Master of Science in Economics Master of Science in Advanced Studies in Economics PhD in Economics

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1 Master of Science in Economics Master of Science in Advanced Studies in Economics PhD in Economics Faculty of Economics and Business KU Leuven. Inspiring the outstanding.

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3 Discover KU Leuven. Situated in Belgium, in the heart of Western Europe, KU Leuven has been a centre of learning for nearly six centuries. Today, it is Belgium's largest and highest-ranked university and, founded in 1425, one of the oldest and most renowned universities in Europe. As a leading European research university and co-founder of the League of European Research Universities (LERU), KU Leuven offers a wide variety of international master s programmes, all supported by high-quality, innovative, interdisciplinary research. Since its founding, KU Leuven has been based in the city that shares its name. Leuven is a pleasant, safe and bustling student town, where centuries-rich history meets cutting-edge science. The university also offers degree programmes at campuses in 11 Belgian cities, including Brussels, Ghent and Antwerp. The Faculty of Economics and Business has established its place amongst the top business schools in the world by acquiring the European Quality Improvement System (EQUIS) accreditation for its four campuses. The EQUIS accreditation is awarded by the EFMD, recognized globally as an accreditation body of quality in management education with established accreditation services for business schools and business school programmes, corporate universities and technology-enhanced learning programmes. 8 feb.kuleuven.be/home/equis Obtaining the EQUIS accreditation is achieved with a balance between academic rigour and professional relevance which is provided by our close interaction with the corporate world. EQUIS attaches particular importance to the creation of an effective learning environment that favours the development of students managerial and entrepreneurial skills, and fosters their sense of global responsibility. It also looks for innovation in all respects, including programme design and pedagogy. Our innovation comes from deep faculty involvement in their respective disciplines. Faculty members and members of the administration are active in international conferences and thus discuss programmes in their respective fields with colleagues from around the world. In addition, a number of faculty members teach short-term courses internationally or have joint appointments with international universities. The accreditation affirms FEB's place amongst the select group of accredited schools such as Amsterdam Business School, BI, Copenhagen Business School, Edhec, HEC Paris, IESE, IMD, Insead, Judge, London Business School, Melbourne Business School, RSM, Saïd, Stockholm School of Economics, Tsinghua,... 1

4 Why the Faculty of Economics and Business, Campus Leuven As one of KU Leuven s 16 faculties, the Faculty of Economics and Business offers bachelor s and master s programmes at four campuses: Leuven, Brussels, Antwerp and Kortrijk. Its activities in Leuven include high-level education, innovative research and service to partners in government and the corporate world. These activities are organised by five research departments: Accountancy, Finance and Insurance Decision Sciences and Information Management Economics Managerial Economics, Strategy and Innovation Marketing and Organisation Studies The faculty s graduate-level and doctoral programmes aim to develop participants critical, conceptual, problemsolving and decision-making skills. A graduate degree from KU Leuven s Faculty of Economics and Business equips students with fundamental and conceptual knowledge and analytical tools to cope effectively with the problems of the current and constantly changing business and economic environment. A variety of teaching methods (lectures, case discussions, exercises, computer-assisted problem-solving and individual research) is used to enhance students educational experience. Students are expected to participate actively. The faculty evaluates classroom work, written assignments and examinations on a regular basis. The workload is demanding, as to be expected from a high-quality graduate school. The faculty aims to excel by offering research-based education in economics and business science while never losing touch with the corporate world and government circles. The faculty interfaces with business via a Corporate Council and a wide network of Fellows from the corporate world. It maintains an active partnership with Vlerick Business School and regularly organises workshops and discussion platforms with leaders of industry and government, e. g. the European Commission, situated only 30 minutes from the campus. It also cooperates with other faculties at the university, and with partners and institutions all over the world. One of the faculty s most important assets is its vast national and international network. Many alumni work at European institutions, and many staff members act as advisers to various European bodies and international companies. The faculty s worldwide alumni network offers excellent communication channels and networking opportunities with leading figures in industry and politics all over the world. External quality assessments confirm that the Faculty of Economics and Business teaching and research meet the highest international standards. As a result, the FEB earned the EQUIS accreditation awarded by the EFMD, recognized gobally as an accreditation body of quality in management education

5 This academic reputation attracts students and scholars from across the globe, creating a vibrant, multicultural atmosphere. This international focus is also clear in the faculty's wide international student exchange network. The Faculty of Economics and Business participates extensively in the (intra-eu) Erasmus programme (with 82 partners) and has numerous agreements with leading universities outside the EU, including: the Wharton School of Business (University of Pennsylvania), the University of Illinois, Rochester University and FIU in the United States, the University of British Columbia and Queen s University in Canada, the Indian Institutes of Management Calcutta and Bangalore in India, the Chinese University and the City University of Hong Kong, Tsinghua, Fudan and Beijing University in China, the University of Sydney and the University of Adelaide in Australia, Stellenbosch University in South Africa, Insper and PUC Rio in Brazil, the UAI in Chili, Singapore Management University and several other top business schools around the world. A list of all partner universities can be found at: 8 3

6 Master of Science in Economics As an economist, you will observe the various players (individuals, companies, domestic and foreign governments) and their interactions within the global economy. You will be able to interpret the general economic situation in a wider social and legal context. The programme offers students with a bachelor s degree a theoretical framework, allowing them to provide well-grounded answers to socio-economic questions. Why KU Leuven? KU Leuven offers a broad-based programme, which includes many courses that stimulate reflection and critical thinking in a more general and social context. Admission requirements For Belgian applicants who completed their prior education at a Flemish institution of higher education: see admission requirements for the Master (of Science) in de economische wetenschappen or feb.kuleuven.be/leuven/student/opleiding/studiekiezer For all other applicants, the following requirements apply: Prior education requirements Applicants should hold a university bachelor s degree in Economics or Business Economics comparable to a bachelor s degree in Economics, Applied Economics or Business Engineering from the Faculty of Economics and Business at KU Leuven, Campus Leuven (go to onderwijs aanbod.kuleuven.be/opleidingen for a curriculum overview of the Bachelor of Science in Eco - nomics at KU Leuven). Prospective students need a solid background in economics or business economics. They should have acquired the basic conceptual frameworks of microeconomics and macroeconomics, the basics of mathematics, statistics and econometrics, and have a sufficiently broad view on the general economic, social and institutional context of economic interactions. Decisions on degree comparability are made by the faculty on the basis of the required documents provided by the applicant through the official online application procedure. Proof of proficiency in English All applicants must submit a satisfactory score on one of the following internationally recognised tests of English language proficiency: - TOEFL (minimum score 575 paper-based, 233 computer-based, 90 internet-based) - IELTS (minimum score 7) 4

7 An exemption from the TOEFL or IELTS is only possible for applicants with a university degree or high school degree earned in Australia, Canada, Ireland, New Zealand, United Kingdom or the United States. The certified diploma and transcripts suffice, provided they confirm that the entire study was completed in English. Required documents All applicants should provide the following documents: certified copies of degrees, transcripts and, if available, a ranking indication; a course description of all relevant courses; a letter of motivation written and signed by the applicant, explaining the choice for KU Leuven and for this particular programme; two recommendation forms (see feb.kuleuven.be/eng/leuven/edu/ admissionrequirements) filled out and signed and mailed in a closed envelope signed over the lid by the referee to the Faculty of Economics and Business, Campus Leuven. Forms not provided in a sealed envelope signed across the lid by the referee will be regarded as void. The recom mendation forms can also be mailed directly by the referee to fbe@econ.kuleuven.be These documents suffice for applicants with a non-belgian degree from: universities that have an exchange agreement with the Faculty of Economics and Business of KU Leuven, Campus Leuven ( universities in the global top 200 in the most recent Times Higher Education or QS world university rankings Additional information is required for applicants from other universities as it is impossible for us to reliably assess degree comparability. In such cases, a GMAT or GRE result above the 75th percentile on the quantitative part is required. The faculty evaluates all applications and has the final say on the admissibility of the student, taking into account all relevant information. Application files will not be processed until they are complete. Profile By the end of this master s programme, you will have a thorough command of key economic principles. You will learn to interpret individual, interpersonal and social phenomena from a global economic perspective. You should therefore have broad interests in social and scientific matters and demonstrate critical and creative thinking. You are eager to gain in-depth knowledge of economic research, develop strategies for addressing economic challenges and interpret existing research outcomes. You will be expected to develop a high degree of autonomy with regard to knowledge, research and methodology. 5

8 Programme The programme consists of a common core of two programme units and a master s thesis. You select one of the three majors, which prepares you for an advanced master s programme. Master of Science in Advanced Studies in Economics Master of Science in Financial Economics General Economics major Research in Economics major Master of Science in Economics Financial Economics major MASTER OF SCIENCE IN ECONOMICS 60 ECTS COURSE ECTS COMPULSORY GENERAL CORE 12 Advanced Macroeconomics I 6 Advanced Microeconomics I 6 MAJORS 48 Major 1: General Economics Core courses 24 - Econometric Methods & Models 6 - Master s Thesis 18 Students choose 24 ECTS including at least 12 ECTS from the major courses and a maximum of 12 ECTS in elective ECTS. Major courses - Advanced Health Economics 6 - Trading and Exchanges 6 - Advanced Public Economics 6 - Economic Aspects of European Integration 6 - Environmental and Transportation Economics 6 - Macro Finance 6 - Advanced Labour Economics 6 - Welfare Economics 6 - Welfare, Inequality and Poverty 6 - Advanced International Trade Theory 6 - Advanced Development Economics 6 - Advanced Industrial Economics 6 6

9 COURSE ECTS Electives - Advanced Macroeconomics II 6 - Advanced Microeconomics II 6 - Competitive Analysis and Strategy 6 - Political Business Strategy 6 - Strategic Financial Management 6 - Behavioural Economics 6 - Internship 6 - Research 6 - Capita Selecta Economics and Business 3 or 6 - Integrated Business Project/Social Profit Project 6 Major 2: Research in Economics Core courses - Dynamic Methods 6 - Advanced Econometrics 6 - Master s Thesis Economics 18 - Advanced Time Series Analysis 6 Electives (Students choose 12 ECTS) GROUP 1: students choose at least one of these courses - Advanced Microeconomics II 6 - Advanced Macroeconomics II 6 GROUP 2: students choose one course from this group - Advanced Health Economics 6 - Trading and Exchanges 6 - Advanced Public Economics 6 - Economic Aspects of European Integration 6 - Environmental and Transportation Economics 6 - Macro-Finance 6 - Advanced Labour Economics 6 - Advanced Development Economics 6 - Advanced Industrial Economics 6 - Advanced Applied Econometrics 6 - Welfare Economics 6 - Welfare, Inequality and Poverty 6 - Advanced International Trade Theory 6 - Behavioural economics 6 - Internship 6 - Research 6 - Capita Selecta Economics and Business 3 or 6 - Integrated Business Project/Social Profit Project 6 7

10 COURSE ECTS Major 3: Financial Economics Core courses - Econometric Methods & Models 6 - Macro Finance 6 - Master s Thesis 18 Electives (students choose 18 ECTS from the following list) - Strategic Financial Management 6 - The Economics of Financial Intermediation 6 - Asset Prices: Basic Models and Tests 6 - Financial Statement Analysis 6 - Security Pricing and Portfolio Selection 6 - Advanced Industrial Economics 6 - Advanced International Trade Theory 6 - Behavioural Economics 6 - Internship 6 - Research 6 - Capita Selecta Economics and Business 3 or 6 - Integrated Business Project/Social Profit Project 6 For detailed descriptions of this programme s courses and for the course timetable, please consult EXTENDED MASTER Study an extra semester abroad at one of the faculty's exclusive partner universities. The Faculty of Economics and Business has close links with top business schools around the world, such as Copenhagen Business School in Denmark, University of Cardiff in the UK, Hanken in Finland, SKEMA Business School in France, the University of Illinois in the United States, the University of Sydney and the University of Adelaide in Australia, Queen s University in Canada, Tsinghua and Fudan University in China, PUC in Brazil, City University of Hong Kong and many more institutions both in Europe and overseas. For students in the MSc in Economics and MSc in Business Economics, the faculty offers an additional semester at one of these destinations after completing 2 semesters in Leuven. Make your experience truly international by studying in different parts of the world. 8

11 Application procedure Non-EEA citizens must submit a complete application file by 1 March. EEA citizens (or non-eea citizens with a residence permit for Belgium) submit their application file before 1 June. Tuition fee: 890 EUR (EEA-citizens), 1,750 EUR (non-eea-citizens) For more information on how to apply, please visit 8 Career prospects As a graduate of this master s programme, you will have a very informed perspective on economics and society as a whole. Moreover, you will be equipped to address a variety of social problems in an economically and socially sound way. This expertise and flexibility qualifies you for employment in a variety of fields. The following career options are well suited to the skills developed in this programme: Policy development in sectors in which decision-making is highly dependent on the external economic context, i.e. government research centres, professional associations, large enterprises and international organisations. Problem solution and implementation in managerial positions involving external communication, i.e. government departments, public institutions, international organisations, financial services, companies and social organisations. Critical reflection on and transfer of knowledge in education and basic scientific research. External communication, journalism and public relations in companies and social organisations. Immediately after graduating, I worked in the Student Guidance Centre for six years. This meant I could put what I had learned to good use, primarily by looking at the world through an economic lens. This was more important to me than course content, although I found most courses interesting. I have similar experiences in my current job as an environmental economist with the Flemish regional government. Most of my colleagues have a degree in natural sciences. They have extensive knowledge of the measures and tech - nologies that can be used in order to protect or regenerate the environment. However, the government budget to reach these targets is obviously limited. So it s important to single out those measures that yield the best possible result within the given budget. And that s a typical economic line of reasoning. (Graduate) 9

12 Master of Science in Advanced Studies in Economics (MASE) The Master of Advanced Studies in Economics (MASE) is an advanced English-language programme which takes students with an economic background at the initial master's level closer to the research frontier in economics. The programme offers students a deeper knowledge in specific areas of application, provides them with advanced theoretical and empirical tools to analyse concrete economic problems and acquaints them with current research practices in economics. The MASE features a choice of graduate-level courses from different fields within economics. The goal of the programme is to enable you to find a promising research topic and to stimulate you to develop your own research on this topic. This research leads to the MASE thesis, which for many students eventually becomes the first chapter of a doctoral dissertation. Each year, the programme brings together about students from all corners of the globe, providing a very stimulating and international atmosphere. This is an advanced master's programme and can be followed on a full-time or part-time basis. 10

13 Admission requirements Prior education requirements Students with a KU Leuven Master's degree in Economics awarded with distinction (cum laude) by the Faculty of Economics and Business of KU Leuven, Campus Leuven, have immediate access to the programme. Students who do not have distinction can apply for admission. The faculty decides on the admissibility. Other applicants: should hold a diploma, with above-average academic performance, from either of the following classes: - another university Master's degree in Economics comparable to the Master s degree in Economics of KU Leuven, Campus Leuven - a university Master's degree in Business Economics or Business Engineering awarded by the Faculty of Economics and Business at KU Leuven, Campus Leuven or equivalent; - a university Master's degree with a solid background in mathematics and statistics (for example, a university Master's degree obtained at the Faculty of Engineering or at the Faculty of Bioscience engineering) and with a strong interest in economics Admissibility is evaluated by the faculty on the basis of the required documents provided by the applicant (see here for the application procedure). Academic performance should be above average (e.g. applicants should have obtained distinction). As this is an advanced program, students who did not obtain a Master s degree of Economics at KU Leuven are expected to have acquired the necessary background in economics at the equivalent level, or to be willing to undertake self-study to bring their knowledge up to this level. In particular, students are expected to have a knowledge of microeconomics and macroeconomics at the level of the corresponding required courses in the Master of Economics at KU Leuven: D0C08A Advanced Microeconomics I and D0C07A Advanced Macroeconomics I. Students who did not take these courses at KU Leuven are strongly encouraged to check the descriptions of these courses to make sure their own level of understanding of these topics is up to par. For students who wish to engage in self-study to master this material there is a reading list available. Proof of proficiency in English All applicants have to submit a satisfactory score on one of the following internationally recognized test of English language proficiency: - TOEFL (minimum score 575 paper-based, 233 computer-based, 90 internet-based) - IELTS (minimum score 7) No other proficiency tests will be accepted. An exemption from TOEFL or IELTS is possible for applicants with a university degree or high school degree earned in Australia, Canada, Ireland, New Zealand, United Kingdom or the USA: the certified diploma and transcripts suffice, provided they confirm that the entire study was completed in English Different requirements may apply for students who graduated at a Belgian University. Please contact the Faculty for more information. 11

14 Other required documents All applicants should provide the following documents: certified copies of transcripts, degrees and, if available, a ranking indication a GMAT- or GRE-score. A GRE- or a GMAT-test result above the 90th percentile on the quantitative part normally entails immediate admission, provided all other requirements are met as well. Different requirements may apply for students who graduated at a Belgian University. Please contact the Faculty for more information. two recommendation forms, filled out and signed, and mailed in a closed envelope signed over the lid by the referee to the Faculty of Economics and Business, Campus Leuven. Forms not provided in a closed envelope signed across the lid by the referee will be regarded as void. The recommendation forms can also be mailed directly by the referee to fbe@econ.kuleuven.be. a letter of motivation written and signed by the applicant, explaining the choice for Leuven and for this particular programme The faculty evaluates all applications and has the final say on the admissibility of the applicant, taking into account the relevant information. Application files will not be processed as long as they are incomplete. Profile The programme is geared towards students with an adequate background in economics, a keen interest in recent analytical developments in economics and the desire to work in research positions in business, national and international institutions and universities, or to pursue a PhD in economics. Application procedure Non-EEA citizens must submit a complete application file by 1 March. EEA citizens (or non-eea citizens with a residence permit for Belgium) are strongly advised to submit their application file before 1 June but can apply until the end of August. Tuition fee: 1,750 EUR For more information on how to apply, please visit

15 Programme Students have to take all the core courses. They supplement their programme with electives to a minimum of 60 credits. Non of these courses can be followed by students who have already taken the course or a similar course. Subject to approval by the Programme Coordinator, students may select courses from the corresponding advanced economics programmes at the nearby economics department of the Université Catholique de Louvain (UCL) and the Université Libre de Bruxelles (ULB). The master s thesis consists of a research paper on a specific problem in the student s field of interest. The student learns how to formulate and solve an economic problem and report his/her findings. The thesis should represent a contribution to the field and demonstrate that the student has mastered, and can independently apply, the methodological tools used in economics. MASTER OF SCIENCE IN ADVANCED STUDIES IN ECONOMICS 60 ECTS COURSE ECTS CORE 48 Students have to take all these courses. If a student has already taken the following courses, he cannot take these courses. In that case the student takes additional courses from the list of Electives. Master s Project 18 Advanced Macroeconomics II 6 Advanced Microeconomics II 6 Research Workshop 6 Advanced econometrics 6 Dynamic Methods 6 ELECTIVES at least 12 Students supplement their programme with electives to a minimum of 60 credits. Upon approval by the programme coordinator, students are allowed to complete their programme with advanced economics courses from UCL/ULB; None of these courses can be followed by students who have already taken a similar course and no exemptions can therefore be given for one of these courses if it has been added to the individual study programme. Advanced international monetary economics 6 Environmental and Transportation economics 6 Advanced corporate finance 6 Multivariate statistics 6 The economics of financial intermediation 6 Advanced time series analysis 6 Welfare economics 6 Fixed income securities 6 13

16 COURSE ECTS The empirics of financial markets 6 Asset prices: basic models and tests 6 Advanced applied econometrics 6 Advanced development economics 6 Advanced labour economics 6 Advanced Health economics 6 Statistical modelling 6 Advanced industrial economics 6 Advanced international trade theory 6 Welfare, inequality and poverty 6 For detailed descriptions of this programme s courses and for the course timetable, please consult Career prospects A large majority of MASE graduates pursue careers in managerial and/or research positions in business, national and international institutions and universities. Students graduating with distinction can apply for the PhD Programme in Economics at KU Leuven. 14

17 PhD in Economics The doctoral programme in Economics is an advanced four-year programme designed to train future researchers in one of the key fields of economics: econometrics, public economics, economic history, international economics, development economics, monetary and information economics, energy, transportation and environment economics. The programme aims to develop and nurture young talent, and to prepare PhD graduates for careers in both academia, government/international institutions and international business. Currently, about 80 students with diverse backgrounds and nationalities are enrolled in the doctoral programme in economics, creating an energetic and stimulating work environment. PhD students obtain the degree of Doctor of Economics after successfully defending a doctoral dissertation. Admission requirements Prior education requirements The programme targets highly motivated graduate students with a strong interest in pursuing an academic career and/or in undertaking research in economics. The programme builds on undergraduate studies in economics. To supplement their previous studies, students may be required to undertake an individual doctum colloquium consisting of courses from the Master of Science in Advanced Studies in Economics programme. Students who have obtained a Master of Science in Advanced Studies in Economics degree from KU Leuven with distinction (70%) or higher will be exempted from this colloquium doctum. To qualify for admission to the doctoral programme in economics, students must hold a master s degree in economics (or an equivalent degree) and have demonstrated the ability to conduct independent research. The Faculty Board will decide on degree equivalence in consultation with the Programme Director. Applicants for the PhD programme should have a promotor at the Faculty of Economics and Business of KU Leuven, Campus Leuven, before applying. 15

18 Proof of proficiency in English All applicants must submit a satisfactory score on one of the following internationally recognised test of English language proficiency: - TOEFL (minimum score 575 paper-based, 233 computer-based, 90 internet-based) - IELTS (minimum score 7) No other proficiency tests will be accepted. An exemption from the TOEFL or IELTS is only possible for applicants with a university degree or high school degree earned in Australia, Canada, Ireland, New Zealand, United Kingdom or the United States. The certified diploma and transcripts suffice, provided they confirm that the entire study was completed in English. Required documents In addition to certified copies of degrees and transcripts, all applicants must provide: a GRE or GMAT score. A GRE or GMAT test result above the 90th percentile on the quantitative (or on average) normally entails direct admission, provided all other requirements are met as well, but this is not an absolute minimum. two recommendation forms (see feb.kuleuven.be/eng/leuven/prospectivestudents) filled out, signed and mailed in a closed envelope signed across the lid by the referee to the Faculty of Economics and Business. Forms not provided in a closed envelope signed across the lid by the referee will be regarded as void. The recommendation forms can also be mailed directly by the referee to fbe@econ.kuleuven.be a letter of motivation written and signed by the applicant explaining the choice for KU Leuven and for this particular programme. The faculty evaluates all applications and has the final say on the admissibility of the applicant, taking into account all relevant information. Application files will not be processed until they are complete. Profile Students should have a keen interest in recent analytical developments in economics and a desire to work in research positions at universities, businesses and national and international institutions. Application procedure For more information on how to apply, please visit

19 Programme Educational activities: Colloquium doctum, consisting of a number of courses from the Master of Science in Advanced Studies in Economics programme PhD courses Reading courses offered by the faculty as third-cycle courses Seminar series at the Department of Economics PhD courses taught by guest professors and offered by the faculty within the framework of established interuniversity PhD networks For detailed descriptions of this programme's courses and for the course timetable, please consult feb.kuleuven.be/eng/leuven/edu/phd/phdindex Research support activities: Students are actively supported by their doctoral supervisor. In addition, they are fully integrated into the department s research environment. This involves: discussing the doctoral proposal and regularly reporting on progress; presenting preliminary results in research workshops; participating actively in international conferences and research seminars; publishing articles in international journals. Career prospects A large majority of graduates with a PhD in economics pursue careers in academia, international business or international institutions. The PhD programme in economics at KU Leuven has been a great opportunity for me to face the responsibility of developing my own research, since doctoral students are free to follow their own interests. This freedom is combined with pertinent support from the professors. In fact, my supervisor is not the only person willing to offer me research guidance other professors have also spent time giving useful comments on my work. Furthermore, the academic agreement among Belgian economics departments has considerably enlarged the list of available doctoral courses. Likewise, the facilities available to doctoral students significantly contribute to the progress of my research. (Blanca Zuluaga, PhD student) 17

20 KU LEUVEN Oude Markt 13 bus LEUVEN, Belgium Learn more General Information Publications Faculty of Economics and Business Naamsestraat 69 box LEUVEN tel fax This brochure provides the most complete and accurate information available concerning these master s programmes offered at KU Leuven. However, amendments to the composition of this programme may be approved at any time. Consequently, KU Leuven is in no way legally bound by the information provided in this brochure. The most recent information on all our academic programmes can be consulted at Last updated: February 2015 v.u.: Isabelle Van Geet, Oude Markt 13, 3000 Leuven