Program structure
The program consists of 60 Credits (ECTS), equivalent to 1680 hours of study. You will take 4 core courses and 3 electives of 6 ECTS each, and write a Master’s thesis of 18 ECTS. The first semester starts in September, with exams in December and January. The second semester runs from January to June, but is divided in two. From January to March, you will take courses. From April onwards, you will be able to focus on writing your Master’s thesis.
Four courses should be selected from the following list of courses:
- Empirical Finance
- Micro-Econometrics
- Panel Data Analysis of Microeconomic Decisions*
- Dynamic Models and their Applications *
- Dynamic Real Investment
- Games and Cooperative Behavior
Two courses should be selected from the following list of courses:
- The core courses, not selected above
- Financial Models
- Nonlinear and Robust Optimization
- Pension System Design
- Simulation
- The Economics of Finance and Pensions*
- Asset Liability Management
- Management Science
- Issues in Finance and Insurance
- Other courses, to be approved by the examination committee
One course can be chosen from TiSEM Master's courses, provided that this course has no overlap with the courses mentioned under cluster A and B above. This course has to be approved by the examination committee.
Master's thesis (18 ECTS)The Master's thesis should be written on a subject in the field of Econometrics and Mathematical Economics. To obtain the Netspar certificate, the Master's thesis should be written on a Netspar related topic.
* Netspar course Pension, Aging and Retirement
Visit the electronic study guide for a more detailed description of the courses

Nederlands / Dutch