher of regression methodology, specific statistical methods for financial analysis are covered. One of two assignments in this course contains a more fundamental research question. In this assignment students have to apply statistical and econometrical techniques. In the final stage of the programme, students 188 QANU / Economics 2009 / Tilburg University

189 have to write the master s thesis. In the thesis, the student should independently discuss the relevant and related literature, and should be able to develop and apply a research methodology and to analyse and interpret the findings of the specific investment problem. The interviews with the students revealed that they have to read many research papers. Students also indicated that doing research themselves happens mainly during the master s thesis. The self-evaluation report states that the link with current relevant professional practice is realised by individual or group assignments, which are part of all core courses. In these assignments, students have to apply the acquired knowledge. According to the self-evaluation report, the assignments in the core courses of the first semester are rather stylised. Students have to apply a Markowitz portfolio optimization, or a Monte Carlo simulation in order to price a financial derivative. The self-evaluation report states that the assignments in the second semester are at a higher level. For example, in the Empirical Finance and Investment Cases course, students in small groups apply all elements of the master s programme in a hypothetical but real-life investment problem. Students have to write a proposal for a client, and to present and defend it to their fellow students and lecturers. The self-evaluation report states that the master s programme in Investment Analysis prepares students for a career in financial institutions like banks, insurance companies, investment funds and pension funds. Assessment The committee concludes that these two master programmes meet the set requirements for an academic orientation. During the site visit, the committee established that the interaction between education and scientific developments is integrated in the programme, for students and lecturers. The committee confirms that most lecturers are either full or assistant professors. The committee notes and appreciates the fact that through the requirement of both educational and research activities for staff members, the developments within research will find their way into the courses. The committee thinks that the development of skills in the field of scientific research is addressed sufficiently. For the master s programme in Financial Management, these skills are developed in the core Capital Structure, Corporate Governance and Restructuring, and Corporate Valuation courses and in the master s thesis. For the master s programme in Investment Analysis, these skills are developed in the Empirical Finance and Investment Cases course and in the master s thesis. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 189

190 S5: Correspondence between the aims and objectives and the curriculum The curriculum is an adequate realisation of the intended learning outcomes of the programme and this regards the level, the orientation and the subject-/discipline-specific requirements. The intended learning outcomes are adequately transferred into the educational goals of the curriculum or parts thereof. The contents of the curriculum ensure the students achievement of the intended learning outcomes. Description The self-evaluation report provides an overview of the courses included in the two master programmes (see tables 3 and 4). The self-evaluation report also has a table in which the individual courses are systematically cross-matched with the learning outcomes. Master s programme in Financial Management Learning outcome K1, regarding knowledge and understanding of control and accountability of firms in an international perspective, is reflected in the Corporate Governance and Restructuring and Financial Statement Analysis courses. The latter course also covers outcome K2, regarding knowledge of the relation between financial statements and financial planning. According to the self-evaluation report, in the Derivative Securities and Risk Management, International Financial Management, International Management, Investment Analysis, Strategic Management, Empirical Finance and Investment Cases, Financial Analysis and Investor Behaviour and the Seminar Financial Markets and Institutions electives, none of the knowledge-related learning outcomes are reflected. Regarding skills, learning outcomes S2 (the ability to link practical economic problems and specialised knowledge in order to apply this knowledge in vocational practice) and S5 (the ability to judge one s own work and that of others critically) are reflected in all courses. Learning outcome S4, regarding the ability to formulate state-of-the-art solutions for case problems, is represented in the Corporate Governance and Restructuring and Corporate Valuation courses. The learning outcomes related to attitude (A1-A4) are reflected in all courses. Master s programme in Investment Analysis Learning outcome K1, regarding knowledge and understanding of modern portfolio theory, is reflected in the Investment Analysis, Empirical Finance and Investment Cases, Financial Analysis and Investor Behaviour and Investment Analysis of Aging and Pensions 1 courses. Learning outcome K6 (regarding knowledge of econometric and statistical methods for investment analysis) is also reflected in these courses. Learning outcomes K2 and K3 are both represented in the Derivative Securities and Risk Management course. Learning outcome K2 is also reflected in the Corporate Valuation course. Learning outcome K5 (regarding the working of financial markets) is reflected in the Investment Analysis, Capital Structure, Corporate Governance and Restructuring and International Financial Management courses. Learning outcomes S1, S4 and S8, regarding the ability to understand and apply a quantative approach, to link practical economic problems and specialised knowledge in order to apply this knowledge in vocational practice, and to judge one s own work and that of others critically, are reflected in all courses. Learning outcome S3, regarding the ability to write and present reports and articles, is represented in the Empirical Finance and Investment Cases, Financial Analysis and Investor Behaviour and Investment Analysis of Aging and Pensions 1 courses. The learning outcomes related to attitude (A1-A4) are reflected in all courses. 190 QANU / Economics 2009 / Tilburg University

191 Assessment For both programmes, the committee concludes that the students are sufficiently trained in the core discipline and that the programmes are well thought out. The committee believes that the description of learning outcomes at the course level is a well-organised presentation of the qualities and knowledge which graduates should have. The committee observes that the tables presenting the link between learning outcomes and courses, given in the selfevaluation report, provide an adequate overview of the various learning outcomes within the programmes. The committee evaluates both programmes as sufficient on this standard. Master s programme in Financial Management Regarding the master s programme in Financial Management, the committee establishes that the learning outcomes regarding attitude are linked to all courses. The committee recommends revising this part of the table to realise a more balanced distribution of the learning outcomes related to attitude. Furthermore, the committee thinks it is remarkable that in nine of ten electives, no learning outcomes regarding knowledge and understanding are reflected. Master s programme in Investment Analysis Apart from the fact that the learning outcomes regarding attitude are reflected in all courses, the committee finds the structure quite balanced. Regarding the learning outcomes concerning attitude, the committee recommends revising this part of the table to realise a more balanced distribution of these learning outcomes. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. S6: Consistency of the curriculum The contents of the curriculum are internally consistent. Description Master s programme in Financial Management The self-evaluation report states that the three core courses in the first semester (Capital Structure, Corporate Governance and Restructuring and Corporate Valuation) present an extensive overview of theoretical and practical concepts of financial management. According to the self-evaluation report, these courses provide students with broad, up-to-date and essential knowledge of these subjects. The self-evaluation report also states that the students can choose two out of five electives in the first semester. The majority of those electives focus on investment analysis, one of them relates investment analysis to aging and pensions, and one is related to strategic management. These electives are part of other master programmes of the FEB. The self-evaluation report states that the programme management finds it important that students attend a course on investment analysis. It is possible, however, for students to choose a curriculum that does not contain a course in this field. The programme management is considering introducing a new course in Empirical Finance (based on Empirical Finance and Investment Cases). This course should cover topics of investment analysis as well as corporate finance. According to the self-evaluation report, this course should also include at least two assignments, in both fields, so that the students can apply their acquired knowledge. QANU / Economics 2009 / Tilburg University 191

192 According to the self-evaluation report, the core Treasury Management course in the second semester discusses applications of risk management in different types of organizations. In the second semester, students choose one out of five electives. Ultimately, students have to write a master s thesis. In that thesis the students have to formulate a policy-relevant research question, perform scientific research and communicate the results. In the interviews with the lecturers, it became apparent that the consistency of the programme is not a topic of conversation. They primarily focus on their own courses. Master s programme in Investment Analysis The self-evaluation report states that the programme has been developed in such a way that the two compulsory courses in the first semester (Derivative Securities and Risk Management and Investment Analysis) form the basis of the programme. According to the self-evaluation report, these courses present an extensive overview of the theoretical and practical concepts of both subjects, and students acquire knowledge of portfolio management, pricing of derivatives, fixed income securities and risk management. In the first semester, students also have to choose three out of six electives in the first semester. The majority of those electives focus on financial management topics, while one of them relates investment analysis to aging and pensions. The electives are courses from other programmes of the faculty. The self-evaluation report states that the three electives ensure that the students choose at least one course that is not directly related to investment analysis. The programme management finds it important that students acquire knowledge of corporate finance at an advanced level, and most of the electives are in this area. In the self-evaluation report, the programme management states that at least the Capital Structure course should become compulsory. It is also noted that for students in the CFA track, the freedom in choosing electives disappears. In the second semester, according to the self-evaluation report, the core courses (Empirical Finance and Investment Cases and Financial Analysis and Investor Behaviour) continue at a more advanced level than the first-semester core courses. In these two courses, recent developments and empirical findings in the field of portfolio management and investor behaviour are discussed. The self-evaluation report states that there are no electives in the second semester. Along with the core courses, students have to write a master s thesis. In the thesis students must develop and apply a research methodology, and analyse and interpret the findings of the specific investment problem. In the interviews with the lecturers, it became apparent that the consistency of the programme is not a topic of conversation. They primarily focus on their own courses. Assessment The committee studied the internal coherence of both master programmes and concludes that the substantive consistency in the programmes is logical and adequate. The consistency is also realised by their more specialised character. The committee observes that there is not much exchange between lecturers about the consistency of the programme and related matters. The committee would like to see more communication between the lecturers on this. The committee notes that academic skills are addressed sufficiently within the curriculum of both programmes. These skills are covered in the Empirical Finance and Investment Cases courses (in the master s programme in Investment Analysis), the Capital Structure, Corporate Governance and Restructuring, and Corporate Valuation courses (in the master s programme 192 QANU / Economics 2009 / Tilburg University

193 in Financial Management) and in the master s thesis. The committee concludes that both programmes are internally consistent and evaluates the programmes on this standard as sufficient. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. S7: Workload The curriculum can be successfully completed within the set time, as certain programme-related factors that may be an impediment in view of study progress are eliminated where possible. Description According to the self-evaluation report, both semesters of both master programmes contain 30 EC (spent on course work or thesis). In order to allow students to do an internship for the master s thesis, the second semester has been divided into two parts. In the first seven weeks, the programmes offer one 6 EC core course. In the meantime, according to the selfevaluation report, students are expected to think about and develop a research proposal for the master s thesis. This proposal will be evaluated by the thesis coordinator, and if approved, a supervisor will be assigned. In the second part of the semester, students can focus fully on the 18 EC master s thesis. If students hand in the research proposal on time, they can immediately start with the thesis after the examinations of the two core courses. The thesis defence takes place in the summer. The self-evaluation report states that in order to make sure that students start early with the development of a research proposal, the thesis coordinator arranges information sessions in the first semester. During these sessions the students receive information about the proposal requirements and the deadlines for handing in the proposals. During the information sessions, the additional benefits of an internship and the procedure students should follow for an internship will also be explained. The thesis coordinator can provide information about companies offering internships. The self-evaluation report indicates that in the periodical meetings with the sounding boards, there have never been any complaints about the structure of the programme or the amount of course work. The individual course evaluations also have not provided any indication of problems in that direction. A common problem, according to the self-evaluation report, is that students fail courses and wait until after the resits to start the thesis. Sometimes, this means a start in September of the next academic year. In the interviews with the students, it became apparent that students of the two master programmes study 40 hours per week on average. In these interviews the students also noted that the exams and resits could be more evenly spread over the year. Assessment On the basis of the self-evaluation reports and information collected from the site visit, the committee concludes that there are no major impediments regarding study progress in the master programmes in Financial Management and Investment Analysis. The committee states that the students also do not recognise any major impediments regarding study progress. The talks with the students as well as the evaluation results show that the average student does not experience an extremely high workload. QANU / Economics 2009 / Tilburg University 193

194 The committee notes that in nearly all master programmes students do not graduate within one year after starting the programme (see also standard 21). According to the students the committee has spoken to, this is because students want to finish all of the courses before starting the master s thesis or because students are taking an internship. The committee assesses that the workload is fine on a weekly basis. On a yearly basis, however, regarding the scheduling of examinations, resits and the master s thesis, the distribution of the workload could be improved. For both programmes the committee evaluates this standard as sufficient. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. S8: Admission requirements The structure and contents of the intended curriculum are in line with the qualifications of the incoming students: Academic bachelor s programme (WO-bachelor): VWO (pre-university education), propaedeutic certificate from a hogeschool (HBO)or similar qualifications, as demonstrated in the admission process Master s programme (WO-master): a bachelor's degree and possibly a selection (with a view on the contents of the discipline). Description The self-evaluation report states that the UvT developed various information provision activities and tools for prospective students for the different phases in the course selection process (orientation, reconnaissance, exploring in depth and decision-making). This includes the master s programme magazine, the initial pages of the website for those choosing a master s programme, a master information day, master s brochure, the electronic study guide, and trial study days for those interested in following a research master. Students can also ask for specific information at the course desk and the student advisors. In addition, the UvT aims to attract international students. Internationalisation is one of the main themes of the strategic policy that the university has formulated for the next three years. This policy aims to continue and intensify the internationalisation policy established in the past few years. Its key points are strengthening the international orientation of the programmes, recruiting staff from the international job market, promoting international student exchange, collaborating with respected foreign institutes and intensifying the enrolment of foreign students. The UvT uses different means to stimulate the enrolment of international students: brochures, website, profiles in fair catalogues abroad, advertisements in international magazines, international fairs, mailings to counsellors of international schools, etc. In general, the intake of foreign students is not as high as the UvT would like it to be. A quota with decentralised selection will be imposed on the international bachelor s programmes for the academic year In addition to the enrolment criteria listed below, international students have to demonstrate sufficient knowledge of the English language. Proficiency in English can be demonstrated by taking either a TOEFL or an IELTS test. The required minimum score for TOEFL is 575 (paper based) or 233 (computer based) or 90 (internet based); for IELTS 6.5 (6.0 on parts). Native speakers and students who completed their undergraduate education in English do not have to show their proficiency in English. Students who do not have a degree of one of the partner institutions of UvT should also submit a GMAT or a GRE score, depending on the discipline. The admission committee will decide whether the student will be allowed to enrol the programme. 194 QANU / Economics 2009 / Tilburg University

195 Master s programme in Financial Management The number of incoming students in the first year of the master s programme in Financial Management grew from 55 in to 130 in Some 77% of the students came from an UvT bachelor s programme. Also, 13% came from the pre-master s programme, and 10% followed a bachelor s programme outside FEB. Some 22% of the students is from abroad, with 72% coming from Asia and 28% from the Economic European Area. Students who want to enrol in the master s programme in Financial Management should meet the following criteria: A bachelor s degree from FEB/Tilburg University in Business Administration, International Business or Business Studies will give direct access to the master s programme in Financial Management. Students are allowed to start the programme with while still lacking 12 credits of the bachelor s programme; A bachelor s degree from FEB/Tilburg University in Information Management, International Economics and Finance, and Economics including the Finance 2 and Accounting 2 courses. Students are allowed to start the programme while still lacking 12 credits of the bachelor s programme; The pre-master s programme in Financial Management of FEB/Tilburg University; students are allowed to start the programme while still lacking 12 credits of the premaster s programme; Another university bachelor s degree which includes the following areas: Mathematics and Statistics (24 EC) Academic Training (24 EC) Economics (18 EC) Management or Marketing (12 EC) Accounting (12 EC) Finance (12 EC) Master s programme in Investment Analysis The number of incoming students in the first year of the master s programme in Investment Analysis grew from 26 in to 59 in Some 81% of the students came from an UvT bachelor s programme. Also, 5% came from the pre-master s programme, and 12% followed a bachelor s programme outside FEB. Some 37% of the students is from abroad, with 64% coming from Asia. Students who want to enrol in the master s programme in Investment Analysis should meet the following criteria: A bachelor's degree from FEB/Tilburg University in Business Administration or Business Studies. Students are allowed to start the programme while still lacking 12 credits of the bachelor s programme; A bachelor s degree from FEB/Tilburg University in Information Management, Economics or International Economics and Finance including the Finance 2 and Accounting 2 courses. Students are allowed to start the programme while still lacking 12 credits of the bachelor s programme; The pre-master s programme in Investment Analysis of FEB/Tilburg University. Students are allowed to start the programme while still lacking 12 credits of the premaster s programme. Another university bachelor s degree which includes the following areas: Mathematics and Statistics (24 EC) Academic Training (24 EC) QANU / Economics 2009 / Tilburg University 195

196 Economics (18 EC) Management or Marketing (6 EC) Finance (12 EC) Accounting (12 EC) In the interviews with the students, it became apparent that the integration of international students could be improved. When forming groups for assignments, students tend to congregate with students from the same nationality. Forming international groups is not always stimulated by the lecturers. The students also indicated that the intake of the premaster s students is usually smooth. Assessment The committee concludes that for students who have finished one of several bachelor programmes, it is possible to enrol in the programmes without restrictions. Students who do not meet the admission requirements can enrol in the pre-master programmes of the FEB. The committee feels that the integration of international students and the cooperation between international and national students should be improved. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. S9: Credits The programme meets the legal requirements regarding the range of credits: Academic bachelor s programme (WO-bachelor): 180 credits Academic master s programme (WO-master): a minimum of 60 credits. Description The curriculum of the master s programme Financial Management comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. The curriculum of the master s programme Investment Analysis comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. Assessment The master s programme in Financial Management complies with the formal requirements with respect to the range of credits. The master s programme in Investment Analysis complies with the formal requirements with respect to the range of credits. S10: Coherence of structure and contents The educational concept is in line with the aims and objectives. The study methods correspond with this educational concept. Description The self-evaluation report states that the teaching philosophy of both programmes is to transfer new knowledge by interactive lectures and to let the students acquire the related skills by learning by doing. According to the self-evaluation report, this is reflected in the cases (small and extensive) and in the master s thesis. 196 QANU / Economics 2009 / Tilburg University

197 The lectures are used to highlight the main points and thus assist students in gaining a better understanding of the subject, as well as to offer directives for gaining more specialised indepth knowledge of the subject, for example by self-education. According to the selfevaluation report, the tutorials provide students with a more extensive illustration of the topics discussed during lectures. The tutorials also provide students with feedback on how well they have mastered the course's subject and stimulate them to practise the material covered. The tutorials consist of exercises and case studies. The self-evaluation report states that the interactive lectures are used in those cases where the course's objectives go beyond those offered by regular textbooks and theories, e.g. a highly detailed discussion of a particular topic. Master s programme in Financial Management The programme management notes in the self-evaluation report that a point for improvement in the current programme is that the core courses do not contain individual or group assignments. This implies that students cannot directly apply the acquired knowledge, except in the discussion of cases. The self-evaluation report explains the absence of assignments partly because of the group size. The average number of students in the core courses is 130 or higher. According to the self-evaluation report, this implies that interaction is already difficult, although most lecturers still succeed in it. The assignments are also difficult to incorporate because of the amount of work for the lecturer. To solve this problem, the programme management wants to assign teaching assistants (PhD students) to all core courses. The teaching assistants are the first contact person for students for solving issues regarding assignments, and assist with the grading of the assignments. The programme management feels that this will form sufficient incentive for the lecturers to introduce at least one assignment in their courses. The self-evaluation report states that in some courses (for example, Corporate Governance and Restructuring), cases are discussed in class. The students are required to read some of these cases in advance, and there is a class discussion, after which the solution to specific cases is given by the lecturers. Also, several guest speakers present cases from the professional practice. According to the self-evaluation report, the majority of the electives in the master s programme in Financial Management do contain an individual or group assignment. The electives from the master s programme in Investment Analysis make use of assignments. As stated earlier, the self-evaluation report provides an overview of the courses and describes the didactic forms that are used as well as the contact hours. The master s programme in Financial Management mainly uses interactive lectures; tutorials are not used. The elective International Management course is the most intensive one, consisting of 57 contact hours. Master s programme in Investment Analysis The master s programme in Investment Analysis also uses mainly interactive lectures. Tutorials are not used here either. Six of ten courses all consist of 56 contact hours. Assessment The committee concludes that programmes in this report use a rather traditional educational concept, consisting mainly of lectures. The educational concept has not been formalized or defended. The committee feels that the chosen study methods correspond with the educational concept, or lack thereof. Despite the favourable student/staff ratio, the groups of students in the lectures and tutorials are quite large. The enrolment number in the programmes differs for the various QANU / Economics 2009 / Tilburg University 197

198 programmes. This means that the groups are correspondingly different for the lecturers. The group sizes of the core courses in the master s programme in Financial Management are very large, consisting of 130 students. The committee feels that this does not allow interactive teaching. The groups in the master s programme in Investment Analysis are also quite large, consisting on average of 60 students, see also standard 13. The interviews with the lecturers of the two programmes revealed that there is not yet a faculty-wide educational concept. The lecturers emphasised that conducting research and incorporating it in the curriculum (by reading and discussing articles, conducting research, etc.) is an important aspect of all UvT programmes. The committee strongly recommends developing an educational concept based on research, and formulating and implementing some new teaching and study methods in line with this educational concept that might be coined research-based teaching. The committee evaluates the criterion for this standard for both programmes as satisfactory. The committee recommends that the programmes maintain the relatively small groups, if possible. The committee also recommends initiating a structural debate between the lecturers about didactics, interactivity and study methods. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. S11: Learning assessment By means of evaluations, tests and examinations, the students are assessed in an adequate and for them insightful way to determine whether they have achieved the intended learning outcomes of the programme or parts thereof. Description In the self-evaluation report, the FEB indicated that there is a faculty-wide Board of Examiners. This board focuses specifically on the regulations concerning testing and examination, and is made up of scientific staff members. The Board of Examiners is assisted by an official secretary of the Education Office. The Board of Examiners holds a meeting on current business every two weeks and organises several policy meetings each year. The board recently delegated several of its tasks: The preparation and assessment of examinations, and the signing of certificates have been delegated to examiners. This is usually FEB personnel, along with several staff members from other faculties. The FEB student advisors have been given a mandate for decisions about exemptions on the examiner s recommendation, decisions about entrance to the programmes and/or tests forming part of examinations, decisions about whether an examination has to be taken (this includes requests for replacing a compulsory course), decisions about an alternative opportunity for a test, and agreeing with the arrangement of the degree of choice within a course. In doing so, the student advisors must act in accordance with the guidelines prepared by the Board of Examiners. The processing and assessment of applications for admission to the pre-master s programmes and the master s programmes have been delegated to the programme directors. Ensuring satisfactory and expert invigilators during a test has been delegated to the Central Student Administration. 198 QANU / Economics 2009 / Tilburg University

199 The Education and Examination Regulations (OER) cover the instructions concerning testing and assessment. Interviews of the committee with members of the Board of Examiners revealed that the board primarily deals with individual cases. The other tasks are undertaken by the student advisors or the programme directors. For each programme, there are two possibilities for examination annually, the initial exam and the resit. In the next year, there are again two opportunities. The master s programmes all take one year, which is divided into two semesters, of which the second semester exists of two blocks. After the first semester the regular examinations are held. The first seven-week period of the second semester consists of courses. After this period, the resits of the first semester are held first, followed by the regular examinations of this period. The second period consists of the master s thesis. The resits of the second and third year of the bachelor programmes are planned in the same period as the resits of the second semester of the master s programme. For students who have not yet finished all bachelor courses, this is a busy period. In the interviews with the lecturers, it became apparent that the examinations were prepared by the lecturers that teach the course. This implies that for courses taught by several lecturers, the examination is prepared by more than one lecturer. For courses given by one lecturer, the examination is prepared by only one lecturer. The lecturers also prepare the answer key in advance of the examination. In the digital course catalogue for the university, the form of testing is indicated for each course. Information is also provided about the dates of the tests and the resits. In the selfevaluation report, the faculty stated that explicit assessment criteria specified on the assessment form are utilised in the evaluation of projects and presentations. The lecturer completes this form during the assessment to provide feedback to the students. The faculty is of the opinion that this promotes transparency towards the students, and at the same time ensures that different lecturers use the same criteria. The result of a written examination must be available within 15 working days and must be published within the next 5 working days. Every examination is evaluated by the students after completion. In 2007, the UvT commissioned a baseline measurement of the quality of the examinations. With this as a basis, a test expert was engaged to analyse all tests of all courses during a period of three years (for objective test preparation process, assessment process, grading and transparency). The self-evaluation report states that almost all courses of both programmes are taught by two lecturers. According to the self-evaluation report, this implies that a course will be divided into two parts, and specialists can be assigned to different parts of the course. This also implies internal quality control with respect to the contents of a course and the exam. According to the self-evaluation report, the written exams test the learning outcomes related to knowledge, while the assignments test the learning outcomes with regard to skills and attitude. At the final stage of the programme, the master s thesis will demonstrate most of the student's abilities with respect to the learning outcomes of the programme. The thesis has to be presented and defended in front of a committee of two members of the finance department. The self-evaluation report states that the committee asks questions directly related to the topic of the thesis, but can also ask much more general questions that will test general knowledge qualifications. The final grade for the thesis is based on the thesis, the presentation, and the defence (see also standard 20). QANU / Economics 2009 / Tilburg University 199

200 The self-evaluation report states that the examinations of the core courses of the master s programme in Financial Management consist of written exams. In the elective courses, assignment are used also, along with the written exams. One elective (Financial Markets and Institutions Seminar) also rewards participation as part of the examination. According to the self-evaluation report, the core courses of the master s programme in Investment Analysis are all examined through written exams and assignments. The elective courses are solely examined by written exams, except for one (Investment Analysis of Aging and Pensions 1). Assessment The committee studied the information referring to the assessment and testing, and ascertains that both programmes have selected the appropriate test forms. It feels that the test forms used in the programmes clearly reflect the educational concept and serve the learning outcomes of the courses. On the basis of the examinations reviewed, the committee ascertains that the points students can earn for each part of the examination are mentioned. The committee would like to point out to the Board of Examiners that its role will change in the near future (as legally required), making the board formally responsible for the quality of the contents of the examinations. It therefore advises the Board of Examiners to consider the consequences of this for its role. From the interviews, the committee concludes that a prior assessment of the examination questions by two persons is not always done. To guarantee the quality of the contents of the examinations, the committee recommends formalising this ex ante quality assurance principle. Formalisation will be mandatory under the new legislation. The committee therefore advises the programmes to undertake steps in the near future to formalize procedures as to the ex ante quality assurance of the contents of the examinations. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. Assessment of the theme Curriculum The committee comes to an overall assessment of the theme Curriculum on the basis of its assessments of the separate standards. In the case of the master s programme Financial Management, it assesses this theme as satisfactory. In the case of the master s programme Investment Analysis, it assesses this theme as satisfactory Staff S12: Requirements for academic orientation The programme meets the following criteria for the deployment of staff for a programme with an academic orientation: Teaching is principally provided by researchers who contribute to the development of the subject/discipline. Description The FEB indicates in the self-evaluation report that, as a matter of principle, all staff members have a doctorate degree (or are actively engaged in earning a doctorate), and have both research and teaching tasks. Trainee research assistants also have a teaching task of 20% over three years. Since 1996, the FEB has applied a tenure track policy for young faculty who 200 QANU / Economics 2009 / Tilburg University

201 recently earned their doctorate degree. The tenure track position is a provisional position for a period of six years. In this period, the staff member must conduct high-quality research and demonstrate pedagogical skills to secure a permanent position (tenure). In contrast to other FEB staff members, they have a 40% teaching task and a guaranteed 60% research task. Permanent staff members are awarded research time according to the quality and quantity of their prior research output. The permanent staff members devote, on average, 60% of their time to teaching and 40% to research. To secure a tenure position, the staff member in question must have had independent articles published in journals judged by the FEB to be top, very good or good, and their pedagogical evaluations must be of a higher level than the average of colleagues teaching similar courses. This assessment is conducted by the Faculty Management Team (FMT), which is advised by the Faculty Evaluation Committee (FEC). The FEC consists of six professors who are partly chosen by the personnel and partly appointed by the FMT. The FEC is also involved in advising on proposed promotions (from university lecturer to senior lecturer, from senior lecturer to professor 1 and from professor 1 to professor 2 ). Interviews with lecturers revealed that there is also an adjunct professor track. It is intended for staff members who excel in teaching, but who are not able to meet the research requirements of a tenure track within the set deadlines due to their focus on their teaching task. Currently, there is one adjunct professor employed in the faculty. In the self-evaluation report, reference is made to the university website Experts and expertise. This site contains information about teaching and research activities, publications, extra duties and any unusual aspects of all lecturers. The FEB's research is conducted within CentER, the Center for Research in Economics in Business. It occupies a high position in different international rankings. The quality of the faculty is apparent from the assessment of the faculty's research programmes done by different agencies (VSNU in 2002, Scientific Council of CentER in 2005, part of the internal Mid-Term Review and QANU in 2009). The research programmes are mostly awarded a good (4) or excellent (5) grade. Master s programme in Financial Management Renowned researchers are involved in the master s programme in Financial Management. Nine of 13 courses are coordinated by assistant or associate professors. The other four courses are coordinated by full professors. Also, guest lecturers from the professional practice are involved. In the interviews with the students, it became apparent that they are expected to study research papers in preparation for the classes and that they are content with the lecturers. Master s programme in Investment Analysis Renowned researchers are also involved in the master s programme in Investment Analysis. Nine of eleven courses are coordinated by assistant and associate professors. The other two courses are coordinated by full professors. Also, a lecturer and a PhD student are involved. In the interviews with the students, it became apparent that they are expected to study research papers in preparation for the classes and that they are content with the lecturers. Assessment The FEB strives for top research, which the committee considers a sensible objective. This choice has consequences for staff members who cannot meet the FEB s strict research QANU / Economics 2009 / Tilburg University 201

202 demands. For this reason, the FEB has established the position of adjunct professor, there is at present one adjunct professor. The committee considers this a good initiative and advises to further develop this initiative. The committee ascertains that the majority of members of the scientific staff of both programmes has a PhD. The committee concludes that the teaching in both programmes is provided by active researchers who are making relevant contributions to the development of the fields covered by the two programmes. The committee appreciates the involvement of quite a lot of professors (full, assistant and associate) in both programmes. Research of the FEB is highly appreciated nationally and internationally. The staff of the programmes have good scientific expertise in the committee's view. Based on these conclusions, the committee feels that both programmes more than meet the criteria expected of a scientific master s programme. Master s programme in Financial Management: the committee assesses this standard as good. Master s programme in Investment Analysis: the committee assesses this standard as good. S13: Quantity of staff Sufficient staff are deployed to realise the desired quality of the programme. Description The self-evaluation report contains FEB-level data on the number of registered students, the number of diplomas awarded, the number of fte scientific personnel, the student-staff ratio, and the diploma-staff ratio. The number of students registered at the FEB ranges around 5,000. The number of fte scientific personnel varied from fte in to fte in The student-staff ratio was 20, 21 and 19, respectively, in the past three academic years ( , and ). In the interviews with the programme directors and the Faculty Board, the allocation model was discussed. The departments receive their annual financing based on the number of students registered two years earlier. The research units receive their financing from the departments, with the following basic assumptions: a fixed budget of 40% per research unit, and a variable proportion based on the number of students attending a course for the first time. The departments and research units are free to spend the budget as they wish. Master s programme in Financial Management The average number of students in the core courses is around 130 or higher. According to the self-evaluation report, this implies that interaction is already difficult, although most lecturers still succeed in it. In the core courses, assignments are not part of the programme because of the group size. According to the self-evaluation report, assignments are also difficult to incorporate because of the amount of work involved for the lecturer. To solve this problem, the programme management wants to assign teaching assistants (PhD students) to all core courses to assist the lecturers with the grading of the assignments. The programme management indicates in the self-evaluation report that interaction with an audience of more than 100 students is not optimal. The programme management expects that the introduction of teaching assistants will stimulate lecturers to introduce assignments in the core courses. As these assignments will be supervised by the teaching assistants, the interaction within the programme will improve. 202 QANU / Economics 2009 / Tilburg University

203 In the interviews with the students, it became apparent that the groups consist of 150 students on average. The students also indicated that lecturers stimulate interactivity, and that about 10% of the students actively participates in the classes. The interviews with the lecturers made it clear that they do not mind the large groups. Even though they would prefer smaller groups, the lecturers feel it is still possible to give interactive classes with large groups. Master s programme in Investment Analysis In the self-evaluation report, the programme management states that it does not consider the group size to be problematic. The lectures of the courses in the first semester focus on explaining the theoretical concepts underlying the knowledge learning outcomes (K1-K6) and showing how the acquired knowledge can be applied. Interaction with the audience is not necessary in these courses, as stated in the self-evaluation report, although the group size still allows it. The interaction occurs with the assignments. In small groups, the students have to apply the theoretical concepts themselves. Feedback will be provided when necessary. According to the self-evaluation report, the second semester focuses more on the development of skills instead of knowledge. In the lectures, additional theory will be explained and the possible applications will be shown, while the students can apply the material in the assignments. As indicated in the self-evaluation report, most courses are taught by two lecturers, and in the academic year teaching assistants (PhD students) will be assigned to all courses in the master s programme. Teaching assistants function as the main contact person for the students, can provide additional support for solving the assignments, and can grade the assignments. The programme management hopes that this will improve the value of assignments in terms of knowledge and skills. In the interviews with the students, it became apparent that groups consist of 60 students on average. The interviews with the lecturers made it clear that they do not mind the large groups. Even though they would prefer smaller groups, the lecturers feel it is still possible to give interactive classes with large groups. Assessment The committee realises the implementation of small-group teaching requires more effort in large programmes and large faculties. Nevertheless, the committee wants to stress that the faculty as a whole has a very favourable student-staff ratio. On that basis, small groups of students could be arranged, but this requires tailor-made policies. In practice, however, groups tend to be large, compared to Dutch standards. The committee feels that the two master programmes in this report have not yet found an adequate balance between the number of staff and the students. In the case of a specialised master s programme, the committee would expect to see smaller group sizes, to facilitate interactive teaching and in-depth discussions of the different subjects. This is not realised in either programme. Group sizes are large, on average 130 students in the core courses of the master s programme in Financial Management and 60 students in the courses of the master s programme in Investment Analysis. The committee feels that the two master programmes do not meet this standard. Master s programme in Financial Management: the committee assesses this standard as unsatisfactory. Master s programme in Investment Analysis: the committee assesses this standard as unsatisfactory. QANU / Economics 2009 / Tilburg University 203

204 S14: Quality of staff The staff deployed are sufficiently qualified to ensure that the aims and objectives regarding the content, didactics and organisation of the programme are achieved. Description As specified under standard 12, the FEB has a tenure track policy for promising young faculty. After a provisional position lasting six years, they can be awarded a permanent position if they demonstrate excellent research and teaching skills in that period. The heads of the departments conduct annual performance reviews with staff members. The results of the course evaluations are used to discuss pedagogical performance. In the annual review meeting of the programme director and the head of the department on the personnel requirements of the programme, the programme director can indicate which staff member s/he would like to employ or would not like to employ. Teaching performance is also critically reviewed when considering promotion. The Faculty Evaluation Committee (FEC) has established criteria for the promotion of staff members. For promotion, the contribution of the staff member to innovation in education and the development of teaching programmes are assumed necessary. For new lecturers and trainee research assistants, the faculty organises a compulsory foundation course in didactical skills. Its objective is to improve didactical skills. The course concludes with an individual assessment, with one lesson given by the lecturer being filmed and discussed. Starting in 2010, the Fundamental Qualification in Education (BKO) will be introduced across the university for all new staff members. Lecturers can have individual supervision upon request or after indication on the basis of course evaluations. This option is used several times a year. In addition, regular meetings on specific themes are organised for staff members (for example, on ICT and education, supervision of theses, testing and intercultural communication). Given the drive towards internationalisation (see standard 8), there are increasingly more English-language subjects within the course curriculum. Therefore, since , each staff member is required to pass an English language test. Based on the results, staff members may receive a recommendation to improve their command of English. In the university's language lab, staff members can take various courses. The number of staff members who actually do so is still limited. Within the FEB, the establishment of a faculty education expertise centre is underway. The objective is to combine and distribute the knowledge present within the FEB in the field of educational studies and didactical matters. Assessment The committee feels that the FEB programmes meet the criteria applicable to this standard. The committee notes that a number of clear developments have been initiated to stimulate the didactical development of lecturers. The FEB's four-day foundation course in didactical skills is compulsory for new lecturers. The BKO will be implemented across the university from 2010, giving the university a minimal basic guarantee for the didactical quality of its teaching staff. Also, in the performance reviews, attention is explicitly paid to teaching performance, partly based on course evaluations. These evaluations guarantee systematic assessment of the didactical qualities of lecturers. The committee understands that adequate action is taken when a lecturer receives a poor assessment. After a poor assessment, the lecturer is given sufficient opportunities to follow training courses or a coaching track to 204 QANU / Economics 2009 / Tilburg University

205 improve his/her didactical skills. If subsequent assessments remain poor, a process is implemented that can lead to outplacement. The committee feels that given the current level of didactic training and the BKO requirement after 2010, the minimal quality criteria can be ensured. However, there is still room for improvement. Faculty-wide educational meetings, often focusing on a specific theme, are held regularly, but the committee feels that attendance is too low. This also applies to the English language courses. There is little exchange between lecturers about pedagogical and didactical issues. Based on the interviews with lecturers, the committee concludes that too little use is made of sharing the good teaching practices present within the FEB. The committee suggests to actively stimulating such information transfer. The initiative to establish an education expertise centre within the FEB, which can collect and combine available data, knowledge and practices, is a good step in the right direction. The committee is in favour of this initiative. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. Assessment of the theme Staff The committee comes to an overall assessment of the theme Staff on the basis of its assessments of the separate standards. Even though the committee assesses S13 (quantity of staff) for both programmes as unsatisfactory, the committee feels that for both programmes this is compensated by the good quality of the staff (S12). Therefore for both programmes it assesses this theme as satisfactory Services S15: Facilities Housing and facilities are adequate to achieve the learning outcomes. Description All UvT courses are given on the campus. All facilities and materials required to provide education are present on campus and accessible to all students. The faculties share all teaching facilities. The students' satisfaction with the facilities is evaluated each year at university level. There is a large number of lecture halls and classrooms available, with varying capacities (<25 to >300 seats), almost all with internet access and other teaching support facilities. In addition, there are several computer practice rooms available which can be used by students for self-study when they are not being used for classes. The evaluation results given in the self-evaluation report reveal that the students are in general positive about the quality of the lecture halls and classrooms. For this aspect, the faculty scores 3.7 (on a scale of 1 to 5, in academic year ). There are a number of rooms available with a total of 930 workplaces for students (including 500 workplaces in the library). Students can make use of the student workplaces in the library on Monday to Friday until 21:30 hours and on Saturday and Sunday from 10:00-17:00 hours. The Montesquieu Learning Center and the Goossens Learning Center are open each working day until 22:30 hours. Some of the student workplaces have lockers with an electric socket. The students can recharge their own laptop or mobile telephone there while they work. At QANU / Economics 2009 / Tilburg University 205

206 various places, the setting resembles an internet café. In March 2009, the city of Tilburg s public library opened a municipal study centre where students have free access to the university network. All of these facilities are available to all UvT students. The students are less positive about the number of workplaces available, according to the results in the selfevaluation report. For this aspect, the faculty scores 3.1 (on a scale of 1 to 5, in academic year ). The university has a videoconference room that can also be used by students. It has installed a wireless network, which the students can log onto from their own laptop. In addition, there is a second-hand bookstore on the campus, where students can buy and sell books (the proceeds go to charity). The campus also houses a central library. For the economics and business economics courses, relevant databases are available. The students can consult the Library Service Desk for assistance and advice in searching for information. The library also contains a Scriptorium where students can find individual supervision and advice about writing a thesis, paper, or report in Dutch or English. To prepare timetables, the UvT has been using the electronic programme Syllabus Plus since the academic year The aim is to utilise the available lecture halls better. For the FEB, this has led to a relatively large number of lectures in the evenings. In the interviews with students, it became clear that the students were not uniformly enthusiastic about this development. The FEB utilises different electronic systems in teaching. First of all, the Electronic Course Catalogue (ESG) lists all degree courses, programmes and electives. It also provides information about lecture and examination timetables. Second, Blackboard covers all courses, providing detailed information about them. Blackboard is primarily used for sending the students messages about a particular course, storing copies of presentations used in the lectures and issuing assignments. The third system is BSCW, a programme that enables collaboration at a distance via the internet. Using this programme, members of a group (project) have access to a common workspace where documents can be stored, shared and modified. In addition, discussions can be conducted, facilitating joint coordination and decision-making. From the interviews with the students, it became apparent that many are not familiar with the BSCW programme. Through the student portal on the university website, students gain access to different applications (with just one log-in). The student portal also provides students with information on supervision, student administration, et cetera. Currently, the FEB is conducting an experiment in recording lectures on video. At the site visit, it was explained that this application can be used when subjects are removed from the curriculum and students have to resit the examination, or when students want to review the lectures again or were not able to attend the lecture. Assessment Based on the description in the self-evaluation report, the committee concludes that there are currently enough classrooms, lecture halls and study places available. The committee would like to point out that if the number of students increases further, the facilities will not be adequate. The committee also ascertains that the lecture halls and classrooms suit the current didactical practices, which involves working with relatively large groups. For another 206 QANU / Economics 2009 / Tilburg University

207 didactical concept involving working with smaller groups, the current facilities will be inadequate. The committee appreciates the cosy feeling of the campus and the associated facilities. The committee is also pleased with the presence of the videoconference room and the secondhand bookstore for students. The committee confirms that the ICT facilities and electronic work environment look excellent. In interviews with students, it was noted that the students are not familiar with the BSCW programme. The committee clearly appreciates the added value of recording lectures on video. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. S16: Tutoring Tutoring and information provision for students are adequate in view of study progress. Tutoring and information provision for students correspond with the students needs. Description In the self-evaluation report, the FEB indicated that the students are responsible for their own study behaviour and progress. The initiative to seek support when problems arise lies primarily with the student. In the self-evaluation report, a distinction is made between facilities at the FEB level and at the university level. At the FEB level, the course desk (1.9 fte, two staff members) is available. It is an easily accessible facility where students go first with course-related questions (except for questions about registration, which are dealt with by the Central Student Desk). The staff members of the course desk refer more complex questions to the student advisors. In 2012, the faculty intends to transform the course desk into a one-stop shop, where all the students' questions can be answered. At the university level, academic advisors and psychologists are available at the Student Affairs Service. Students can get in contact through the student advisor or independently. At the Language Lab of the Student Affairs Service, students can take various language courses. All students of the university are given language vouchers with a total value of 12 EC with which they can take two language courses of 6 EC at the Language Lab during their course of their study. The faculty employs five student advisors (4.0 fte). Each student advisor is associated with a number of bachelor and/or master programmes. The coordinator of the study counselling unit can also act as a student advisor in busy periods. The student advisors offer support on course-related issues like problems with progress, selection processes and questions about the contents of the course and required skills. The student advisors are also involved in information-provision activities for prospective students and introductory activities for freshmen. The student advisors confer regularly with the programme director(s) of the programmes with which they are associated about information provision activities and developments in courses. The student advisors have consultations by appointment and open office hours. For international and exchange students, the International Student Services is available (6 staff members, 5.0 fte) to answer specific, individual questions about studying abroad. QANU / Economics 2009 / Tilburg University 207

208 The university website plays an important part in information provision to students (see also standard 15 about facilities). In addition, the students periodically receive an English newsletter about developments regarding teaching within the FEB. In the Blackboard course FEB facts you need to know, the rules and procedures of the FEB and university are explained. The FEB also organises information meetings on course selection (after the first year of the bachelor programmes in General Economics, Business Economics and Fiscal Economics) and the range of choices after the bachelor s programme. The evaluation results in the self-evaluation report reveal that students of the FEB are in general less satisfied with the supervision than other students at the university. An upward trend is evident, however (from 2.3 in to 3.3 in , on a scale of 1 to 5). Assessment The committee ascertains that all expected forms of supervision and tutoring at the FEB or central level are present. The initiative for requesting any form of supervision is left up to the student. In the different interviews with students, the committee explicitly asked their opinion on this standard. In general, students appeared to be reasonably satisfied with the supervision and advice that they received in practice. The committee focused in particular on international students. The committee is of the opinion that the activities of the programme management concerning supervision and information provision are adequate to promote study progress and that they meet the students' needs. The committee notes that the supervision could be improved by changing the optional nature of a number of parts. The committee also has established, based on the interviews, that the student advisors would like to play a more active role. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. Assessment of the theme Services The committee comes to an overall assessment of the theme Services on the basis of its assessments of the separate standards. In the case of the master s programme in Financial Management, it assesses this theme as satisfactory. In the case of the master s programme in Investment Analysis, it assesses this theme as satisfactory Internal quality assurance system S17: Periodical evaluations The curriculum is periodically evaluated in the light of verifiable objectives and other measures. Description The internal quality assurance system is described in the self-evaluation report for the FEB as a whole. The quality assurance system consists of three layers. The first are external quality assurance cycles, such as the six-year accreditation cycle. The second is an internal quality assurance cycle at the university level. There is a permanent Education Quality Assurance Steering Committee coordinating activities concerning the quality of education for the university as a whole. Proposals from this steering committee are discussed by the university board and the faculties. Some proposals from the steering committee are implemented 208 QANU / Economics 2009 / Tilburg University

209 throughout the university. In , the Mid-Term Review of Education took place halfway through the external quality assurance cycle, covering the entire university. The third layer of the quality assurance system is the internal quality assurance cycle conducted at the FEB level. The FEB programme directors are responsible for the quality of education. Teaching programme committees (OLCs) monitor the actions of the programme directors and give advice on the activities. The OLCs also advise the faculty board about the Education and Examination Regulations (OER). For reasons of efficiency, there are in total three clusters of OLCs, each with equal numbers of scientific staff members and students. Hardly any full professors participate in OLCs. The OLCs meet at least three times a year to discuss the semi-annual reports from the programme directors on the current state of affairs and the OER. It appears from the interviews that in practice there are more than three meetings per year. It also became apparent that the OLCs clearly have an advisory rather than a legislative role. The influence and involvement of the OLCs seem to have increased in the past few years. There are also plans to allow the OLCs to function more systematically and fulfil a more (pro)active role in the quality assurance process. Along with the contact with the OLCs, the programme directors receive management information from the FEB education office. The education office carries out examination and curriculum evaluations. All courses and associated exams are evaluated every year at the end of the course using a standard evaluation form, on which students indicate on a scale of 1 to 5 the extent of their agreement with a number of statements. The course s lecturers and their heads of departments receive the evaluation results. Because the results of the evaluations are not made publicly available (according to the interviews), the student societies have taken the initiative to produce shadow evaluations conducted by students. Thus, students gain insight into the assessment of the courses by their fellow students, and they can base their choices on this. Focus groups can highlight problems that students are having with a particular course. A focus group has been set up for all programmes, consisting of students from different years of a programme. In each semester, this focus group meets several times to discuss the education given in that period. In addition, the education office organises curriculum evaluations among students to explore all parts of the curriculum (one particular academic year), usually through a written questionnaire. If the causes of problems in a course are difficult to uncover, panel discussions are set up at the request of the lecturer teaching a course, the programme director or the head of the department. Invitations to be on the panel are sent to several students, and possibly to the lecturer. A discussion is initiated with staff members of the education office on a topic referring to the teaching in the course, and suggestions are made for improvement. Another form of panel discussion involves groups of students evaluating course-related issues and service provision to students. Starting in , this form of panel discussions will be implemented. Along with these evaluation methods, there are also alumni surveys and contacts with the relevant job market (see standard 19). From the interviews with lecturers and students, it appears that the results of the course evaluations are not publicly available. Apart from those directly involved in the courses, only members of the OLC may view the results. For some programmes, the relevant student society conducts shadow evaluations, which are made public. Assessment The committee feels that the programmes meet the criteria for this standard. The committee ascertains that the education provided is periodically evaluated according to a set of objectives QANU / Economics 2009 / Tilburg University 209

210 (see description under S18) and that the programme management actively acts on the results. It also confirmed that the evaluations are conducted in a formalized and structured way and that the programme management structurally analyses the results and takes action, if necessary. Based on its discussions held with the members of the different OLCs, the committee ascertains that the OLCs feel involved in the quality assurance system for the programmes. The committee considers the size of the different OLCs to be overly large, and the involvement of full professors in all OLCs to be too low. The committee feels that the OLCs act rather passively, without having systematic contact with their constituencies (i.e., other lecturers and students). In the discussions, it became apparent that this difficulty has been noted earlier by the OLCs themselves and in an external survey conducted by the university. The role of the OLCs continues to grow in importance, however, and has expanded in the past few years. The committee favours this development and sees great potential if this growth trend continues. Both the OLCs and the programme management confirmed that remarks and suggestions from the OLCs are taken seriously. The OLCs have contributed, for example, to issues concerning the OER. They are also active in analysing the evaluation results for courses. Different interviews revealed that reviews are conducted in a formalized and structured way based on course and examination evaluations, as well as focus groups. The programme management structurally analyses the results and takes action, if necessary. The committee likes the panel discussions that are arranged whenever some aspect of a course is unclear. The information derived from the evaluations could be processed in a more systematic and coordinated manner, however. Strengthening the contacts between the different involved parties -for example, the OLCs and the focus groups- could contribute to this. In addition, the contact with the OLCs constituencies (particularly the students) must be strengthened. On the one hand, students need more insight into the evaluation system, to know where to go with a problem. On the other hand, students need to be informed about the results of evaluations. In the interviews with students and lecturers, it became apparent that the evaluation results are not made public. Currently, students are forced to obtain this information through shadow evaluations. The committee considers it important that students are given insight into the results of evaluations (perhaps, after a privacy check). The committee is positive about the implementation of the Mid-Term Education Review and the baseline measurement conducted by the university to improve testing practices. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. S18: Measures for improvement The outcomes of the evaluation form the basis of verifiable measures for improvement that contribute to the achievement of the objectives. Description The self-evaluation report describes how the results of evaluations are dealt with. All of the results are entered in the electronic programme file for the programmes (as far as possible). This gives the programme directors and OLCs access in an orderly manner to all data collected about a programme. The data can then be analysed, after which conclusions can be drawn about the strong and weak points of the programme (or parts of it). This provides a 210 QANU / Economics 2009 / Tilburg University

211 basis to stimulate steps for improvement. After implementing these improvements, the new collected information can be used to examine the extent to which the desired effect was achieved. The programme dossier was developed in the course of the academic year and is constantly being updated. The results derived from the programme dossier are discussed in performance reviews and management reviews, and form a stimulus for staff members to take didactical training when a course is judged as unsatisfactory on this aspect for the second time in a row. The discussions revealed that both the programme directors and the OLCs sense that the results of the evaluations are taken seriously. In the OLCs, a course that has been judged to be unsatisfactory is definitely discussed. The self-evaluation report revealed that at the FEB level different recommendations have been implemented, including most of the ones that had emerged during the previous accreditation cycle. Examples include the recruitment of an education specialist to survey the teaching of skills in the bachelor programmes, development of an assessment form for bachelor and master theses, improvement of communication with the students, and an increase the number of student workplaces. The faculty is also occupied with implementing recommendations made by the committee in the Mid-Term Review in Partly due to the Mid-Term Review, for example, the faculty instituted a new policy as to the internationalisation of education. Moreover, several curricula will have to be revised in the near future. The self-evaluation report states that the individual lecturer evaluations of both programmes are in most cases at a sufficient level. Teaching skills are at a satisfactory level in the range of At an early stage, the English written and oral skills of the non-native English staff are tested. In case of clear shortcomings, the lecturers have to take additional courses in English. According to the self-evaluation report, the oral skills of some lecturers were evaluated poorly by the students, while their test results revealed that the skills are of decent quality. The self-evaluation report states that this indicates that Dutch students sometimes have problems with understanding the English of non-dutch speakers. Master s programme in Financial Management The self-evaluation report describes that in one specific case the lecturer evaluation was below the level that is considered acceptable. The lecturer has taken an additional course in English, but subsequent evaluations did not show significant improvements. Therefore, the programme management has decided to replace the lecturer in the academic year , and the lecturer involved will take additional courses in English and teaching skills. Also, the evaluations of the Treasury Management course indicated that the topics discussed were not always in correspondence with the actual aim of the course, i.e. Treasury Management. Although the individual lecturer evaluations were fine, the programme management decided to replace the team by two other department members with the instruction to restructure the course towards its original outline. Master s programme in Investment Analysis According to the self-evaluation report, one of the most important changes that has taken place is the development of the Empirical Finance and Investment Cases course. A shortcoming in the initial programme was the absence of a course where the focus was on applying the acquired knowledge. The former doctorandus programme contained the course Effecten Analyse en PC-gebruik, a course fully focused on linking practical economic problems and the specialised knowledge acquired during the course. The self-evaluation QANU / Economics 2009 / Tilburg University 211

212 report states that the alumni have indicated that this course was highly relevant for their current positions, and that it was a pity that a course like Effecten Analyse no longer existed in the new master s programme. Therefore, the programme management has re-introduced a course with a similar aim: the Empirical Finance and Investment Cases course. Assessment The committee approves the implementation of programme dossiers. In these dossiers, it is evident that courses can be evaluated before and after every examination. This information is available for all years, starting in It is also evident in the dossiers that courses with low scores in the evaluation are actually improved or removed. The committee gets the impression that good use is made of the programme dossiers. The committee ascertains that the results of the course evaluations lead to concrete measures for improvement when there is a need for it. The committee examined different examples of measures taken to improve the quality of the teaching. The committee feels that along with the formal measures implemented by programme management, individual improvements were carried out by lecturers based on the course evaluations and other signals they perceived. The committee is of the opinion that both programmes meet the criteria for this standard. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. S19: Involvement of staff, students, alumni and the professional field Staff, students, alumni and the relevant professional field will be actively involved in the internal quality assurance system. Description As already stated in standard 17, lecturers and students are involved in the quality assurance system in the following ways: The programme directors are also lecturers. They are assisted by a student advisor and an academic advisor. Lecturers and students are represented on the educational committees with equal numbers of lecturers and students. The FEB has three educational committees. Students participate in focus groups and are involved in panel discussions about a particular course. Students can express their opinions about courses and examinations through written course and examination evaluations carried out after the conclusion of a course or examination. Alumni and representatives from the professional field currently have a rather modest role in the quality assurance system. There are annual alumni surveys conducted through the WO monitor by the Research Centre for Education and Job Market (ROA), but a survey among representatives of the professional field is not done structurally. There is some contact with the professional field in the form of students' final projects conducted in companies. The programme receives feedback on the student's abilities as evidenced in how they carried out the project from the internship supervisor, which may also include indirect feedback about the programme. The self-evaluation report also states that the FEB has a Social Advisory Board with representatives from the business community and other institutes. The members of the Social Advisory Board offer their vision of the path the faculty could and/or should 212 QANU / Economics 2009 / Tilburg University

213 take from their specific viewpoints. The Social Advisory Board meets several times a year. It is consulted in strategic discussions within the FEB. At university level, an alumni database is being established, and a pilot of a large-scale survey is being conducted among alumni. The intention is to put together an alumni panel that can be periodically consulted on relevant issues. The university also wants better information as to its international alumni. At the moment, they generally disappear once they have graduated and returned home. The FEB intends to establish a Career Center for alumni to stimulate binding with alumni by organising various activities and to obtain more systematic feedback on the FEB programmes. Currently, the FEB is actively recruiting an alumni officer to handle the alumni policy. Master programmes in Financial Management and in Investment Analysis In the master s programme in Financial Management several guest speakers present cases from practice. In Goldman Sachs, Credit Suisse and PricewaterhouseCoopers presented cases on the valuation of Mergers & Acquisitions (M&A) and leveraged buyouts. According to the self-evaluation report, those guest speakers are often alumni of the UvT programmes. The self-evaluation report states that the informal discussions with the guest speakers about the needs of practitioners is an indirect source for improving the quality of the master s programme. The master s thesis of both programmes is based on an internship. The external supervisor of the thesis will be invited for the defence session. The self-evaluation report states that although the external supervisor is not part of the defence committee, the chairman of the committee always asks the external supervisor to provide input concerning the student's work quality and skills. The self-evaluation report states that for both programmes there has never been any indication of gaps in the students' knowledge. For the master s programme in Investment Analysis, the self-evaluation report notes that the introduction of the Empirical Finance and Investment Cases course was based on input from alumni (see standard 18). Assessment The committee is of the opinion that the programmes meets the criteria for this standard. Based on the discussions with students and lecturers, the committee ascertains that the staff members and students are committed to their programme. The contacts between OLCs and other students could be strengthened and structured better. In this way, the functioning of these committees would be enhanced. Contacts with the professional field and alumni do exist, but could be better structured. The committee notes that the contacts between students from the OLC and their fellow students run primarily through the informal network contacts. Students do not appear to know who represents them on the OLC. The committee advises the OLC to structure the contacts and information provision to students better. In this way, it will be clearer for the students what measures are taken in response to the outcomes of the course evaluations. This could also lead to an increase in the information that reaches the OLC, because students know where they can go with their issues. The committee feels that the current OLCs mostly respond reactively. They discuss important issues, but mainly at management's request. The committee advises the OLCs to act more proactively in the future, and take up an agenda-setting role. The committee also QANU / Economics 2009 / Tilburg University 213

214 notes that the current OLCs are rather large, and that hardly any full professors are members. This can affect their decisiveness and influence. The committee appreciates that a university-wide external survey on the working of the OLCs was conducted. The committee notes that the role of the OLCs is being taken more and more seriously by the programmes. It is important that this development continues. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. Assessment of the theme Internal quality assurance system The committee comes to an overall assessment of the theme Internal quality assurance system on the basis of its assessments of the separate standards. In the case of the master s programme in Financial Management, it assesses this theme as satisfactory. In the case of the master s programme in Investment Analysis, it assesses this theme as satisfactory Results S20: Achieved learning outcomes The achieved learning outcomes correspond with the aims and objectives regarding level, orientation and subject- /discipline-specific requirements. Description At FEB level, rules have been formulated for the supervision of students writing their bachelor s or master s thesis, and criteria have been developed for the assessment of these theses. Regarding the supervision of students, the FEB considers that this must be the responsibility of a staff member with a PhD. In addition, the assessment must always be done by two staff members who separately fill in an assessment form according to the formulated criteria. This will make it clear for students how the final grade is arrived at, and a certain arbitrariness of the assessment criteria employed by individual judges can be prevented. The assessment of the thesis is based on an assessment form taking into account the various criteria that a thesis paper should meet. Six aspects are distinguished: the research question, method and theory, findings, conclusions, recommendations, and style. Master programmes in Financial Management and in Investment Analysis In the final stage of both programmes, students have to write a master s thesis. According to the self-evaluation report, this thesis can be based on an internship within a company or an individually developed research question related to the recent literature in the field of specialization. In order to make sure that students start with the development of a research proposal at an early stage, the thesis coordinator arranges information sessions in the first semester of the programme. In those sessions the students receive information on the proposal requirements. Furthermore, the benefits of an internship and the procedure students should follow for an internship are explained. The thesis proposals are evaluated by the thesis coordinator, and when they are approved, a supervisor is assigned. The self-evaluation report states that the supervisor meets the students on a regular basis. Supervisors critically read the written material handed in, comment on it, and provide direction for further research when necessary. The supervisor judges whether the thesis is of sufficient quality and can be defended. 214 QANU / Economics 2009 / Tilburg University

215 According to the self-evaluation report, students should be able to develop and apply a research methodology, and analyse and interpret the findings of the specific problem. Also, the thesis has to be written at an academic level, but be understandable for people not directly familiar with the specific topic. According to the self-evaluation report, all theses should contain an empirical part where students apply their knowledge of advanced statistical and econometric methods. The thesis has to be presented and defended in front of a committee of two members of the finance department. The committee will ask questions directly related to the topic of the master s thesis, but can also ask general questions that will test the learning outcomes in terms of general knowledge. The final grade is based on the thesis, the presentation, and the defence. The self-evaluation report states that most students have already found a job in the final stage of writing the thesis. The interviews with the students revealed that during the defence of their master s thesis, they are not only asked questions related to the thesis but also more general questions, for example regarding statistics. Assessment The committee assessed the achieved learning outcomes of the programmes discussed in this report as satisfactory. The overall conclusion is that the quality and level of the master s theses are satisfactory. For each programme, the committee made a random selection of two theses from the list of the 25 most recently completed theses and the associated assessment forms. Consideration was given to the grading (both a low and a high grade) and the supervisor (the selected theses had different supervisors). The committee members read the theses and assessed their presentation of the problem, review of the literature, methods and justification, conclusion and discussion, structure, legibility and verification. To a large extent, the committee agrees with the grades awarded by the supervisors. The committee ascertains that not all of the selected and assessed final theses were accompanied by a completed assessment form. In addition, on a number of assessment forms, there was no justification for the score given. Master s programme in Financial Management The first thesis studied by the committee has a rather average problem definition which had not been translated into several research questions. The literature and the research methodology used are good, relevant literature is used and the research method is well described. The conclusions are logical and follow the presented material. The thesis is well structured and readable. The second thesis the committee studied has a clear and well defined problem definition. Also the relevant literature is elaborately described. The research methodology used is quite standard and obediently used. The conclusions are well formulated. The thesis is also well structured and readable. Master s programme in Investment Analysis The first thesis studied by the committee has a clear and well defined problem definition. Also the relevant literature is elaborately described and contains also recent theoretical and practical research articles. The research is based on literature. The conclusions are well formulated. The thesis is also well structured and readable. The second thesis studied by the committee also has a clear problem definition. The problem definition however is not related to relevant literature, so it seems that on this area no relevant research has been done. The student mainly uses theoretical papers, which are well chosen but do not contain any QANU / Economics 2009 / Tilburg University 215

216 empirical evidence related to the main theme of the thesis. The methodology used is quite standard and not always clear presented. The conclusions are quite straightforward, and not related to relevant literature. The thesis is well structured and readable. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. S21: Study progress Target figures that are comparable to other relevant programmes are formulated to express the expected success rate. The programme s success rate complies with these target figures. Description The self-evaluation report presents university-wide target figures. 75% of all master s programme students should finish the programme in one year. At the point in time, this target has not been realised. University-wide, 27% finishes the master s programme within one year, 63% within two years and 79% within three years. The self-evaluation report states, at FEB level, several arguments for the delay of students: Students have extracurricular activities such as hobby s or a job. Students make a conscious choice to study more than one year. They find themselves not yet ready or too young to enter the labour market. Personal, unforeseen circumstances. Once the student has a delay (in, for example, the bachelor s programme), it is hard to make up, which means that during specific periods students have to study harder. The master s thesis is also a cause for delay. The master s thesis is scheduled in the second part of the second semester. In the first part of the second semester, students are expected to follow two courses and make preparations for the master s thesis. In the second part of the second semester, there are no master s programme courses scheduled. In practice, during this period, students sometimes also have to finish courses of the bachelor s programme or follow an internship. This usually leads to study delay. The interviews with the students revealed that they still have to finish courses while working on the master s thesis. Also, students prefer to take an internship and do not wish to work fulltime on the master s thesis. This can cause a delay. Master s programme in Financial Management The results for the master s programme in Financial Management are: 19% obtains the diploma after one year of study, 52% obtains the diploma after two years of study and 72% obtains the diploma after three years of study These results are slightly lower than the results for the FEB as a whole. The average time that students needed to finish the programme has decreased from 17 months for the cohort to 13 months for the cohort. Master s programme in Investment Analysis The results for the master s programme in Investment Analysis are: 216 QANU / Economics 2009 / Tilburg University

217 29% obtains the diploma after one year of study, 61% obtains the diploma after two years of study and 87% obtains the diploma after three years of study Apart from the results after two years, these results are higher than the results for the FEB as a whole. The average time that students needed to finish the programme has decreased from 17 months for the cohort to 12 months for the cohort. Assessment The committee has learned that the demands regarding the transition between the bachelor s programme and the master s programmes have become stricter. The committee recommends that the programme implement even stricter demands by means of a fixed separation (harde knip) between the bachelor and master programmes. The committee feels that this will motivate the students more to finish the bachelor s programme, and ensure that they do not enter the master s programme before their bachelor courses are complete. The committee believes this could reduce the delay in finishing the programmes. Only then the average time students need to finish the master s programme will be informative. At the moment, the numbers are not informative, as students follow master s courses when they are officially in their bachelor s phase. The committee is of the opinion that the success rates are low, as is also the case in comparable programme s in the Netherlands. Still, the committee feels that the FEB should pay extra attention to this issue. The interviews held with the students revealed that internships are often a cause for delay. The internship is usually related to the master s thesis, but is not an official part of the curriculum. The committee feels that the incorporation of an internship in the curriculum will lead to less delay, because it enhances the amount of control of the programme on the progress of students. Next to this, it could enhance a stronger relationship between students and the programme. In conclusion, the committee considers that both programmes meet the criteria for this standard. Master s programme in Financial Management: the committee assesses this standard as satisfactory. Master s programme in Investment Analysis: the committee assesses this standard as satisfactory. Assessment of the theme Results The committee comes to an overall assessment of the theme Results on the basis of its assessments of the separate standards. In the case of the master s programme in Financial Management, it assesses this theme as satisfactory. In the case of the master s programme in Investment Analysis, it assesses this theme as satisfactory. QANU / Economics 2009 / Tilburg University 217

218 Overview of the committee s assessment Master s programme in Financial Management: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Good 13. Quantity of staff Unsatisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 16. Tutoring Satisfactory 5. Internal quality Satisfactory 17. Periodical evaluations Satisfactory assurance system 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni and the professional field Satisfactory 6. Results Satisfactory 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory 218 QANU / Economics 2009 / Tilburg University

219 Master s programme in Investment Analysis: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Good 13. Quantity of staff Unsatisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 5. Internal quality assurance system Satisfactory 6. Results Satisfactory 16. Tutoring Satisfactory 17. Periodical evaluations Satisfactory 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni Satisfactory and the professional field 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory The committee s overall assessment of the master programmes in Financial Management and Investment Analysis The committee concludes on the basis of its assessments of the themes and standards from the assessment framework: that the master s programme in Financial Management fulfils the formal requirements which are a prerequisite for accreditation, and that the master s programme in Investment Analysis fulfils the formal requirements which are a prerequisite for accreditation. QANU / Economics 2009 / Tilburg University 219

221 9. Report on the master programmes in Mathematical Economics and Econometric Methods, Operations Research and Management Science, and Quantitative Finance and Actuarial Sciences Administrative data Master s programme in Mathematical Economics and Econometric Methods Name of the programme: Mathematical Economics and Econometric Methods CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full time Location(s): Tilburg Expiration of accreditation: 13 February 2011 Master s programme in Operations Research and Management Science Name of the programme: Operations Research and Management Science CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full time Location(s): Tilburg Expiration of accreditation: 13 February 2011 Master s programme in Quantitative Finance and Actuarial Sciences Name of the programme: Quantitative Finance and Actuarial Sciences CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full time Location(s): Tilburg Expiration of accreditation: 13 February 2011 The site visit of the Economics assessment committee to the Faculty of Economics and Business Administration of Tilburg University took place on and October Structure and organization of the faculty The Tilburg University (UvT) specialises in the field of human and social sciences, with the Faculty of Economics and Business (FEB) being one of the six faculties. Founded in 1927, the FEB is the oldest and largest faculty of the university. Of the almost 12,000 UvT students, slightly less than half studies at the FEB. A quarter of all fte personnel works at the FEB. The QANU / Economics 2009 / Tilburg University 221

222 faculty has a faculty management team, consisting of the dean, three vice-deans (Education, Research and Internationalisation), the director and a student advisor. The FEB offers eight bachelor programmes and nineteen master programmes, and consists of eight departments to which the scientific personnel (and the support personnel of the department) is attached: Accountancy Economics Econometrics and Operations Research Finance Fiscal Economics Information Management Marketing Organization and Strategy Each department has a head of department. In addition, there is a faculty office for the support of academic staff. It has units like the Education Office, MT Staff Office, ICT Unit, HRM Unit, International Programmes Unit, International Student Services Unit, et cetera. In 2008, the FEB employed over fte of academic staff. Each programme has a director. The programme director is responsible for the contents of the curriculum, quality assurance and improvement, admissions, information provision to students (current and prospective) and communication with other involved parties within the faculty. The programme director is supported in his/her tasks by a student advisor and a academic advisor. In 2007, a Mid-Term Review of Education was conducted, led by Professor Abraham of KU Leuven. With this as a stimulus, the faculty decided to formulate a new policy regarding education and internationalisation, and to implement the modernisation of several curricula. With the introduction of the bachelor-master structure in , the FEB decided on eight wide-ranging bachelor and nineteen specialised master programmes (based on the former doctoraal programmes). New programmes include the bachelor programme in Business Studies and the master programme in Economics and Finance of Aging 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 self-evaluation report states that the master s programmes in Mathematical Economics and Econometric Methods (MEEM), Operations Research and Management Science (ORMS) and Quantitative Finance and Actuarial Sciences (QFAS) have the same teaching philosophy, and all build on the enrolling students solid quantitative background. As a result, 222 QANU / Economics 2009 / Tilburg University

223 many of the general objectives of the three programmes are identical. The programmes mainly differ in their specialization of relevant topics. Master s programme in Mathematical Economics and Econometric Methods (MEEM) According to the self-evaluation report, the master s programme in MEEM focuses on tools from mathematics and statistics that are used to analyse economic problems in a quantitative way. Students learn how to apply modern methods and techniques, and how to develop new mathematical or statistical tools enabling them to master more complex quantitative economic problems. Students are prepared for a career in government departments, research institutes, research departments of large companies, banks, insurance companies, pension funds, consultancy agencies, or they may pursue a PhD track. The programme has the following learning outcomes: Knowledge Graduates have acquired: basic knowledge of economics, particularly of those fields which can be modelled quantitatively (K1); sufficient knowledge of mathematics (particularly analysis, algebra, probability theory, statistics, and operations research) in order to design and analyse economic models (K2); specialised knowledge of mathematical economics and econometrics and its applications, including the relevant economic notions and theories and the required mathematical (including statistics and operations research) methods and techniques (K3). Skills Graduates have the skills to: understand and apply a quantitative approach (S1); (learn to) apply relevant computer software (S2); write and present reports and articles (S3); make a link between practical economic problems and specialised knowledge in order to apply this knowledge in the vocational practice (S4); understand the scientific literature in mathematical economics and econometrics and to do scientific research (S5); judge one's own and others' work critically, both in terms of logical coherence (with the attitude of a mathematician) and in terms of economic relevance (from the point of view of the social sciences) (S6). Attitude Graduates have the attitude to: be eager to study and solve both practical and scientific problems from the point of view of a scientifically quantitative approach, and at the same time be accessible to ideas from others (A1); take up new challenges and be able to enthuse others for these challenges (A2); be critical, both with respect to their own work and with respect to the work of others (A3); be motivated to keep learning (A4). QANU / Economics 2009 / Tilburg University 223

224 The self-evaluation report states that the objectives of the master s programme are comparable to those objectives of the master s programme in Econometrics and Mathematical Economics of the London School of Economics (LSE), but there are also differences. Both programmes are designed to meet the needs of students in economics who wish to take a more mathematical approach. In the Netherlands, the bachelor s programme in Econometrics & Operations Research provides the majority of students who enter the master s programme in MEEM. A similar bachelor s programme is not available abroad. UvT students may have had a more solid training in mathematics and statistics, whereas LSE students are possibly better trained in economics. This is reflected by the fact that the LSE programme offers explicit room for real mathematics and statistics courses while the UvT programme focuses more on econometrics and mathematical economics. Master s programme in Operations Research and Management Science (ORMS) The self-evaluation report states that the master s programme in ORMS focuses on mathematical models and techniques to solve usually complicated decision oriented problems in business and in the public sector. Students learn how to apply modern methods and techniques, and how to develop new mathematical or statistical tools enabling them to master more complex quantitative problems. Students are prepared for a career in government departments, research institutes, research departments of large companies, banks, insurance companies, consultancy agencies, or they may pursue a PhD track. The programme has the following learning outcomes: Knowledge Graduates have acquired: basic knowledge of economics, particularly of those fields which can be modelled quantitatively (K1); sufficient knowledge of mathematics (particularly analysis, algebra, probability theory, statistics, and operations research) in order to design and analyse economic models (K2); specialised knowledge of operations research and management science and its applications, including the relevant economic notions and theories and the required mathematical (including statistics and operations research) methods and techniques (K3). Skills Graduates have the skills to: understand and apply a quantitative approach (S1); (learn to) apply relevant computer software (S2); write and present reports and articles (S3); make a link between practical problems and specialised knowledge in order to apply this knowledge in the vocational practice (S4); understand the scientific literature in operations research and management science and to do scientific research (S5); judge one's own and others' work critically, both in terms of logical coherence (with the attitude of a mathematician) and in terms of economic relevance (from the point of view of the social sciences) (S6) Attitude Graduates have the attitude to: 224 QANU / Economics 2009 / Tilburg University

225 be eager to study and solve both practical and scientific problems from the point of view of a scientifically quantitative approach, and at the same time be accessible to ideas from others (A1); take up new challenges and be able to enthuse others for these challenges (A2); be critical, both with respect to their own work and with respect to the work of others (A3); be motivated to keep learning (A4). According to the self-evaluation report, the objectives of the master s programme are comparable to those of the master s programme in Operational Research of the London School of Economics (LSE), but there are also differences. The LSE master s programme is designed to meet the needs of students in business and economics who wish to take a more mathematical approach. The entry requirements concerning mathematics and statistics for the UvT programme are higher than in those for the LSE programme. The self-evaluation report states that UvT students may have a more solid training in mathematics, statistics, and basic operations research, whereas LSE students are possibly better trained in business or economics. Master s programme in Quantitative Finance and Actuarial Sciences (QFAS) According to the self-evaluation report, the master s programme in QFAS focuses on tools from mathematics and statistics that are used to analyse financial problems in a quantitative way. Students learn how to apply modern methods and techniques, and how to develop new mathematical or statistical tools enabling them to master more complex quantitative financial problems. The applications concern risk management, insurance, and capital investment. Students are prepared for a career in government departments, research institutes, research departments of large companies, banks, insurance companies, pension funds, consultancy agencies, or they may pursue a PhD track. The programme has the following learning outcomes: Knowledge Graduates have acquired: basic knowledge of economics, particularly of those fields which can be modelled quantitatively (K1); sufficient knowledge of mathematics (particularly analysis, algebra, probability theory, statistics, and operations research) in order to design and analyse economic models (K2); specialised knowledge of quantitative finance and actuarial science and its applications, including the relevant economic notions and theories and the required mathematical (including statistics and operations research) methods and techniques (K3). Skills Graduates have the skills to: understand and apply a quantitative approach (S1); (learn to) apply relevant computer software (S2); write and present reports and articles (S3); make a link between practical financial problems and specialised knowledge in order to apply this knowledge in the vocational practice (S4); understand the scientific literature in quantitative finance and actuarial science and to do scientific research (S5); QANU / Economics 2009 / Tilburg University 225

226 judge one's own and others' work critically, both in terms of logical coherence (with the attitude of a mathematician) and in terms of economic relevance (from the point of view of the social sciences) (S6). Attitude Graduates have the attitude to: be eager to study and solve both practical and scientific problems from the point of view of a scientifically quantitative approach, and at the same time be accessible to ideas from others (A1); take up new challenges and be able to enthuse others for these challenges (A2); be critical, both with respect to their own work and with respect to the work of others (A3); be motivated to keep learning (A4). The self-evaluation report states that the objectives of the master s programme are comparable to those of the master s programme in Risk and Stochastics of the London School of Economics (LSE), but there are also differences. The programme at LSE has a specific course on computational methods for example, while the UvT programme has a specific course on pension design. Assessment The committee has studied the formulated learning outcomes of the programmes and has established that they enable the students to obtain sufficient knowledge, skills and academic attitude. The learning outcomes fit with the domain-specific requirements as formulated by the committee. The committee concludes that the intended learning outcomes of the programmes are in line with national and international accepted domain-specific standards. The presence of international staff, national staff with international experience and contacts with various foreign universities contributes to this alignment with domain-specific standards. The committee confirms that the intended learning outcomes of the programmes are in line with requirements set by professional colleagues, both nationally and internationally. The committee also states that the tables concerning the link between the learning outcomes and the courses of the master s programmes (as presented in the self-evaluation report) provide a clear picture of the extent to which the various learning outcomes of the programmes are presented in the courses. The committee is of opinion that the academic qualifications are covered in the learning outcomes of all three programmes. This is reflected in learning outcomes S1, S5 and S6. Students for example learn to understand and apply a quantitative approach (S1), to understand the scientific literature in mathematical economics and econometrics and to do scientific research (S5) and to judge their own and others work critically, employing scientific underpinning in terms of both logical coherence and economic relevance (S6). The committe agrees with the broadening of the range of electives in the master s programme in Operations Research and Management Science by allowing master courses offered by the national network "Mathematische Besliskunde". Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. 226 QANU / Economics 2009 / Tilburg University

227 Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: 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 states that the intended learning outcomes of the programmes correspond to internationally accepted qualifications for an academic master s programme, as specified in the Dublin descriptors. The self-evaluation report relates the learning outcomes to the Dublin descriptors as shown in tables 9.1, 9.2 and 9.3. Master s programme in Mathematical Economics and Econometric Methods Dublin-descriptor Intended learning outcomes Knowledge and understanding K1, K2, K3 Applying knowledge and understanding Making judgments Communication S1, S2, S3, S4 A1, A3, S1, S6 Learning skills A2, A4, S5 Table 9.1: Dublin descriptors and learning outcomes of the master s programme in Mathematical Economics and Econometric Methods (see also S1). Master s programme in Operations Research and Management Science Dublin-descriptor Intended learning outcomes Knowledge and understanding K1, K2, K3 Applying knowledge and understanding Making judgments Communication S3 S1, S2, S3, S4 A1, A3, S1, S6 Learning skills A2, A4, S5 Table 9.2: Dublin descriptors and learning outcomes of the master s programme in Operations Research and Management Science (see also S1). Master s programme in Quantitative Finance and Actuarial Sciences Dublin-descriptor Intended learning outcomes Knowledge and understanding K1, K2, K3 Applying knowledge and understanding Making judgments Communication S3 S1, S2, S3, S4 A1, A3, S1, S6 Learning skills A2, A4, S5 Table 9.3: Dublin descriptors and learning outcomes of the master s programme in Quantitative Finance and Actuarial Sciences (see also S1). S3 QANU / Economics 2009 / Tilburg University 227

228 Assessment The committee has established that the intended level of the learning outcomes of the programmes, corresponds to the Dublin descriptors. The Dublin descriptors are considered general, internationally accepted descriptions of a master s programme. The committee assesses the three programmes on this standard as sufficient. Master s programme in Mathematical Economics and Econometric Methods The Dublin descriptor on knowledge and understanding is reflected in learning outcome K1, where students are expected to have acquired basic knowledge of economics, particularly in those fields that can be modelled quantitatively. The Dublin descriptor on applying knowledge and understanding is reflected in learning outcome S1, understanding and applying a quantitative approach. The Dublin descriptor on making judgements is partly reflected in learning outcome A3, where students are expected to develop a critical attitude, with respect to their own work and the work of others. The fourth Dublin descriptor, communication, is mirrored in learning outcome S3, the ability to write and present reports and articles. The fifth Dublin descriptor, learning skills, is described in the intended learning outcome A4, where students are expected to keep learning. Master s programme in Operations Research and Management Science The Dublin descriptor on knowledge and understanding is reflected in learning outcome K3, where students are expected to have acquired specialised knowledge of operations research and management sciences and their applications. The Dublin descriptor on applying knowledge and understanding is reflected in learning outcome S1, to understanding and applying a quantitative approach. The Dublin descriptor on making judgements is partly reflected in learning outcome S6, where students are expected to critically judge their own work and the work of others. The fourth Dublin descriptor, communication, is covered in learning outcome S3, the ability to write and present reports and articles. The fifth Dublin descriptor, learning skills, is described in the intended learning outcome A4, where students are expected to keep learning. Master s programme in Quantitative Finance and Actuarial Sciences The Dublin descriptor on knowledge and understanding is reflected in learning outcome K2, where students are expected to have acquired sufficient knowledge of mathematics in order to design and analyse economic models. The Dublin descriptor on applying knowledge and understanding is mirrored in learning outcome S4, making a link between practical problems and specialised knowledge in order to apply this knowledge in practice. The Dublin descriptor on making judgements is partly reflected in learning outcome A3, where students are expected to have a critical attitude, with respect to both their own work and to the work of others. The fourth Dublin descriptor, communication, is covered in learning outcome S3, the ability to write and present reports and articles. The fifth Dublin descriptor, learning skills, is described in the intended learning outcome A4, where students are expected to be motivated to keep learning. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. 228 QANU / Economics 2009 / Tilburg University

229 S3: Academic orientation The intended learning outcomes of the programme correspond with the following descriptions of a Bachelor s and a Master s qualification: The intended learning outcomes are derived from requirements set by the scientific discipline, the international scientific practice and, for programmes to which this applies, the practice in the relevant professional field. An academic bachelor (WO-bachelor) has the qualifications that allow access to at least one further programme at academic master's level (WO-master) and the option to enter the labour market. An academic master (WO-master) has the qualifications to conduct independent research or to solve multidisciplinary and interdisciplinary questions in a professional field for which academic higher education is required or useful. Description Master s programme in Mathematical Economics and Econometric Methods The self-evaluation report states that the master s programme in MEEM focuses on tools from mathematics and statistics that are used to analyse economic problems in a quantitative way. Students learn how to apply modern methods and techniques, and how to develop new mathematical or statistical tools. This enables them to master more complex quantitative economic problems. According to the self-evaluation report, the programme covers two scientific fields: econometrics and mathematical economics. The econometrics part of the programme establishes an explicit link between statistical techniques and the economic problem formulation, while the mathematical economics part focuses on structuring the problem using models incorporating both competitive and cooperative aspects. Applications cover the labour market, capital investment, industrial organization, strategic behaviour of firms, and incomplete markets. Academic knowledge is reflected in the learning outcomes regarding knowledge. For example in learning outcome K1, describing that graduates are expected to have acquired basic knowledge of economics, particularly in those fields which can be modelled quantitatively. Graduates are also expected to have specialised knowledge of mathematical economics and econometrics and their applications including the relevant economic notions and theories and the required mathematical methods and techniques (K3). The link with current relevant professional practice is reflected in learning outcomes S4 and A1. In learning outcome S4, graduates are expected to make a link between practical economic problems and the specialised knowledge in order to apply this knowledge in vocational practice. Learning outcome A1 aims at the ability to study and solve both practical and scientific problems from the point of view of a scientific quantitative approach. The qualification to conduct research independently is reflected in learning outcome S5, where graduates are expected to be able to understand the scientific literature in mathematical economics and econometrics and to conduct scientific research. Academic skills such as writing and presenting reports are represented in learning outcome S3. Graduates also have to be able to critically judge their own and other s work, both in terms of logical coherence and economic relevance (S6). Graduates are furthermore expected to be open to ideas from others (A1) and to continue learning (A4). Master s programme in Operations Research and Management Science The self-evaluation report states that the master s programme in ORMS focuses on mathematical models and techniques to solve all kinds of usually complicated decision oriented problems in business and in the public sector. Topics include quantitative logistics, dynamic capital investment, optimisation, simulation, stochastic models, and queuing theory. According to the self-evaluation report, students learn how to apply modern methods and QANU / Economics 2009 / Tilburg University 229

230 techniques, and how to develop new mathematical or statistical tools enabling them to master more complex quantitative problems. Academic knowledge is reflected in the learning outcomes regarding knowledge. For example, in learning outcome K2, graduates are expected to have sufficient knowledge of mathematics in order to design and analyse economic models. Graduates are also expected to have specialised knowledge of operations research and management science and its applications including the relevant economic notions and theories and the required mathematical methods and techniques (K3). The link with current relevant professional practice is reflected in learning outcomes S4 and A1. In learning outcome S4, graduates are expected to make a link between practical economic problems and the specialised knowledge in order to apply this knowledge in vocational practice. Learning outcome A1 aims at the ability to study and solve both practical and scientific problems from the point of view of a scientific quantitative approach. The qualification to conduct research independently is reflected in learning outcome S5, where graduates are expected to be able to understand the scientific literature in operations research and management science and to conduct scientific research. Academic skills such as writing and presenting reports are represented in learning outcome S3. Graduates also are expected to be critical, both with respect to their own work and the work of others (A3). Graduates are expected to take up new challenges and to enthuse others for these challenges (A2) and to continue learning (A4). Master s programme in Quantitative Finance and Actuarial Sciences According to the self-evaluation report, the master s programme in QFAS focuses on tools from mathematics and statistics that are used to analyse financial problems in a quantitative way. The self-evaluation report also states that students not only learn how to apply modern methods and techniques, and how to develop new mathematical or statistical tools enabling them to master more complex quantitative financial problems. Applications concern risk management, insurance, and capital investment. Academic knowledge is reflected in the learning outcomes regarding knowledge. For example, in learning outcome K1, graduates are expected to have a basic knowledge of economics, particularly in those fields which can be modelled quantitatively. Graduates are also expected to have specialised knowledge of quantitative finance and actuarial science and their applications including the relevant economic notions and theories and the required mathematical methods and techniques (K3). The link with current relevant professional practice is reflected in learning outcomes S4 and A1. In learning outcome S4, graduates are expected to make a link between practical economic problems and the specialised knowledge in order to apply this knowledge in vocational practice. Learning outcome A1 aims at the ability to study and solve both practical and scientific problems from the point of view of a scientific quantitative approach. The qualification to conduct research independently is reflected in learning outcome S5, graduates are expected to be able to understand the scientific literature in quantitative finance and actuarial science and to conduct scientific research. 230 QANU / Economics 2009 / Tilburg University

231 Academic skills such as writing and presenting reports are represented in learning outcome S3. Graduates also have to be able to judge their own and other s work critically, in terms of both logical coherence and economic relevance (S6). Graduates are expected to be open to ideas from others (A1) and to continue learning (A4). Assessment The committee has studied the intended learning outcomes of the programme from the perspective of its orientation. In the assessment of standard 1, the committee has concluded that the intended learning outcomes of the programmes correspond sufficiently to both scientific and professional requirements. The committee establishes that the intended learning outcomes also refer to the ability to conduct scientific research (S5) and to communicate the results (S3). The committee is of opinion that the master s programmes correspond to both national and international requirements within the scientific domain. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. Assessment of the theme Aims and objectives The committee comes to an overall assessment of the theme Aims and objectives on the basis of its assessments of the separate standards. In the case of the master s programme in Mathematical Economics and Econometric Methods, it assesses this theme as satisfactory. In the case of the master s programme in Operations Research and Management Science, it assesses this theme as satisfactory. In the case of the master s programme in Quantitative Finance and Actuarial Sciences, it assesses this theme as satisfactory Curriculum Description of the curriculum of the programmes The year is divided into two semesters, and the second semester consists of two blocks. After the first semester, the examinations are held. The first seven-week period of the second semester consists of courses. After this period, the resits of the first semester are held first, followed by the regular examinations of this period. The second period consists of the master s thesis. The resits of the second semester of the master programmes are planned in the same period as the resits of the second and third year of the bachelor programmes. Table 9.4 presents the courses for the academic year The table summarise the following aspects: courses and course sequence, credit points (EC), contact hours, and status (compulsory or elective). Each master s programme consists of core courses (24 EC for the master s programmes in MEEM and QFAS, 18 EC for the master s programme in ORMS), electives (18 EC for the master s programmes in MEEM and QFAS, 24 EC for the master s programme in ORMS) and the master s thesis (18 EC). Electives have to be chosen preferably from other quantitative master programmes. QANU / Economics 2009 / Tilburg University 231

232 Course EC Period Contact hours Master s thesis 18 Semester 2 Depends on supervisors Dynamic Capital Investment (elective) 6 Semester 1 42 Empirical Finance (elective) 6 Semester 1 42 Microeconometrics (elective) 6 Semester 1 42 Panel Data Analysis of Microeconomic Decisions 6 Semester 1 48 (elective) Cases in Operations Research and Management 6 Semester 1 28 (elective) Financial Models (elective) 6 Semester 1 42 Pension System Design (elective) 6 Semester 1 42 Simulation (elective) 6 Semester 1 54 Stochastic Models (elective) 6 Semester 1 56 Industrial Organization (elective) 6 Semester 2 35 Issues in Finance and Insurance (elective) 6 Semester 2 42 Queuing Models (elective) 6 Semester 2 42 Table 9.4: programme for the master s programmes in MEEM, ORMS and QFAS Master s programme in Mathematical Economics and Econometric Methods For the core courses students have to select four courses from the following list of courses: 1. Dynamic Capital Investment 2. Empirical Finance 3. Microeconometrics 4. Panel Data Analysis of Microeconomic Decisions 5. Industrial Organization. Master s programme in Operations Research and Management Science For the core courses students have to select three courses from the following list of courses: 1. Dynamic Capital Investment 2. Simulation 3. Stochastic Models 4. Queuing Models Master s programme in Quantitative Finance and Actuarial Sciences For the core courses students have to select four courses from the following list of courses: 1. Dynamic Capital Investment 2. Empirical Finance 3. Financial Models 4. Pension System Design 5. Issues in Finance and Insurance. 232 QANU / Economics 2009 / Tilburg University

233 S4: Requirements for academic orientation The proposed curriculum meets the following criteria for an academic orientation: The students develop their knowledge through the interaction between education and research within the relevant disciplines The curriculum corresponds with current developments in the relevant discipline(s) by verifiable links with current scientific theories The programme ensures the development of competences in the field of research Where appropriate, the curriculum has verifiable links with the current relevant professional practice. Description The self-evaluation report states that in the three master s programmes all courses are taught by lecturers who are active researchers and specialists in the particular field. According to the self-evaluation report, the objectives of the core courses are to acquaint students with theory in the specific fields, to provide them with insights from these fields and to teach them how to apply theory. The self-evaluation report states that at the end of the programme, the student has acquired a profound overview of these fields. It also states that faculty policy dictates that scientific staff do both research and teaching. This is explicitly reflected in the faculty s hiring and promotion policy. According to the faculty, good research is essential for the reputation and quality of the faculty, and reflects on the quality of education. In the three master s programmes, research skills are mainly developed while preparing the master s thesis. The main objective of the thesis is to learn to do independent scientific research, and to write, present and defend scientific work concerning a topic in the field of econometrics or mathematical economics. Students independently learn to formulate and operationalise a problem, to find the appropriate (scientific) literature and to judge the literature critically. The self-evaluation report furthermore states that the core courses are assessed by carrying out assignments or writing a paper (along with written exams). This also implies training in doing scientific research. The interviews with the students revealed that they have to read research papers for the courses and also for the examinations. Students said that they have to rewrite papers for assignments, and that they have to do research themselves in many courses, especially in the Cases in Operations Research Management course. According to the self-evaluation report, the core courses of the three programmes present an overview of the scientific state-of-the-art in the fields of econometrics and mathematical economics. In several core courses, attention is given to the current professional practice. In other courses, students have to read recent research articles in relevant journals. Assessment The committee concludes that the three programmes meet the set requirements for an academic orientation. During the site visit, the committee has established that the interaction between education and scientific developments is integrated in the programmes. The committee confirms that most lecturers are full or assistant professors. The committee notes and appreciates the fact by requiring staff members to conduct both educational and research activities, the latest developments in research will find their way into the courses. The committee is of opinion that the development of skills in the field of scientific research is addressed sufficiently. For all three programmes these skills are mainly addressed in the master s thesis. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 233

234 Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. S5: Correspondence between the aims and objectives and the curriculum The curriculum is an adequate realisation of the intended learning outcomes of the programme and this regards the level, the orientation and the subject-/discipline-specific requirements. The intended learning outcomes are adequately transferred into the educational goals of the curriculum or parts thereof. The contents of the curriculum ensure the students achievement of the intended learning outcomes. Description The self-evaluation report provides an overview of the courses included in the three programmes (see table 4). The self-evaluation report also provides a table in which the individual courses are systematically cross-matched with the learning outcomes. The crossmatching is described below for the individual master s programmes. Master s programme in Mathematical Economics and Econometric Methods Learning outcome K1, regarding the basic knowledge of economics, is reflected in the core courses: Dynamical Capital Investment, Microeconometrics and Industrial Organisation. Learning outcome K2, regarding knowledge of mathematics, is linked to the Stochastic Modes and Queuing Models courses. Learning outcome K3, concerning the specialised knowledge of mathematical economics and econometrics, is reflected in all core courses and in the master s thesis. Regarding skills, learning outcome S1 concerning the ability to understand and apply a quantitative approach is reflected in all courses. Learning outcome S4, regarding the ability to make a link between practical economic problems and specialised knowledge in order to apply this knowledge in practice, is reflected in the Empirical Finance, Panel Data Analysis of Microeconomic Decisions, Industrial Organisation, Cases in Operations Research Management and Financial Models courses. Learning outcomes A1 (to be eager to study and solve both practical and scientific problems from the point of view of a scientific quantitative approach and at the same time be accessible to ideas from others) and A4 (to be motivated to keep learning) are reflected in all courses and in the master s thesis. Learning outcome A2, regarding the ability to take up new challenges and enthuse others for these challenges is linked to the Cases in Operations Research Management course and the master s thesis. Master s programme in Operations Research and Management Science Learning outcome K1, regarding the basic knowledge of economics, is reflected in the Dynamical Capital Investment, Microeconometrics and Industrial Organisation courses. Learning outcome K2, regarding knowledge of mathematics, is linked to the Stochastic Models, Queuing Models and Dynamic Capital Investment courses. Learning outcome K3, concerning the specialised knowledge of operations research and management science, is reflected in all core courses, the Cases in Operations Research and Management course and the master s thesis. Regarding skills, learning outcome S1 concerning the ability to understand and apply a quantitative approach, is reflected in all courses. Learning outcome S2, regarding the ability to apply relevant computer software, is represented in the Simulation, Queuing Models, 234 QANU / Economics 2009 / Tilburg University

235 Microeconometrics, Panel Data Analysis of Microeconomic Decisions and Cases in Operations Research Management courses. Learning outcomes A1 (to be eager to study and solve both practical and scientific problems from the point of view of a scientific quantitative approach and at the same time be accessible to ideas from others) and A4 (to be motivated to keep learning) are reflected in all courses and in the master s thesis. Learning outcome A3, regarding the ability be critical with respect to their own work and the work of other, is linked to the Cases in Operations Research Management, Issues in Finance and Insurance, Pension Systems Design, Empirical Finance, Panel Data Analysis of Microeconomic Decisions courses and the master s thesis. Master s programme in Quantitative Finance and Actuarial Sciences Learning outcome K1, regarding the basic knowledge of economics, is reflected in the courses Dynamical Capital Investment, Microeconomics and Industrial Organisation. Learning outcome K2, concerning knowledge of mathematics, is linked to the Dynamic Capital Investment, Stochastic Modes and Queuing Models courses. Learning outcome K3, concerning the specialised knowledge of quantitative finance and actuarial science, is reflected in all core courses and in the master s thesis. Regarding skills, learning outcome S1 concerning the ability to understand and apply a quantitative approach, is reflected in all courses. Learning outcome S6, regarding the ability judge their own work and the work of others critically is reflected in the Empirical Finance, Pension Systems Design, Issues in Finance and Insurance, Cases in Operations Research Management, Panel Data Analysis of Microeconomic Decisions courses and the master s thesis. Learning outcomes A1 (to be eager to study and solve both practical and scientific problems from the point of view of a scientific quantitative approach and at the same time be accessible to ideas from others) and A4 (to be motivated to keep learning) are reflected in all courses and in the master s thesis. Learning outcome A2, regarding the ability to take up new challenges and enthuse others for these challenges is only linked to the Cases in Operations Research Management course and the master s thesis. Assessment For all three programmes, the committee concludes that the students are sufficiently trained in the core discipline and that the programmes are well thought out. The committee is of opinion that the description of learning outcomes at course level is a well-organised presentation of the qualities and knowledge which graduates should have acquired. The committee has observed that the tables presenting the link between learning outcomes and courses, given in the self-evaluation report, provide an adequate overview of the various learning outcomes within the programmes. The committee evaluates all three programmes as sufficient for this standard. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 235

236 S6: Consistency of the curriculum The contents of the curriculum are internally consistent. Description According to the self-evaluation report, the three programmes are all one year programmes. Ideally the set-up of the programmes ensures that the student completes the coursework before starting to write the master s thesis. The self-evaluation report states that the research carried out by the student for the thesis should be related to topics dealt with in the curriculum. For this reason, the first semester is dedicated to course work (four of the five core courses are scheduled in this semester). The first part of the second semester (the period mid-january until mid-march) is dedicated to course-work, while the student also has to formulate a problem definition for the thesis. The second half of the second semester (the period end of March-end of June) is entirely dedicated to the completion of the thesis. Students who aim at an academic career have the possibility to choose operations research courses from the research master s programme. In this case, students are required to submit a study plan at the start of the programme in order to check that they have prepared a coherent programme. In the interviews with the lecturers, it became apparent that according to them they do not discuss the consistency of the programme. They primarily focus on the content of their own courses. Master s programme in Mathematical Economics and Econometric Methods The self-evaluation report states that the four core courses provide specialised knowledge in the field of econometrics (Micro-econometrics and Panel Data Analysis of Microeconomic Decisions), and the field of mathematical economics (Dynamic Capital Investment and Industrial Organization). One core course shows possible applications of econom(etr)ic models in the field of finance (Empirical Finance). According to the self-evaluation report, students have limited freedom in choosing their electives. In order to get approval for the electives, students have to hand in a study plan in advance. Quantitative courses related to the field of econometrics or mathematical economics will always be approved. When choosing electives, the students may put more emphasis on the field of econometrics or on the field of mathematical economics. However, students can also opt for electives in the fields of operations research or finance. Master s programme in Operations Research and Management Science The self-evaluation report states that the core courses provide specialised knowledge in the field of operations research and management science. An elective course provides specialised skills in applications in the specific field. According to the self-evaluation report, students have limited freedom in choosing their electives, but the electives should be quantitative courses. Students may put more emphasis on the field of operations research and management science, or they can opt for electives in the fields of econometrics or finance. Master s programme in Quantitative Finance and Actuarial Sciences According to the self-evaluation report, all core courses provide specialised knowledge in the field of quantitative finance and actuarial science. The self-evaluation report states that students have limited freedom in choosing their electives, as long as they are quantitative courses. Students may put more emphasis on the field of quantitative finance and actuarial science, or they can choose electives in the field of econometrics or operations research. 236 QANU / Economics 2009 / Tilburg University

237 Assessment The committee has studied the internal coherence of the three master s programmes and has concluded that the consistency in the programmes is logical and adequate. The consistency is also realised by the specialised character of the individual programmes. The committee has observed that, although the intention of the UvT is present, there is little exchange between lecturers about the consistency of the programme and related matters according to the lecturers. The committee advises lecturers and management to increase the organisation and the level of communication on matters concerning consistency. The committee has noted that academic skills are addressed in the curriculum of all three programmes. For all three programmes these academic skills are covered in the Dynamic Capital Investment course and in several other courses. The committee concludes that the three master s programmes are internally consistent and evaluates them as sufficient for this standard. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. S7: Workload The curriculum can be successfully completed within the set time, as certain programme-related factors that may be an impediment in view of study progress are eliminated where possible. Description The self-evaluation report states that students with an appropriate background (a completed bachelor s programme in Econometrics and Operations Research or an equivalent programme), should not experience problems with finishing the programmes on time. According to the self-evaluation report, the core courses do not have specific requirements (other than those already imposed for admission to the programme), and they can be followed independently of each other. Also there are no specific prerequisites for the courses in the (first half of the) second semester. For the master s thesis one entry requirement is formulated: students should have completed at least 30 EC of the programme before being allowed to start on their thesis. The self-evaluation report states that this requirement is intended to guarantee that students have sufficient specialised knowledge when starting their thesis project. The self-evaluation report also states that delays of one or two months are possible when students choose to write their theses based on an internship. In the interviews with the students, it became apparent that students of the three programmes on average study 35 hours per week. Students also said that going abroad is possible, but almost always leads to a delay. Master s programme in Mathematical Economics and Econometric Methods To illustrate the workload, the self-evaluation report presents figures of the cohort that started in September Of the twelve students in the cohort, one student decided to drop out (and switched to another quantitative master s programme), eight students have already QANU / Economics 2009 / Tilburg University 237

238 finished the programme (duration ranging from twelve to sixteen months), and only three students have not finished their programme yet. Assessment On the basis of the self-evaluation report and information during the site-visit, the committee concludes that there are no major impediments regarding study progress in the three programmes, which is confirmed by the students. The interviews with the students as well as the evaluation results show that the average student does not experience an extreme high workload. The committee notes that in nearly all master s programmes of UvT, students do not graduate within one year (see also standard 21). According to the students, this occurs because they want to finish all the courses before starting the master s thesis, or because they follow an internship. The committee assesses that the workload is adequate on a weekly basis. On a yearly basis, however, the distribution of the workload could be improved, regarding the scheduling of examinations, resits and the master s thesis. For the three programmes the committee evaluates this standard as sufficient. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. S8: Admission requirements The structure and contents of the intended curriculum are in line with the qualifications of the incoming students: Academic bachelor s programme (WO-bachelor): VWO (pre-university education), propaedeutic certificate from a hogeschool (HBO)or similar qualifications, as demonstrated in the admission process Master s programme (WO-master): a bachelor's degree and possibly a selection (with a view on the contents of the discipline). Description The self-evaluation report states that the UvT developed various information provision activities and tools for prospective students for the different phases in the course selection process (orientation, reconnaissance, exploring in depth and decision-making). This includes the master s programme magazine, the initial pages of the website for those choosing a master s programme, a master information day, master s brochure, the electronic study guide, and trial study days for those interested in following a research master. Students can also ask for specific information at the student service desk and the student advisors. In addition, the UvT aims to attract international students. Internationalisation is one of the main themes of the strategic policy that the university has formulated for the next three years. This policy aims to continue and intensify the internationalisation policy established in the past few years. Its key points are strengthening the international orientation of the programmes, recruiting staff from the international job market, promoting international student exchange, collaborating with respected foreign institutes and intensifying the enrolment of foreign students. The UvT uses different means to stimulate the enrolment of international students: brochures, website, profiles in fair catalogues abroad, advertisements in 238 QANU / Economics 2009 / Tilburg University

239 international magazines, international fairs, mailings to counsellors of international schools, etcetera. In general, the intake of foreign students is not as high as the UvT would like it to be. A quota with decentralised selection will be imposed on the international bachelor s programmes for the academic year In addition to the enrolment criteria listed below, international students have to demonstrate sufficient knowledge of the English language. Proficiency in English can be demonstrated by taking either a TOEFL or an IELTS test. The required minimum score for TOEFL is 575 (paper based), 233 (computer based) or 90 (internet based) and for IELTS 6.5 (6.0 on parts). Native speakers and students who completed their undergraduate education in English do not have to show their proficiency in English. Students who do not have a degree of one of the partner institutions of UvT should also submit a GMAT or a GRE score, depending on the discipline. The admission committee will decide whether the student will be allowed to enrol in the programme. The enrolment criteria are the same for the three master s programmes: An UvT bachelor's degree of in Econometrics and Operations Research will give direct access to the programme; students are allowed to start the programme while still lacking 12 credits of the bachelor s programme; A bachelor s degree in Mathematical Economics and Econometric Methods or a similar programme from a university that is recognised by the Admission Board, as well as English proficiency more precisely: a solid academic background is required in the fields of mathematics, statistics and economics; proficiency in English. The self-evaluation report states that students who completed a bachelor s programme in Econometrics and Operations Research do not have any difficulties in following the three programmes. This also applies to students with other bachelor s degrees, who have demonstrated that they have sufficient knowledge of mathematics, statistics and economics. Master s programme in Mathematical Economics and Econometric Methods The number of enrolling students in the master s programme in MEEM has been the same in the last few years: 11 students. In the cohort, 27% came from an UvT bachelor s programme, 55% from another university and 18% followed a pre-master s programme. Also, 64% of the students came from abroad, mainly from Asia (57%). Master s programme in Operations Research and Management Science The number of enrolling students in the master s programme in ORMS has increased from 10 in to 18 in In the cohort, 83% came from an UvT bachelor s programme, 11% from other universities and 6% followed a pre-master s programme. Also, 6% of the students came from abroad, all from Asia. Master s programme in Quantitative Finance and Actuarial Sciences The number of enrolling students in the master s programme in QFAS has increased from 18 in to 26 in In the cohort, 85% came from an UvT bachelor s programme and 15% from other universities. Also, 12% of the students came from abroad, the majority from Asia. QANU / Economics 2009 / Tilburg University 239

240 Assessment The committee concludes that for students who have finished one of several bachelor s programmes, it is possible to enrol in the three programmes without restrictions. Students who do not meet the admission requirements, can enrol in a pre-master s programme of the FEB to qualify for the master s programmes. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. S9: Credits The programme meets the legal requirements regarding the range of credits: Academic bachelor s programme (WO-bachelor): 180 credits Academic master s programme (WO-master): a minimum of 60 credits. Description The curriculum of the bachelor s programme in Mathematical Economics and Econometric Methods comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. The curriculum of the master s programme in Operations Research and Management Science comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. The curriculum of the master s programme in Quantitative Finance and Actuarial Sciences comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. Assessment The master s programme in Mathematical Economics and Econometric Methods complies with the formal requirements with respect to the range of credits. The master s programme in Operations Research and Management Science complies with the formal requirements with respect to the range of credits. The master s programme in Quantitative Finance and Actuarial Sciences complies with the formal requirements with respect to the range of credits. S10: Coherence of structure and contents The educational concept is in line with the aims and objectives. The study methods correspond with this educational concept. Description Master s programmes in MEEM, ORMS and QFAS The self-evaluation report states that students of the three programmes learn about mathematics and statistics tools that are used to analyse problems in a quantitative way. They not only learn how to apply these modern methods and techniques, they also learn how to develop new mathematical or statistical tools to analyse more complex problems. To be well- 240 QANU / Economics 2009 / Tilburg University

241 trained, students have to do a lot of individual studying and practicing. According to the selfevaluation report, this has implications for the setup of the programme: All courses have lectures, some courses additionally have tutorials and computer classes. During lectures, the lecturer discusses the course material. During tutorials and computer classes students work by themselves and can ask questions. During the first semester and the first half of the second semester, students have 15 contact hours per week on average. They are expected to spend 25 hours a week on selfstudy. During the second half of the second semester they are expected to spend 40 hours per week on their thesis. The number of contact hours is 3 hours for all first semester courses and 6 hours for a course taught in the first half of the second semester. Courses are taught in one group, generally with no more than 30 students. For several courses, assignments have to be done. While writing their thesis, students meet with their supervisor to discuss their progress. As stated earlier, the self-evaluation report provides an overview of the courses and describes both the didactic forms used and the contact hours. The three programmes mainly use (interactive) lectures and some computer practicals; tutorials are not used. The course Stochastic Models is the most intensive course, consisting of 56 contact hours. The number of students in the courses varies from fifteen to thirty-five students Assessment The committee concludes that the three programmes use a rather traditional educational concept, primarily consisting of lectures. The educational concept has not been formalised. The committee is of opinion that the chosen study methods correspond with the educational concept, or the lack thereof. The interviews with the lecturers confirmed that there is no faculty-wide educational concept. The lecturers emphasised that conducting research and incorporating the results in the programmes (by reading and discussing articles, conducting research, etc.) is an important aspect of all UvT programmes. The committee strongly recommends developing an educational concept based on research, and formulating and implementing some new teaching and study methods in line with this educational concept which might be coined research-based teaching. Nevertheless, the committee evaluates the criterion for this standard for the three programmes as satisfactory. The committee recommends that, if possible, the programmes should maintain the relative small groups. The committee also recommends initiating a structural debate between the lecturers about didactics, interactivity and study methods. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 241

242 S11: Learning assessment By means of evaluations, tests and examinations, the students are assessed in an adequate and for them insightful way to determine whether they have achieved the intended learning outcomes of the programme or parts thereof. Description In the self-evaluation report, the FEB indicated that there is a faculty-wide Board of Examiners. This board focuses specifically on the regulations concerning testing and examination, and is made up of scientific staff members. The Board of Examiners is assisted by an official secretary of the Education Office. The Board of Examiners holds a meeting on current business every two weeks and organises several policy meetings each year. The board recently delegated several of its tasks: The preparation and assessment of examinations, and the signing of certificates have been delegated to examiners. This is usually FEB personnel, along with several staff members from other faculties. The FEB student student advisors have been given a mandate for decisions about exemptions on the examiner s recommendation, decisions about entrance to the programmes and/or tests forming part of examinations, decisions about whether an examination has to be taken (this includes requests for replacing a compulsory course), decisions about an alternative opportunity for a test, and agreeing with the arrangement of the degree of choice within a course. In doing so, the student student advisors must act in accordance with the guidelines prepared by the Board of Examiners. The processing and assessment of applications for admission to the pre-master s programmes and the master s programmes have been delegated to the programme directors. Ensuring satisfactory and expert invigilators during a test has been delegated to the Central Student Administration. The Education and Examination Regulations (OER) cover the instructions concerning testing and assessment. Interviews of the committee with members of the Board of Examiners revealed that the board primarily deals with individual cases. The other tasks are undertaken by the student advisors or the programme directors. For each programme, there are two possibilities for examination annually, the initial exam and the resit. In the next year, there are again two opportunities. The master s programmes all take one year, which is divided into two semesters, of which the second semester exists of two blocks. After the first semester the regular examinations are held. The first seven-week period of the second semester consists of courses. After this period, the resits of the first semester are held first, followed by the regular examinations of this period. The second period consists of the master s thesis. The resits of the second and third year of the bachelor programmes are planned in the same period as the resits of the second semester of the master s programme. For students who have not yet finished all bachelor courses, this is a busy period. In the interviews with the lecturers, it became apparent that the examinations were prepared by the lecturers that teach the course. This implies that for courses taught by several lecturers, the examination is prepared by more than one lecturer. For courses given by one lecturer, the examination is prepared by only one lecturer. The lecturers also prepare the answer key in advance of the examination. 242 QANU / Economics 2009 / Tilburg University

243 In the digital course catalogue for the university, the form of testing is indicated for each course. Information is also provided about the dates of the tests and the resits. In the selfevaluation report, the faculty stated that explicit assessment criteria specified on the assessment form are utilised in the evaluation of projects and presentations. The lecturer completes this form during the assessment to provide feedback to the students. The faculty is of the opinion that this promotes transparency towards the students, and at the same time ensures that different lecturers use the same criteria. The result of a written examination must be available within 15 working days and must be published within the next 5 working days. Every examination is evaluated by the students after completion. In 2007, the UvT commissioned a baseline measurement of the quality of the examinations. With this as a basis, a test expert was engaged to analyse all tests of all courses during a period of three years (for objective test preparation process, assessment process, grading and transparency). The self-evaluation report states that for most courses the students are assessed through written exams, often in combination with assignments. The written exams offer the possibility to check whether the students meet the objectives concerning knowledge. The assignments are meant to check whether the skill and attitude objectives are fulfilled. In order to ensure the quality of the written exams they should be checked by another lecturer in the same field, if possible. Uniformity of the correction of the exams is ensured by using clearly specified answer models. In the Cases in Operations Research and Management course students are also expected to hand in case work and give a presentation. According to the self-evaluation report, many aspects play a role in the assessment of the thesis, such as problem formulation, problem analysis, creativity, independence, writing skills, presentation skills, and etcetera. An assessment form is used to indicate how these various aspects should be weighed in order to determine the final grade. It complies with the FEBguidelines for the assessment of a thesis. Assessment The committee has studied the information referring to assessment and testing, and ascertains that the three programmes have selected appropriate examination forms. It is of opinion that the examination forms used in the programme clearly reflect the chosen study methods and serve the learning outcomes of the courses. On the basis of the examinations reviewed, the committee ascertains that the points students can earn for each part of the examination are mentioned. The committee would like to point out to the Board of Examiners that its role will change in the near future (legally required), making the board formally responsible for the quality of the contents of the examinations. It therefore advises the Board of Examiners to consider the consequences of this for its role. From the interviews the committee concludes that a prior assessment of the examination questions by two persons is not always done. To guarantee the quality of the contents of the examinations, the committee recommends formalising this ex ante quality assurance principle. Formalisation will be mandatory under the new legislation. The committee therefore advises the programmes to undertake steps in the near future to formalise procedures as to the ex ante quality assurance of the contents of the examinations. QANU / Economics 2009 / Tilburg University 243

244 Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. Assessment of the theme Curriculum The committee comes to an overall assessment of the theme Curriculum on the basis of its assessments of the separate standards. In the case of the master s programme in Mathematical Economics and Econometric Methods, it assesses this theme as satisfactory. In the case of the master s programme in Operations Research and Management Science, it assesses this theme as satisfactory. In the case of the master s programme in Quantitative Finance and Actuarial Sciences, it assesses this theme as satisfactory Staff S12: Requirements for academic orientation The programme meets the following criteria for the deployment of staff for a programme with an academic orientation: Teaching is principally provided by researchers who contribute to the development of the subject/discipline. Description The FEB indicates in the self-evaluation report that, as a matter of principle, all staff members have a doctorate degree (or are actively engaged in earning a doctorate), and have both research and teaching tasks. Trainee research assistants also have a teaching task of 20% over three years. Since 1996, the FEB has applied a tenure track policy for young faculty who recently earned their doctorate degree. The tenure track position is a provisional position for a period of six years. In this period, the staff member must conduct high-quality research and demonstrate pedagogical skills to secure a permanent position (tenure). In contrast to other FEB staff members, they have a 40% teaching task and a guaranteed 60% research task. Permanent staff members are awarded research time according to the quality and quantity of their prior research output. The permanent staff members devote, on average, 60% of their time to teaching and 40% to research. To secure a tenure position, the staff member in question must have had independent articles published in journals judged by the FEB to be top, very good or good, and their pedagogical evaluations must be of a higher level than the average of colleagues teaching similar courses. This assessment is conducted by the Faculty Management Team (FMT), which is advised by the Faculty Evaluation Committee (FEC). The FEC consists of six professors who are partly chosen by the personnel and partly appointed by the FMT. The FEC is also involved in advising on proposed promotions (from university lecturer to senior lecturer, from senior lecturer to professor 1 and from professor 1 to professor 2 ). Interviews with lecturers revealed that there is also an adjunct professor track. It is intended for staff members who excel in teaching, but who are not able to meet the research requirements of a tenure track within the set deadlines due to their focus on their teaching task. Currently, there is one adjunct professor employed in the faculty. In the self-evaluation report, reference is made to the university website Experts and expertise. This site contains information about teaching and research activities, publications, extra duties and any unusual aspects of all lecturers. The FEB's research is conducted within 244 QANU / Economics 2009 / Tilburg University

245 CentER, the Center for Research in Economics in Business. It occupies a high position in different international rankings. The quality of the faculty is apparent from the assessment of the faculty's research programmes done by different agencies (VSNU in 2002, Scientific Council of CentER in 2005, part of the internal Mid-Term Review and QANU in 2009). The research programmes are mostly awarded a good (4) or excellent (5) grade. The same staff is involved in teaching the three master s programmes. Nine of the twelve courses are coordinated by full professors, the three other courses are coordinated by assistant or associate professors. Also, one lecturer is involved in the three programmes. The interviews with the students revealed that students have to read research papers for the courses and for the examinations. Students indicated that, they also have to rewrite papers for assignments. They have to conduct research themselves in many courses, especially in the Cases in Operations Research Management course. Assessment The FEB strives for top research, which the committee considers a sensible objective. This choice has consequences for staff members who cannot meet the FEB s strict research demands. For this reason, the FEB has established the position of adjunct professor, there is at present one adjunct professor. The committee considers this a good initiative and advises to further develop this initiative. The committee ascertained that the majority of scientific staff members of the three programmes is an assistant or full professor. The committee concludes that the teaching in the programmes is provided by active researchers who are making relevant contributions to the development of the relevant fields. The committee appreciates the involvement of many (full) professors in the programmes. The research of the FEB is highly appreciated both nationally and internationally. The staff of the three master s programmes have good scientific expertise in the committee s view. Based on these conclusions, the committee feels that the three programmes more than meet the criteria expected of a scientific master s programme. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as good. Master s programme in Operations Research and Management Science: the committee assesses this standard as good. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as good. S13: Quantity of staff Sufficient staff are deployed to realise the desired quality of the programme. Description The self-evaluation report contains FEB-level data on the number of registered students, the number of diplomas awarded, the number of fte scientific personnel, the student-staff ratio, and the diploma-staff ratio. The number of students registered at the FEB ranges around 5,000. The number of fte scientific personnel varied from fte in to fte in The student-staff ratio was 20, 21 and 19, respectively, in the past three academic years ( , and ). QANU / Economics 2009 / Tilburg University 245

246 In the interviews with the programme directors and the Faculty Board, the allocation model was discussed. The departments receive their annual financing based on the number of students registered two years earlier. The research units receive their financing from the departments, with the following basic assumptions: a fixed budget of 40% per research unit, and a variable proportion based on the number of students attending a course for the first time. The departments and research units are free to spend the budget as they wish. For each programme, the self-evaluation report states that all courses are offered to a single group of students. The number of students ranges from fifteen to thirty or thirty-five students. In the interviews with the lecturers, it became apparent that group sizes differ per course. Courses which are followed by students of all three programmes can consist of more than forty students, or just of twelve students. Assessment The committee realises the implementation of small-group teaching requires more effort in large programmes and large faculties. Nevertheless, the committee wants to stress that the faculty as a whole has a very favourable student-staff ratio. On that basis, small groups of students could and should be arranged, which requires tailor-made policies. In practice, however, faculty wide groups tend to be rather large, compared to Dutch standards. The committee is of opinion, however, that the three programmes have found an adequate balance in the specialised character of the programme and the relative small group sizes. The programmes all have relatively small enrolment numbers. The majority of the courses of the programmes have fifteen to thirty-five students, which enables interactive teaching. The committee is of opinion that the three master s programmes meet the criteria for this standard. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. S14: Quality of staff The staff deployed are sufficiently qualified to ensure that the aims and objectives regarding the content, didactics and organisation of the programme are achieved. Description As specified under standard 12, the FEB has a tenure track policy for promising young faculty. After a provisional position lasting six years, they can be awarded a permanent position if they demonstrate excellent research and teaching skills in that period. The heads of the departments conduct annual performance reviews with staff members. The results of the course evaluations are used to discuss pedagogical performance. In the annual review meeting of the programme director and the head of the department on the personnel requirements of the programme, the programme director can indicate which staff member s/he would like to employ or would not like to employ. Teaching performance is also critically reviewed when considering promotion. The Faculty Evaluation Committee (FEC) has established criteria for the promotion of staff members. For promotion, the contribution 246 QANU / Economics 2009 / Tilburg University

247 of the staff member to innovation in education and the development of teaching programmes are assumed necessary. For new lecturers and trainee research assistants, the faculty organises a compulsory foundation course in didactical skills. Its objective is to improve didactical skills. The course concludes with an individual assessment, with one lesson given by the lecturer being filmed and discussed. Starting in 2010, the Fundamental Qualification in Education (BKO) will be introduced across the university for all new staff members. Lecturers can have individual supervision upon request or after indication on the basis of course evaluations. This option is used several times a year. In addition, regular meetings on specific themes are organised for staff members (for example, on ICT and education, supervision of theses, testing and intercultural communication). Given the drive towards internationalisation (see standard 8), there are increasingly more English-language subjects within the course curriculum. Therefore, since , each staff member is required to pass an English language test. Based on the results, staff members may receive a recommendation to improve their command of English. In the university's language lab, staff members can take various courses. The number of staff members who actually do so is still limited. Within the FEB, the establishment of a faculty education expertise centre is underway. The objective is to combine and distribute the knowledge present within the FEB in the field of educational studies and didactical matters. Assessment The committee feels that the FEB programmes meet the criteria applicable to this standard. The committee notes that a number of clear developments have been initiated to stimulate the didactical development of lecturers. The FEB's four-day foundation course in didactical skills is compulsory for new lecturers. The BKO will be implemented across the university from 2010, giving the university a minimal basic guarantee for the didactical quality of its teaching staff. Also, in the performance reviews, attention is explicitly paid to teaching performance, partly based on course evaluations. These evaluations guarantee systematic assessment of the didactical qualities of lecturers. The committee understands that adequate action is taken when a lecturer receives a poor assessment. After a poor assessment, the lecturer is given sufficient opportunities to follow training courses or a coaching track to improve his/her didactical skills. If subsequent assessments remain poor, a process is implemented that can lead to outplacement. The committee feels that given the current level of didactic training and the BKO requirement after 2010, the minimal quality criteria can be ensured. However, there is still room for improvement. Faculty-wide educational meetings, often focusing on a specific theme, are held regularly, but the committee feels that attendance is too low. This also applies to the English language courses. There is little exchange between lecturers about pedagogical and didactical issues. Based on the interviews with lecturers, the committee concludes that too little use is made of sharing the good teaching practices present within the FEB. The committee suggests to actively stimulating such information transfer. The initiative to establish an education expertise centre within the FEB, which can collect and combine available data, knowledge and practices, is a good step in the right direction. The committee is in favour of this initiative. QANU / Economics 2009 / Tilburg University 247

248 Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. Assessment of the theme Staff The committee comes to an overall assessment of the theme Staff on the basis of its assessments of the separate standards. In the case of the master s programme in Mathematical Economics and Econometric Methods, it assesses this theme as satisfactory. In the case of the master s programme in Operations Research and Management Science, it assesses this theme as satisfactory. In the case of the master s programme in Quantitative Finance and Actuarial Sciences, it assesses this theme as satisfactory Services S15: Facilities Housing and facilities are adequate to achieve the learning outcomes. Description All UvT courses are given on the campus. All facilities and materials required to provide education are present on campus and accessible to all students. The faculties share all teaching facilities. The students' satisfaction with the facilities is evaluated each year at university level. There is a large number of lecture halls and classrooms available, with varying capacities (<25 to >300 seats), almost all with internet access and other teaching support facilities. In addition, there are several computer practice rooms available which can be used by students for self-study when they are not being used for classes. The evaluation results given in the self-evaluation report reveal that the students are in general positive about the quality of the lecture halls and classrooms. For this aspect, the faculty scores 3.7 (on a scale of 1 to 5, in academic year ). There are a number of rooms available with a total of 930 workplaces for students (including 500 workplaces in the library). Students can make use of the student workplaces in the library on Monday to Friday until 21:30 hours and on Saturday and Sunday from 10:00-17:00 hours. The Montesquieu Learning Center and the Goossens Learning Center are open each working day until 22:30 hours. Some of the student workplaces have lockers with an electric socket. The students can recharge their own laptop or mobile telephone there while they work. At various places, the setting resembles an internet café. In March 2009, the city of Tilburg s public library opened a municipal study centre where students have free access to the university network. All of these facilities are available to all UvT students. The students are less positive about the number of workplaces available, according to the results in the selfevaluation report. For this aspect, the faculty scores 3.1 (on a scale of 1 to 5, in academic year ). The university has a videoconference room that can also be used by students. It has installed a wireless network, which the students can log onto from their own laptop. In addition, there 248 QANU / Economics 2009 / Tilburg University

249 is a second-hand bookstore on the campus, where students can buy and sell books (the proceeds go to charity). The campus also houses a central library. For the economics and business economics courses, relevant databases are available. The students can consult the Library Service Desk for assistance and advice in searching for information. The library also contains a Scriptorium where students can find individual supervision and advice about writing a thesis, paper, or report in Dutch or English. To prepare timetables, the UvT has been using the electronic programme Syllabus Plus since the academic year The aim is to utilise the available lecture halls better. For the FEB, this has led to a relatively large number of lectures in the evenings. In the interviews with students, it became clear that the students were not uniformly enthusiastic about this development. The FEB utilises different electronic systems in teaching. First of all, the Electronic Course Catalogue (ESG) lists all degree courses, programmes and electives. It also provides information about lecture and examination timetables. Second, Blackboard covers all courses, providing detailed information about them. Blackboard is primarily used for sending the students messages about a particular course, storing copies of presentations used in the lectures and issuing assignments. The third system is BSCW, a programme that enables collaboration at a distance via the internet. Using this programme, members of a group (project) have access to a common workspace where documents can be stored, shared and modified. In addition, discussions can be conducted, facilitating joint coordination and decision-making. From the interviews with the students, it became apparent that many are not familiar with the BSCW programme. Through the student portal on the university website, students gain access to different applications (with just one log-in). The student portal also provides students with information on supervision, student administration, et cetera. Currently, the FEB is conducting an experiment in recording lectures on video. At the site visit, it was explained that this application can be used when subjects are removed from the curriculum and students have to resit the examination, or when students want to review the lectures again or were not able to attend the lecture. Assessment Based on the description in the self-evaluation report, the committee concludes that there are currently enough classrooms, lecture halls and study places available. The committee would like to point out that if the number of students increases further, the facilities will not be adequate. The committee also ascertains that the lecture halls and classrooms suit the current didactical practices, which involves working with relatively large groups. For another didactical concept involving working with smaller groups, the current facilities will be inadequate. The committee appreciates the cosy feeling of the campus and the associated facilities. The committee is also pleased with the presence of the videoconference room and the secondhand bookstore for students. The committee confirms that the ICT facilities and electronic work environment look excellent. In interviews with students, it was noted that the students are not familiar with the BSCW programme. The committee clearly appreciates the added value of recording lectures on video. QANU / Economics 2009 / Tilburg University 249

250 Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. S16: Tutoring Tutoring and information provision for students are adequate in view of study progress. Tutoring and information provision for students correspond with the students needs. Description In the self-evaluation report, the FEB indicated that the students are responsible for their own study behaviour and progress. The initiative to seek support when problems arise lies primarily with the student. In the self-evaluation report, a distinction is made between facilities at the FEB level and at the university level. At the FEB level, the student service desk (1.9 fte, two staff members) is available. It is an easily accessible facility where students go first with course-related questions (except for questions about registration, which are dealt with by the Central Student Desk). The staff members of the student service desk refer more complex questions to the student advisors. In 2012, the faculty intends to transform the student service desk into a one-stop shop, where all the students' questions can be answered. At the university level, academic advisors and psychologists are available at the Student Affairs Service. Students can get in contact through the student advisor or independently. At the Language Lab of the Student Affairs Service, students can take various language courses. All students of the university are given language vouchers with a total value of 12 EC with which they can take two language courses of 6 EC at the Language Lab during their course of their study. The faculty employs five student advisors (4.0 fte). Each student advisor is associated with a number of bachelor and/or master programmes. The coordinator of the study counselling unit can also act as a student advisor in busy periods. The student advisors offer support on course-related issues like problems with progress, selection processes and questions about the contents of the course and required skills. The student advisors are also involved in information-provision activities for prospective students and introductory activities for freshmen. The student advisors confer regularly with the programme director(s) of the programmes with which they are associated about information provision activities and developments in courses. The student advisors have consultations by appointment and open office hours. For international and exchange students, the International Student Services is available (6 staff members, 5.0 fte) to answer specific, individual questions about studying abroad. The university website plays an important part in information provision to students (see also standard 15 about facilities). In addition, the students periodically receive an English newsletter about developments regarding teaching within the FEB. In the Blackboard course FEB facts you need to know, the rules and procedures of the FEB and university are explained. The FEB also organises information meetings on course selection (after the first 250 QANU / Economics 2009 / Tilburg University

251 year of the bachelor programmes in General Economics, Business Economics and Fiscal Economics) and the range of choices after the bachelor s programme. The evaluation results in the self-evaluation report reveal that students of the FEB are in general less satisfied with the supervision than other students at the university. An upward trend is evident, however (from 2.3 in to 3.3 in , on a scale of 1 to 5). Assessment The committee ascertains that all expected forms of supervision and tutoring at the FEB or central level are present. The initiative for requesting any form of supervision is left up to the student. In the different interviews with students, the committee explicitly asked their opinion on this standard. In general, students appeared to be reasonably satisfied with the supervision and advice that they received in practice. The committee focused in particular on international students. The committee is of the opinion that the activities of the programme management concerning supervision and information provision are adequate to promote study progress and that they meet the students' needs. The committee notes that the supervision could be improved by changing the optional nature of a number of parts. The committee also has established, based on the interviews, that the student advisors would like to play a more active role. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. Assessment of the theme Services The committee comes to an overall assessment of the theme Services on the basis of its assessments of the separate standards. In the case of the master s programme in Mathematical Economics and Econometric Methods, it assesses this theme as satisfactory. In the case of the master s programme in Operations Research and Management Science, it assesses this theme as satisfactory. In the case of the master s programme in Quantitative Finance and Actuarial Sciences, it assesses this theme as satisfactory Internal quality assurance system S17: Periodical evaluations The curriculum is periodically evaluated in the light of verifiable objectives and other measures. Description The internal quality assurance system is described in the self-evaluation report for the FEB as a whole. The quality assurance system consists of three layers. The first are external quality assurance cycles, such as the six-year accreditation cycle. The second is an internal quality assurance cycle at the university level. There is a permanent Education Quality Assurance Steering Committee coordinating activities concerning the quality of education for the university as a whole. Proposals from this steering committee are discussed by the university board and the faculties. Some proposals from the steering committee are implemented QANU / Economics 2009 / Tilburg University 251

252 throughout the university. In , the Mid-Term Review of Education took place halfway through the external quality assurance cycle, covering the entire university. The third layer of the quality assurance system is the internal quality assurance cycle conducted at the FEB level. The FEB programme directors are responsible for the quality of education. Teaching programme committees (OLCs) monitor the actions of the programme directors and give advice on the activities. The OLCs also advise the faculty board about the Education and Examination Regulations (OER). For reasons of efficiency, there are in total three clusters of OLCs, each with equal numbers of scientific staff members and students. Hardly any full professors participate in OLCs. The OLCs meet at least three times a year to discuss the semi-annual reports from the programme directors on the current state of affairs and the OER. It appears from the interviews that in practice there are more than three meetings per year. It also became apparent that the OLCs clearly have an advisory rather than a legislative role. The influence and involvement of the OLCs seem to have increased in the past few years. There are also plans to allow the OLCs to function more systematically and fulfil a more (pro)active role in the quality assurance process. Along with the contact with the OLCs, the programme directors receive management information from the FEB education office. The education office carries out examination and curriculum evaluations. All courses and associated exams are evaluated every year at the end of the course using a standard evaluation form, on which students indicate on a scale of 1 to 5 the extent of their agreement with a number of statements. The course s lecturers and their heads of departments receive the evaluation results. Because the results of the evaluations are not made publicly available (according to the interviews), the student societies have taken the initiative to produce shadow evaluations conducted by students. Thus, students gain insight into the assessment of the courses by their fellow students, and they can base their choices on this. Focus groups can highlight problems that students are having with a particular course. A focus group has been set up for all programmes, consisting of students from different years of a programme. In each semester, this focus group meets several times to discuss the education given in that period. In addition, the education office organises curriculum evaluations among students to explore all parts of the curriculum (one particular academic year), usually through a written questionnaire. If the causes of problems in a course are difficult to uncover, panel discussions are set up at the request of the lecturer teaching a course, the programme director or the head of the department. Invitations to be on the panel are sent to several students, and possibly to the lecturer. A discussion is initiated with staff members of the education office on a topic referring to the teaching in the course, and suggestions are made for improvement. Another form of panel discussion involves groups of students evaluating course-related issues and service provision to students. Starting in , this form of panel discussions will be implemented. Along with these evaluation methods, there are also alumni surveys and contacts with the relevant job market (see standard 19). From the interviews with lecturers and students, it appears that the results of the course evaluations are not publicly available. Apart from those directly involved in the courses, only members of the OLC may view the results. For some programmes, the relevant student society conducts shadow evaluations, which are made public. Assessment The committee feels that the programmes meet the criteria for this standard. The committee ascertains that the education provided is periodically evaluated according to a set of objectives 252 QANU / Economics 2009 / Tilburg University

253 (see description under S18) and that the programme management actively acts on the results. It also confirmed that the evaluations are conducted in a formalised and structured way and that the programme management structurally analyses the results and takes action, if necessary. Based on its discussions held with the members of the different OLCs, the committee ascertains that the OLCs feel involved in the quality assurance system for the programmes. The committee considers the size of the different OLCs to be overly large, and the involvement of full professors in all OLCs to be too low. The committee feels that the OLCs act rather passively, without having systematic contact with their constituencies (i.e., other lecturers and students). In the discussions, it became apparent that this difficulty has been noted earlier by the OLCs themselves and in an external survey conducted by the university. The role of the OLCs continues to grow in importance, however, and has expanded in the past few years. The committee favours this development and sees great potential if this growth trend continues. Both the OLCs and the programme management confirmed that remarks and suggestions from the OLCs are taken seriously. The OLCs have contributed, for example, to issues concerning the OER. They are also active in analysing the evaluation results for courses. Different interviews revealed that reviews are conducted in a formalised and structured way based on course and examination evaluations, as well as focus groups. The programme management structurally analyses the results and takes action, if necessary. The committee likes the panel discussions that are arranged whenever some aspect of a course is unclear. The information derived from the evaluations could be processed in a more systematic and coordinated manner, however. Strengthening the contacts between the different involved parties -for example, the OLCs and the focus groups- could contribute to this. In addition, the contact with the OLCs constituencies (particularly the students) must be strengthened. On the one hand, students need more insight into the evaluation system, to know where to go with a problem. On the other hand, students need to be informed about the results of evaluations. In the interviews with students and lecturers, it became apparent that the evaluation results are not made public. Currently, students are forced to obtain this information through shadow evaluations. The committee considers it important that students are given insight into the results of evaluations (perhaps, after a privacy check). The committee is positive about the implementation of the Mid-Term Education Review and the baseline measurement conducted by the university to improve testing practices. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 253

254 S18: Measures for improvement The outcomes of the evaluation form the basis of verifiable measures for improvement that contribute to the achievement of the objectives. Description The self-evaluation report describes how the results of evaluations are dealt with. All of the results are entered in the electronic programme file for the programmes (as far as possible). This gives the programme directors and OLCs access in an orderly manner to all data collected about a programme. The data can then be analysed, after which conclusions can be drawn about the strong and weak points of the programme (or parts of it). This provides a basis to stimulate steps for improvement. After implementing these improvements, the new collected information can be used to examine the extent to which the desired effect was achieved. The programme dossier was developed in the course of the academic year and is constantly being updated. The results derived from the programme dossier are discussed in performance reviews and management reviews, and form a stimulus for staff members to take didactical training when a course is judged as unsatisfactory on this aspect for the second time in a row. The discussions revealed that both the programme directors and the OLCs sense that the results of the evaluations are taken seriously. In the OLCs, a course that has been judged to be unsatisfactory is definitely discussed. The self-evaluation report revealed that at the FEB level different recommendations have been implemented, including most of the ones that had emerged during the previous accreditation cycle. Examples include the recruitment of an education specialist to survey the teaching of skills in the bachelor programmes, development of an assessment form for bachelor and master theses, improvement of communication with the students, and an increase the number of student workplaces. The faculty is also occupied with implementing recommendations made by the committee in the Mid-Term Review in Partly due to the Mid-Term Review, for example, the faculty instituted a new policy as to the internationalisation of education. Moreover, several curricula will have to be revised in the near future. According to the self-evaluation report, the programme directors receives information regarding the internal quality assurance of the programmes in the following ways: FEB-evaluations, every course is evaluated annually by the FEB via a lecturer-, courseand exam-evaluation. These evaluations are strictly quantitative and have a fixed design. ASSET-evaluations, every course is evaluated annually by the study association ASSET Econometrics (previously called TEV) via a written evaluation. A number of students are asked to complete a questionnaire with open questions. Moreover, for every course there is an intermediate oral evaluation. Non-recurring evaluations, initiated by the programme director, like an evaluation of the full curriculum. Informal evaluations, involving interviews with students (in particular with the student advisor of the programme director), lecturers and the academic advisor. The self-evaluation report notes that all evaluations are analysed by the programme director. The FEB- and ASSET-evaluations are analysed simultaneously. The one-dimensional FEBevaluations serve as a guide in order to indicate whether there are problems in some courses, while the ASSET-evaluations provide the story behind possible negative evaluations. 254 QANU / Economics 2009 / Tilburg University

255 Negative evaluations usually give rise to an interview between the responsible lecturer and the programme director. The self-evaluation report presents the following examples of actions, as a result of negative evaluations: For the Microeconometrics course the new, non-dutch lecturer received a negative evaluation because he was not fully aware of the level of prerequisite knowledge of his students. The programme director has discussed the matter with the lecturer and found a more experienced lecturer who served as mentor for the new lecturer. This problem was solved after one year, as the evaluations of the lecturer have improved considerably. The evaluations for the Empirical Applications course were mediocre for a number of years, mainly due to the fact that one of the lecturers had no real affinity with the subjects of the course. The programme director requested the corresponding head of department to assign a more appropriate lecturer to this course. The evaluations for the course have since become excellent and the course was cited as the best FEB-Master course in A (non-recurring) evaluation of the master s programme in ORMS and also informal evaluations suggested that improvements could be made to the programme. It was therefore decided to install a committee that made comparisons with other international programmes in operations research and management science, and talked to students and alumni. After this, and after consulting other faculty members and educational committee, it was decided to carry out several changes to the programme. In a (non-recurring) evaluation of the curriculum (held in 2006) of the master s programme in MEEM, Dutch students valued the programme with an average score of 6.3. In general, Dutch students see the programme as highly academic (preparing for a PhD) and without a clear profile. Competitive programmes like ORMS and QFAS are regarded as offering a clearer link to the professional (business) practice. Nevertheless international students are quite satisfied with the programme, also reflected by the fact that international students from other FEB-bachelor programmes are showing an increased interest in the master s programme in MEEM. According to the self-evaluation report, this has led to several changes. Assessment The committee approves the implementation of programme dossiers. In these dossiers, it is evident that courses can be evaluated before and after every examination. This information is available for all years, starting in It is also evident in the dossiers that courses with low scores in the evaluation are actually improved or removed. The committee gets the impression that good use is made of the programme dossiers. The committee ascertains that the results of the course evaluations lead to concrete measures for improvement when there is a need for it. The committee examined different examples of measures taken to improve the quality of the teaching. The committee feels that along with the formal measures implemented by programme management, individual improvements were carried out by lecturers based on the course evaluations and other signals they perceived. The committee is of the opinion that the three master s programmes meet the criteria for this standard. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 255

256 Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. S19: Involvement of staff, students, alumni and the professional field Staff, students, alumni and the relevant professional field will be actively involved in the internal quality assurance system. Description As already stated in standard 17, lecturers and students are involved in the quality assurance system in the following ways: The programme directors are also lecturers. They are assisted by a student advisor and an academic advisor. Lecturers and students are represented on the educational committees with equal numbers of lecturers and students. The FEB has three educational committees. Students participate in focus groups and are involved in panel discussions about a particular course. Students can express their opinions about courses and examinations through written course and examination evaluations carried out after the conclusion of a course or examination. Alumni and representatives from the professional field currently have a rather modest role in the quality assurance system. There are annual alumni surveys conducted through the WO monitor by the Research Centre for Education and Job Market (ROA), but a survey among representatives of the professional field is not done structurally. There is some contact with the professional field in the form of students' final projects conducted in companies. The programme receives feedback on the student's abilities as evidenced in how they carried out the project from the internship supervisor, which may also include indirect feedback about the programme. The self-evaluation report also states that the FEB has a Social Advisory Board with representatives from the business community and other institutes. The members of the Social Advisory Board offer their vision of the path the faculty could and/or should take from their specific viewpoints. The Social Advisory Board meets several times a year. It is consulted in strategic discussions within the FEB. At university level, an alumni database is being established, and a pilot of a large-scale survey is being conducted among alumni. The intention is to put together an alumni panel that can be periodically consulted on relevant issues. The university also wants better information as to its international alumni. At the moment, they generally disappear once they have graduated and returned home. The FEB intends to establish a Career Center for alumni to stimulate binding with alumni by organising various activities and to obtain more systematic feedback on the FEB programmes. Currently, the FEB is actively recruiting an alumni officer to handle the alumni policy. According to the self-evaluation report, contact with alumni takes various forms. The VAET ( Vereniging van Afgestudeerde Econometristen Tilburg, the association of graduates in econometrics from Tilburg) organises an alumni-conference every year. Alumni also play an important role in the annual information meetings for students. 256 QANU / Economics 2009 / Tilburg University

257 The self-evaluation report furthermore states that for the master s theses based upon an internship, external supervisors are also involved. At least once during the process of writing the thesis there is a meeting with both the internal and external supervisor. Moreover, the external supervisor provides the programme director with feedback via a questionnaire at the end of the process. From these questionnaires it has become apparent that the external supervisors are overall satisfied with the technical skills of the UvT students. Assessment The committee is of the opinion that the programmes meets the criteria for this standard. Based on the discussions with students and lecturers, the committee ascertains that the staff members and students are committed to their programme. The contacts between OLCs and other students could be strengthened and structured better. In this way, the functioning of these committees would be enhanced. Contacts with the professional field and alumni do exist, but could be better structured. The committee notes that the contacts between students from the OLC and their fellow students run primarily through the informal network contacts. Students do not appear to know who represents them on the OLC. The committee advises the OLC to structure the contacts and information provision to students better. In this way, it will be clearer for the students what measures are taken in response to the outcomes of the course evaluations. This could also lead to an increase in the information that reaches the OLC, because students know where they can go with their issues. The committee feels that the current OLCs mostly respond reactively. They discuss important issues, but mainly at management's request. The committee advises the OLCs to act more proactively in the future, and take up an agenda-setting role. The committee also notes that the current OLCs are rather large, and that hardly any full professors are members. This can affect their decisiveness and influence. The committee appreciates that a university-wide external survey on the working of the OLCs was conducted. The committee notes that the role of the OLCs is being taken more and more seriously by the programmes. It is important that this development continues. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. Assessment of the theme Internal quality assurance system The committee comes to an overall assessment of the theme Internal quality assurance system on the basis of its assessments of the separate standards. In the case of the master s programme in Mathematical Economics and Econometric Methods, it assesses this theme is satisfactory. In the case of the master s programme in Operations Research and Management Science, it assesses this theme as satisfactory. In the case of the master s programme in Quantitative Finance and Actuarial Sciences, it assesses this theme as satisfactory. QANU / Economics 2009 / Tilburg University 257

258 Results S20: Achieved learning outcomes The achieved learning outcomes correspond with the aims and objectives regarding level, orientation and subject- /discipline-specific requirements. Description At FEB level, rules have been formulated for the supervision of students writing their bachelor s or master s thesis, and criteria have been developed for the assessment of these theses. Regarding the supervision of students, the FEB considers that this must be the responsibility of a staff member with a PhD. In addition, the assessment must always be done by two staff members who separately fill in an assessment form according to the formulated criteria. This will make it clear for students how the final grade is arrived at, and a certain arbitrariness of the assessment criteria employed by individual judges can be prevented. The assessment of the thesis is based on an assessment form taking into account the various criteria that a thesis paper should meet. Six aspects are distinguished: the research question, method and theory, findings, conclusions, recommendations, and style. The self-evaluation report states that the final stage of the three programmes consists of the thesis. The master s thesis involves a research study concerning a problem in the field of the specific programme. Before being allowed to start the thesis students should have completed at least 30 EC of their programme. The student can freely choose the subject for the thesis. The self-evaluation report also states that a master s thesis can be written on the basis of an internship. To find inspiration for an appropriate subject and/or internship, students can make use of the information site on Blackboard where a list of possible subjects and internships is provided. According to the self-evaluation report, the subject of the thesis should meet the following criteria (whether based on an internship or not): the research involved should be related to topics covered in the curriculum and should include sufficient quantitative aspects; the project should go beyond applying general and current techniques or principles. The project should broaden or deepen the student s understanding of certain topics. This may be achieved by applying current techniques to new fields of application, or by developing new methods for solving existing or new problems; the project should allow students sufficient scope to operate creatively and independently. The self-evaluation report furthermore states that, once a student is allowed to start on the thesis, a supervisor is assigned. The supervisor and the student have regular meetings to discuss the progress of the research. If the thesis supervisor is of opinion that the student is ready to defend the thesis, a committee is arranged by the master s thesis coordinator. The thesis committee consists of at least two persons, the thesis supervisor and the chairman of the thesis committee (not the thesis supervisor). According to the self-evaluation report, the thesis committee may also include any other staff member, PhD student or postdoctoral student involved in the process under the supervision of the thesis supervisor, and the company advisor if the thesis is being written during an internship. The student has to give a public oral presentation and defend the thesis. The role of the chairman is to chair the presentation and the grading. The role of the company advisor is to advise the thesis committee. The final grade for the master s thesis is determined using the previously mentioned assessment form. A student cannot receive an insufficient grade. Interviews with 258 QANU / Economics 2009 / Tilburg University

259 the lecturers revealed that about 80% of the students follow an internship in which the thesis is written. Assessment The committee assessed the achieved learning outcomes of the programmes discussed in this report as satisfactory. The overall conclusion is that the quality and level of the master s theses are satisfactory. For each programme, the committee made a random selection of two theses from the list of the 25 most recently completed theses and the associated assessment forms. Consideration was given to the grading (both a low and a high grade) and the supervisor (the selected theses had different supervisors). The committee members read the theses and assessed their presentation of the problem, review of the literature, methods and justification, conclusion and discussion, structure, legibility and verification. To a large extent, the committee agrees with the grades awarded by the supervisors. The committee ascertains that not all of the selected and assessed final theses were accompanied by a completed assessment form. In addition, on a number of assessment forms, there was no justification for the score given. Master s programme in Mathematical Economics and Econometric Methods The first thesis studied by the committee has a very clear problem definition. Also adequate literature is used. The research method used is quite standard. The conclusions are logical and follow the presented material. The thesis is well structured and readable. The second thesis has a very clear and relevant problem definition. The used literature is adequate. The research method is exceptionally well chosen and implemented. The conclusions are also very well formulated. The thesis is intelligent structured and written. Master s programme in Operations Research and Management Science The first thesis studied by the committee has a clear problem definition and the student is in touch with the relevant literature. The chosen research method is solid and adequately implemented. The conlusions are unmistakable. The thesis is well written. Regarding the second thesis studied, the committee notes that the problem definition is hidden in a quite elaborate chapter. The literature used is adequate as is the chosen and implemented research method. The conclusions are straightforward and follow the presented material. The thesis is quite elaborate and lengthy. Master s programme in Quantitative Finance and Actuarial Sciences The first thesis studied by the committee has an adequate problem definition and also adequate literature is used. The implementation of the chosen research method could have been better but is still appropriate. The thesis could have been more quantitative. The second thesis has a clear problem definition and the student shows to be in touch with relevant and recent literature. The research method is well chosen and likewise implemented. The conclusions are to the point and also interesting remarks for further research are made. The thesis is very well written. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 259

260 S21: Study progress Target figures that are comparable to other relevant programmes are formulated to express the expected success rate. The programme s success rate complies with these target figures. Description The self-evaluation report presents university-wide target figures. 75% of all master s programme students should finish the programme in one year. At the point in time, this target has not been realised. University-wide, 27% finishes the master s programme within one year, 63% within two years and 79% within three years. The self-evaluation report states, at FEB level, several arguments for the delay of students: Students have extracurricular activities such as hobby s or a job. Students make a conscious choice to study more than one year. They find themselves not yet ready or too young to enter the labour market. Personal, unforeseen circumstances. Once the student has a delay (in, for example, the bachelor s programme), it is hard to make up, which means that during specific periods students have to study harder. The master s thesis is also a cause for delay. The master s thesis is scheduled in the second part of the second semester. In the first part of the second semester, students are expected to follow two courses and make preparations for the master s thesis. In the second part of the second semester, there are no master s programme courses scheduled. In practice, during this period, students sometimes also have to finish courses of the bachelor s programme or follow an internship. This usually leads to study delay. The interviews with the students revealed that they still have to finish courses while working on their master s thesis. Many students write their thesis on the basis of an internship, which can cause delay. Master s programme in Mathematical Economics and Econometric Methods The results for the master s programme in MEEM are: 15% obtains the diploma after one year of study, 59% obtains the diploma after two years of study, and 58% obtains the diploma after three years of study. These results are lower than the average results of the FEB. The average time that students needed to finish the programme has decreased from 18 months for the cohort, to 11 months for the cohort. Master s programme in Operations Research and Management Science The results for the master s programme in ORMS are presented below: 31% obtains the diploma after one year of study, and 63% obtains the diploma after two years of study These results after one year are higher than the average results of the FEB. The results after two years are the same as the results of the FEB. The average time that students needed to finish the programme has increased from 13 months for the cohort, to 14 months for the cohort. 260 QANU / Economics 2009 / Tilburg University

261 Master s programme in Quantitative Finance and Actuarial Sciences The results for the master s programme in QFAS are presented below: 31% obtains the diploma after one year of study, 68% obtains the diploma after two years of study, and 82% obtains the diploma after three years of study. These results are higher than the average results of the FEB. The average time that students needed to finish the programme has decreased from 15 months for the cohort, to 13 months for the cohort. Assessment The committee has learned that the requirements regarding the transition between the bachelor programmes and the master programmes have recently become more strict. The committee recommends that the programmes implement even more rigid requirements involving a fixed separation (harde knip) between the bachelor s and master s programmes. The committee is of opinion that this will motivate students to finish the bachelor s programme and will ensure that students do not enter the master s programme with bachelor s courses still left incomplete. According to the committee, this could reduce the delay in finishing the programmes. Only then the average time students need to finish the master s programme will be informative. At the moment, the numbers are not informative, as students follow master s courses when they are officially in their bachelor s phase. The committee is of the opinion that the success rates are low, as is the case in comparable programmes in the Netherlands. Still, the committee is of opinion that the FEB should pay more attention to the issue of success rates. The interviews held with the students revealed that internships are often a cause for delay. The internship is usually related to the master s thesis, but is not an official part of the curriculum. The committee considers that the incorporation of an internship in the curriculum will lead to more influence on the internship and to less delay, because it enhances the amount of control of the programme on the progress of students. Next to this, it could enhance a stronger relationship between students and the programme. Still, the committee considers that the three programmes meet the criteria for this standard. Master s programme in Mathematical Economics and Econometric Methods: the committee assesses this standard as satisfactory. Master s programme in Operations Research and Management Science: the committee assesses this standard as satisfactory. Master s programme in Quantitative Finance and Actuarial Sciences: the committee assesses this standard as satisfactory. Assessment of the theme Results The committee comes to an overall assessment of the theme Results on the basis of its assessments of the separate standards. In the case of the master s programme in Mathematical Economics and Econometric Methods, it assesses this theme as satisfactory. In the case of the master s programme in Operations Research and Management Science, it assesses this theme as satisfactory. In the case of the master s programme in Quantitative Finance and Actuarial Sciences, it assesses this theme as satisfactory. QANU / Economics 2009 / Tilburg University 261

262 Overview of the committee s assessment Master s programme in Mathematical Economics and Econometric Methods: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Good 13. Quantity of staff Satisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 16. Tutoring Satisfactory 5. Internal quality Satisfactory 17. Periodical evaluations Satisfactory assurance system 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni and the professional field Satisfactory 6. Results Satisfactory 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory 262 QANU / Economics 2009 / Tilburg University

263 Master s programme in Operations Research and Management Science: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Good 13. Quantity of staff Satisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 16. Tutoring Satisfactory 5. Internal quality Satisfactory 17. Periodical evaluations Satisfactory assurance system 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni and the professional field Satisfactory 6. Results Satisfactory 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory QANU / Economics 2009 / Tilburg University 263

264 Master s programme in Quantitative Finance and Actuarial Sciences: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Good 13. Quantity of staff Satisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 16. Tutoring Satisfactory 5. Internal quality Satisfactory 17. Periodical evaluations Satisfactory assurance system 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni and the professional field Satisfactory 6. Results Satisfactory 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory The committee s overall assessment of the master s programmes in Mathematical Economics and Econometric Methods, Operations Research and Management Science and Quantitative Finance and Actuarial Sciences The committee concludes, on the basis of its assessments of the themes and standards from the assessment framework: that the master s programme in Mathematical Economics and Econometric Methods fulfils the formal requirements which are a prerequisite for accreditation, that the master s programme in Operations Research and Management Science fulfils the formal requirements which are a prerequisite for accreditation, and that the master s programme in Quantitative Finance and Actuarial Sciences fulfils the formal requirements which are a prerequisite for accreditation. 264 QANU / Economics 2009 / Tilburg University

265 10. Report on the master s programmes in Strategic Management, and Logistics and Operations Management Administrative data Master s programme in Strategic Management Name of the programme: Strategic Management CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full time Location(s): Tilburg Expiration of accreditation: 13 February 2011 Master s programme in Logistics and Operations Management Name of the programme: Logistics and Operations Management CROHO number: Level: master Orientation: academic Number of credits: 60 EC Degree: Master of Science Mode(s) of study: full time Location(s): Tilburg Expiration of accreditation: 13 February 2011 The site visit of the Economics assessment committee to the Faculty of Economics and Business Administration of Tilburg University took place on and October Structure and organisation of the faculty The Tilburg University (UvT) specialises in the field of human and social sciences, with the Faculty of Economics and Business (FEB) being one of the six faculties. Founded in 1927, the FEB is the oldest and largest faculty of the university. Of the almost 12,000 UvT students, slightly less than half studies at the FEB. A quarter of all fte personnel works at the FEB. The faculty has a faculty management team, consisting of the dean, three vice-deans (Education, Research and Internationalisation), the director and a student advisor. The FEB offers eight bachelor programmes and nineteen master programmes, and consists of eight departments to which the scientific personnel (and the support personnel of the department) is attached: Accountancy Economics Econometrics and Operations Research Finance Fiscal Economics Information Management QANU / Economics 2009 / Tilburg University 265

266 Marketing Organisation and Strategy Each department has a head of department. In addition, there is a faculty office for the support of academic staff. It has units like the Education Office, MT Staff Office, ICT Unit, HRM Unit, International Programmes Unit, International Student Services Unit, et cetera. In 2008, the FEB employed over fte of academic staff. Each programme has a director. The programme director is responsible for the contents of the curriculum, quality assurance and improvement, admissions, information provision to students (current and prospective) and communication with other involved parties within the faculty. The programme director is supported in his/her tasks by a student advisor and a academic advisor. In 2007, a Mid-Term Review of Education was conducted, led by Professor Abraham of KU Leuven. With this as a stimulus, the faculty decided to formulate a new policy regarding education and internationalisation, and to implement the modernisation of several curricula. With the introduction of the bachelor-master structure in , the FEB decided on eight wide-ranging bachelor and nineteen specialised master programmes (based on the former doctoraal programmes). New programmes include the bachelor s programme in Business Studies and the master s programme in Economics and Finance of Aging 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 learning outcomes have been derived from the goals of the corresponding programmes and are categorised into knowledge, skills and attitude qualifications. Master s programme in Strategic Management According to the self-evaluation report, the central topic of the programme is the analysis and solution of problems and challenges at the strategic level of organisations. The learning outcomes of the programme are: Knowledge The graduate has acquired: an advanced overview and understanding of the concepts, models, research findings, and techniques in strategic management (K1); knowledge that is required for the selection and application of concepts, models, and techniques in the context of strategic issues (K2); Skills The graduate has the capability to: 266 QANU / Economics 2009 / Tilburg University

267 identify, analyse, and solve strategic issues, using scientific concepts, models, and techniques (S1); use different models and theoretical perspectives in strategic management (S2); convey proposed solutions to a target audience through advanced oral and written communication skills (S3); defend and discuss ideas and solutions in front of a target audience (S4); critically reflect on one s own work and the work of others (S5); approach problems in an abstract and interdisciplinary manner (S6). Attitude The graduate has the following attitude: analytical and systematic (A1); open to feedback (A2); solution-focused (A3); eagerness to learn and to keep searching for new knowledge and evidence (A4). The self-evaluation report presents a comparison with other master s programmes in Strategic Management. It shows that the learning objectives of the programme correspond with those of other benchemark programmes. According to the self-evaluation report, strategic management is a common course in MBA programmes, because of its managerial level perspective but there are schools that offer complete programmes just in Strategy. The London School of Economics offers a one-year master s programme in Management and Strategy as an alternative to MBA-style courses. Like the UvT programme, it targets students without work experience. It emphasises the intellectual rather than the vocational side, the need for analytical and problem-solving skills, a critical attitude, and an interdisciplinary perspective. Both Erasmus University in the Netherlands and EDHEC in France offer programmes in Strategic Management as well. The organisational-level perspective, systematic approach and cross-functional nature of strategic management are evident in those programmes. The self-evaluation report concludes that students in these programmes have to be capable of analysing strategic issues and developing solutions for strategic challenges by scientific research methods. Master s programme in Logistics and Operations Management The self-evaluation report states that the central topic of the programme is the execution of a company's primary processes, including operational linkages with suppliers and distributors. The learning outcomes of the programme are: Knowledge The graduate has acquired: knowledge of the key concepts, tools, models, and research methods in the main areas of logistics and operations management: purchasing management, production management, and physical distribution management (K1); knowledge necessary to describe and analyse purchasing issues, production issues, and distribution issues in the integrated context of chain management (K2); knowledge about the role and impact of ICT in logistics and operations management (K3). QANU / Economics 2009 / Tilburg University 267

268 Skills The graduate has the capability to: start-up, plan and complete projects in which advanced knowledge in the area of logistics and operations management is applied (S1); inform others about findings, ideas, conclusions and recommendation of such projects, by means of written research reports (S2); give a clear and convincing presentation for a professional audience (S3); use modern ICT and other tools for gathering, analysing and interpreting data and information (S4); experiment with new ideas and concepts (S5); translate concepts into tailor-made solutions (S6); critically reflect on one s own work and the work of others (S7). Attitude The graduate can be characterised by the following attitude: a systematic approach (A1); a design-mentality (A2); a commitment to improve and transform operational processes (A3); eagerness to learn and to keep searching for new knowledge and evidence (A4). The self-evaluation report provides a comparision with benchmark master s programmes of other universities, such as Cranfield University, Warwick University, the universities of Liverpool and Manchester and several Dutch universities (Rotterdam, Groningen and Maastricht). It concludes that the programme description from Cranfield s University emphasises characteristics that are in line with the UvT learning outcomes. For example, the programme covers the key components of logistics as well its integrated nature. The importance of using IT is emphasised. In addition there is a strong correspondence with practice as demonstrated by the fact that the staff acts as consultants for real issues. According to the self-evaluation report, the other programmes focus on different issues. For example, some programmes appear primarily to emphasise the management of supply chains (e.g. the programme Supply Chain Management at Erasmus University) and others the different aspects of operations management (e.g. the master s programme in Operations, Project and Supply Chain Management at Manchester). The UvT programme covers different aspects of operations management (purchasing, production, and distribution) but treats them in the integrated context of entire supply chains. The self-evaluation report concludes that programmes in the domain of operations, logistics, and supply chain management, are characterised by academic rigor, a strong link with practical problems, a clear emphasis on information systems, and coverage of individual components of supply chains as well as the management of supply chains as a whole. Assessment The committee studied the formulated learning outcomes of the two programmes and established that they enable the students to acquire sufficient knowledge, skills and academic attitude. The committee finds that the tables concerning the link between the learning outcomes and the courses (as presented in the self-evaluation report), provide a clear picture of the extent to which the various learning outcomes of the programme are presented in the courses. 268 QANU / Economics 2009 / Tilburg University

269 The learning outcomes fit the domain-specific requirements as formulated by the committee for the evaluation of economic programmes. The committee concludes that the learning outcomes of the two programmes are in line with nationally/internationally accepted domainspecific standards. The established presence of international staff, national staff with international teaching experience and contacts with various foreign universities contributes to this alignment. The committee comfirms that the learning outcomes of the two programmes meet the requirements set by professional colleagues, both nationally and internationally. Master s programme in Strategic Management The committee establishes that the academic qualifications are reflected in the learning outcomes. For example, learning outcome K1, where the graduate is expected to have an advanced overview and understanding of the concepts, models, research findings and techniques in strategic management, or learning outcome S1, which focuses on the ability to identify, analyse and solve strategic issues using scientific concepts, models and techniques. Master s programme in Logistics and Operations Management According to the committee the learning outcomes for the master s programme in Logistics and Operations Management (LOM) also reflect the academic qualifications. For example in learning outcome K1, regarding knowledge of the key concepts, tools, models and research methods in the main areas of logistics and operations management (purchasing management, production management and physical distribution management). And also in learning outcomes S2 and S4, in which students are not only expected to inform others about the findings, ideas, conclusions and recommendations of projects by means of written research reports, but also to be able to use modern ICT and other tools for gathering, analysing and interpreting data and information. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: 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 states that the learning outcomes of the programmes correspond to internationally accepted qualifications for an academic master s programme, as described in the Dublin descriptors. It relates the learning outcomes to the Dublin descriptors as shown in tables 10.1 and 10.2: Master s programme in Strategic Management Dublin-descriptor Knowledge and understanding Applying knowledge and understanding Making judgments Communication Intended learning outcomes K1, K2 K2, S1, S2, S3, S4, S5, S6 A1, A2, A3, S1, S2, S3, S4, S5, S6 S3, S4 Learning skills A4, S5 Table 10.1: Dublin descriptors and learning outcomes for the master s programme in Strategic Management (see also standard 1). QANU / Economics 2009 / Tilburg University 269

270 Master s programme Logistics and Operations Management Dublin-descriptor Intended learning outcomes Knowledge and understanding K1, K2, K3 Applying knowledge and understanding Making judgments Communication K2, S1, S2, S3, S4, S5, S6, S7 A1, A2, A3, S1, S6, S7 S2, S3 Learning skills A3, A4, S7 Table 10.2: Dublin descriptors and learning outcomes for the master s programme in Logistics and Operations Management (see also standard 1). Assessment The committee established that the learning outcomes of the programmes concerning the intended level correspond to the Dublin descriptors, which are considered general, internationally accepted descriptions of a master s programme. Master s programme in Strategic Management The Dublin descriptor on knowledge and understanding is reflected in learning outcome K1, where students are expected to acquire an advanced overview and understanding of the concepts, models, research findings and techniques in strategic management. The Dublin descriptor on applying knowledge and understanding is reflected in learning outcome S2, the ability to use different models and apply theoretical perspectives in strategic management. The Dublin descriptor on making judgements is partly reflected in learning outcome A2, where students are expected to be open to feedback. The fourth Dublin descriptor, communication, is reflected in learning outcome S3, the ability to convey proposed solutions to a target audience through advanced oral and written communication skills. The fifth Dublin descriptor, learning skills, is reflected in learning outcome A4, where students are expected to be eager to learn and to keep searching for new knowledge and evidence. Master s programme in Logistics and Operations Management The Dublin descriptor on knowledge and understanding is reflected in learning outcome K1, where students are expected to acquire knowledge of key concepts, tools, models, and research methods in the main areas of logistics and operations management: purchasing management, production management, and physical distribution management. The Dublin descriptor on applying knowledge and understanding is reflected in learning outcome S5, the ability to experiment with new ideas and concepts. The Dublin descriptor on making judgements is partly reflected in learning outcome S7, where students are expected to have the ability to critically reflect on their own work and the work of others. The fourth Dublin descriptor, communication, is reflected in learning outcome S2, the ability to inform others about findings, ideas, conclusions and recommendation of such projects, by means of written research reports. The fifth Dublin descriptor, learning skills, is reflected in learning outcome A4, where students are expected to be eager to learn and to keep searching for new knowledge and evidence. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. 270 QANU / Economics 2009 / Tilburg University

271 S3: Academic orientation The intended learning outcomes of the programme correspond with the following descriptions of a Bachelor s and a Master s qualification: The intended learning outcomes are derived from requirements set by the scientific discipline, the international scientific practice and, for programmes to which this applies, the practice in the relevant professional field. An academic bachelor (WO-bachelor) has the qualifications that allow access to at least one further programme at academic master's level (WO-master) and the option to enter the labour market. An academic master (WO-master) has the qualifications to conduct independent research or to solve multidisciplinary and interdisciplinary questions in a professional field for which academic higher education is required or useful. Description Master s programme in Strategic Management According to the self-evaluation report, graduates of the master s programme in Strategic Management are academically trained experts in the field of strategic management. They acquire an understanding of classic and recent scientific insights into strategic management and are able to choose which models are relevant for the analysis of strategic issues. The selfevaluation report states that a research outlook and analytical attitude are important in that respect. The qualification to conduct independent research is reflected in learning outcomes K1, S1 and S2. In learning outcome K1, graduates are expected to have acquired an advanced overview and understanding of the concepts, models, research findings and techniques in strategic management. In learning outcomes S1 and S2, graduates are expected to be able to identify, analyse and solve strategic issues using scientific concepts, models and techniques and to use different models and apply theoretical perspectives in strategic management. Regarding academic attitude, graduates are expected to be analytical and critical (A1), open to feedback (A2) and focused on solutions (A3). Graduates are also expected to be able to critically reflect on their own work and the work of others (S5), and to be able to approach problems in an abstract and interdisciplinary manner (S6). Master s programme in Logistics and Operations Management According to the self-evaluation report, the scientific nature of the master s programme in LOM is evident in the emphasis on advanced knowledge in the area of logistics and operations, and in the research orientation throughout the programme. The research orientation and the qualification to conduct independent research are reflected in learning outcomes K1, S1 and S2. In learning outcome K1, graduates are expected to have acquired knowledge of the key concepts, tools, models and research methods in the main areas of logistics and operations management: purchasing management, production management and physical distribution management. In learning outcomes S1 and S2, graduates are expected to be able to initiate, plan and complete projects in which advanced knowledge in the area of logistics and operations management is applied, and to inform others about findings, ideas, conclusions and recommendations of projects, by means of written research reports. The academic attitude is reflected in learning outcomes A1, A2, S5 and S7. Graduates are expected to use a systematic approach (A1), to have a design mentality (A2), to experiment with new ideas and concepts (S5), and to be able to critically reflect on their own work and the work of others (S7). Assessment The committee studied the learning outcomes of the two programmes, from the perspective of its orientation. In the assessment of standard 1, the committee concluded that the learning outcomes of the two programmes sufficiently correspond to both scientific and professional QANU / Economics 2009 / Tilburg University 271

272 requirements. The committee considers that both programmes correspond to the national/international requirements within the scientific domain. The committee establishes that the learning outcomes of both programmes refer to the ability to conduct scientific research (for example, learning outcomes K1, S1 and S2 of the master s programme in Strategic Management and learning outcomes K1, S1 and S4 of the master s programme in LOM), to communicate the results (S2 in both programmes), to be critical (S7, master s programme in Strategic Management) and to work systematically (A1, master s programme in LOM). Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. Assessment of the theme Aims and objectives The committee comes to an overall assessment of the theme Aims and objectives on the basis of its assessments of the separate standards. In the case of the master s programme in Strategic Management, it assesses this theme as satisfactory. In the case of the master s programme in Logistics and Operations Management, it assesses this theme as satisfactory Curriculum Description of the curriculum of the programmes The year is divided into two semesters, and the second semester consists of two blocks. After the first semester, the examinations are held. The first seven-week period of the second semester consists of courses. After this period, the resits of the first semester are held first, followed by the regular examinations of this period. The second period consists of the master s thesis. The resits of the second semester of the master programmes are planned in the same period as the resits of the second and third year of the bachelor programmes. Tables 10.3 and 10.4 present the courses of the two programmes from the academic year They summarise the following aspects: courses and course sequence, credit (EC), contact hours, and status (compulsory or elective). Master s programme in Strategic Management Course EC Period Contact hours International Management 6 Semester 1 22 Research Methods in Strategy 6 Semester 1 28 Strategic Management 6 Semester 1 28 Strategy Dynamics 6 Semester 1 36 Corporate-Level Strategy 6 Semester 2 28 Entrepreneurship and Innovation 6 Semester 2 28 Master s thesis 18 Semester 2 Variable Corporate Governance and Restructuring (elective) 6 Semester 1 56 Corporate Valuation (elective) 6 Semester 1 52 Management Control (elective) 6 Semester 1 36 Management of Knowledge and Innovation (elective) 6 Semester 1 28 Marketing Channel Management (elective) 6 Semester 1 23 Table Curriculum of the master s programme in Strategic Management 272 QANU / Economics 2009 / Tilburg University

273 Master s programme in Logistics and Operations Management Course EC Period Contact hours International Production Management 6 Semester 1 38 Logistics and Information 6 Semester 1 22 Physical Distribution Management 6 Semester 1 26 Research & Design Methodology 6 Semester 1 58 Purchasing Management 6 Semester 2 30 Master s thesis 18 Semester 2 Variable Advanced Resource Planning (elective) 6 Semester 1 33 Marketing Channel Management (elective) 6 Semester 1 23 Entrepreneurship and Innovation (elective) 6 Semester 2 28 Supply Chain Collaboration and Advanced Planning (elective) 6 Semester 2 22 Table Curriculum of the master s programme in Logistics and Operations Management S4: Requirements for academic orientation The proposed curriculum meets the following criteria for an academic orientation: The students develop their knowledge through the interaction between education and research within the relevant disciplines The curriculum corresponds with current developments in the relevant discipline(s) by verifiable links with current scientific theories The programme ensures the development of competences in the field of research Where appropriate, the curriculum has verifiable links with the current relevant professional practice. Description According to the self-evaluation report, the FEB only hires staff with a great proven or potential research performance such as tenure trackers and qualified PhD students, and the staff is also responsible for the education. This policy guarantees the link between education and research. Master s programme in Strategic Management The self-evaluation report states that there is a close interaction between education and research. The majority of the courses is designed and taught by faculty from the Department of Organisation and Strategy. According to the self-evaluation report, the department has a strong emphasis on research and is internationally visible through attendance at academic conferences and journal publications and excercises an active international hiring policy. According to the self-evaluation report, the combination of teaching and research ensures that education takes place in a research environment. This reflects on the programme in a number of ways. For example, the use of academic journal articles exposes students to recent research findings in the field of strategic management. In the Corporate-Level Strategy course, students discuss and present their critical evaluation of research articles published in journals such as Strategic Management Journal and Academy of Management Journal. In addition, knowledge development takes place as students conduct research projects themselves, in groups (in courses) or individually (as part of the master s thesis). According to the self-evaluation report, research skills are developed in the Research Methods in Strategy course. This mandatory course in the first semester is entirely devoted to conducting academic research. As part of this course, students review the empirical methods used in scientific articles published in academic strategic management journals. The selfevaluation report states that the selection of articles guarantees that students are exposed to various types of research, including literature reviews, quantitative studies, and exploratory studies. Building on their coursework, students finally conduct their individual research project as part of the master s thesis. QANU / Economics 2009 / Tilburg University 273

274 In the interviews with the students, it became apparent that they are exposed to research during the lectures, especially to the lecturers research. The self-evaluation report states that the link with the relevant professional practice is realised by means of guest lecturers (in the Strategic Management course) or by applying concepts to existing firms (in the Strategy Dynamics course students apply simulation modelling to an existing organisation). Students also apply concepts in case discussions (in the International Management course and in the Management of Knowledge and Innovation elective) or link theory to recent business news (in the Corporate-Level Strategy course). Also as part of their master s thesis project many students conduct research for companies, during an internship. The self-evaluation report states that graduates of the master s programme in Strategic Management are employed by consultancy firms, both large generalist and smaller specialist firms, or find work in staff positions at large multinationals or medium-sized firms in various sectors. Master s programme in Logistics and Operations Management The self-evaluation report states that the courses in the programme are all staffed by lecturers who combine teaching with research. The vast majority of the courses are taught by members of the Operations and Logistics research group in the department of Organisation and Strategy. This department has a strong emphasis on academic research. According to the selfevaluation report, the lecturers are active researchers in the field of logistics and operations management. They introduce recent findings of academic research in their classes, including their own research. The interaction between teaching and research works both ways: students occasionally contribute to the research programmes of staff as part of their master s thesis. In the Supply Chain Collaboration and Advanced Planning course an in-class simulation is used, the results of which have led to the publication of a book chapter. The self-evaluation report states that scientific articles are also used. These articles and the fact that lecturers themselves conduct research in the area of logistics and operations ensure that recent insights are being covered. According to the self-evaluation report, research skills are developed in the mandatory firstsemester Research and Design Methodology course. This course is entirely devoted to academic research in the area of logistics and operations management. Students go through an entire research cycle in teams. They identify a problem, collect and analyse data, and infer conclusions from their study. Research projects are also included in other courses. The Purchasing Management course contains a team project which includes a literature search and interviews. Finally, building on these courses, students conduct academic research during their master s thesis. Typically, this is done in the form of an applied research project for a firm or a non-profit organisation. In the interviews with the students, it became apparent that students are exposed to research during lectures and especially to the lecturers research. Students also confirmed that they are guided through all phases of conducting research in the Research and Design Methodology course. The self-evaluation report states that the link with the relevant professional practice is realised in both programmes by inviting guest speakers from business. Also, the Physical Distribution Management and Research and Design Methodology courses cooperate with practitioners in providing students with a real-life case. According to the self-evaluation report, many 274 QANU / Economics 2009 / Tilburg University

275 lecturers are active in applied research projects for companies or have a part-time affiliation in business, as well as doing fundamental research. In addition, most students carry out an applied research project as part of their master s thesis. The self-evaluation report states that graduates of the master s programme in LOM start working at consultancy firms or logistics service providers, or in operations/logistics positions in manufacturing or service firms in a variety of sectors. Increasingly, students also find work at non-profit sector organisations, such as in health care. Assessment The committee concludes that the two master programmes meet the set requirements for an academic orientation. During the site visit, both students and lecturers confirmed that the interaction between education and scientific developments is integrated in the programmes. The committee established that most lecturers are either full or assistant professors. The committee notes and appreciates the fact that through requiring its staff members to conduct both educational and research activities, the latest research developments will find their way into the courses. Master s programme in Strategic Management The committee is of opinion that the development of skills in the field of scientific research is addressed sufficiently. These skills are developed in the mandatory first-semester Research Methods in Strategy course and in the master s thesis. Master s programme in Logistics and Operations Management The committee concludes that the programme has a quite qualitative orientation. Also the committee is of the opinion that a course on operational research is missing in the programme. Adding such a course would also introduce more quantative aspects into the programme. Nevertheless, the committee feels that the programme meets this standard. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. S5: Correspondence between the aims and objectives and the curriculum The curriculum is an adequate realisation of the intended learning outcomes of the programme and this regards the level, the orientation and the subject-/discipline-specific requirements. The intended learning outcomes are adequately transferred into the educational goals of the curriculum or parts thereof. The contents of the curriculum ensure the students achievement of the intended learning outcomes. Description The self-evaluation report provides an overview of the courses included in the two master programmes (see tables 3 and 4). It also contains a table in which the individual courses are systematically cross-matched with the learning outcomes. Master s programme in Strategic Management The learning outcomes regarding knowledge, K1 and K2, are reflected in all courses of the programme. Learning outcome A1, regarding the ability to be systematic and analytical, is also covered by all courses. All learning outcomes are also reflected in the Corporate-level Strategy course. QANU / Economics 2009 / Tilburg University 275

276 Learning outcome S3, regarding the focus on solutions, is reflected in the Strategy Dynamics, Research Methods in Strategy, Corporate Level Strategy, Management of Knowledge and Innovation courses and in the master s thesis. The Management of Knowledge and Innovation course covers all learning outcomes but one (S6, regarding the ability to approach problems in an abstract and interdisciplinary manner). Learning outcome S6 is linked to the Strategy Dynamics, Strategic Management, Corporate Level Strategy courses and to the master s thesis. The ability to be open to feedback, learning outcome A2, is reflected in the International Management, Research Methods in Strategy, Corporate Level Strategy, Management Control and Management of Knowledge and Innovation courses. Learning outcome A4, the eagerness to learn and keep searching for new knowledge and evidence, is linked to the Research Methods in Strategy, Corporate Level Strategy, Management of Knowledge and Innovation courses and to the master s thesis. Master s programme in Logistics and Operations Management Learning outcome K1, regarding knowledge of the key concepts, tools, models and research methods in the main areas of logistics and operations management, is reflected in all but two courses. Learning outcome K3, regarding knowledge about the role and impact of ICT in logistics and operations management is linked to the Logistics and Information, Purchasing Management, Advanced Resource Planning and Supply Chain Collaboration and Advanced Planning courses. Learning outcome S1, regarding the ability to initiate, plan and complete projects in which advanced knowledge in the area of logistics and operations management is applied, is reflected in the Research and Design Methodology course and in the master s thesis. Learning outcome S3, regarding the ability to give a clear and convincing presentation for a professional audience, is linked to the Physical Distribution Management course and the master s thesis. Learning outcome S6 is also reflected in this course. This learning outcome is also linked to the International Production Management, Research and Design Methodology, Purchasing Management courses and to the master s thesis. Learning outcome A1, regarding a systematic approach, is the only learning outcome reflected in all courses and in the master s thesis. The other learning outcomes regarding attitude (A2, A3 and A4) are mainly linked to the mandatory courses in the first semester and the master s thesis. Assessment For both programmes the committee concludes that the students are sufficiently trained in the core discipline and that the programmes are well thought through. The committee thinks that the description of learning outcomes at course level is a well-organised presentation of the qualities and knowledge which graduates should have. The committee states that the tables presenting the link between learning outcomes and courses, as given in the selfevaluation report, provide an adequate overview of the various learning outcomes within the programmes. The committee considers the tables of both programmes to be well balanced. The tables show a structure in which knowledge is built up over the two semesters. Also, the learning outcomes regarding skills and attitude are evenly spread over the different elements of the programme. The committee evaluates the two programmes as sufficient on this standard. 276 QANU / Economics 2009 / Tilburg University

277 Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. S6: Consistency of the curriculum The contents of the curriculum are internally consistent. Description Master s programme in Strategic Management According to the self-evaluation report, the courses together cover important strategic management topics in line with those mentioned in the domain statements of leading academic associations, such as the SMS and the BPS division of the Academy of Management. The Strategic Management course covers many of these topics and therefore serves the capstone function it usually does in business schools. The other courses focus on a limited set of topics but discuss them in more depth. A common distinction made in the field of Strategic Management is between business and corporate strategy. The Strategy Dynamics and Corporate-Level Strategy courses represent this distinction in the programme. In addition, the programme covers strategy topics in the context of large multibusiness (Corporate-Level Strategy) and multinational (International Management) enterprises as well as smaller entrepreneurial firms (Entrepreneurship and Innovation). The self-evaluation report states that the electives allow students to gain further knowledge of strategy topics in one of the areas closely linked to related functions such as marketing, finance and management control. The interdisciplinary nature of Strategic Management means that students regularly look at these adjacent disciplines when studying or analyzing strategic issues. The electives enable students to deepen their knowledge in one of these disciplines. The self-evaluation report explains how the programme progresses towards the master s thesis. Students acquire the knowledge and understanding of multiple strategy topics. The Research Methods in Strategy (semester 1) and Corporate Level Strategy (semester 2) courses explicitly emphasise research skills required to successfully conduct the master s thesis project. In the interviews with the lecturers, it became apparent that they do not discuss the consistency of the programme. They focus primarily on their own courses. The interviews with the students revealed that the same lecturers are involved in many courses and that this contributes to the coherence of the programme. Master s programme in Logistics and Operations Management The self-evaluation report states that the courses form a coherent unit. While some courses concentrate on individual activities in the field of Logistics and Operations Management such as Purchasing Management, Physical Distribution Management and International Production Management, others focus more on the integration between the different activities. For example in the Logistics and Information course, the focus lies on the integrating role of information systems. According to the self-evaluation report, the electives allow students to develop specialist knowledge or integrate their understanding. For example, the Marketing Channel Management elective deepens the knowledge in that area of channel management while the Supply Chain Collaboration and Advanced Planning course provides more insight into the integration within channels. Students choose the electives from a list of recommended QANU / Economics 2009 / Tilburg University 277

278 courses but have some freedom to select another elective as well. This means that students can also choose courses from other programmes at the FEB. Also, upon request, students can include electives from other faculties or other universities. The self-evaluation report states that the programme also stimulates the development of the ability to conduct academic research. The courses in both semesters provide students with the knowledge and skills to conduct independent academic research for the master s thesis project. In the interviews with the lecturers, it became apparent that they do not discuss the consistency of the programme. They focus primarily on their own courses. Assessment The committee studied the internal coherence of both programmes and concludes that the consistency of the contents of the programmes is logical and adequate. The consistency is also realised by their more specialised character. The committee observes that there is not much exchange between lecturers about the consistency of the programme and related matters. The committee would like to see more communication between the lecturers. Master s programme in Strategic Management The committee notes that academic skills are addressed sufficiently within the curriculum of the programmes. In the master s programme in Strategic Management these skills are addressed in the Research Methods in Strategy (semester 1) and Corporate-level Strategy (semester 2) courses and in the master s thesis. Master s programme in Logistics and Operations Management The committee notes that academic skills are addressed sufficiently within the curriculum of the programmes. In the master s programme in LOM, these skills are addressed in the Research and Design Methodology course (semester 1) and in the master s thesis. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. S7: Workload The curriculum can be successfully completed within the set time, as certain programme-related factors that may be an impediment in view of study progress are eliminated where possible. Description Master s programme in Strategic Management According to the self-evaluation report, the entry requirements ensure that students start the programme with an adequate and comparable background to complete the programme successfully. The programme further facilitates study progress through its structure of semesters and study units. There are five courses in semester 1. Semester 2 starts with two condensed courses lasting seven weeks (study unit three) and continues with the individual thesis project (study unit four). To facilitate study progress, resits for semester 1 are scheduled just after study unit three courses. The thesis project normally starts in March or April, and finishes in August. The self-evaluation report states that many students start later or choose to spend more time on the completion of the master s thesis. Although this is not a delay in progress due to the programme structure, the programme management is exploring ways to 278 QANU / Economics 2009 / Tilburg University

279 allow the research proposal to follow logically from the Research Methods in Strategy course, in order to facilitate a smooth start to the thesis project. According to the self-evaluation report, the evaluations and feedback sessions with students confirm that the course load is generally not considered as excessive. The workload is sometimes perceived as high, but it is not causing major delays. A good spread of exams and deadlines is an important issue, and efforts are being made to streamline the workload distribution further. The self-evaluation report also mentions that courses employing mainly written examinations have lower pass rates. This type of examination requires students to study (independently) a considerable amount of academic literature. The strong emphasis on a written examination at the end of a semester sometimes leads to a heavily concentrated workload in a limited number of weeks. This poses problems for some students. Although self-study is also largely a responsibility of individual students, it is the intention to involve the students actively throughout the semester. In response to this, case discussion sessions will be introduced in the Strategic Management course, a course which has so far relied strongly on self-study. Master s programme in Logistics and Operations Management The self-evaluation report states that the entry requirements ensure that students start the programme with an appropriate knowledge base. Furthermore, the structure of the programme allows for a spread of the workload over the academic year. There are five courses in the first semester. Students follow these courses simultaneously, but the workload is spread over approximately 14 weeks. For example, some courses use projects, which spread the workload during the semester. Other courses emphasise the exam which takes place at the end of the semester. Semester 2 starts with two courses that are concentrated in seven weeks. Though condensed and intensive, students can now concentrate on two courses instead of five. After these seven weeks, students take exams, including resits for semester 1 courses. Thereafter, students can work on their master s thesis, under the guidance of an individual thesis supervisor. According to the self-evaluation report, this structure allows students to concentrate fully on their individual research project once their coursework is done. The master s thesis project lasts approximately five to six months. The self-evaluation report indicates that course and exam evaluations, as well as talks with students (sounding board meetings), are used to detect problems. Although the workload is sometimes considered high, especially in semester 1, the pass rates are satisfactory and no major delays can be attributed to the content or structure of the programme. The interviews with the students revealed that the scheduling of exams and resits is quite tight, but manageable. Students just have to plan their work accordingly. Assessment On the basis of the self-evaluation reports and information collected from the site visit, the committee concludes that there are no major impediments regarding study progress. The committee notes that the students also do not recognise any major impediments regarding study progress. The talks with the students as well as the evaluation results show that the average student does not experience an extremely high workload. The committee notes that in nearly all master programmes students do not graduate within one year after starting the programme (see also standard 21). According to the students the QANU / Economics 2009 / Tilburg University 279

280 committee has spoken to, this is because students want to finish all of the course work before starting the master s thesis or because students take an internship. The committee assesses that the workload is fine on a weekly basis. On a yearly basis, however, regarding the scheduling of examinations, resits and the master s thesis, the distribution of the workload could be improved. For both programmes, the committee evaluates this standard as sufficient. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. S8: Admission requirements The structure and contents of the intended curriculum are in line with the qualifications of the incoming students: Academic bachelor s programme (WO-bachelor): VWO (pre-university education), propaedeutic certificate from a hogeschool (HBO)or similar qualifications, as demonstrated in the admission process Master s programme (WO-master): a bachelor's degree and possibly a selection (with a view on the contents of the discipline). Description The self-evaluation report states that the UvT developed various information provision activities and tools for prospective students for the different phases in the course selection process (orientation, reconnaissance, exploring in depth and decision-making). This includes the master s programme magazine, the initial pages of the website for those choosing a master s programme, a master information day, master s brochure, the electronic study guide, and trial study days for those interested in following a research master. Students can also ask for specific information at the student service desk and the student advisors. In addition, the UvT aims to attract international students. Internationalisation is one of the main themes of the strategic policy that the university has formulated for the next three years. This policy aims to continue and intensify the internationalisation policy established in the past few years. Its key points are strengthening the international orientation of the programmes, recruiting staff from the international job market, promoting international student exchange, collaborating with respected foreign institutes and intensifying the enrolment of foreign students. The UvT uses different means to stimulate the enrolment of international students: brochures, website, profiles in fair catalogues abroad, advertisements in international magazines, international fairs, mailings to counsellors of international schools, etcetera. In general, the intake of foreign students is not as high as the UvT would like it to be. A quota with decentralised selection will be imposed on the international bachelor s programmes for the academic year In addition to the enrolment criteria listed below, international students have to demonstrate sufficient knowledge of the English language. Proficiency in English can be demonstrated by taking either a TOEFL or an IELTS test. The required minimum score for TOEFL is 575 (paper based), 233 (computer based) or 90 (internet based) and for IELTS 6.5 (6.0 on parts). Native speakers and students who completed their undergraduate education in English do not have to show their proficiency in English. Students who do not have a degree of one of the partner institutions of UvT should also submit a GMAT or a GRE score, depending on the discipline. The admission committee will decide whether the student will be allowed to enrol in the programme. 280 QANU / Economics 2009 / Tilburg University

281 Master s programme in Strategic Management The number of incoming students in the first year of the master s programme in Strategic Management grew from 115 in to 160 in Some 80% came from an UvT bachelor s programme. Another 18% came from the premaster s programme and 2% followed a bachelor s programme outside the FEB. About 5% of the students come from abroad, all of them from the Economic European Area. Students who want to enrol in the master s programme in Strategic Management, should meet the following criteria: A bachelor's degree from the FEB/Tilburg University in Business Administration, International Busines, Business Studies or Information Management including the Organisatie van de Onderneming course will give direct access to the master's programme in Strategic Management; students are allowed to start the programme while still lacking 12 credits from the bachelor s programme; The premaster s programme in Strategic Management of the FEB/UvT; students are allowed to start the programme while still lacking 12 credits from the pre-master s programme. Another university bachelors degree in the following areas: Organisation Theories Academic Training Economics Management or Marketing Master s programme in Logistics and Operations Management The number of fresher students in the first year of the master s programme in LOM grew from 50 in to 58 in Some 74% came from a UvT bachelor s programme. Another 21% from the premaster s programme and 5% followed a bachelor s programme outside FEB. About 5% is from abroad, with 67% of them from the Economic European Area. Students who want to enrol in the master s programme in LOM should meet the following criteria: A bachelor's degree from the FEB/UvT in Business Administration, International Business or Business Studies will give direct access to the master's programme in Logistics and Operations Management; students are allowed to start the programme while still lacking 12 credits from the bachelor s programme; The premaster s programme in Logistics and Operations Management of the FEB/UvT; students are allowed to start the programme while still lacking 12 credits from the premaster s programme. Another university bachelor s degree in the following areas: Organisation Theories Academic Training Economics Logistics and Operations Management (at least two undergraduate courses) In the interviews with the students, they indicated that the number of international students has increased. However Asian students in particular do not always speak English sufficiently well. QANU / Economics 2009 / Tilburg University 281

282 Assessment The committee concludes that for students who have finished one of several bachelor programmes, it is possible to enrol in the programmes without restrictions. Students who do not meet the admission requirements can enrol in the pre-master programmes of the FEB. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. S9: Credits The programme meets the legal requirements regarding the range of credits: Academic bachelor s programme (WO-bachelor): 180 credits Academic master s programme (WO-master): a minimum of 60 credits. Description The curriculum of the master s programme in Strategic Management comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. The curriculum of the master s programme in Logistics and Operations Management comprises 60 EC and complies with the formal requirements with respect to the size of the curriculum. Assessment The master s programme in Strategic Management complies with the formal requirements with respect to the range of credits. The master s programme in Logistics and Operations Management complies with the formal requirements with respect to the range of credits. S10: Coherence of structure and contents The educational concept is in line with the aims and objectives. The study methods correspond with this educational concept. Description Master s programme in Strategic Management According to the self-evaluation report, the programme employs various didactic approaches. In close alignment with the learning outcomes, some courses are oriented more towards the fulfilment of the knowledge objectives, while others focus more on developing research skills or on a combination of learning outcomes. The didactic approach differs accordingly. For instance, the Strategic Management and International Management courses lean heavily on lectures and individual written exams to test the students understanding of important concepts. Other courses focus more on the development of skills, attitudes, and the application of knowledge. For example, the Strategy Dynamics course uses lab sessions to train analytical skills by means of simulation software. The Corporate-Level Strategy course uses small group sessions to stimulate interaction, discussion and presentation.the Research Methods in Strategy course applies a combination of lectures and interactive sessions. Of the mandatory courses, the Strategy Dynamics course is the most intensive one, consisting of 36 contact hours. Of the electives, the Corporate Governance and Restructuring course is the most intensive one, with 56 contact hours. 282 QANU / Economics 2009 / Tilburg University

283 Master s programme in Logistics and Operations Management The self-evaluation report states that different didactic approaches are needed to realise the learning outcomes. The programme uses a combination of (interactive) lectures, tutorials, assignments, exams, simulations (games are used in two courses), team-work, and individual tasks. The programme builds on the students prior knowledge and aims to deepen their understanding and improve their academic skills and attitude. The self-evaluation report states that to achieve these objectives, the didactic approaches are multifaceted. For example, core courses never consist only of lectures followed by a written exam at the end. Instead, interactive lectures and/or team projects play an important part as well. The self-evaluation report indicates that even though courses are a mix of lectures, tutorials, interactive lectures and simulation exercises, a considerable part of the programme consists of self-study or teamwork. For example, students work on assignments, papers and simulation exercises in teams and prepare for exams individually. During the master s thesis project, students have an individual supervisor. According to the self-evaluation report, the mix of approaches guarantees that students deepen their knowledge and understanding, learn to apply concepts, critically reflect on the literature, and communicate their findings to others. The master s programme in LOM also uses mainly (interactive) lectures. In the Supply Chain Collaboration and Advanced Planning elective also a computer practicum is scheduled. Of the mandatory courses the Research and Design Methodology course is most the intensive one, consisting of 58 contact hours. Of the electives, the Advanced Resource Planning course is the most intensive one, with 33 contact hours. The interviews with the students revealed that assignments are used in all courses. Students also indicated that participating in five different groups at the same time is too much. Assessment The committee concludes that the programmes use a rather traditional educational concept, consisting mainly of lectures and tutorials. The educational concept has not been formalized or explicated. The committee feels that the chosen study methods correspond with the educational concept, or lack thereof. Despite the favourable student/staff ratio the groups of students in the lectures and tutorials are quite large. The lectures in the master s programme in Strategic Management are large, consisting of groups of over 100 students (even with groups of 200 or 350 students). The committee is of the opinion that this does not allow interactive teaching. The groups in the master s programme in LOM are also large, varying from 50 to 80 students. The committee also recommends initiating a structural debate between lecturers about didactical issues, such as interactive lecturing and study methods. The interviews with the lecturers revealed that there is no faculty-wide educational concept yet. The lecturers also emphasised that conducting research and incorporating research into the curriculum (by reading and discussing articles, conducting research, et cetera) is an important aspect of all UvT programmes. The committee strongly recommends developing an educational concept based on research, and to formulate and implement some new teaching and study methods in line with this educational concept that might be coined research-based teaching. QANU / Economics 2009 / Tilburg University 283

284 The committee evaluates the criteria for this standard for both programmes as satisfactory. The committee recommends that the programmes maintain the relatively small groups, if possible. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. S11: Learning assessment By means of evaluations, tests and examinations, the students are assessed in an adequate and for them insightful way to determine whether they have achieved the intended learning outcomes of the programme or parts thereof. Description In the self-evaluation report, the FEB indicated that there is a faculty-wide Board of Examiners. This board focuses specifically on the regulations concerning testing and examination, and is made up of scientific staff members. The Board of Examiners is assisted by an official secretary of the Education Office. The Board of Examiners holds a meeting on current business every two weeks and organises several policy meetings each year. The board recently delegated several of its tasks: The preparation and assessment of examinations, and the signing of certificates have been delegated to examiners. This is usually FEB personnel, along with several staff members from other faculties. The FEB student advisors have been given a mandate for decisions about exemptions on the examiner s recommendation, decisions about entrance to the programmes and/or tests forming part of examinations, decisions about whether an examination has to be taken (this includes requests for replacing a compulsory course), decisions about an alternative opportunity for a test, and agreeing with the arrangement of the degree of choice within a course. In doing so, the student advisors must act in accordance with the guidelines prepared by the Board of Examiners. The processing and assessment of applications for admission to the pre-master s programmes and the master s programmes have been delegated to the programme directors. Ensuring satisfactory and expert invigilators during a test has been delegated to the Central Student Administration. The Education and Examination Regulations (OER) cover the instructions concerning testing and assessment. Interviews of the committee with members of the Board of Examiners revealed that the board primarily deals with individual cases. The other tasks are undertaken by the student advisors or the programme directors. For each programme, there are two possibilities for examination annually, the initial exam and the resit. In the next year, there are again two opportunities. The master s programmes all take one year, which is divided into two semesters, of which the second semester exists of two blocks. After the first semester the regular examinations are held. The first seven-week period of the second semester consists of courses. After this period, the resits of the first semester are held first, followed by the regular examinations of this period. The second period consists of the master s thesis. The resits of the second and third year of the bachelor programmes are planned in the same period as the resits of the second semester of the 284 QANU / Economics 2009 / Tilburg University

285 master s programme. For students who have not yet finished all bachelor courses, this is a busy period. In the interviews with the lecturers, it became apparent that the examinations were prepared by the lecturers that teach the course. This implies that for courses taught by several lecturers, the examination is prepared by more than one lecturer. For courses given by one lecturer, the examination is prepared by only one lecturer. The lecturers also prepare the answer key in advance of the examination. In the digital course catalogue for the university, the form of testing is indicated for each course. Information is also provided about the dates of the tests and the resits. In the selfevaluation report, the faculty stated that explicit assessment criteria specified on the assessment form are utilised in the evaluation of projects and presentations. The lecturer completes this form during the assessment to provide feedback to the students. The faculty is of the opinion that this promotes transparency towards the students, and at the same time ensures that different lecturers use the same criteria. The result of a written examination must be available within 15 working days and must be published within the next 5 working days. Every examination is evaluated by the students after completion. In 2007, the UvT commissioned a baseline measurement of the quality of the examinations. With this as a basis, a test expert was engaged to analyse all tests of all courses during a period of three years (for objective test preparation process, assessment process, grading and transparency). Master s programme in Strategic Management The self-evaluation report states that in line with the various didactic approaches, the examinations are diverse to ensure that the objectives are being met. Most courses use a combination of tests to provide additional assessments of knowledge and understanding, and to measure whether skills and attitude objectives have been met, such as written exams, class discussions, papers, and presentations. According to the self-evaluation report, the quality of assessment is assured in a number of ways. Courses are staffed by several lecturers, and most courses consists of multiple assessments. Therefore, course grades are not determined by a single judge at a single point in time. In addition, in cases where the student s class contribution is assessed, a small class size must be created, multiple sessions can be used to provide an adequate picture, or a teachingassistant can act as an additional rater. The self-evaluation report indicates that although this is achieved for a number of courses, the large class size in the remaining ones sometimes limits the use of interactive teaching. According to the self-evaluation report, interactive sessions will be created in one of the largest courses in the programme, the Strategic Management course. Students are given the opportunity to view their results after each exam for learning purposes by comparing them to appropriate answers. Finally, a standardized evaluation form is used to assess the master s thesis. Based on a number of criteria, the supervisor and a second reader judge the quality of a master s thesis (see standard 20). Master s programme in Logistics and Operations Management The self-evaluation report presents an overview of the approaches used for the different courses. Some courses (Research and Design Methodology) consist of (team) projects. Other courses (Purchasing Management) use a combination of a written exam and a team paper. According to the self-evaluation report, written exams are used to test the knowledge and QANU / Economics 2009 / Tilburg University 285

286 understanding of certain topics. Assignments and interaction are used to test skills and attitude. The self-evaluation report refers to the Physical Distribution Management course as an example of one that uses multiple types of assessment. At the end of this course students are evaluated by the results of a written exam and their active participation during the semester. The latter is assessed by means of individual and group homework assignments, which have to be handed in prior to class meetings. Examples of courses which consist of team projects only are International Production Management and Research and Design Methodology. Assignments are corrected by one instructor but the evaluation is checked by a second instructor. In addition, the courses consist of multiple smaller projects. Students are provided with feedback early on, which they can use as input for the follow-up assignments. A standardized evaluation form is employed for the master s thesis evaluation. This form lists the criteria for the assessment of a master s thesis. Both the supervisor and a second reader use the form to come to a final grade (see also standard 20). Assessment The committee studied the information referring to the assessment and testing, and ascertains that both programmes have selected the appropriate test forms. It feels that the test forms used in the programmes clearly reflect the educational concept and serve the learning outcomes of the courses. On the basis of the examinations reviewed, the committee ascertains that the points students can earn for each part of the examination are mentioned. The committee would like to point out to the Board of Examiners that its role will change in the near future (as legally required), making the board formally responsible for the quality of the contents of the examinations. It therefore advises the Board of Examiners to consider the consequences of this for its role. From the interviews, the committee concludes that a prior assessment of the examination questions by two persons is not always done. To guarantee the quality of the contents of the examinations, the committee recommends formalising this ex ante quality assurance principle. Formalisation will be mandatory under the new legislation. The committee therefore advises the programmes to undertake steps in the near future to formalize procedures as to the ex ante quality assurance of the contents of the examinations. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. Assessment of the theme Curriculum The committee comes to an overall assessment of the theme Curriculum on the basis of its assessments of the separate standards. In the case of the master s programme in Strategic Management, it assesses this theme as satisfactory. In the case of the master s programme in Logistics and Operations Management, it assesses this theme as satisfactory. 286 QANU / Economics 2009 / Tilburg University

287 Staff S12: Requirements for academic orientation The programme meets the following criteria for the deployment of staff for a programme with an academic orientation: Teaching is principally provided by researchers who contribute to the development of the subject/discipline. Description The FEB indicates in the self-evaluation report that, as a matter of principle, all staff members have a doctorate degree (or are actively engaged in earning a doctorate), and have both research and teaching tasks. Trainee research assistants also have a teaching task of 20% over three years. Since 1996, the FEB has applied a tenure track policy for young faculty who recently earned their doctorate degree. The tenure track position is a provisional position for a period of six years. In this period, the staff member must conduct high-quality research and demonstrate pedagogical skills to secure a permanent position (tenure). In contrast to other FEB staff members, they have a 40% teaching task and a guaranteed 60% research task. Permanent staff members are awarded research time according to the quality and quantity of their prior research output. The permanent staff members devote, on average, 60% of their time to teaching and 40% to research. To secure a tenure position, the staff member in question must have had independent articles published in journals judged by the FEB to be top, very good or good, and their pedagogical evaluations must be of a higher level than the average of colleagues teaching similar courses. This assessment is conducted by the Faculty Management Team (FMT), which is advised by the Faculty Evaluation Committee (FEC). The FEC consists of six professors who are partly chosen by the personnel and partly appointed by the FMT. The FEC is also involved in advising on proposed promotions (from university lecturer to senior lecturer, from senior lecturer to professor 1 and from professor 1 to professor 2 ). Interviews with lecturers revealed that there is also an adjunct professor track. It is intended for staff members who excel in teaching, but who are not able to meet the research requirements of a tenure track within the set deadlines due to their focus on their teaching task. Currently, there is one adjunct professor employed in the faculty. In the self-evaluation report, reference is made to the university website Experts and expertise. This site contains information about teaching and research activities, publications, extra duties and any unusual aspects of all lecturers. The FEB's research is conducted within CentER, the Center for Research in Economics in Business. It occupies a high position in different international rankings. The quality of the faculty is apparent from the assessment of the faculty's research programmes done by different agencies (VSNU in 2002, Scientific Council of CentER in 2005, part of the internal Mid-Term Review and QANU in 2009). The research programmes are mostly awarded a good (4) or excellent (5) grade. Master s programme in Strategic Management Renowned researchers are involved in the master s programme in Strategic Management. Four of the ten courses are coordinated by full professors. One course is coordinated by a lecturer. The six other courses are coordinated by assistant and associate professors. Other lecturers and a PhD student are involved as well. In the interviews with the students, it became apparent that students are exposed to research during the lecturers, especially the lecturer s research. QANU / Economics 2009 / Tilburg University 287

288 Master s programme in Logistics and Operations Management Renowned researchers are involved in the master s programme in LOM. Two of the nine courses are coordinated by full professors. The other seven courses are coordinated by associate professors. In the interviews with the students, it became apparent that students are exposed to research during the lecturers, especially the lecturer s research. Assessment The FEB strives for top research, which the committee considers a sensible objective. This choice has consequences for staff members who cannot meet the FEB s strict research demands. For this reason, the FEB has established the position of adjunct professor, there is at present one adjunct professor. The committee considers this a good initiative and advises to further develop this initiative. The committee ascertained that the majority of members of the scientific staff of both programmes has a PhD. The committee concludes that the teaching in both programmes is provided by researchers who are making active contributions to the development of the relevant fields. The committee concludes that the majority of the courses in both programmes are coordinated by assistant or associate professors. In addition to this, in several courses there are no full professors involved. The staff of the programmes has adequate scientific expertise in the committee's view. Based on these conclusions, the committee feels that both programmes meet the criteria expected of a scientific master s programme. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. S13: Quantity of staff Sufficient staff are deployed to realise the desired quality of the programme. Description The self-evaluation report contains FEB-level data on the number of registered students, the number of diplomas awarded, the number of fte scientific personnel, the student-staff ratio, and the diploma-staff ratio. The number of students registered at the FEB ranges around 5,000. The number of fte scientific personnel varied from fte in to fte in The student-staff ratio was 20, 21 and 19, respectively, in the past three academic years ( , and ). In the interviews with the programme directors and the Faculty Board, the allocation model was discussed. The departments receive their annual financing based on the number of students registered two years earlier. The research units receive their financing from the departments, with the following basic assumptions: a fixed budget of 40% per research unit, and a variable proportion based on the number of students attending a course for the first time. The departments and research units are free to spend the budget as they wish. Master s programme in Strategic Management The self-evaluation report states that all courses are staffed by several lecturers. This facilitates the use of multiple didactic approaches and guarantees the quality of examinations, even for courses with large student numbers. According to the self-evaluation report, the division of labour differs between courses. In some cases, it is determined by the content. In the 288 QANU / Economics 2009 / Tilburg University

289 Entrepreneurship and Innovation course, for instance, one lecturer is a specialist in entrepreneurship and teaches the entrepreneurship part of the course. The other lecturer is specialised in the innovation and technology aspect of the course and teaches that. In the Strategic Management course, too, different lecturers teach different topics. In other cases the didactic approach determines the division of labour between lecturers. In the International Management course, for example, one lecturer is responsible for the lectures, while the other lecturers are responsible for the interactive teaching in smaller groups. Likewise, in the Corporate-Level Strategy course the classes consist only of interactive lectures. To facilitate discussion, the classes are kept small. Given the large number of students in the course (approximately 140), the entire group is split up into six smaller classes. To avoid that a single lecturer has to teach the same topic six times in a row, two lecturers take care of three different classes each. Interviews with the students revealed that lectures for the master s programme in Strategic Management are usually attended by over 100 students. The discussion groups are usually smaller, consisting of 20 students on average. The interviews with the lecturers revealed that some lectures are given to groups of 200 or 350 students. In the Strategic Management course the 350 students attending lectures are divided into groups of approximately 20 for the assignments. This year, because of scheduling problems, these smaller groups have only met once as opposed to the planned five times. Master s programme in Logistics and Operations Management According to the self-evaluation report, the number of lecturers depends on the size and structure of the courses. The Logistics and Information and Physical Distribution Management courses are taught by a single lecturer. These courses attract 80 and 60 student, respectively, and involve interactive lectures. Other courses are taught for a larger number of students or are characterised by intensive group projects. The Purchasing Management course attracts a considerable number of students from another master s programme and is thus taught by two lecturers. The Research and Design Methodology course is also taught by two lecturers. Although only 60 students attend this course, the didactic approach is a combination of lectures, tutorials and feedback on group assignments. According to the self-evaluation report, even though large courses could be taught just by means of lectures, the use of multiple lecturers facilitates a mix of didactic approaches and examinations in these large courses as well. The Purchasing Management course attracts more than 100 students and combines large lectures with group assignments and interaction by means of the digital learning environment. Interviews with the students revealed that the group size of the lectures for the master s programme in LOM ranges between 80 and 150 students. Questions are asked in interactive lectures. The students indicated that about half of the students actively participate in these lectures. The interviews with the lecturers made it clear that the supervision of the master s thesis led to some problems this year. Many students (220) all started the thesis, which caused capacity problems. Assessment The committee realises that the implementation of small-group teaching requires more effort in large programmes and large faculties. Nevertheless, the committee wants to stress that the faculty as a whole has a very favourable student/staff ratio. On that basis, small groups of QANU / Economics 2009 / Tilburg University 289

290 students could be arranged, but this requires tailor-made policies. In practice, however, groups tend to be large, compared to Dutch standards. The committee feels that the two programmes have not yet found an adequate balance between group size and available staff. For a specialised master s programme, the committee would expect to see smaller group sizes, to facilitate interactive teaching and in-depth discussions of the different subjects. Although the programmes try to realise smaller group sizes and there are some exeptions, this is not realised in either programme. The group sizes are large, varying from 80 to 150 in the courses of the master s programme in LOM and more than 100 students in the courses of the master s programme in Strategic Management. The committee feels that with such group sizes, it is impossible to realise interactive teaching (and interactive lectures) of sufficient depth. The committee concludes that the two master programmes do not meet the criteria on this standard. Master s programme in Strategic Management: the committee assesses this standard as unsatisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as unsatisfactory. S14: Quality of staff The staff deployed are sufficiently qualified to ensure that the aims and objectives regarding the content, didactics and organisation of the programme are achieved. Description As specified under standard 12, the FEB has a tenure track policy for promising young faculty. After a provisional position lasting six years, they can be awarded a permanent position if they demonstrate excellent research and teaching skills in that period. The heads of the departments conduct annual performance reviews with staff members. The results of the course evaluations are used to discuss pedagogical performance. In the annual review meeting of the programme director and the head of the department on the personnel requirements of the programme, the programme director can indicate which staff member s/he would like to employ or would not like to employ. Teaching performance is also critically reviewed when considering promotion. The Faculty Evaluation Committee (FEC) has established criteria for the promotion of staff members. For promotion, the contribution of the staff member to innovation in education and the development of teaching programmes are assumed necessary. For new lecturers and trainee research assistants, the faculty organises a compulsory foundation course in didactical skills. Its objective is to improve didactical skills. The course concludes with an individual assessment, with one lesson given by the lecturer being filmed and discussed. Starting in 2010, the Fundamental Qualification in Education (BKO) will be introduced across the university for all new staff members. Lecturers can have individual supervision upon request or after indication on the basis of course evaluations. This option is used several times a year. In addition, regular meetings on specific themes are organised for staff members (for example, on ICT and education, supervision of theses, testing and intercultural communication). Given the drive towards internationalisation (see standard 8), there are increasingly more English-language subjects within the course curriculum. Therefore, since , each staff member is required to pass an English language test. Based on the results, staff members 290 QANU / Economics 2009 / Tilburg University

291 may receive a recommendation to improve their command of English. In the university's language lab, staff members can take various courses. The number of staff members who actually do so is still limited. Within the FEB, the establishment of a faculty education expertise centre is underway. The objective is to combine and distribute the knowledge present within the FEB in the field of educational studies and didactical matters. Master s programme in Logistics and Operations Management The interviews with the students revealed that one of the lecturers, who is involved in several courses, speaks English very poorly. The committee also notes that many of the master s thesis supervisors do not have a PhD. The committee strongly recommends using experienced researchers and lecturers to supervise students in this phase of the programme. Assessment The committee feels that the FEB programmes meet the criteria applicable to this standard. The committee notes that a number of clear developments have been initiated to stimulate the didactical development of lecturers. The FEB's four-day foundation course in didactical skills is compulsory for new lecturers. The BKO will be implemented across the university from 2010, giving the university a minimal basic guarantee for the didactical quality of its teaching staff. Also, in the performance reviews, attention is explicitly paid to teaching performance, partly based on course evaluations. These evaluations guarantee systematic assessment of the didactical qualities of lecturers. The committee understands that adequate action is taken when a lecturer receives a poor assessment. After a poor assessment, the lecturer is given sufficient opportunities to follow training courses or a coaching track to improve his/her didactical skills. If subsequent assessments remain poor, a process is implemented that can lead to outplacement. The committee feels that given the current level of didactic training and the BKO requirement after 2010, the minimal quality criteria can be ensured. However, there is still room for improvement. Faculty-wide educational meetings, often focusing on a specific theme, are held regularly, but the committee feels that attendance is too low. This also applies to the English language courses. There is little exchange between lecturers about pedagogical and didactical issues. Based on the interviews with lecturers, the committee concludes that too little use is made of sharing the good teaching practices present within the FEB. The committee suggests to actively stimulating such information transfer. The initiative to establish an education expertise centre within the FEB, which can collect and combine available data, knowledge and practices, is a good step in the right direction. The committee is in favour of this initiative. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 291

292 Assessment of the theme Staff The committee comes to an overall assessment of the theme Staff on the basis of its assessments of the separate standards. Even though the committee assesses S13 (quantity of staff) for both programmes as unsatisfactory, the committee feels that for both programmes this is compensated by the quality of the staff (S12). Therefore, for both programmes it assesses this theme as satisfactory Services S15: Facilities Housing and facilities are adequate to achieve the learning outcomes. Description All UvT courses are given on the campus. All facilities and materials required to provide education are present on campus and accessible to all students. The faculties share all teaching facilities. The students' satisfaction with the facilities is evaluated each year at university level. There is a large number of lecture halls and classrooms available, with varying capacities (<25 to >300 seats), almost all with internet access and other teaching support facilities. In addition, there are several computer practice rooms available which can be used by students for self-study when they are not being used for classes. The evaluation results given in the self-evaluation report reveal that the students are in general positive about the quality of the lecture halls and classrooms. For this aspect, the faculty scores 3.7 (on a scale of 1 to 5, in academic year ). There are a number of rooms available with a total of 930 workplaces for students (including 500 workplaces in the library). Students can make use of the student workplaces in the library on Monday to Friday until 21:30 hours and on Saturday and Sunday from 10:00-17:00 hours. The Montesquieu Learning Center and the Goossens Learning Center are open each working day until 22:30 hours. Some of the student workplaces have lockers with an electric socket. The students can recharge their own laptop or mobile telephone there while they work. At various places, the setting resembles an internet café. In March 2009, the city of Tilburg s public library opened a municipal study centre where students have free access to the university network. All of these facilities are available to all UvT students. The students are less positive about the number of workplaces available, according to the results in the selfevaluation report. For this aspect, the faculty scores 3.1 (on a scale of 1 to 5, in academic year ). The university has a videoconference room that can also be used by students. It has installed a wireless network, which the students can log onto from their own laptop. In addition, there is a second-hand bookstore on the campus, where students can buy and sell books (the proceeds go to charity). The campus also houses a central library. For the economics and business economics courses, relevant databases are available. The students can consult the Library Service Desk for assistance and advice in searching for information. The library also contains a Scriptorium where students can find individual supervision and advice about writing a thesis, paper, or report in Dutch or English. 292 QANU / Economics 2009 / Tilburg University

293 To prepare timetables, the UvT has been using the electronic programme Syllabus Plus since the academic year The aim is to utilise the available lecture halls better. For the FEB, this has led to a relatively large number of lectures in the evenings. In the interviews with students, it became clear that the students were not uniformly enthusiastic about this development. The FEB utilises different electronic systems in teaching. First of all, the Electronic Course Catalogue (ESG) lists all degree courses, programmes and electives. It also provides information about lecture and examination timetables. Second, Blackboard covers all courses, providing detailed information about them. Blackboard is primarily used for sending the students messages about a particular course, storing copies of presentations used in the lectures and issuing assignments. The third system is BSCW, a programme that enables collaboration at a distance via the internet. Using this programme, members of a group (project) have access to a common workspace where documents can be stored, shared and modified. In addition, discussions can be conducted, facilitating joint coordination and decision-making. From the interviews with the students, it became apparent that many are not familiar with the BSCW programme. Through the student portal on the university website, students gain access to different applications (with just one log-in). The student portal also provides students with information on supervision, student administration, et cetera. Currently, the FEB is conducting an experiment in recording lectures on video. At the site visit, it was explained that this application can be used when subjects are removed from the curriculum and students have to resit the examination, or when students want to review the lectures again or were not able to attend the lecture. Assessment Based on the description in the self-evaluation report, the committee concludes that there are currently enough classrooms, lecture halls and study places available. The committee would like to point out that if the number of students increases further, the facilities will not be adequate. The committee also ascertains that the lecture halls and classrooms suit the current didactical practices, which involves working with relatively large groups. For another didactical concept involving working with smaller groups, the current facilities will be inadequate. The committee appreciates the cosy feeling of the campus and the associated facilities. The committee is also pleased with the presence of the videoconference room and the secondhand bookstore for students. The committee confirms that the ICT facilities and electronic work environment look excellent. In interviews with students, it was noted that the students are not familiar with the BSCW programme. The committee clearly appreciates the added value of recording lectures on video. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 293

294 S16: Tutoring Tutoring and information provision for students are adequate in view of study progress. Tutoring and information provision for students correspond with the students needs. Description In the self-evaluation report, the FEB indicated that the students are responsible for their own study behaviour and progress. The initiative to seek support when problems arise lies primarily with the student. In the self-evaluation report, a distinction is made between facilities at the FEB level and at the university level. At the FEB level, the student service desk (1.9 fte, two staff members) is available. It is an easily accessible facility where students go first with course-related questions (except for questions about registration, which are dealt with by the Central Student Desk). The staff members of the student service desk refer more complex questions to the academic advisors. In 2012, the faculty intends to transform the student service desk into a one-stop shop, where all the students' questions can be answered. At the university level, academic advisors and psychologists are available at the Student Affairs Service. Students can get in contact through the student advisor or independently. At the Language Lab of the Student Affairs Service, students can take various language courses. All students of the university are given language vouchers with a total value of 12 EC with which they can take two language courses of 6 EC at the Language Lab during their course of their study. The faculty employs five student advisors (4.0 fte). Each student advisor is associated with a number of bachelor and/or master programmes. The coordinator of the study counselling unit can also act as a student advisor in busy periods. The student advisors offer support on course-related issues like problems with progress, selection processes and questions about the contents of the course and required skills. The student advisors are also involved in information-provision activities for prospective students and introductory activities for freshmen. The student advisors confer regularly with the programme director(s) of the programmes with which they are associated about information provision activities and developments in courses. The student advisors have consultations by appointment and open office hours. For international and exchange students, the International Student Services is available (6 staff members, 5.0 fte) to answer specific, individual questions about studying abroad. The university website plays an important part in information provision to students (see also standard 15 about facilities). In addition, the students periodically receive an English newsletter about developments regarding teaching within the FEB. In the Blackboard course FEB facts you need to know, the rules and procedures of the FEB and university are explained. The FEB also organises information meetings on course selection (after the first year of the bachelor programmes in General Economics, Business Economics and Fiscal Economics) and the range of choices after the bachelor s programme. The evaluation results in the self-evaluation report reveal that students of the FEB are in general less satisfied with the supervision than other students at the university. An upward trend is evident, however (from 2.3 in to 3.3 in , on a scale of 1 to 5). 294 QANU / Economics 2009 / Tilburg University

295 Assessment The committee ascertains that all expected forms of supervision and tutoring at the FEB or central level are present. The initiative for requesting any form of supervision is left up to the student. In the different interviews with students, the committee explicitly asked their opinion on this standard. In general, students appeared to be reasonably satisfied with the supervision and advice that they received in practice. The committee focused in particular on international students. The committee is of the opinion that the activities of the programme management concerning supervision and information provision are adequate to promote study progress and that they meet the students' needs. The committee notes that the supervision could be improved by changing the optional nature of a number of parts. The committee also has established, based on the interviews, that the student advisors would like to play a more active role. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. Assessment of the theme Services The committee comes to an overall assessment of the theme Services on the basis of its assessments of the separate standards. In the case of the master s programme in Strategic Management, it assesses this theme as satisfactory. In the case of the master s programme in Logistics and Operations Management, it assesses this theme as satisfactory Internal quality assurance system S17: Periodical evaluations The curriculum is periodically evaluated in the light of verifiable objectives and other measures. Description The internal quality assurance system is described in the self-evaluation report for the FEB as a whole. The quality assurance system consists of three layers. The first are external quality assurance cycles, such as the six-year accreditation cycle. The second is an internal quality assurance cycle at the university level. There is a permanent Education Quality Assurance Steering Committee coordinating activities concerning the quality of education for the university as a whole. Proposals from this steering committee are discussed by the university board and the faculties. Some proposals from the steering committee are implemented throughout the university. In , the Mid-Term Review of Education took place halfway through the external quality assurance cycle, covering the entire university. The third layer of the quality assurance system is the internal quality assurance cycle conducted at the FEB level. The FEB programme directors are responsible for the quality of education. Teaching programme committees (OLCs) monitor the actions of the programme directors and give advice on the activities. The OLCs also advise the faculty board about the Education and Examination Regulations (OER). For reasons of efficiency, there are in total three clusters of OLCs, each with equal numbers of scientific staff members and students. Hardly any full professors participate in OLCs. The OLCs meet at least three times a year to discuss the semi-annual reports from the programme directors on the current state of affairs and the OER. It appears from the interviews that in practice there are more than three QANU / Economics 2009 / Tilburg University 295

296 meetings per year. It also became apparent that the OLCs clearly have an advisory rather than a legislative role. The influence and involvement of the OLCs seem to have increased in the past few years. There are also plans to allow the OLCs to function more systematically and fulfil a more (pro)active role in the quality assurance process. Along with the contact with the OLCs, the programme directors receive management information from the FEB education office. The education office carries out examination and curriculum evaluations. All courses and associated exams are evaluated every year at the end of the course using a standard evaluation form, on which students indicate on a scale of 1 to 5 the extent of their agreement with a number of statements. The course s lecturers and their heads of departments receive the evaluation results. Because the results of the evaluations are not made publicly available (according to the interviews), the student societies have taken the initiative to produce shadow evaluations conducted by students. Thus, students gain insight into the assessment of the courses by their fellow students, and they can base their choices on this. Focus groups can highlight problems that students are having with a particular course. A focus group has been set up for all programmes, consisting of students from different years of a programme. In each semester, this focus group meets several times to discuss the education given in that period. In addition, the education office organises curriculum evaluations among students to explore all parts of the curriculum (one particular academic year), usually through a written questionnaire. If the causes of problems in a course are difficult to uncover, panel discussions are set up at the request of the lecturer teaching a course, the programme director or the head of the department. Invitations to be on the panel are sent to several students, and possibly to the lecturer. A discussion is initiated with staff members of the education office on a topic referring to the teaching in the course, and suggestions are made for improvement. Another form of panel discussion involves groups of students evaluating course-related issues and service provision to students. Starting in , this form of panel discussions will be implemented. Along with these evaluation methods, there are also alumni surveys and contacts with the relevant job market (see standard 19). From the interviews with lecturers and students, it appears that the results of the course evaluations are not publicly available. Apart from those directly involved in the courses, only members of the OLC may view the results. For some programmes, the relevant student society conducts shadow evaluations, which are made public. Assessment The committee feels that the programmes meet the criteria for this standard. The committee ascertains that the education provided is periodically evaluated according to a set of objectives (see description under S18) and that the programme management actively acts on the results. It also confirmed that the evaluations are conducted in a formalized and structured way and that the programme management structurally analyses the results and takes action, if necessary. Based on its discussions held with the members of the different OLCs, the committee ascertains that the OLCs feel involved in the quality assurance system for the programmes. The committee considers the size of the different OLCs to be overly large, and the involvement of full professors in all OLCs to be too low. The committee feels that the OLCs act rather passively, without having systematic contact with their constituencies (i.e., other lecturers and students). In the discussions, it became apparent that this difficulty has been noted earlier by the OLCs themselves and in an external survey conducted by the university. 296 QANU / Economics 2009 / Tilburg University

297 The role of the OLCs continues to grow in importance, however, and has expanded in the past few years. The committee favours this development and sees great potential if this growth trend continues. Both the OLCs and the programme management confirmed that remarks and suggestions from the OLCs are taken seriously. The OLCs have contributed, for example, to issues concerning the OER. They are also active in analysing the evaluation results for courses. Different interviews revealed that reviews are conducted in a formalized and structured way based on course and examination evaluations, as well as focus groups. The programme management structurally analyses the results and takes action, if necessary. The committee likes the panel discussions that are arranged whenever some aspect of a course is unclear. The information derived from the evaluations could be processed in a more systematic and coordinated manner, however. Strengthening the contacts between the different involved parties -for example, the OLCs and the focus groups- could contribute to this. In addition, the contact with the OLCs constituencies (particularly the students) must be strengthened. On the one hand, students need more insight into the evaluation system, to know where to go with a problem. On the other hand, students need to be informed about the results of evaluations. In the interviews with students and lecturers, it became apparent that the evaluation results are not made public. Currently, students are forced to obtain this information through shadow evaluations. The committee considers it important that students are given insight into the results of evaluations (perhaps, after a privacy check). The committee is positive about the implementation of the Mid-Term Education Review and the baseline measurement conducted by the university to improve testing practices. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. S18: Measures for improvement The outcomes of the evaluation form the basis of verifiable measures for improvement that contribute to the achievement of the objectives. Description The self-evaluation report describes how the results of evaluations are dealt with. All of the results are entered in the electronic programme file for the programmes (as far as possible). This gives the programme directors and OLCs access in an orderly manner to all data collected about a programme. The data can then be analysed, after which conclusions can be drawn about the strong and weak points of the programme (or parts of it). This provides a basis to stimulate steps for improvement. After implementing these improvements, the new collected information can be used to examine the extent to which the desired effect was achieved. The programme dossier was developed in the course of the academic year and is constantly being updated. The results derived from the programme dossier are discussed in performance reviews and management reviews, and form a stimulus for staff members to take didactical training when a course is judged as unsatisfactory on this aspect for the second time in a row. The discussions revealed that both the programme directors and the OLCs sense that the results of the evaluations are taken seriously. In the OLCs, a course that has been judged to be unsatisfactory is definitely discussed. QANU / Economics 2009 / Tilburg University 297

298 The self-evaluation report revealed that at the FEB level different recommendations have been implemented, including most of the ones that had emerged during the previous accreditation cycle. Examples include the recruitment of an education specialist to survey the teaching of skills in the bachelor programmes, development of an assessment form for bachelor and master theses, improvement of communication with the students, and an increase the number of student workplaces. The faculty is also occupied with implementing recommendations made by the committee in the Mid-Term Review in Partly due to the Mid-Term Review, for example, the faculty instituted a new policy as to the internationalisation of education. Moreover, several curricula will have to be revised in the near future. Master s programme in Strategic Management The self-evaluation report describes the following examples of improvement (based on course evaluations and sounding board meetings with students): Course evaluations and students feedback suggested a need for improvements of different parts of some of the courses in the programme. For instance, better integration between components of courses (in the Entrepreneurship and Innovation and Strategy Dynamics courses) or the difficulty of exams (in the Strategic Management course). As stated in the self-evaluation report, conversations with the lecturers of these courses have led to adjustments. Furthermore, some of the issues were related to the staffing of a particular course. Starting in the academic year, this course is expected to provide a more stable basis for improvement. The self-evaluation report indicates that although changes do not always lead to immediate radical improvements, these courses are subject to continuous improvements by the instructors. In addition, alternatives for more radical changes are explored. For instance, after initially seeking to improve the integration between the different components in the Entrepreneurship and Innovation course, the programme management is now also exploring the possibility to create separate courses for the two main parts of this course (Entrepreneurship and Small Business on the one hand and Innovation and Technology Management, on the other hand). Some of the comments on the whole programme pertained to problems with large class sizes and suggestions for more application of theory by means of cases. In response, the programme now offers a smaller-scale teaching component in most of the courses. In addition, the programme management will introduce case discussion sessions in a course that used to be taught exclusively by means of large lectures (for example the Strategic Management course). The self-evaluation report states that a new course has been introduced to prepare students for their master s thesis. To some extent, this course was developed as a result of feedback from students and from staff, who noticed that some students experienced difficulties in starting up their master s thesis research project. Introduced newly in the academic year, the course experienced some initial problems. Based on the feedback from students, the lecturers of this course are instituting several changes which will be implemented in the academic year. Master s programme in Logistics and Operations Management The self-evaluation report states that the course evaluations and feedback from students (through sounding board meetings or informal conversations) indicate where actions have to be taken. Lecturers use the results of the formal evaluations to improve their courses. In addition, the course evaluations are considered by department heads in their annual 298 QANU / Economics 2009 / Tilburg University

299 performance reviews with individual staff members. Finally, the academic director of the programme uses the evaluations and the qualitative feedback to identify if actions are required. Actions may have to be taken on the level of individual courses or of the programme as a whole. When the evaluations point out problems with a specific course, the usual first step is to schedule a meeting with the responsible lecturers. In the self-evaluation report, the following examples were presented: The feedback on the Research and Design Methodology course indicated a number of problems. Students experienced the assignments as unclear. Furthermore, they did not understand how the course was meant to prepare them for the master s thesis research project. In response, additional tutorials were scheduled, in which explanation of and feedback on assignments were given by the lecturers. Guest lectures by alumni were also introduced to clarify how these former students used the methodology lessons from the course in their own research projects. Finally, the lecturers are currently working on a real-life research case in cooperation with a large Dutch multinational. In this way, the programme management wants to realise a close connection between academic research methods and the real-life empirical research setting. Regarding the programme as a whole, students suggested a number of improvements. For example, some years ago, students indicated that the number of electives in the area of logistics and operations was small. In response, the Supply Chain Collaboration and Advanced Planning course was introduced. Initially open to a limited number of students, the course is gradually expanding in size. Since another comment pertained to the need for more quantitative aspects of logistics, these have been built into that course as well. Other student comments referred to their need for more opportunities to give presentations and to acquire tools to cope with problems they encountered by working in teams. According to the self-evaluation report, the programme management and the lecturers are trying to find solutions for these issues. Assessment The committee approves the implementation of programme dossiers. In these dossiers, it is evident that courses can be evaluated before and after every examination. This information is available for all years, starting in It is also evident in the dossiers that courses with low scores in the evaluation are actually improved or removed. The committee gets the impression that good use is made of the programme dossiers. The committee ascertains that the results of the course evaluations lead to concrete measures for improvement when there is a need for it. The committee examined different examples of measures taken to improve the quality of the teaching. The committee feels that along with the formal measures implemented by programme management, individual improvements were carried out by lecturers based on the course evaluations and other signals they perceived. The committee is of the opinion that both programmes meet the criteria for this standard. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 299

300 S19: Involvement of staff, students, alumni and the professional field Staff, students, alumni and the relevant professional field will be actively involved in the internal quality assurance system. Description As already stated in standard 17, lecturers and students are involved in the quality assurance system in the following ways: The programme directors are also lecturers. They are assisted by a students advisor and an academic advisor. Lecturers and students are represented on the educational committees with equal numbers of lecturers and students. The FEB has three educational committees. Students participate in focus groups and are involved in panel discussions about a particular course. Students can express their opinions about courses and examinations through written course and examination evaluations carried out after the conclusion of a course or examination. Alumni and representatives from the professional field currently have a rather modest role in the quality assurance system. There are annual alumni surveys conducted through the WO monitor by the Research Centre for Education and Job Market (ROA), but a survey among representatives of the professional field is not done structurally. There is some contact with the professional field in the form of students' final projects conducted in companies. The programme receives feedback on the student's abilities as evidenced in how they carried out the project from the internship supervisor, which may also include indirect feedback about the programme. The self-evaluation report also states that the FEB has a Social Advisory Board with representatives from the business community and other institutes. The members of the Social Advisory Board offer their vision of the path the faculty could and/or should take from their specific viewpoints. The Social Advisory Board meets several times a year. It is consulted in strategic discussions within the FEB. At university level, an alumni database is being established, and a pilot of a large-scale survey is being conducted among alumni. The intention is to put together an alumni panel that can be periodically consulted on relevant issues. The university also wants better information as to its international alumni. At the moment, they generally disappear once they have graduated and returned home. The FEB intends to establish a Career Center for alumni to stimulate binding with alumni by organising various activities and to obtain more systematic feedback on the FEB programmes. Currently, the FEB is actively recruiting an alumni officer to handle the alumni policy. Master s programme in Strategic Management The self-evaluation report indicates that informal contacts with alumni are used to learn what jobs they succeed in. Formal contacts with alumni will be developed by means of a recently initiated alumni association for graduates of the master s programme in Strategic Management. According to the self-evaluation report, the master s thesis projects are also used to make contacts with the professional field. They are often conducted as part of a company research assignment. This allows the programme management to learn how the student s knowledge and skills fit with the strategic challenges that organisations face in practice. As part of such projects, there are contacts between company and university supervisors. With some firms, the contacts are multifaceted. These firms have employed graduates, frequently offer thesis 300 QANU / Economics 2009 / Tilburg University

301 projects and provide guest lecturers for courses. The self-evaluation report states that, although formal evaluation of the programme has not so far been explicitly discussed as part of these contacts, the contacts ensure close connections between academia and practice in a more informal manner. Input also comes from contacts with current students. According to the self-evaluation report, based on the experience some students had with international case competitions or case cracking courses at foreign universities, the programme management is exploring ways to incorporate similar elements in the programme. Master s programme in Logistics and Operations Management The self-evaluation report states that there are several ways in which contacts with the labour market are established. First, many students write their master s thesis on the basis of research conducted for companies in various sectors. The challenges these companies face are translated into research projects for students. Students apply their knowledge and skills to real-life and relevant managerial problems. As part of the master s thesis project, there are contacts between university and company supervisors. At the end of the project, the company supervisors provide their evaluation of its quality. Second, people from business provide input into courses by means of guest lecturers or case assignments. Third, many lecturers have contacts with alumni. Recently, these contacts have been formalized by the establishment of an alumni association for graduates in LOM. Assessment The committee is of the opinion that the programmes meets the criteria for this standard. Based on the discussions with students and lecturers, the committee ascertains that the staff members and students are committed to their programme. The contacts between OLCs and other students could be strengthened and structured better. In this way, the functioning of these committees would be enhanced. Contacts with the professional field and alumni do exist, but could be better structured. The committee notes that the contacts between students from the OLC and their fellow students run primarily through the informal network contacts. Students do not appear to know who represents them on the OLC. The committee advises the OLC to structure the contacts and information provision to students better. In this way, it will be clearer for the students what measures are taken in response to the outcomes of the course evaluations. This could also lead to an increase in the information that reaches the OLC, because students know where they can go with their issues. The committee feels that the current OLCs mostly respond reactively. They discuss important issues, but mainly at management's request. The committee advises the OLCs to act more proactively in the future, and take up an agenda-setting role. The committee also notes that the current OLCs are rather large, and that hardly any full professors are members. This can affect their decisiveness and influence. The committee appreciates that a university-wide external survey on the working of the OLCs was conducted. The committee notes that the role of the OLCs is being taken more and more seriously by the programmes. It is important that this development continues. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 301

302 Assessment of the theme Internal quality assurance system The committee comes to an overall assessment of the theme Internal quality assurance system on the basis of its assessments of the separate standards. In the case of the master s programme in Strategic Management, it assesses this theme as satisfactory. In the case of the master s programme in Logistics and Operations Management, it assesses this theme as satisfactory Results S20: Achieved learning outcomes The achieved learning outcomes correspond with the aims and objectives regarding level, orientation and subject- /discipline-specific requirements. Description At FEB level, rules have been formulated for the supervision of students writing their bachelor s or master s thesis, and criteria have been developed for the assessment of these theses. Regarding the supervision of students, the FEB considers that this must be the responsibility of a staff member with a PhD. In addition, the assessment must always be done by two staff members who separately fill in an assessment form according to the formulated criteria. This will make it clear for students how the final grade is arrived at, and a certain arbitrariness of the assessment criteria employed by individual judges can be prevented. The assessment of the thesis is based on an assessment form taking into account the various criteria that a thesis paper should meet. Six aspects are distinguished: the research question, method and theory, findings, conclusions, recommendations, and style. Master s programme in Strategic Management According to the self-evaluation report, the master s thesis starts with the research proposal, which students develop themselves. This proposal has to be formally approved by the thesis coordinator before the student can start the project. Approval of the research proposal is based on topic and academic level. After approval, the student is assigned a thesis supervisor. Supervision entails frequent meetings between the student and the supervisor, to discuss progress. The project ends with a presentation and a defence of the thesis. Along with the supervisor, a second reader evaluates the quality of the thesis using the criteria that have been standardized in the faculty s master s thesis evaluation form. The self-evaluation report states that although a formal job market evaluation has not taken place yet, informal contacts with alumni show that many graduates find a job in their field of study. Alumni have started a career in consultancy or work in a strategy staff position in corporations in various sectors and of various sizes (including the major multinationals in the Netherlands). Master s programme in Logistics and Operations Management According to the self-evaluation report, most master s thesis projects are based on company assignments. Students are linked to these assignments in a number of ways. First, they apply for projects themselves by directly contacting companies in which they are interested. Second, companies approach the thesis coordinator who then posts company projects on the master s thesis website. Third, individual lecturers have their own contacts with companies and occasionally link interested students to these companies. Since not all projects are suitable for a master s thesis, students need to identify for themselves whether the project can be 302 QANU / Economics 2009 / Tilburg University

303 translated into an academic research project. The result is a research proposal which has to be approved by the thesis coordinator. After receiving approval, the student can start the project under the supervision of a university thesis supervisor (often one of the lecturers in the programme). The final thesis is presented and defended in front of a committee that consists of the thesis supervisor, a second university assessor, and usually also a supervisor from the company in which the project was done. The self-evaluation report states, that in this way, the project can be judged on the basis of academic criteria (using the standard faculty assessment form), and managerial relevance. The self-evaluation report indicates that detailed labour market data are not available. It also states that contacts with alumni reveal that many graduates find a job at the appropriate level and in the area of expertise they have been trained for. Graduates find jobs in logistics service providers, consultancy firms, or logistics departments of large or medium-sized corporations. Assessment The committee assessed the achieved learning outcomes of the programmes discussed in this report as satisfactory. The overall conclusion is that the quality and level of the master s theses are satisfactory. For each programme, the committee made a random selection of two theses from the list of the 25 most recently completed theses and the associated assessment forms. Consideration was given to the grading (both a low and a high grade) and the supervisor (the selected theses had different supervisors). The committee members read the theses and assessed their presentation of the problem, review of the literature, methods and justification, conclusion and discussion, structure, legibility and verification. To a large extent, the committee agrees with the grades awarded by the supervisors. The committee ascertains that not all of the selected and assessed final theses were accompanied by a completed assessment form. In addition, on a number of assessment forms, there was no justification for the score given. Master s programme in Strategic Management The committee mostly agrees with the grades awarded by the supervisors. The first thesis studied by the committee has a conceptual and clear problem definition, which is consequently followed throughout the thesis. The literature and the research methodology used is good, relevant literature is used and the research method is systematic. The conclusions are logical and follow the presented material. The thesis is well structured and readable. The committee considers this thesis to make a relevant contribution to the specific field. The second thesis read by the committee also has a clear problem definition. The student uses a lot of literature, yet not in a comparative way. The research done is rather limited. The conclusions follow the presented material. The thesis could have been better phrased. Master s programme in Logistics and Operations Management The committee read two master s theses prior to the site visit. Both theses were considered sufficient to pass, but the committee did not agree with the grade awarded for one thesis and therefore decided to request four more theses to read. The overall conclusion is that the committee agrees with the grades awarded by the supervisors on most theses. The committee also notes that many supervisors do not have a PhD. The committee strongly recommends using experienced researchers and lecturers to supervise students in this phase of the programme. The first thesis the committee studied has a clear problem definition. Also the relevant QANU / Economics 2009 / Tilburg University 303

304 literature is reviewed. The research methodology used is well chosen. The conclusions follow from the presented material. The thesis is well structured and readable. The second thesis studied by the committee has a quite simple problem definition. Also, the literature used is limited. The research method consists mainly of a limited number of interviews, and is quite simple. The conclusions are standard and present no new insights. The thesis is well written and readable. As mentioned earlier, four more theses were read during the site visit. As to these four theses, the committee concludes that they are well written, with a clear problem definition, adequate research methods, and logical conclusions. The appropriate grades have been awarded. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. S21: Study progress Target figures that are comparable to other relevant programmes are formulated to express the expected success rate. The programme s success rate complies with these target figures. Description The self-evaluation report presents university-wide target figures. 75% of all master s programme students should finish the programme in one year. At the point in time, this target has not been realised. University-wide, 27% finishes the master s programme within one year, 63% within two years and 79% within three years. The self-evaluation report states, at FEB level, several arguments for the delay of students: Students have extracurricular activities such as hobby s or a job. Students make a conscious choice to study more than one year. They find themselves not yet ready or too young to enter the labour market. Personal, unforeseen circumstances. Once the student has a delay (in, for example, the bachelor s programme), it is hard to make up, which means that during specific periods students have to study harder. The master s thesis is also a cause for delay. The master s thesis is scheduled in the second part of the second semester. In the first part of the second semester, students are expected to follow two courses and make preparations for the master s thesis. In the second part of the second semester, there are no master s programme courses scheduled. In practice, during this period, students sometimes also have to finish courses of the bachelor s programme or follow an internship. This usually leads to study delay. The interviews with the students revealed that they prefer to finish all of the courses before starting the master s thesis project. This causes a delay. The interviews also revealed that the students are not unanimously satisfied with the supervision during the thesis. The interviews with the lecturers confirmed this, as 220 students started their master s thesis this year. This caused capacity problems, which are being addressed. Master s programme in Strategic Management The results for the master s programme in Strategic Management are: 304 QANU / Economics 2009 / Tilburg University

305 23% obtains the diploma after one year of study, 59% obtains the diploma after two years of study and 76% obtains the diploma after three years of study. These results are lower than the results for the FEB as a whole. The average time that students needed to finish the programme has decreased from 17 months for the cohort, to 15 months for the cohort. Master s programme in Logistics and Operations Management The results for the master s programme in LOM are: 27% obtains the diploma after one year of study, 69% obtains the diploma after two years of study and 86% obtains the diploma after three years of study. Apart from the results after one year (for which the results are the same), these results are higher than the results for the FEB as a whole. The average time that students needed to finish the programme has decreased from 15 months for the cohort, to 14 months for the cohort. Assessment The committee has learned that the demands regarding the transition between the bachelor s programme and the master s programmes have become stricter. The committee recommends that the programme implement even stricter demands by means of a fixed separation (harde knip) between the bachelor and master programmes. The committee feels that this will motivate the students more to finish the bachelor s programme, and ensure that they do not enter the master s programme before their bachelor courses are complete. The committee believes this could reduce the delay in finishing the programmes. Only then the average time students need to finish the master s programme will be informative. At the moment, the numbers are not informative, as students follow master s courses when they are officially in their bachelor s phase. The committee is of the opinion that the success rates are low, as is also the case in comparable programme s in the Netherlands. Still, the committee feels that the FEB should pay extra attention to this issue. The interviews held with the students revealed that internships are often a cause for delay. The internship is usually related to the master s thesis, but is not an official part of the curriculum. The committee feels that the incorporation of an internship in the curriculum will lead to less delay, because it enhances the amount of control of the programme on the progress of students. Next to this, it could enhance a stronger relationship between students and the programme. In conclusion, the committee considers that both programmes meet the criteria for this standard. Master s programme in Strategic Management: the committee assesses this standard as satisfactory. Master s programme in Logistics and Operations Management: the committee assesses this standard as satisfactory. QANU / Economics 2009 / Tilburg University 305

306 Assessment of the theme Results The committee comes to an overall assessment of the theme Results on the basis of its assessments of the separate standards. In the case of the master s programme in Strategic Management, it assesses this theme as satisfactory. In the case of the master s programme in Logistics and Operations Management, it assesses this theme as satisfactory. 306 QANU / Economics 2009 / Tilburg University

307 Overview of the committee s assessment Master s programme in Strategic Management: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Satisfactory 13. Quantity of staff Unsatisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 5. Internal quality assurance system Satisfactory 6. Results Satisfactory 16. Tutoring Satisfactory 17. Periodical evaluations Satisfactory 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni Satisfactory and the professional field 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory QANU / Economics 2009 / Tilburg University 307

308 Master s programme in Logistics and Operations Management: Theme Assessment Standard Assessment 1. Aims and Satisfactory 1. Subject-/discipline-specific Satisfactory objectives requirements 2. Bachelor and master level Satisfactory 3. Academic orientation Satisfactory 2. Curriculum Satisfactory 4. Requirements for academic orientation Satisfactory 5. Correspondence between the aims and Satisfactory objectives and the curriculum 6. Consistency of the curriculum Satisfactory 7. Workload Satisfactory 8. Admission requirements Satisfactory 9. Credits Complies 10. Coherence of structure and contents Satisfactory 11. Learning assessment Satisfactory 3. Staff Satisfactory 12. Requirements for academic orientation Satisfactory 13. Quantity of staff Unsatisfactory 14. Quality of staff Satisfactory 4. Services Satisfactory 15. Facilities Satisfactory 16. Tutoring Satisfactory 5. Internal quality Satisfactory 17. Periodical evaluations Satisfactory assurance system 18. Measures for improvement Satisfactory 19. Involvement of staff, students, alumni and the professional field Satisfactory 6. Results Satisfactory 20. Achieved learning outcomes Satisfactory 21. Study progress Satisfactory The committee s overall assessment of the master programmes in Strategic Management and Logistics and Operations Management The committee concludes, on the basis of its assessments of the themes and standards from the assessment framework: that the master s programme in Strategic Management fulfils the formal requirements which are a prerequisite for accreditation, and that the master s programme in Logistics and Operations Management fulfils the formal requirements which are a prerequisite for accreditation. 308 QANU / Economics 2009 / Tilburg University

309 APPENDICES QANU / Economics 2009 / Tilburg University 309

311 Appendix A: Curricula vitae of the committee members Prof. dr. A. (Arjen) van Witteloostuijn (chair) is Research Professor of Economics and Management at the Faculty of Applied Economic Sciences of the University of Antwerp. He is also Professor of Institutional Economics at the Utrecht School of Economics of Utrecht University. Before his current positions, he was professor at Maastricht University, where he also was dean of the Faculty of Economics and Business. He left Maastricht to become a professor at the RU Groningen where, among other activities, he was involved in the development of the first English Bachelor programme of the university. After three years in Groningen, he left for the University of Durham (UK), where he was Professor of Strategy. Van Witteloostuijn approaches economics from a multidisciplinary perspective, adding insights from, e.g., sociology, psychology and demography. He has published hundreds of journal articles, including about 80 in internationally refereed journals. In 1999, he published the book De anorexiastrategie, about the consequences of corporate reorganization. Em. prof. dr. P.A. (Piet) Verheyen (vice-chair) is retired professor of Business Econometrics and previous chair of the Board ( ) of Tilburg University. He published on dynamic business models and financing models. Since 1991 he performed research in the field of Economics of non-profit businesses. He was board member of nonprofit businesses (education, health, nature and environment) and was commissioner of companies, specifically the energy sector. Verheyen has chaired several assessment committees for education of the VSNU, NVAO and QANU, for example the previous Economics assessment in Prof. dr. J. (Jan) Annaert is professor of Finances at University of Antwerp (Belgium). At present he also has educational obligations at this university, where he also obtained his PhD. He performed research at the Flemish Research Foundation, was assistant professor at the Erasmus University in Rotterdam and was associate professor at the University of Gand. The scientific interest of Annaert are, among others, portfolio theory, financial history and financial risk management. He is editor of the Kwartaaltijdschrift Economie and member of the board of editors of the Bank en Financiewezen/Revue Bancaire et Financiere. Em. prof. dr. J.W. (Jaap) Zwemmer is retired professor of Tax Law at the University of Amsterdam. He studied Notarial Law and Fiscal Law at this university. He received his PhD degree in During several time periods he was dean of the Juridical Faculty and once of the Faculty of Economicsof the University of Amsterdam, and was member of the Advisory Board of the AMC/UvA. In 2007 Zwemmer was interim-rector magnificus of the University of Amsteram and in 2008/2009 he was interim-dean of the Academic Centre of Dentistry Amsterdam (ACTA). Zwemmer is member of the Royal Academy of Science (KNAW) and is editor of several fiscal journals. Besides his academic activities he is subsitute Councillor of Justice in the courts of Arnhem, s Hertogenbosch and Amsterdam. Prof. dr. P. (Piet) VandenAbeele is professor of Marketing and Organisation at the Catholic University Leuven (KU Leuven). He was vice-rector of the KU Leuven and campus rector of the location Kortrijk until August Between 1997 and 2001 Vandenabeele was Dean of the Faculty of Economics and Business, previously he has been chair of the department of business at the KU Leuven. Vandenabeele studies applied economics and psychology in Leuven. He also obtained his MSc in statistics and a PhD in Business Administration at Stanford University. At present he is board member of several QANU / Economics 2009 / Tilburg University 311

312 organisations and businesses, both with and without profit objectives. Vandenabeele has been member of an assessment committee of the NQA. Prof. dr. J. (Joop) Hartog is professor of Economics at the University of Amsterdam. He obtained his PhD at the Erasmus University of Rotterdam on the subject of Income Distribution. Hartog has been assistant professor at the Erasmus University and is employed by the University of Amsterdam since He has had several visiting scholars and visiting fellow, for example in Portugal, Japan, New Zealand and the United States. He was guest professor in China (Peking University). Prof. dr. J.G. (Hans) Kuijl is professor of Business Economics incl. fiscal accounting at the Faculty of Law of Leiden University and is emeritus professor at the Faculty of Economics of Maastricht University. In the past Hans Kuijl worked with the Auditing Department of the Ministry of Economic Affairs and acted as a member of the Accreditation Committee for college education on Accountancy and Fiscal Economics and acted furthermore as a member of the Accounts Committee, a fact-finding committee investigating possible fraud in college education. He is the initiator of the post-graduate program for members of the Dutch Federation of Tax Consultants as well as the Forensic Accountancy program, offered by the Faculty of Law of Leiden University and Nyenrode Business University. He is chairman of the Dutch Bureau for Credit Registration (BKR). The research interest of Hans Kuijl lies within the transition area between law, business economics and accountancy. Prof. dr. ir. B. (Berend) Wierenga is professor of Marketing at the Rotterdam School of Management, Erasmus University. Earlier he was a professor of Marketing at the Graduate School of Management in Delft (Interuniversitair Instituut Bedrijfskunde) and a faculty member at Wageningen University. Over the years, he has held visiting positions at several business schools abroad, including Stanford University, the Wharton School of the University of Pennsylvania, and INSEAD. He has been Dean of the Rotterdam School of Management twice and was the first Scientific Director of the Erasmus Research Institute of Management (ERIM). He was a Board member of the Social Science Research Council of the Netherlands Organization for Scientific Research (NWO; ). Wierenga is the founding editor of the International Journal of Research in Marketing, one of the leading academic marketing journals. He also is on the editorial boards of several other journals. His main research areas are marketing decision making, marketing models, and marketing management support systems. Wierenga published nineteen books and over one hundred scientific articles in academic journals and books. Prof. dr. F.A.G. (Frank) den Butter is professor of Economics at the VU University Amsterdam. He is founder of the research team ALERT (Applied Labour Economics Research Team). He studied Econometrics at the University of Amsterdam and obtained his PhD degree at the Erasmus University Rotterdam. He has worked for the Dutch Central Bank. He was managing director of the Tinbergen Institute, chair of the Royal Dutch Economics Organisation and member of the Central Statistical Committee of the Central Bureau of Statistics (CBS). Furthermore, he was member of the Scientific Council for Statepolicy (WRR). Abroad he was member of the board of the European Association of Labour Economists. Em. prof. dr. J.F.M.J. (Hans) van Hout is retired professor of Education at the University of Amsterdam, professor at the Ruud de Moor Centre, Open University Netherlands. He studied Sociology at the Catholic University Nijmegen. From 1968 onwards he has worked as educational expert at the University of Twente and as director of IOWO (advising agency for 312 QANU / Economics 2009 / Tilburg University

313 educational policy and organisation) at the Catholic University Nijmegen. In addition to professor of Education he was between 1993 and 2007 advisor of the Board of the University of Amsterdam. The theme s that have his interest are quality of education, educational careers, collaboration of hbo and wo, and the BaMa. He was editor-in-chief of Vernieuwing in het Hoger Onderwij; Onderwijskundig Handboek. He is chair of the editorial board of the Higher Education Series. Hans van Hout has been member of several VSNU- and QANU assessment committees and has taken part in several higher educatio ninternal auditcommittees. Mrs. ir. H. (Hetty) Grunefeld works as an educational advisor and lecturer trainer at IVLOS, Utrecht University. Since december 2008 she is leading the team Teaching and Learning. The fields of interest of Grunefeld are didactical training for lecturers in higher education, quality assurance in higher education, curriculum development and the relation between research and education, and educational leadership. Until 2001 she worked for the Educational Centre the University of Twente and as faculty educational expert for the Faculty of Informatics the University of Twente. Mrs. drs. L. (Linda) van der Grijspaarde is educational advisor and independent entrepeneur educational advice. She studied Applied Educational Studies at Twente University. She was among others educational- and policy advisor and lecturer. As an educational advisor she worked at the Rotterdam Institute for Social Sciences Policy Research (RISBO) of the Erasmus University Rotterdam, and at the University Educationa Center Groningen.Currently she works as an independent educational advisor, among others in the field of quality assurance in higher education. Mrs. P.L.M. (Pauline) Geertman studies Econometrics and Operations Research at Tilburg University. She has been a member of several committees at different study associations in Tilburg. She also was a board member of the Economic Business week Tilburg in Furthermore she is a student member of the programme committee of Econometrics and Operations Research at Tilburg University and chairman of student faction ECCO, which represents the students in the Faculty Council of the Faculty of Economics and Business at Tilburg University. Mr. A. (Amco) Wiering studies Economics at the VU University Amsterdam. His MSc specializatoin is Monetary & Banking Economics and he plans to graduate in September He has been member of the educational committee of the MSc Economics at the VU university. He has been intern at the Netherlans Bank (DNB) and the Centraal Plan Bureau. He also is editor of the weekly magazine Beleggers Belangen. Mr. E.A. (Ewoud) de Kok studies Econometrics at the University of Amsterdam. He plans to graduate in July Since 2006 he is student member of the educational committee of the Faculty of Economics and Business of the University of Amsterdam. He also is an active member of the Students Association for Actuaries and Econometrics (VSAE) and member of the Faculty Student Council (FSR). De Kok has a particular interest in CO 2 reduction and consequential interest in sustainable energy. He combines these interests and his studies in several projects, like the Task force Sustainable Faculty of Economics and Business, which focuses on making the major computer room of the University of Amsterdam CO 2 neutral. Advising member Em. prof. dr. H. (Henk) Tijms (advising member) is retired professor of Operations Research, VU University Amsterdam. He received his PhD degree in Operations Research at QANU / Economics 2009 / Tilburg University 313

314 the University of Amsterdam. He was senior researcher at the Center for Mathematics and Computer Science in Amsterdam before he became full professor at the VU University. He was advisor at the Center for Mathematics and Computer Science and currently is advisor at the Shell Research Laboratorium in Amsterdam. Is also is the Dutch Member of the International Advisory Board of the Teletraffic Congresses. He is editor of the Journal Probability in the Engineering and Informational Sciences and is Honorary fellof of the Tinbergen Institute. His research interests are Computational Probability, Stochastic Optimization, Inventory and Queuing Systems, and Development of Scientific Software. 314 QANU / Economics 2009 / Tilburg University

315 Appendix B: Composition of the subcommittees For each site visit at the seven universities a unique subcommittee was composed. In this appendix the composition of the subcommittees and the dates of the site visits are provided. Wageningen University Site visit: 12 and 13 May 2009 Subcommittee: prof. dr. A. van Witteloostuijn (chair) prof. dr. P.A. Verheyen prof. dr. J. Annaert prof. dr. F.A.G den Butter Mrs. P.L.M. Geertman Groningen University Site visit: June 2009 Subcommittee: prof. dr. P.A. Verheyen (chair) prof. dr. J.W. Zwemmer prof. dr. J. Annaert prof. dr. P. VandenAbeele prof. dr. J. Hartog Mrs. ir. H. Grunefeld Mrs. P.L.M. Geertman Erasmus University Rotterdam Site visit: 30 June 2 July 2009 Subcommittee: prof. dr. A. van Witteloostuijn (chair) prof. dr. P.A. Verheyen prof. dr. J. Annaert prof. dr. J.G. Kuijl prof. dr. J.F.M.J. van Hout Mrs. P.L.M. Geertman University of Maastricht Site visit: September 2009 Subcommittee: prof. dr. A. van Witteloostuijn (chair) prof. dr. P.A. Verheyen prof. dr. J. Annaert prof. dr. P. VandenAbeele prof. dr. J.W. Zwemmer Mrs. drs. L. van der Grijspaarde Mr. E.A. de Kok University of Tilburg Site visit: October 2009 and October 2009 Subcommittee: prof. dr. A. van Witteloostuijn (chair) prof. dr. P.A. Verheyen (observing) prof. dr. J. Annaert prof. dr. P. VandenAbeele prof. dr. J.W.Zwemmer prof. dr. J.F.M.J. van Hout QANU / Economics 2009 / Tilburg University 315

316 Mr. E.A. de Kok Prof.dr. H.C. Tijms (advising member) University of Amsterdam Site visit: November 2009 Subcommittee: prof. dr. A. van Witteloostuijn (chair) prof. dr. P.A. Verheyen prof. dr. J. Annaert prof.dr. P. VandenAbeele prof.dr. J.G. Kuijl Mrs. drs. L. van der Grijspaarde Mrs. P.L.M. Geertman VU Amsterdam Site visit: 30 November December 2009 Subcommittee: prof. dr. A. van Witteloostuijn (chair) prof. dr. P.A. Verheyen prof. dr. J. Annaert prof. dr. ir. B.Wierenga prof. dr. J.F.M.J. van Hout Mr. E.A. de Kok 316 QANU / Economics 2009 / Tilburg University

317 Appendix C: Programme of the site visit at Tilburg University Dag 1 ma 12-okt-09 Start Eind Gesprek 16:30 17:00 Aankomst Commissieleden :30 Voorbereidende bijeenkomst in hotel 19:30 21:30 Diner Commissieleden Dag 2 di 13-okt-09 Start Eind Gesprek 8:45 9:45 Openingsgesprek met inhoudelijk verantwoordelijken (vice-decaan onderwijs, deel opleidingsdirecteuren, makers/lezers zelfevaluatie). 9:45 10:45 Openingsgesprek met inhoudelijk verantwoordelijken (vice-decaan onderwijs, deel opleidingsdirecteuren, makers/lezers zelfevaluatie). 10:45 11:00 Pauze 11:00 11:30 Studenten BSc Bedrijfseconomie 11:30 12:00 Docenten BSc Bedrijfseconomie 12:00 12:15 Opleidingscommissie BSc Business - Studenten 12:15 12:45 Opleidingscommissie BSc Business - Docenten en studenten 12:45 13:00 Nabespreken voorlopige bevindingen BSc Bedrijfseconomie 13:00 13:45 Lunch 13:45 14:15 Studenten MSc Accounting, MSc Accountancy 14:15 14:45 Docenten departement Accountancy 14:45 15:15 Studenten MSc Financial Management, MSc Investment Analysis 15:15 15:45 Docenten departement Financiering 15:45 16:00 Pauze 16:00 16:30 Studenten MSc Marketing Management, MSc Marketing Research 16:30 17:00 Docenten departement Marketing 17:00 17:30 Nabespreken voorlopige bevindingen MSc Acounting, Accountancy, Financial Management, Investment Analysis, Marketing Management, Marketing Research :15 Inloopspreekuur 19:30 22:00 Diner met vertegenwoordigers van de faculteit Dag 3 wo 14-okt-09 Start Eind Gesprek 9:00 9:30 Studenten MSc Logistics & Operations Management, Strategic Management 9:30 10:00 Docenten departement Organisatie & Strategie 10:00 10:30 Studenten MSc International Business 10:30 11:00 Docenten MSc International Business 11:00 11:15 Pauze QANU / Economics 2009 / Tilburg University 317

318 11:15 11:45 Studenten opleidingscommissie MSc programma's in Business 11:45 12:15 Docenten opleidingscommissie MSc programma's in Business 12:15 13:00 Lunch 13:00 13:45 Nabespreken MSc programma's in Business 13:45 14:15 Studenten BSc Economie en Bedrijfseconomie 14:15 14:45 Docenten BSc Economie en Bedrijfseconomie 14:45 15:15 Studenten BSc Economics 15:15 15:45 Docenten BSc Economics 15:45 16:00 Pauze Nabespreken voorlopige bevindingen BSc Economic; BSc Economie & 16:00 16:30 16:30 17:00 Bedrijfseconomie Ondersteunend personeel (internationalisering, onderwijskundigen, roostermakers) 17:00 18:00 Alumni 18:00 Vertrek Commissieleden naar huis Di 20-okt-09 Start Eind Gesprek Aanreizen Commissie, eventueel gezamenlijk diner Dag 4 wo 21-okt-09 Start Eind Gesprek 9:00 9:15 Voorbereiding commissie 9:15 10:00 Studenten MSc Economics en studenten MSc International Economics and Finance 10:00 10:30 Docenten departement Economie 10:30 10:45 Pauze 10:45 11:15 Studenten MSc Economics & Finance of Aging 11:15 11:45 Docenten MSc Economics & Finance of Aging 11:45 12:15 Nabespreken voorlopige bevindingen MSc Economics, International Economics and Finance, Economics and Finance of Aging 12:15 13:00 Lunch 13:00 13:30 Studenten Bachelor Econometrie & Operationele Research 13:30 14:00 Docenten Bachelor Econometrie & Operationele Research 14:00 14:30 Studenten Masters Mathematical Economics & Econometric Methods; Operations research and Management Sciences; Quantitative Finance and Actuarial Sciences 14:30 15:00 Docenten departement Econometrie & Operations Research 15:00 15:45 Nabespreken voorlopige bevindingen Econometrie& Operationele Research 15:45 16:00 Pauze 318 QANU / Economics 2009 / Tilburg University

319 16:00 16:45 Studenten BSc en MSc Fiscale Economie 16:45 17:30 Docenten BSc en MSc Fiscale Economie 17:30 17:45 Nabespreken voorlopige bevindingen Fiscale Economie 19:00 Diner commissie Dag 5 do 22-okt-09 Start Eind Gesprek 9:00 9:30 Studenten opleidingscommissie Economie Bachelor + Master 9:30 10:00 Docenten opleidingscommissie Economie Bachelor + Master 10:00 10:15 Pauze 10:15 11:00 Nabespreken bevindingen Economie opleidingen 11:00 11:45 Examencommissie 11:45 12:15 Nabespreking, opstellen vragen voor eindgesprek 12:15 13:00 Lunch 13:00 14:00 Eindgesprek met faculteitsbestuur/formeel verantwoordelijken 14:00 16:30 Nabespreking, opstellen voorlopige bevindingen 16:30 17:00 Mondelinge rapportage voorlopig oordeel 17:00 Afsluiting, evt met borrel QANU / Economics 2009 / Tilburg University 319