Econometrics and Operations Research: Marketing Data Science at Vrije Universiteit Amsterdam

Econometrics and Operations Research opens a window to a complicated world that provides insights on which people, businesses and governments base their decisions.

Econometrics is the science and art of using statistical methods to analyze financial, marketing and economic data, nowadays often Big Data. Operations Research is the science and art of making better decisions in economics, management and finance using mathematical methods.

Econometrics Specializations:

• Climate Econometrics
• Econometrics and Data Science
• Econometric Theory
• Financial Econometrics
• Marketing Data Science  
• Quantitative Economics

Operations Research Specializations:

• Operations Research Theory
• Quantitative Logistics
• Financial Engineering

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Econometrics and Operations Research: Marketing Data Science

The Master's programme in Econometrics and Operations Research is an academic programme that consists of two tracks: Econometrics and Operations Research.

Directly from the start of the master you choose one of these tracks. Each track contains several specializations, as well as an “open specialization”, with a more broader focus on either econometrics or operations research.

The track Econometrics focuses on developments in theory, methodology and application of econometric and statistical methods for the analysis of financial, marketing, economic, climate data, nowadays often Big Data. Econometrics connects to many academic disciplines including mathematics, statistics, computer science, economics, finance, and business studies, and is primarily concerned with the science and art of using statistics, data science and econometric methods for the analysis of economic/finance/marketing/climate data. Specializations within the Econometrics trace are Climate Econometrics, Econometric Theory, Econometrics and Data Science, Financial Econometrics, Marketing Data Science, and Quantitative Economics.

The track Operations Research focuses on the development and application of quantitative methods for analyzing economic issues. Operations Research connects to many academic disciplines including mathematics, computer science, finance and business studies, and is concerned with optimizing strategic and operational business processes that can be found in, for example, transport networks, stock management, and advanced decision support systems. Specializations within the Operations Research track are Financial Engineering, Operations Research Theory, and Quantitative Logistics.

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Econometrics and Operations Research: Marketing Data Science

After finishing this Master’s programme, you have developed an unique skill-set that can both be applied in a national or international setting. After all, data is invaluable in today’s society and therefore, so are you.

For many years, graduates of a master's in Econometrics and Operation Research are among those with the highest starting salary in the Netherlands. Reflecting the broadness of the programme, graduates are sought after in nearly every branch of industry and society.

During your studies there are plenty of social activities organized by our student association, so that you get to know your future colleagues. After completion of your master's you will be part of our thriving alumni community.

Graduates in Operations Research are highly desired throughout industry and society. More than 25% of our students already find a position during their master study, and almost all of them find a position within 3 months of graduating. According to a study by Elsevier, the average gross monthly income of graduates from Operations Research and Econometrics in their first year is approximately € 3.300.

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Econometrics and Operations Research: Marketing Data Science:

I have a Dutch higher vocational education (HBO) bachelor’s degree (premaster)

We welcome motivated and ambitious HBO students who have completed a quantitative HBO Bachelor study programme successfully and are interested in obtaining and advancing knowledge in Econometrics and related subjects, and are aware of their role in society. In order to be successful in the Master programme Econometrics, you will need a solid basis in mathematics, statistics and econometrics. In particular we expect that you have passed courses in mathematics (calculus, analysis, algebra), probability, statistics, and econometrics. A basic knowledge in computer programming is also highly recommended.

If you have a Dutch higher vocational (HBO) degree you need to enroll in a transfer programme, which is specifically designed to bridge the gap between higher vocational education and university-level education. You may be required to submit scores from a recent GRE test prior to start and your admission may be conditional on achieving a set of minimal scores (information is available on request). The students who have completed the VU SBE Minor programme in Applied Econometrics: A Big Data Challenge for All, are exempted from this requirement.

I have a Dutch university level (WO) bachelor’s degree (VU bachelor's degree, VU premaster or bachelor's degree at another university)

We welcome motivated and ambitious students who are interested in advancing their knowledge in Econometrics and related subjects, and are aware of their role in society. In order to be successful in this programme you will need a solid basis in mathematics, statistics and econometrics. In particular we expect that you have passed courses in mathematics (calculus, analysis), probability, mathematical statistics, and econometrics. A basic knowledge in computer programming is also required.

Admission requirements
The track Econometrics of the Master programme Econometrics and Operations Research, with specializations Climate Econometrics, Econometric Theory, Financial Econometrics, Empirical Marketing, and Quantitative Economics, is open to students with a university Bachelor's degree that provides a thorough knowledge in mathematics (analysis, calculus), probability, (mathematical) statistics, econometrics and computer programming. You need to have successfully completed courses and studied literature related to the core of this programme, which is based on the following books.

Mathematics:

• Calculus Early Transcendentals, James Stewart, Cengage Learning, International Metric Edition - 7th Edition, 2011.
• Linear Algebra and its Applications, David C. Lay, Steven R. Lay and Judi J. McDonald, Pearson Education, 5th Edition, 2016.

Probability:

• A First Course in Probability, Seldon M. Ross, Pearson Education, 9th Edition, 2013.
• Fundamentals of Probability, with stochastic processes, Saeed Ghahramani, CRC Press, Taylor and Francis Group, 3rd Edition, 2016.

Mathematical Statistics:

• Statistical Inference, George Casella and Roger L. Berger, Cengage Learning, 2008.

Introductory Econometrics:

• Introduction to Econometrics, James H. Stock and Mark W. Watson, Pearson Education, 3rd Edition, 2014.
• Introductory Econometrics: A Modern Approach, Jeffrey M. Wooldridge, Cengage Learning, 2013.  

Intermediate Econometrics:

• A Guide To Modern Econometrics, Marco Verbeek, Wiley, 5th Edition, 2017.
• Basic skills in Computer Programming in Python, R, Matlab, Ox or Java.

In most cases, approval is given to students who have completed:

•  a Bachelor's programme in Econometrics and Operations Research at a Dutch university
•  the VU SBE Minor programme Applied Econometrics: A Big Data Experience for All, 30 EC (5 x 6 EC courses) with a GPA of at least 7.5 — PLUS one VU SBE Bachelor third year courses in Econometrics
•  the VU SBE deficiency programme Econometrics

With a Bachelor's degree in (International) Business Administration, Economics or Econometrics and Operations Research from Dutch Universities you can review this document. Any additional admission requirements can be found on the Curriculum page of this website.

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