Assessment of the
Degree Programmes in
Economics at the
University of Amsterdam
QANU, April 2010
Quality Assurance Netherlands Universities (QANU)
Catharijnesingel 56
P.O Box 8035
3503 RA Utrecht
The Netherlands
Phone:
030 230 3100
Fax:
030 230 3129
E-mail:
[email protected]
Internet: www.qanu.nl
© 2010 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.
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QANU / Economics, University of Amsterdam
Table of Contents
Foreword
5
Preface
7
Part I
1.
2.
3.
4.
General Part
Structure of the report
Task and composition of the assessment committee
Working method of the assessment committee
Domain Specific Requirements Economics 2009
Part II
Programme Report
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19
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29
5. Report on the master’s programmes in Accountancy and Control, Business
Economics and Economics offered by the University of Amsterdam
31
6. Report on the bachelor’s programmes in Actuarial Science and Econometrics and
Operational Research and the master’s programmes in Actuarial Science and
Mathematical Finance, Operational Research Management and Econometrics
offered by the University of Amsterdam
95
7. Report on the bachelor’s programme in Fiscal Economics and the master’s
programme in Fiscal Economics offered by the University of Amsterdam
179
Appendices
227
Appendix A: Curricula Vitae of the committee members
Appendix B: Composition of the subcommittees
Appendix C: Programme of the site visit at the University of Amsterdam
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233
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QANU / Economics, University of Amsterdam
Foreword
This report describes the findings of the assessment committee Economics 2009 for the
Economics programmes of University of Amsterdam. The report is part of the quality
assessment of university bachelor and master degree programmes in the Netherlands. The
purpose of this report is to present a reliable picture of the results of the degree programmes
submitted for this review, to give feedback to the internal quality assurance of the
programmes concerned, and to serve as the basis for accreditation of this programmes by the
Accreditation Organisation of the Netherlands and Flanders (NVAO).
Quality Assurance Netherlands Universities (QANU) aims to ensure independent, unbiased,
critically constructive assessments using standardised quality criteria, while taking specific
circumstances into account.
In the Economics 2009 assessment, QANU uses a new method in which clustered
assessments are organised and completed in a short period of time. This preserves the
momentum for the programmes involved and ensures quick feedback to the internal quality
assurance.
In large clustered assessments such as Economics 2009, the new QANU method demands
great flexibility from the committee members. Each site visit is executed by a different
subcommittee, composed of members of the assessment committee. A core of committee
members is present at each site visit to ensure the coherence of the entire assessment.
The QANU Economics 2009 assessment committee has fulfilled its task in Amsterdam 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. C. J. Peels
Director
QANU / Economics, University of Amsterdam
Dr. Jan G.F. Veldhuis
Chairman of the Board
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QANU / Economics, University of Amsterdam
Preface
On November 23 to 26 2009, the Economics 2009 assessment committee paid a visit to the
University of Amsterdam 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 Amsterdam, 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
summarized in this report.
Key to the committee’s assessment is the scientific nature of a programme that should be
clear from all of the programme’s elements. In particular, the thesis should reflect this, as it is
the pièce de résistance of a student. In this thesis, the science taught during the whole
programme should result in a scientific piece of work. The committee has formed 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. In all, the committee considers Amsterdam’s programmes to be, indeed, of a
scientific nature.
On behalf of the committee members, I would like to thank all of those involved in the
preparation and execution of this assessment procedure for their contributions and support,
both at the University of Amsterdam 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 Nikki Verseput deserves a special note of
appreciation. Without her, we would have been nowhere.
Arjen van Witteloostuijn
Chair Assessment Committee Economics 2009
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QANU / Economics, University of Amsterdam
PART I: GENERAL PART
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QANU / Economics, University of Amsterdam
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
University of Amsterdam that were assessed. This programme part is structured in
accordance with the accreditation criteria of NVAO (Accreditation Organisation of the
Netherlands and Flanders).
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QANU / Economics, University of Amsterdam
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)
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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 Science (56411)
•
Bachelor, Econometrics and Operations Research (56833)
•
Bachelor, Fiscal Economics (56402)
•
Master, Accountancy and Control (60900)
•
Master, Actuarial Science and Mathematical Finance (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)
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QANU / Economics, University of Amsterdam
2.2. Constitution of the committee
The assessment committee consists of a chairman and 14 members. Appendix A lists short
descriptions of the curricula vitae of the committee members.
Chair
•
Prof. dr. A. van Witteloostuijn, Research Professor of Economics and Management at
University of Antwerp (Belgium) and Professor of Institutional Economics at the
Utrecht School of Economics.
Members
•
Prof. dr. P.A. Verheyen, retired professor of business econometrics and former chair of
the board of the University of Tilburg (vice-chair);
•
Prof. dr. J. Annaert, Professor of Finances, University of Antwerp (Belgium);
•
Prof. dr. J.W. Zwemmer; retired professor of tax law, University of Amsterdam;
•
Prof. dr. P. Vanden Abeele, Professor of Marketing and Organisation, Catholic
University Leuven (Belgium);
•
Prof. dr. ir. B. Wierenga, Professor of Marketing, Erasmus University Rotterdam;
•
Prof. dr. J. Hartog, Professor of Economics, University of Amsterdam;
•
Prof. dr. J.G. Kuijl, Professor of Business Economics incl. fiscal accounting, Leiden
University;
•
Prof. dr. F.A.G. den Butter, Professor of Economics, VU University Amsterdam;
•
Prof. dr. J.F.M.J. van Hout, retired professor of education, University of Amsterdam,
professor at the Ruud de Moor Centre, Open University Netherlands;
•
Mrs. ir. H. Grunefeld, educational advisor, IVLOS, Utrecht University;
•
Mrs. drs. L. van der Grijspaarde, educational advisor, independent entrepreneur for
educational advice;
•
Mrs. P.L.M. Geertman, student of Econometrics & Operations Research, University of
Tilburg;
•
Mr. E.A. de Kok, student of Econometrics, member of FSR FEB, University of
Amsterdam.
Advisory member
•
Prof. dr. H.C. Tijms, retired professor of operations research, VU University
Amsterdam.
Drs. A. Wiering (student Economics, VU Amsterdam) was installed as student member of the
committee Economics 2009. 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.
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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
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.
2.3. Specifics on the site visit at University of Amsterdam
The committee was requested to assess the following programmes at University of
Amsterdam:
•
•
•
•
•
•
•
•
•
•
Bachelor, Actuarial Science (56411)
Bachelor, Econometrics and Operations Research (56833)
Bachelor, Fiscal Economics (56402)
Master, Accountancy and Control (60900)
Master, Actuarial Science and Mathematical Finance (66411)
Master, Business Economics (60901)
Master, Econometrics (60177)
Master, Economics (66401)
Master, Fiscal Economics (66402)
Master, Operations Research and Management (60904)
The subcommittee for the site-visit at University of Amsterdam consisted of the following
committee members:
•
•
•
•
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Prof. dr. A. van Witteloostuijn (chair)
Prof. dr. P.A. Verheyen
Prof. dr. J. Annaert
Prof. dr. P. Vanden Abeele
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•
•
Prof. dr. J.G. Kuijl RA
Mw drs. L. van der Grijspaarde
Mw. P.L.M. Geertman BSc
The secretary of the subcommittee was Mrs. N.M. Verseput MSc, QANU staff member. The
site visit took place on 23 to 26 November 2009. The programme of the site visit is included
in appendix C.
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3. Working method of the assessment committee
3.1. Introduction
The assessment committee was constituted formally on 23 April 2009. 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 4.
3.2. Preparatory phase
After receiving the self-evaluation reports from one of the faculties, the responsible secretary
checks the quality and completeness of the information provided. After approval of the selfevaluation reports, they are forwarded to the appropriate subcommittee. During the initial
meeting at the start of each site visit, the subcommittee is prepared for that specific site visit.
After reading the self-evaluation reports, the subcommittee members formulate questions
that are forwarded to the secretary. The secretary compiles the questions into a document and
groups them by theme.
In addition to the self-evaluation reports, the subcommittee members read at least two theses
for each programme that is assessed. The actual number of theses assessed per programme
depended on the total number of programmes to be assessed and the number of
subcommittee members. A maximum of four theses for each member of the subcommittee
was the set limit. When considered necessary, committee members could read additional
theses during the site visit. Selection of the theses is done at random by the secretary, after
deliberation with the chairman. Since the assessment committee has to evaluate programmes
leading to a scientific degree (BSc or MSc), specific attention is given to the scientific level of
the theses, the requirements, carefulness of judgement by the reviewer of the programme and
the assessment procedure used. After all, in a thesis the student has to show evidence of the
required qualifications to earn a degree.
Precise safeguarding of the consistency of clustered assessments is always considered of
major importance. For this specific cluster close attention is being paid to the consistency of
assessments between the universities because of the different compositions of the
subcommittees and the time-limits and schedule of delivery of the reports. The chair,
professor dr. A. van Witteloostuijn, and the project coordinator, dr. M.J.V. Van Bogaert, are
responsible for ensuring consistency. One of the measures taken was the creation of a core
group of committee members, who were asked to incorporate previous assessments when
discussing the scores and programmes during a site visit. Also, it was decided to inform the
entire committee about the outcomes of each site visit and have all committee members
approve of all finalized reports. Finally, the secretaries involved in the clustered assessment
meet regularly to coordinate the assessments.
Within each subcommittee a specific allocation of tasks is agreed upon, based on its expertise
and composition. It should be emphasized that although specific tasks are assigned, the entire
assessment committee remains responsible for the judgements and the final reports.
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3.3. Site visits
Before each site visit the responsible secretary creates a programme for the interviews. The
draft programme is discussed with the chair of the assessment committee and the coordinator
of the faculty being visited. If needed, the programme is adapted. During the site visits,
interviews are held with a representative of the faculty board, the programme management,
alumni, education committees, examination committee(s), study advisors and other
supporting staff. Furthermore, for each programme a selection of both students and lecturers
is interviewed.
During each site visit the subcommittee receives additional information, for example study
books and reports from the meetings of the education committees. This information is
studied during the site visit. The assessment committee is also granted access to the electronic
landscape of the programmes. A consultation hour is scheduled to give students and staff of
the programmes the opportunity to talk to the assessment committee. No requests were
received for the consultation hour at University of Amsterdam.
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.
3.4. 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.
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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.
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4. Domain Specific Requirements Economics 2009
Introduction and benchmark
A domain-specific Economics benchmark for 2009 was created in order to assess the
standard of all BSc and MSc degree programmes at Dutch universities that fall within the
scope of the Economics 2009 cluster. The benchmark outlines the minimum requirements
for academic degree programmes in the Economics field or subfield. Because of the diversity
of degree programmes within the cluster, it was decided that the benchmark should not be
prescriptive. The benchmark thus offers degree programmes the latitude to develop their own
profiles, giving variable weight to specific aspects of the programmes depending on the
central aims and the approach taken. This framework requires degree programmes to justify
the choices made by proving that they meet the criteria of the NVAO accreditation
framework. Explicit references to the domain-specific Economics benchmark for 2009 can be
used to explain deviations.
Economics as a discipline
Economics is the social science that analyses the production and distribution of scarce
resources. Many economists study the factors which drive agents to act in markets and within
organizations. Such analyses focus on the important role played by the allocation of scarce
production factors and the impact this has on the prosperity of society as a whole. General
economics takes a primarily social perspective, whereas business economics goes deeper into
the various business processes. Another key focus area is the study of business process
management. Methodology is another important aspect of this domain: this is where subjects
such as decision-making, econometrics and mathematics come into play.
Aims, level and orientation of the degree programmes
In general, the committee expects the aims of the degree programmes to express the fact that
they aim to train students both in the chosen discipline (i.e. in relation to the field in question)
and academically. This means that students should gain knowledge and understanding of the
field and acquire both relevant subject-related and general academic skills. Hence the
programmes emphasize the characteristics and value of academic research, the importance of
knowledge and understanding of theory and methodology, and the relative nature of
interpretations; they also offer a framework within which students can learn to apply that
knowledge and understanding appropriately.
A BSc degree programme offers a broad, general education to an elementary academic
standard. Students who have completed a BSc degree meet the criteria for entry to an MSc
degree programme. An MSc programme offers the opportunity to go deeper into a particular
field, subfield or combination of subfields than is possible in a BSc programme. An MSc
programme also focuses more on the future working environment, for instance research
institutes, government institutions or the business world.
The various degree programmes also prepare students for careers in society at large, where
the knowledge and skills gained during their studies may be put to use. Generally speaking,
this is not so much a case of preparation for specific career paths; rather, it is about acquiring
an academic attitude and a box of academic tools. These should dovetail with the
expectations society has of graduates of the degree programmes assessed in the context of the
Economics 2009 assessment. This means that the degree programmes highlight both
academic and social aspects and do not merely concentrate on current developments within
the field of study. The BSc degree programme is the cornerstone of the development of a
general academic way of thinking. During this period students learn not only to cast the net
QANU / Economics, University of Amsterdam
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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:
•
•
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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.
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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.
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Academic skills
• Graduates of BSc degree programmes have the skills needed to devise and sustain
arguments and to solve problems within the field of study. Graduates of MSc degree
programmes are able to apply the same skills to new or unfamiliar circumstances within a
wider, or multidisciplinary, context within the field of study.
• Graduates of BSc degree programmes have a general understanding of the nature and
function of academic research. Graduates of MSc degree programmes have an in-depth
knowledge of their subject.
• Graduates of BSc degree programmes are able to collect and interpret relevant
information from a range of sources and subfields. Graduates of MSc degree programmes
are able to assimilate knowledge and deal with complex subject matter.
• Graduates of BSc degree programmes are able to form an opinion that is at least partly
based on a comparative assessment of relevant social, scientific or ethical aspects.
Graduates of MSc degree programmes are able to form an opinion based on incomplete
or limited information, taking into account the aforementioned aspects when applying
their own knowledge and judgement.
• Graduates of BSc degree programmes are able to work independently under supervision
and as part of a team. Graduates of MSc degree programmes are able to work both
independently and as part of a multidisciplinary team.
Research Skills
• Graduates of BSc degree programmes are, under supervision, able to set up and carry out
a modest literature search or other research on a limited scale that has a reasonable and
realistic programme. Graduates of MSc degree programmes are able independently to set
up and carry out an academic research project that meets the requirements of the field of
study.
• Graduates of MSc degree programmes have a thorough understanding of the relevant
research methods and techniques in the field of study. Graduates of BSc degree
programmes have a passive understanding of all these methods, and an active
understanding of some of them.
Communication Skills
• Graduates of BSc degree programmes are able to communicate information, ideas and
solutions to both specialist and non-specialist audiences. Graduates of MSc degree
programmes are able to draw conclusions and use their knowledge, understanding,
motivation and considered reasoning to substantiate these conclusions and convey them
to similar audiences.
• Graduates of BSc degree programmes are able to summarize the results of research on a
limited scale orally or in writing, in a way that is clear and precise. Graduates of MSc
degree programmes are able to do the same for research where the scope and complexity
matches the level of the degree programme.
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
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•
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
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PART II: PROGRAMME REPORT
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5.
Report on the master’s programmes in Accountancy and Control,
Business Economics and Economics offered by the University of
Amsterdam
Administrative data
Master’s programme in Accountancy and Control:
Name of the programme:
CROHO number:
Level:
Orientation:
Number of credits:
Degree:
Mode(s) of study:
Location(s):
Expiration of accreditation:
Accountancy and Control
60900
master
academic
60 EC
Master of Science
full-time, part-time
Amsterdam
11 April 2011
Master’s programme in Business Economics:
Name of the programme:
CROHO number:
Level:
Orientation:
Number of credits:
Degree:
Mode(s) of study:
Location(s):
Expiration of accreditation:
Business Economics
60901
master
academic
60 EC
Master of Science
full-time
Amsterdam
11 April 2011
Master’s programme in Economics:
Name of the programme:
CROHO number:
Level:
Orientation:
Number of credits:
Degree:
Mode(s) of study:
Location(s):
Expiration of accreditation:
Economics
66401
master
academic
60 EC
Master of Science
full-time
Amsterdam
11 April 2011
The site visit of the Economics review committee to the Faculty of Economics and Business
of the University of Amsterdam took place on 23-26 November 2009.
5.0.
Structure and organization of the faculty
The Faculty of Economics and Business (FEB) of the University of Amsterdam (UvA) offers
four bachelor’s programmes and eight master’s programmes. All of these programmes
originate from four doctoraal programmes that were offered before the introduction of the
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Bachelor-Master structure in September 2002. In 2005, the FEB was divided into the
Amsterdam School of Economics (ASE) and the Amsterdam Business School (ABS). All
general economics and quantitative economics curricula and research programmes are now
offered by the ASE. The ABS houses all educational and research programmes in business
economics and business administration.
In 2008, the Board of Governors of the UvA decided, in accordance with their Strategic Plan,
that all educational programmes should be organised within colleges, which offer the
bachelor’s programmes, and graduate schools, which offer the master’s and PhD
programmes. In line with these developments, the FEB set up a College of Economics and
Business in which all four the FEB bachelor’s programmes are taught. Following the
previously established school structures of the ASE and ABS, the FEB also set up two
graduate schools: one for the ASE and one for the ABS. The former includes all master’s
programmes in general economics and quantitative economics, and the latter the master’s
programmes in business.
The joint bachelor’s programme in Economics and Business is part of both ASE and ABS.
This programme was accredited in 2007, together with the master’s programme in Business
Studies. Both accreditations expire in January 2014. All other regular, initial programmes
offered (three bachelor’s and seven master’s programmes) are included in the current
accreditation round. The committee assessed both full-time and part-time programmes. Only
when differences between those variants are noticed, a remark on this will be made in the
report.
This report covers the following programmes: the master’s programme in Accountancy and
Control, the master’s programme in Business Economics, and the master’s programme in
Economics. For most standards, a description and an assessment are provided for each
programme separately. Some descriptions and assessments apply to all three master’s
programmes and are combined in that case. When no title of a programme is added to a
description or an assesment, the information applies to all programmes of the FEB assessed.
5.1.
The assessment framework
5.1.1. Aims and objectives
S1: Subject-/discipline-specific requirements
The 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
Master’s programme in Accountancy and Control
According to the self-evaluation report, the master’s programme in Accountancy and Control
is an academic programme that keeps a close watch on the regulations for education set by
the ‘Commissie Eindtermen Accountantsopleiding’ of the Royal NIVRA (the committee
assessing the quality of the programmes leading to a Dutch-chartered accountancy
accreditation), and is in close contact with professional organisations in the accountancy and
control fields.
The programme aligns research and teaching to develop academic thinking and skills for the
accountancy field. The accounting knowledge is relevant for practical uses, such as in the
auditing, controlling and consultancy professions, as well as for academic uses, including
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conducting research in certain aspects of accounting. The programme consists of two tracks,
which have separate learning outcomes in terms of knowledge, but with general learning
outcomes in terms of knowledge, skills and attitude applicable to both tracks. According to
the self-evaluation report, the learning outcomes for the master’s programme in Accountancy
and Control are:
Knowledge – The student has acquired:
•
•
•
•
knowledge of and insights directed towards both national and international issues in the
fields of accountancy and control (K1);
knowledge necessary to analyse theoretical concepts (K2);
knowledge necessary to adopt a critical position with regard to the solutions chosen
according to the theory as well as in practice (K3);
knowledge necessary to independently design alternative solutions, grounded on a sound
scientific basis (K4).
Accountancy track – The student has acquired:
•
•
•
•
knowledge of the functions, objectives and techniques of internal financial administrative
reporting in organisations, in particular the knowledge required to establish the
administrative organisation and the system of internal control, taking into account
developments in information technology (K5);
knowledge of the way in which organisations make decisions based on financial as well as
non-financial information (K6);
knowledge of the way in which financial and non-financial information is conveyed to
third parties, including knowledge of and insight into alternative foundations for
assessment and determination of results for the annual accounts and the organisation of
the report from the board of directors; knowledge and understanding of the potential
bases and motives of the management of organisations when drawing up annual accounts
(K7);
knowledge of the way in which the reliability of accounts of a financial administrative
nature, to be conveyed to third parties, can be checked by registered accountants;
knowledge of and insight into the requirements set for registered accountants concerning
their expertise and the rules for their professional conduct (K8).
Control track – The student has acquired:
•
•
•
•
•
knowledge of the management and control of an organisation by means of financial
administrative techniques, in particular knowledge of the establishment of the
administrative organisation and of the system of internal control, taking into account
developments in information technology (K9);
knowledge of functions, objectives and techniques of quantitative decision-making in
organisations (K10);
knowledge of the foundations and methods for collecting, ordering, aggregating, analysing
and reporting financial and non-financial information on behalf of control and decisionmaking entities (K11);
knowledge of the foundations and methods of cost calculation, cost allocation and profit
determination (K12);
knowledge of financial and non-financial reporting, both within and outside organisations
(K13);
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•
knowledge of the ways in which investment and financial decisions are made in
organisations (K14).
Skills – The student has acquired:
•
•
•
the ability to conduct abstract, academic research, including the formulation of a problem
and the identification of the necessary data and literature sources (S1);
the ability to academically report research, both orally and in writing (S2);
the ability to analyse the major issues that are of interest in the specialisation opted for,
and to creatively solve problems in that field (S3).
Attitude – The student has acquired:
•
•
•
a multidisciplinary outlook (A1);
the ability to function independently, as well as to constructively cooperate in a team (A2);
an understanding of the social context in which the profession is practised (A3).
Master’s programme in Business Economics
According to the self-evaluation report, the master’s programme in Business Economics is an
academic programme in which students learn to analyse the functioning of corporations and
other organisations from an economic perspective, both internally and in the context of the
markets in which they operate. The learning outcomes are derived from the requirements
found in academic practice internationally (mainly in the Anglo-Saxon tradition) and from the
requirements of professional practice.
The master’s programme in Business Economics features three tracks: the Finance track, the
Organisation Economics track (OE track) and the Real Estate Finance track (REF track). The
tracks have separate learning outcomes in terms of knowledge, but with general learning
outcomes in terms of knowledge, skills and attitude applicable to all tracks. According to the
self-evaluation report, the learning outcomes for the master’s programme in Business
Economics are:
Knowledge – The student has acquired:
•
•
•
•
knowledge of and insights into problem issues in the field of business economics (K1);
knowledge that allows to analyse these problems using concepts of economic theory (K2);
knowledge necessary to adopt a critical stance to the solutions chosen in theory as well as
in practice (K3);
knowledge necessary to independently design soundly based (alternative) solutions for
such problems (K4).
Finance track – The student has acquired:
•
•
•
•
34
knowledge of the price-making forces and of the organisation of financial markets (K5);
knowledge of the role of financial intermediaries (K6);
knowledge of investment analysis (K7);
knowledge of corporate finance, in particular the connections between the financial and
operational activities of the enterprise (K8);
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•
•
knowledge of the financial management of organisations and of the instruments used in
that process (K9);
knowledge of international financial markets (K10).
Organisation Economics track – The student has acquired:
•
•
•
•
knowledge of the internal and external functioning of organisations using insights from
business economics (K11);
knowledge of strategic decision-making with regard to the external and internal business
situation (K12);
knowledge of the architecture of organisations, in particular the connections between the
allocation of responsibilities and tasks, performance assessment, and remuneration (K13);
knowledge of the coherence between markets, especially financial and labour markets,
and the internal architecture of the organisation (K14).
Real Estate Finance track – The student has acquired:
•
•
•
knowledge of the markets for real estate (K15);
knowledge of the price-making forces and of the valuation of real estate (K16);
knowledge of the price-making forces in the financial markets as well as knowledge of
their organisation, in particular in relation to investments in real estate (K17).
Skills – The student has acquired:
•
•
•
the ability to conduct research of an abstract, academic nature, including the formulation
of a problem and the identification of scientific data and literature sources (S1);
the ability to report research academically in a clear and concise way, both orally and in
writing (S2);
the ability to analyse the major issues in the actual practice of the chosen specialisation
and, subsequently, to find creative solutions for problems related to these issues (S3).
Attitude – The student has acquired:
•
•
•
an economic perspective on everyday business practice (A1);
the ability to function independently, as well as to cooperate constructively in a team (A2);
an understanding of the social context in which business economics is practised (A3).
Master’s programme in Economics
According to the self-evaluation report, the master’s programme in Economics is an academic
programme focused on the problem of allocating scarce resources to competing ends,
whether through markets, public sector allocation, or within firms. The programme offers a
number of specialisations.
According to the self-evaluation report, the learning outcomes for the master’s programme in
Economics are:
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Knowledge – The student has acquired:
•
•
•
knowledge of the theories and analytical frameworks of modern economics and of their
application to practical issues (K1);
understanding of the limitations of these theories and analytical frameworks, both in
abstract and in applied settings (K2);
acquired specialised knowledge in at least two of the following fields of study:
Macroeconomics, Microeconomics, History and Methodology of Economics,
International Economic Relations, Economics of the Public Sector, Development
Economics, Monetary Economics and Financial Institutions, International Financial
Economics, and Industrial Organisation (K3).
Skills – The student has acquired:
•
•
•
the ability to assess academic research in the field of study concerned (S1);
the ability to do research at an academic level. This means that the student is able to
formulate a motivated, researchable problem, to find relevant data and bibliographical
sources, to make a motivated choice from the available methods to analyse the problem,
and to apply these methods (S2);
the ability to report on academic research in a clear and concise manner, both orally and
in writing (S3).
Attitude – The student has acquired:
•
•
•
an interdisciplinary or multidisciplinary outlook (A1);
the ability to function independently, as well as to cooperate constructively in a team (A2);
an understanding of the social context in which economics is practised (A3).
Assessment
The committee studied the learning outcomes defined for the programmes. Although the
committee agrees, overall, with the formulation of the learning outcomes, the committee has
here and there edited the original FEB text, which implicitly implies suggestions for
improvements so as to make the formulations clearer. The committee also notes that identical
learning outcomes are formulated differently across programmes.
The committee has established that the learning outcomes correspond to the requirements set
by professional colleagues, both nationally and internationally, and by the concerned field
(subject/discipline and/or professional practice). The committee observes that the
programmes have the ambition to train high-level graduates, both academically and
professionally, by combining academic knowledge with the demands of professional practice,
and using insights derived from national/international professional and legal standards.
The committee also compared the programmes with similar academic programmes in the
Netherlands and with domain-specific requirements formulated for the evaluation of
Economic programmes. The committee notes that the learning outcomes of these
programmes are in line with nationally/internationally accepted domain-specific standards.
The committee concludes that the programmes meet the criteria concerning this standard.
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Master’s programme in Accountancy and Control
The committee appreciates the systematic and transparent formulation of the learning
outcomes for the master’s programme in Accountancy and Control, especially regarding
those dealing with knowledge, formulated for both the Accountancy track and the Control
track. Yet, at certain points, the formulated learning outcomes are not specific enough, for
instance regarding ‘a multidisciplinary outlook (A1)’. In the opinion of the committee, the
stated learning outcomes should be further elaborated. The committee appreciates the fact
that the master’s programme in Accountancy and Control keeps a close watch on the
regulations for education set by the ‘Commissie Eindtermen Accountantsopleiding’ of the
Royal NIVRA. The committee advises to monitor this carefully, to avoid that the influence of
the field becomes too dominant, as this is an academic university programme in which the
academical foundation should be dominant instead of the requirements from the professional
field.
Master’s programme in Business Economics
The committee appreciates the systematic and transparent formulation of the learning
outcomes for the master’s programme in Business Economics, especially those dealing with
knowledge, formulated for the Finance track, the OE track and the REF track. Nevertheless,
the committee concludes that some of the formulated learning outcomes are not specific
enough, for instance regarding ‘knowledge of the markets for real estate (K15)’ or ‘an
economic perspective on the everyday business practice (A1)’. In the opinion of the
committee, the stated learning outcomes should be further elaborated. The committee
appreciates the fact that the learning outcomes are derived from the requirements set by
international academic practice (at least in the Anglo-Saxon tradition) and from requirements
of professional practice. The committee advises to monitor this impact carefully, to avoid the
influence of the field becoming too dominant, as this is an academic university programme.
Master’s programme in Economics
The committee appreciates the systematic formulation of the learning outcomes for the
master’s programme in Economics, especially those dealing with knowledge and skills.
Nevertheless, the committee concludes that some of the formulated learning outcomes are
not specific enough, for instance regarding ‘a multidisciplinary outlook (A1)’ or ‘specialised
knowledge (part of K3)’. In the opinion of the committee, the stated learning outcomes
should be further elaborated.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: the committee assesses this standard as satisfactory.
S2: Bachelor and master level
The learning outcomes for the programme correspond with the general, internationally accepted descriptions of a
Bachelor’s qualification or a Master’s qualification.
Description
Master’s programme in Accountancy and Control, Master’s programme in Business Economics
& Master’s programme in Economics
The self-evaluation report states that the learning outcomes for the master’s programmes
amount to a further deepening and broadening of skills developed in the matching bachelor’s
programmes. According to this report, the programmes meet internationally accepted
requirements for an academic master’s programme, as described by the Dublin descriptors.
QANU / Economics, University of Amsterdam
37
Besides, programmes are aimed at developing an academic level of thinking and working.
Students must acquaint themselves with the academic literature in the field the programme,
and are trained in the methods and skills needed for applying this knowledge. In this way,
students are trained for academic professions where they will be required to apply this
knowledge.
Master’s programme in Accountancy and Control
According to the self-evaluation report, the learning outcomes of the master’s programme in
Accountancy and Control are focused on providing knowledge of and insights in both
national and international issues in the fields of accountancy and control. This means that the
graduate is able to analyse issues using theoretical concepts, to adopt a critical stance, to
independently design solutions based on sound academic reasoning and to report on this
process. As to content, the student is to acquire a level of knowledge and understanding
making him an expert in the field of study. Specialised knowledge of an advanced academic
level is combined with applied knowledge and with examples from practice.
Master’s programme in Business Economics
According to the self-evaluation report, the learning outcomes of the master’s programme in
Business Economics are focused on providing knowledge of and insights into problem issues
in the field of Business Economics. This means that the graduate is able to analyse these
issues using theoretical economic concepts, to adopt a critical attitude towards solutions
chosen in theory as well as in practice, to independently design alternative solutions based on
sound academic thinking and to report on this process. As to content, a knowledge level must
be attained which makes the student an expert in the field of study, or at least in a subfield.
Specialised academic knowledge of an advanced nature is combined with applied knowledge
and with examples from actual practice.
Master’s programme in Economics
According to the self-evaluation report, the master’s programme in Economics is focused on
the study of human behaviour and social relations, institutions and processes in relation to the
use and the allocation of scarce means to alternative ends. In this context, students learn to
understand and apply the standard economics toolkit, based on maximization and equilibrium
calculus. In the programme, students acquire more in-depth knowledge of this framework
and learn how it can be applied to the problems in their field of specialisation. Graduates
must be able to grasp theoretical concepts, adopt a critical stance towards solutions chosen in
both theoretical and applied settings, and to independently design alternative solutions for
which there is a sound basis and report on the process. The programme offers a number of
specialisations for the students to choose from, according to their interests and their
professional orientation.
Assessment
The committee verified the relation between the learning outcomes of the programmes and
the Dublin descriptors, which are considered general, internationally accepted descriptions of
a bachelor’s and a master’s programme. The committee observes that all Dublin descriptors
are reflected in the learning outcomes. The committee concludes that the learning outcomes
correspond with general, internationally accepted descriptions of a bachelor’s or a master’s
programme.
In addition the committee established that the various learning outcomes clearly reveal that
graduates of the programmes acquire knowledge, understanding, skills and attitudes at an
advanced level that is typical for a bachelor’ or a master’s programme. Nevertheless, the
committee states that the learning outcomes are insufficiently specific for the programmes at
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hand (see Standard 1). The committee advises to reformulate the often very general and
unspecified learning outcomes in more concrete terms, tailored at what these programmes
aim to achieve.
Master’s programme in Accountancy and Control
The committee has established that for the master’s programme in Accountancy and Control,
the Dublin descriptor for knowledge and understanding is reflected in the stated learning
outcome K1, namely that students must gain knowledge of and insights directed towards
both national and international issues in the fields of accountancy and control. The Dublin
descriptor for applying knowledge and understanding is reflected in learning outcome S1: the
ability to conduct abstract, academic research, including the formulation of a problem and the
identification of the necessary data and literature sources. The Dublin descriptor for making
judgements is partly reflected in learning outcome K3, where students are expected to be able
to adopt a critical position with regard to solutions chosen in theory as well as in practice. The
fourth Dublin descriptor, communication, is reflected in learning outcome S2: the ability to
report on research at an academic level, both orally and in writing. The fifth Dublin
descriptor, learning skills, is reflected in learning outcome S3, which states that students have
the ability to analyse the major issues that are of interest in the specialisation opted for, and to
creatively solve problems in that field.
Master’s programme in Business Economics
The committee has established that for the master’s programme in Business Economics, the
Dublin descriptor for knowledge and understanding is reflected in learning outcome K1,
which states that students have knowledge of and insights into problem issues in the field of
Business Economics. The Dublin descriptor for applying knowledge and understanding is
reflected in learning outcome S1, the ability to conduct research of an abstract, academic
nature, including the formulation of a problem and the identification of scientific data and
literature sources. The Dublin descriptor for making judgements is partly reflected in learning
outcome K3, which states that students have the ability adopt a critical stance to the solutions
chosen in theory as well as in practice. The fourth Dublin descriptor, communication, is
reflected in learning outcome S2: the ability to report in a clear and concise way, both orally
and in writing, on research of an academic level. The fifth Dublin descriptor, learning skills, is
reflected in learning outcome S3, which states that students have the ability to analyse the
major issues in the actual practice of the chosen specialisation and, subsequently, to find
creative solutions for problems related to these issues.
Master’s programme in Economics
The committee has established that for the master’s programme in Economics, the Dublin
descriptor for knowledge and understanding is reflected in the stated learning outcome K1,
namely that students have knowledge of the theories and the framework for analysis of
modern economics, and learn how to apply them to practical issues. The Dublin descriptor
for applying knowledge and understanding is reflected in learning outcome S1: the ability to
assess academic research in the field of study concerned. The Dublin descriptor for making
judgements is partly reflected in learning outcome K2, which states that students understand
the limitations of both the theories and the analytical framework, including their practical
applications. The fourth Dublin descriptor, communication, is reflected in learning outcome
S3: the ability to report on academic research in a clear and concise manner, both orally and
in writing. The fifth Dublin descriptor, learning skills, is reflected in learning outcome A1,
which states that students have an interdisciplinary or multidisciplinary outlook.
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39
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: the committee assesses this standard as satisfactory.
S3: Academic orientation
The learning outcomes of the programme correspond with the following descriptions of a Bachelor’s and a Master’s
qualification:
• The 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 Accountancy and Control
According to the self-evaluation report, graduates of the master’s programme in Accountancy
and Control have attained the general qualifications required of academic training. The
learning outcomes not only concern the professional qualifications, but they also describe the
general academic skills and the mastery of research techniques. The courses build on the
foundations in accounting and control laid in the Accountancy and Control track of the
bachelor’s programme in Economics and Business. To ensure academic quality and depth in
the master’s programme, recent academic research is incorporated in the courses through
extensive use of academic articles. Textbooks are used to support the articles.
The programme concludes with the master’s thesis, which is an individual research project in
which students conduct empirical research (see Standard 20). The learning outcomes in terms
of skills are reflected clearly in the master’s thesis. Learning outcome S1 states that graduates
must have the ability to conduct abstract, academic research, including the formulation of a
problem and the identification of necessary data and literature sources. Completion of the
master’s thesis guarantees that graduates have acquired the qualifications needed for
conducting independent research.
The self-evaluation report asserts that graduates from the programme are qualified for
entering professional practice. The programme is in close contact with professional
organisations in the fields of accountancy and control. Graduates can engage in further
professional development by taking post-master’s programmes in accountancy (such as the
post-Master in Accountancy or the RA programme) or control (such as the Executive Master
in Finance and Control or the RC programme) offered at the UvA and at other universities.
The Control track allows direct admission to the ‘Register Controller’ programme, a
postgraduate accreditation program for controllers. With their academic mindset and the
experience gained in research projects, careers in academia are also an option for the
graduates. The programme is designed to prepare students for financial positions, not only in
auditing and consultancy, but also in industry, banking or government. Graduates often opt
for professional careers in the fields of finance, banking and accounting.
Master’s programme in Business Economics
According to the self-evaluation report, graduates of the master’s programme in Business
Economics have attained the general qualifications typical for academic training. The learning
outcomes not only define the professional qualifications, but they also describe the general
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academic skills and the mastery of research techniques. The learning outcomes place a strong
emphasis on the academic orientation of the programme. In particular, the learning outcomes
explicitly require graduates to be qualified in the ability to conduct research of an abstract,
academic nature (S1). This implies that students should be able to design a research question
relevant to their field of specialisation (track), formulate a hypothesis and provide a motivated
answer to the stated question, after gathering and analysing empirical data and consulting
relevant information sources (academic). Alternatively, students might engage in model
building, deductively exploring economic theories. The concluding master’s thesis plays an
important role in ensuring that graduates achieve the learning outcomes (see Standard 20).
Completion of the master’s thesis guarantees that graduates have the qualifications needed for
conducting independent research.
The self-evaluation report states that graduates from the programme are qualified for entering
professional practice. They are expected to have developed an economic approach to
business practice, i.e. to be able to link academic insights, research methods and complex
practical questions in their professional context. The fact that the finance graduates often land
in occupations (often high-profile) in investment banking, pension funds, insurance
companies and non-financial corporations, attests to the alignment of the programme with
these professional requirements. In general, this means that the graduate must be able to
apply the business economics tools within multidisciplinary contexts cooperating with
professionals with other backgrounds, and dealing with issues involving more than business
economics alone. For instance, market orientation and financial/organisational management
play an important role in determining strategy, implementation and communication, so
producing issues that cross disciplinary boundaries.
Master’s programme in Economics
According to the self-evaluation report, graduates of the master’s programme in Economics
have attained the general qualifications required of academic training. The learning outcomes
not only define the professional qualifications, but they also describe the general academic
skills and the mastery of research techniques. Research skills are an important component of
the programme. In many of the courses, students must carry out an empirical study, using
field or laboratory data. To further stress the importance of research, the programme will
strengthen the focus on research skills in one of three core courses of the programme in the
near future (probable starting date: September 2011). This will further strengthen the current
emphasis on research skills making sure that students are capable of carrying out an
independent study for their master’s thesis. Completion of the master’s thesis guarantees that
graduates have the qualifications to conduct independent research.
The self-evaluation report describes that graduates from the programme are qualified to enter
into professional practice. The programme is designed to prepare students for positions
within the government, regulatory bodies, research institutions, consultancies, financial
institutions, and the business community at large. Some graduates continue their studies at
the PhD level, both in the Netherlands and abroad.
Assessment
The committee has examined the stated learning outcomes from the perspective of the
required academic orientation. The committee notices that the learning outcomes of the
programmes correspond sufficiently to the requirements of the academic discipline (and of its
practitioners) and of professional communities (see Standard 1).
QANU / Economics, University of Amsterdam
41
Master’s programme in Accountancy and Control
The committee concludes that the learning outcomes stated for the master’s programme in
Accountancy and Control are explicitly of an academic nature and level. This is evident from
the described learning outcomes in terms of skills, which state that graduates must have
acquired the ability to conduct abstract, academic research, including the formulation of a
problem and the identification of the necessary data and literature sources (S1), and can
report on research at an academic level, both orally and in writing (S2). The committee
confirms that graduates can further develop themselves in the professional field by taking
post-master’s programmes in Accountancy (post-Master in Accountancy, RA programme) or
Control (Executive Master in Finance and Control, RC programme) to which they gain direct
access as graduates of this programme. With respect to the high, and possibly excessively
strong impact of the professional field on the programme, the committee, basing itself on the
stated learning outcomes, finds the programme of remarkably academic level and orientation
(see Standard 4), and appreciates this. This and the aforementioned findings, lead the
committee to conclude that the programme meets the criteria specified for this standard.
Master’s programme in Business Economics
The committee concludes that the learning outcomes stated for the master’s programme in
Business Economics are explicitly of an academic nature and level. This is evident from the
described learning outcomes in terms of skills. The committee established that those learning
outcomes state that graduates have the ability to conduct research of an abstract, academic
nature, including the formulation of a problem and the identification of scientific data and
literature sources (S1), and reporting in a clear and concise way, both orally and in writing
(S2). The committee confirms that graduates can further develop themselves in the
professional field, or can pursue a PhD degree. This and the aforementioned findings, lead
the committee to conclude that the programme meets the criteria specified for this standard.
Master’s programme in Economics
The committee concludes that the learning outcomes stated for the master’s programme in
Economics are explicitly of an academic nature and level. This is evident from the described
learning outcomes in terms of skills. The committee established that those learning outcomes
state that graduates have the ability to conduct research at an academic level (S2), and can
report on academic research in a clear and concise manner, both orally and in writing (S3).
The committee confirms that the programme allows graduates access to further professional
development, e.g. towards a PhD level, in the Netherlands as well as abroad. This and the
aforementioned findings, lead the committee to conclude that the programme meets the
criteria specified for this standard.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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
Accountancy and Control, it assesses this theme as satisfactory. In the case of the master’s
programme in Business Economics, it assesses this theme as satisfactory. In the case of the
master’s programme in Economics, it assesses this theme as satisfactory.
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5.1.2. Curriculum
Description of the curriculum of the programmes
At the FEB, an academic year consists of two semesters, each subdivided into two teaching
blocks of 9 weeks (effectively) and one smaller block of two weeks for re-sit examinations.
The four major teaching periods are referred to as blocks I to IV. In each teaching block,
courses are scheduled for a total of 15 EC. Each block comprises seven weeks of courses,
one week for exam preparation and one exam week.
The current semester subdivision is not fully in line with the uniform 8-8-4 system that the
UvA wants to implement. From September 2011, the system will therefore be adapted in
such a way that the large blocks will consist of exactly 8 weeks (6 weeks of courses, one
preparation week and one exam week). To secure a workload that is evenly spread, the small
block of 4 weeks will then also be used for scheduling courses. Courses are divided into four
levels; A, B and C are undergraduate levels, with level C subjects mainly offered in the final
year of a bachelor’s programme; level D courses are taught in the master’s programme.
Master’s programme in Accountancy and Control
The master’s programme in Accountancy and Control consists of an Accountancy track and
of a Control track. The Accountancy track focuses on the production and analysis of
information needed for managing organisations. Emphasis is placed on studying the rules,
procedures and systems needed to achieve these aims. Students therefore take advanced
courses in auditing, internal control and financial accounting. The curriculum of the Control
track emphasises the role of information in the management of organisations, focusing on
both departments and people. The Control curriculum comprises courses on management
accounting, internal control, corporate finance and financial reporting. The courses are
offered in English and start in September of each year. Table 5.1 gives an overview of the
courses in the Accountancy track, and table 5.2 of the courses in the Control track.
Accountancy track
First Semester
Second Semester
block I
EC
block II
EC
block III
EC
block IV
Master’s
5
International Financial Reporting 10
Internal
thesis
Standards
Control &
Accounting
Information
Systems
Advanced Financial Accounting
10
Management & Internal Control
Auditing
10
Table 5.1: Overview of the courses in the Accountancy track
QANU / Economics, University of Amsterdam
EC
15
10
-
43
Control track
First Semester
Second Semester
block I
EC
block II
EC
block III
EC
block IV
5
International Financial Reporting 10
Internal
Standards
Control &
Accounting
Information
Systems
Management Accounting
10
Advanced Corporate Finance
Management Accounting Research 10
Master’s thesis
Seminar
Table 5.2: Overview of the courses in the Control track
EC
-
10
15
The curriculum for full-time and part-time students is identical. All participate in the same
tutorial groups. This allows them to integrate into the academic community and to exchange
knowledge with fellow students. Part-time students take fewer credits per year than full-time
students (30-40 EC as opposed to 60 EC), which means that they spread their coursework
over a longer period of time (see Standard 8).
Master’s programme in Business Economics
The three tracks within the master’s programme in Business Economics have a similar general
structure. The overviews of the courses in the tracks are presented in tables 5.3, 5.4 and 5.5.
Each track has a list of track-specific master’s courses from which students are obliged to
follow a minimum number: 20 EC in the Finance and OE tracks, and 30 EC in the REF
track. Each track also features a list of specific electives from which students may choose.
Electives that are part of a specific track are indicated with an asterisk in tables 5.3, 5.4 and
5.5. Students of a specific track have to follow the electives of their own track. Students may
take at most 10 EC of electives that do not appear on any of these lists, as long as they are at
level C or D and are significantly related to the master’s programme in Business Economics.
In all three tracks, the master’s thesis accounts for 20 EC. The programme is open to
domestic and international full-time students; all courses are taught in English and start in
September of each year.
Finance track
First Semester
block I
EC
5
Master’s
course
Finance 5
(level D)
block II
Master’s
course
Finance
(level D)
EC
5
Second Semester
block III
EC
5
Master’s
course
Finance
(level D)
Finance
5
Seminar
(level D)*
-
Elective
10
Elective
10
(level
(level C/D)
C/D)
Table 5.3a: Overview of the courses in the Finance track
44
block IV
Master’s
thesis
EC
20
-
QANU / Economics, University of Amsterdam
Finance track courses
Finance Seminar (compulsory)
Caput Commercial Banking
Caput Corporate Finance
Caput Derivatives
Caput Financial Markets
Caput Advances in Investment Theory
Caput Fixed Income Risk Management
Caput International Housing Markets
Caput Advanced Corporate Governance
International Financial Economics
Monetary Economics and Financial Institutions
Real Estate Finance and Portfolio Management
Table 5.3b: Courses of the Finance track
Organisation Economics track
First Semester
Second Semester
block I
EC
block II
EC
block III
EC
block IV
10
Master’s course OE (level D)
Elective
10
Economics
(level
of
Organisation
C/D)
and
Management
2 (level D)*
Elective (level C or D)
10
Master’s thesis
Table 5.4a: Overview of the courses in the Organisation Economics track
Organisation Economics track courses
Commercial Banking
Caput Corporate Finance
Caput Advanced Corporate Governance
Economics of Entrepreneurship
Economics of Organisation and Management 2 (compulsory)
Industrial Organisation
Toegepaste industriële organisatie
Management Accounting
Competition Policy: Theory and practice
Table 5.4b: Courses of the Organisation Economics track
QANU / Economics, University of Amsterdam
EC
5
5
5
5
5
5
5
5
5
10
10
10
EC
10
20
EC
5
5
5
10
10
10
10
10
5
45
Real Estate Finance track
First Semester
block I
EC
Real Estate 5
Valuation
and
Investments
(level D)*
block II
Real Estate
Markets and
Analysis
(level D) *
EC
5
Second Semester
block III
EC
Real Estate 10
Finance
and
Portfolio
Management
(level D) *
-
block IV
Master’s
thesis
Elective
10
Elective
10
(level C/D)
(level C/D)
Table 5.5a: Overview of the courses in the Real Estate Finance track
Organisation Economics track courses
Real Estate Finance and Portfolio Management (compulsory)
Real Estate Valuation and Investments (compulsory)
Real Estate Markets and Analysis (compulsory)
Table 5.5b: Courses of the Real Estate Finance track
EC
20
-
EC
10
10
10
The self-evaluation report states that the distribution of courses and electives over the various
blocks may deviate somewhat from the schedules above, depending on the students’ actual
choices. For example, students may choose to combine the Finance track with one of the
other two tracks and graduate in both. The specific conditions for such individual programme
choices are found in the Teaching and Examination Regulations. The programme for two
combined tracks must total at least 80 EC of course work.
Master’s programme in Economics
The master’s programme in Economics is structured in four phases. From the academic year
2010/2011 on, the students follow the master’s course Research Practicum (5 EC) in the first
place. Second, students follow at least two master’s courses of 10 EC each (20 EC in total)
and two advanced level C courses of 5 EC each ( 10 EC in all). Students conclude with the
master’s thesis (15 EC).
All courses are offered in English and start in September of each year. Table 5.6 gives an
overview of the courses in the master’s programme in Economics.
Economics programme
First Semester
Second Semester
block I
EC
block II
EC
block III
EC
block IV
Master’s
Elective
5
Master’s
10
Master’s
10
thesis
(level
C
course
1
course 2
/D)
(level D)
(level D)
Elective
5
(level
C
/D)
Research
5
Elective
5
Elective
5
Practicum
(level C /D)
(level C /D)
Table 5.6: Overview of the courses in the master’s programme in Economics
46
EC
15
QANU / Economics, University of Amsterdam
Within the limits of this general structure, the students have two options: they can take four
level C courses plus two level D courses (20 EC in all), or they can take two advanced core
(level C) courses plus three master’s courses (30 EC. Students can opt for a major in a specific
field of study. This major (and the accompanying label) has the following requirements.
Students have to follow one C level course within the field plus one master’s course in the
field, and the master’s thesis should be written on a subject within the field of study
concerned. A major encompasses 30 EC (at least).
The curriculum structure will be modified in the academic year 2010/2011. It will then offer
five tracks: Behavioural Economics and Game Theory, Economic Policy, Development
Economics, Industrial Economics and Organisation, and International Economics and
Finance. For each track, the first eight-week block will consist of three courses: Advanced
Macroeconomics, Advanced Microeconomics, and Research skills/Econometrics. In addition
to those three courses, 15 EC are devoted to the master’s thesis, and 30 EC are spent on
track-specific courses.
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 majority of the lecturers in the bachelor’s and
master’s programmes holds a PhD and is actively publishing in international journals. The
academic research is integrated in the programmes through the discussion of academic papers
as well as by the thesis, which contains the results of individual scientific investigations of an
academic level by the student. In the process of writing their thesis, students develop
knowledge through interaction between the courses and their research within their discipline.
Master’s programme in Accountancy and Control
The self-evaluation report emphasises that lecturers of the master’s programme in
Accountancy and Control have as their duty not only to transfer knowledge, but also to teach
their students how to apply it. The courses Advanced Financial Accounting in the Accounting
track and the Management Accounting Research Seminar in the Control track are geared
towards acquiring and applying research skills. Key objectives of these courses are to expose
students to a number of research philosophies, methods and topics. Within the Management
Accounting Research Seminar, students are preparing for the writing of their thesis. During
the site visit, students conveyed to the committee that these courses taught them how to carry
out research and to think critically; they stated that the courses prepare them well for writing
their theses. Lecturers report that students are exposed to a large number of recent academic
papers, assigned for reading and analysis. They are to present a summary of academic papers
within the courses and to critically react to papers presented by other students. When writing
their thesis, students are expected to refer to articles published in leading international
journals.
Current developments in the field are included in the courses by relying on up-to-date
textbooks and on recent academic papers. Accounting regulations, for example, change too
fast to allow relying on textbooks; lecturers do discuss these developments in class. Students
are asked to write short essays, e.g. on the role of fair value accounting in the credit crisis of
QANU / Economics, University of Amsterdam
47
2008-2009; they are to identify news items that contain comments on fair value accounting
and assess the quality of these arguments.
The link with the professional field is maintained, on the one hand, by several academic staff
members holding part-time positions in professional practice. On the other hand, this is
achieved by integrating case studies into the curriculum, for example cases on the reporting of
financial performance in the IFRS course. During the site visit of the committee, both
lecturers and students made it clear that, even though case studies with practical relevance are
integrated into the curriculum, the emphasis remains on academic issues. Within the
programme, a high value is placed on securing an academic level; students explicitly stated
their appreciation for this.
An internship is not formally part of the master’s programme in Accountancy and Control.
Although the management of the programme is aware of the relevance of interaction with
practice, the short time span of the programme (one year) leaves little room for an internship.
Students are encouraged to integrate an internship into their master’s thesis, however (see
Standard 20).
Master’s programme in Business Economics
The self-evaluation report emphasises that lecturers of the master’s programme in Business
Economics have as their duty not only to transfer knowledge, but also to teach their students
how to apply it. Research skills and the mastery of methods and techniques are developed in
various courses by means of assignments or papers, and in workshops. The link to practice is
established through casework and other assignments like computer practice, papers and
presentations. The concluding master’s thesis ensures that, after completion of the
programme, the student is able to independently formulate a relevant research question, to
analyse the problem and to provide an answer or solution in an adequate and academic
manner. During the site visit, students stated that they have the opportunity to prepare for
writing their thesis by choosing the Finance Seminar course. Lecturers indicate that in
preparation for the master’s thesis, recent articles are used in addition to/next to textbooks.
The courses in the programme draw upon recent academic research and recent insights into
various areas of business economics; they combine the development of specialised academic
knowledge with empirical and deductive investigation and applications. In order to provide
students with specialised knowledge on the core subjects, lecturers rely on the state-of-the-art
literature as found in leading international sources. Next to the prescribed literature, a
standard academic textbook and a number of key articles bundled in a reader with current
journal articles or working papers, will typically be relied on. This literature, the case studies
and applications, are updated annually, as reflected in the module book for the courses.
The programme maintains links with the professional field. Many of the courses in Finance
host at least one guest lecturer from the business world, so as to expose students to
applications This interaction with professionals has proven to be a viable job-marketing tool.
Guest lecturers from professional practice are regularly involved in providing feedback to
students on their casework. During the site visit, students made it clear how motivating they
find it to be able to share thoughts with professionals from the field, especially since the
academic perspective is clearly still noticeable in those lectures. Further, several staff members
combine academic positions with outside activities in the professional field.
Master’s programme in Economics
The self-evaluation report emphasises that a majority of the teaching staff of the master’s
programme in Economics are fellows of the Tinbergen Institute (TI), only awarded to those
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QANU / Economics, University of Amsterdam
who meet high scientific publication standards. They bring their research skills to the
classroom. Lecturers transfer knowledge but also teach students how to apply it in practice.
An example is given by the International Economics course, which broadens and deepens the
students’ knowledge of and insights into international economics, but also exercises the
students’ research competencies by having them prepare a short policy paper (with a sharp
focus on a specific topic), present it in a group of 10-12 students, and discuss the papers of
the other students.
The self evaluation report uses the International Economics course also to give an example of
how current developments in the field integrated within the programme. The topics of the
course are usually linked to ongoing public discussions and disputes reflected in the main
economic journals, in publications of international financial institutions and in well-known
international working paper series. As a consequence, the literature to be studied in this
course is a blend of descriptive, theoretical, and empirical literature. For the descriptive part,
extensive use is made of articles from the weekly economic journal The Economist.
During the site visit, students made it clear that they constantly urged to make links with
research in this programme’s courses recent or ongoing research by the UvA staff is
presented and discussed; students also are expected to develop and conduct research on their
own. They conveyed to the committee that the exposure to ongoing research and the
involvement in personal research efforts are very beneficial. In their opinion, they are
adequately supervised for this personal research activity.
Within the programme, the link with the professional field is maintained by several academic
staff members holding part-time positions in combination with high-profile outside jobs (e.g.
Director of the CPB, Chair of the SER, and Board member of the De Nederlandsche Bank).
Assessment
The committee was able to assess that the programmes meet the requirements for an
academic level and orientation. It finds that the interaction between teaching and research is
adequately ensured. The programmes combine the transfer of academic knowledge through
teaching and research in the relevant disciplines of the field. The committee established that
the majority of lecturers holds a PhD and that tenured faculty are strongly involved in
teaching the courses. The lecturers are actively engaged in research and publish in
international journals; the committee notes and appreciates the fact that in this way current
scientific developments and theories and research permeate the curriculum. Overall, the
committee is of the opinion that the programmes adequately meet the criteria for the
standard.
Master’s programme in Accountancy and Control
The committee is of the opinion that, besides through the interaction between teaching and
research, the development of scientific research skills is adequately addressed within the
master’s programme in Accountancy and Control. Courses stimulate students to think
academically and prepare them for writing their thesis. The committee observes that academic
activities relating to research, for example writing papers and conducting research
individually, are clearly represented in the curriculum. The committee appreciates the
incorporation of recent academic research within the courses through the extensive use of
academic articles.
The committee also notes that the programme ensures contact with the professional field,
where some lecturers have part-time positions. Case studies are integrated within the
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49
curriculum to provide further interaction with practice. The committee notes that both
students and lecturers are satisfied with the balance between the academic orientation and
level of the programme and its linkage to the professional field and practice. The committee
nevertheless appreciates the option chosen to introduce the brunt of practical application
only within the post-master curriculum rather than within the regular master programme.
Master’s programme in Business Economics
The committee is positive about the interaction between education and research in this
programme. It concludes that the development of skills in the field of scientific research is
addressed adequately within the various courses of the master’s programme in Business
Economics. The Finance Seminar, in particular, prepares students to conduct independent
research and to write the thesis. The committee applauds the project to make developing
research skills the object of one of three core courses within the master’s programme (see
Standard 3).
The committee notices that contact with the professional field is maintained throughout the
programme. Several staff members hold part-time academic positions in combination with
outside responsibilities in the world of professional practice. Professionals from the field also
share their thoughts with students and provide them with feedback on their work. The
committee appreciates this exposure of students to the applied side of their discipline, even
though the academic perspective is maintained in the contributions from practitioners of the
profession.
Master’s programme in Economics
Noting the emphasis on the interaction between teaching and research, the committee
concludes that the development of scientific research skills is addressed more than sufficient
in this master’s programme. Within the course International Economics, for example,
students are expected to exercise their research competencies by preparing a short policy
paper, presenting it, and discussing the papers of the other students. The committee was told
that students are satisfied with the attention paid to research in the programme, not only by
reading academic papers, but even more through the independent conduct of research. The
committee feels that the programme stimulates students to think academically and to conduct
research autonomously. This programme tends to give above-average attention to the
conduct of independent research by the students. The committee observed that academic
reasoning and activities relating to research, for example writing papers and conducting
independent investigations, are clearly present within the curriculum. The committee believes
that this programme is taught by enthusiastic lecturers who are strongly committed to the
students' academic development.
The committee furthermore notes that contact with the professional field is maintained in the
programme. The majority of the lecturers holds a PhD and actively publishes in leading
scientific journals. The majority of the teaching staff is also -fellow of the Tinbergen Institute
(TI). Several staff members hold part-time academic positions in combination with highprofile outside duties (e.g. Director of the CPB, Chair of the SER, and Board member of the
De Nederlandsche Bank). Besides the input from the latter staff members, contact with the
professional field is also ensured by integrating case studies within the curriculum. The topics
within the International Economics course, for instance, are related to current developments
in the field.
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Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: the committee assesses this standard as good.
S5: Correspondence between the aims and objectives and the curriculum
The curriculum is an adequate realisation of the learning outcomes of the programme and this regards the level, the
orientation and the subject-/discipline-specific requirements.
The 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 learning outcomes.
Description
Master’s programme in Accountancy and Control
According to the self-evaluation report, within the master’s programme in Accountancy and
Control, 45 EC are reserved for content-oriented courses and 15 EC are dedicated to the
master’s thesis. The full programmes for both tracks are mandatory. An overview of each
track of the master’s programme was shown above (section 5.1.2). The self-evaluation report
provides a table in which individual courses are systematically cross-matched with the learning
outcomes. These learning outcomes are often a combination of acquiring advanced
knowledge on the subject and of gaining skills to apply that knowledge, always with a clear
academic focus.
The Internal Control & Accounting Information Systems course, included in both tracks,
provides students with knowledge of financial administrative techniques (K5 and K9). For the
Accountancy track, both learning outcomes K6 and K7 are reflected in the Management &
Internal Control course. Learning outcome K7 is also reflected in the International Financial
Reporting Standards and Advanced Financial Accounting and Auditing courses. Additionally,
the Auditing course provides students with knowledge to check the reliability of accounts of
a financial-administrative nature (K8). As to the Control track, almost all learning outcomes
are represented in the Management Accounting course (K10, K11, K12 and K13) and the
International Financial Reporting Standards course (K12 and K13). The Advanced Corporate
Finance course provides students with knowledge about how investment- and financial
decisions are made in organisations (K14).
Skills are mainly coupled to the master’s thesis (S1, S2 and S3) in both tracks. The ability to
report on research at an academic level (S2) is reflected in several courses, for example within
the International Financial Reporting Standards course, being part of both tracks. The general
learning outcomes concerning knowledge (K1, K2, K3 and K4) and those covering attitude
(A1, A2 and A3) follow from the overall composition of the curriculum. In the past few
years, the main change in the master’s programme was the introduction of the International
Financial Reporting Standards course in both tracks, reflecting the increasing importance of
international standards in practice (K1).
Master’s programme in Business Economics
According to the self-evaluation report, within the master’s programme in Business
Economics, 40 EC are reserved for content-oriented courses, and 20 EC are dedicated to the
master’s thesis. An overview of each track of the programme is shown above. The selfevaluation report contains a table in which individual courses are systematically crossmatched with the learning outcomes. The major elements of this cross-matching is given
below for each track Intended learning outcomes concerning general knowledge (K1, K2, K3
and K4) and those covering attitudes (A1, A2 and A3) flow from the overall composition of
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51
the curriculum in each track. Learning outcomes S2 is cross-matched to almost all courses of
all tracks. Learning outcomes S1 and S3 are cross-matched to five courses of the Finance
track and the OE track, and to all courses of the REF track.
In the Finance track, learning outcome K5 (knowledge of the price-making forces and the
organisation of financial markets) is achieved through ‘Caput Financial Markets’; this course
gives an overview of the organisation of financial markets, with particular attention paid to
order-based trading systems. The knowledge of the role of financial intermediaries (K6) is
mainly achieved through the Caput Commercial Banking course, which develops an
understanding of key issues in bank management and of the role of commercial banks in the
financial system. Knowledge of investment analysis (K7) is mainly obtained through the
Caput Advances in Investment Theory, where students sharpen and broaden their knowledge
of investment theory and capital markets. Learning outcomes K8 and K9 (knowledge of
corporate finance and of the financial management of organisations) are mainly achieved
through the Caput Corporate Finance and the Caput Advanced Corporate Governance.
Finally, the Caput Derivatives and the Caput Fixed Income Risk Management describe
instruments and tools used in all the previously mentioned knowledge learning outcomes.
The knowledge of international financial markets (K10) is obtained through the International
Financial Economics course.
The core of the Organisation Economics track is the compulsory course ‘Economics of
Organisation and Management, which deals in depth with key topics. Typically, three topics
are selected, and academic articles on these topics from leading journals are discussed. All
learning outcomes (both knowledge and skills) are related to this course. Learning outcome
K11, knowledge of the internal and external operation of business economics, is represented
in all courses. Learning outcome K12, knowledge of strategic decision-making with regard to
the external and internal business situation, is achieved through five courses, for example the
Industrial Organisation and the Economics of Entrepreneurship courses. Knowledge of the
organisational architecture (K13) is obtained through four courses, for example the Caput
Corporate Finance and the Management Accounting courses. Both theoretical and empirical
research methods are explicitly treated in several courses, among which especially Economics
of Organisation and Management. This course aims to make students familiar with some of
the scientific literature from the field of the economics of organisation and encourages them
to critically consult this literature themselves. Moreover, along with a written exam, students
have to write a paper (counting for 40% of the overall mark), reporting the results of an
individual small-scale research project of a theoretical and/or empirical nature.
The Real Estate Finance track contains three compulsory master’s courses, all related to
learning outcome K16 (knowledge of the price-making forces in the financial markets, as well
as knowledge of their organisation, in particular in relation to investments in real estate). The
three courses also involve the skills learning outcomes. The Real Estate Valuation and
Investments course is mainly concerned with property valuation from an investment
perspective. This course is cross-matched with learning outcome K2 – knowledge of the
price-making forms and of the valuation of real estate. The Real Estate Markets and Analysis
course provides an introduction to the operations of different segments of the property
market and their interdependencies with the general economy, as well as an advanced analysis
of global real estate markets and their underlying driving forces. This course deals with
learning outcome K14 (knowledge of the markets for real estate). The third course, Real
Estate Finance and Portfolio Management, provides students with the necessary tools to
analyse the different vehicles for real estate investment, describes the international real estate
market and addresses issues and challenges of performance measurement for real estate
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assets. This course, as others, is related to learning outcome K16. Although not a compulsory
master’s course, students also are encouraged to take the 5 EC elective Caput International
Housing Markets (from the Finance Track), which addresses the economics and finance of
housing markets from an international comparative perspective.
Master’s programme in Economics
In the master’s programme in Economics, 45 EC are reserved for content-oriented courses
and 15 EC are dedicated to the master’s thesis. An overview of the programme is shown
above in table 5.6. It shows that the programme is structured flexibly in the sense that
students can choose from a wide range of courses. The learning outcomes regarding specific
knowledge therefore cannot be systematically cross-matched exclusively to specific courses of
the programme.
The self-evaluation report states that measurable learning outcomes are formulated and
assessed annually by the programme director for each of the courses; these are part of the
course descriptions published in the UvA online course catalogue. These learning outcomes
often amount to a combination of gathering specific knowledge on a subject and of gaining
the skills needed to apply that knowledge, always with a strong academic focus. The selfevaluation report states that the learning outcomes of the nine major tracks are linked to all
three learning outcomes in terms of skills (S1, S2 and S3). The learning outcomes in terms of
attitude (A1, A2, and A3) follow from the overall composition of the curriculum.
Assessment
Master’s programme in Accountancy and Control
The committee studied the correspondence between the learning outcomes and the
curriculum, and concludes that the master’s programme in Accountancy and Control is
adequately designed to ensure that the students achieve these outcomes. As the committee
already stated under Standard 1, it is of the opinion that the description of the learning
outcomes at the course level provides a clear overview of the knowledge, skills and attitudes
students should attain during the master’s programme. The committee has established that
the table presented in the self-evaluation report reveals how the individual courses are
systematically cross-matched with the learning outcomes. The general learning outcomes
concerning knowledge (K1, K2, K3 and K4) and those in terms of attitude (A1, A2 and A3)
follow from the overall composition of the curriculum. The learning outcomes in terms of
knowledge are each cross-matched to several courses.
Learning outcome K7 is cross-matched to almost all courses of the Accountancy track. The
remaining learning outcomes (K5, K6 and K8) are each matched with one course of the
Accountancy track. Concerning the Control track, most learning outcomes in terms of
knowledge (K10, K11, K12 and K13) are presented within the Management Accounting
course. The other learning outcomes (K9 and K14) are each related to one course of the
Control track, spread out over the year. Learning outcomes in terms of skills for both tracks
are mostly cross-matched to the thesis, at the end of the programme. Learning outcome S2 is
also presented in other courses, for both tracks.
The correspondence between curriculum and learning outcomes was judged even more
positively by the committee after the site visit. Especially the place of, and the attention paid
to, academic skills within the curriculum is appreciated by the committee. It also appreciates
that students are regularly exposed to research, for example by writing and reading essays, and
by conducting independent research. The committee heard the students’ positive comments
on the focus placed on academic skills.
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Though the committee is positive about the realised programme, it wishes to point out that
lecturers are not always aware which learning outcomes should be provided by which course.
The ccommittee advises to elaborate the correspondence between the learning outcomes and
the curriculum more explicitly.
On the basis of the aforementioned findings, the ccommittee concludes that the programme
fulfils the criteria specified in order to meet the related standard.
Master’s programme in Business Economics
Having studied the correspondence between the learning outcomes and the curriculum, the
committee concludes that the master’s programme in Business Economics is well designed to
ensure that students achieve the stated learning outcomes. As the committee already stated
under Standard 1, the description of the learning outcomes at the course level provides a clear
overview of the knowledge, skills and attitudes students are to attain in the master’s
programme. The committee finds that the self-evaluation report reveals how the individual
courses are systematically cross-matched with the learning outcomes. The learning outcomes
concerning general knowledge (K1, K2, K3 and K4) and those in terms of attitude (A1, A2
and A3) follow from the overall composition of the curriculum.
The committee notices that the achievement of the learning outcomes for the Finance track
(K5-K11, K16-K18) is well spread out over the several courses. Within the OE track, most of
the learning outcomes (K12-K15) are cross-matched to many courses. This holds especially
for learning outcome K12 ‘knowledge of the internal and external operation of business
economies’), which cross-matches with all courses in the OE track. This extensive crossmatch between learning outcomes and courses also concerns the learning outcomes for skills,
which cross-match with almost all courses; this holds especially for learning outcome S2.
After the site visit, the correspondence between the learning outcomes and the curriculum
was judged even more positively by the committee than in advance. The committee
appreciates the fact that the students are eventually lead through the whole research cycle:
first they read papers and search for relevant academic results, then, in the Finance Seminar,
they discuss several research methods concerning and, next, they learn to apply research tools.
In the second semester, students conduct independent research and receive feedback on their
work.
The committee concludes that the various components of the learning outcomes are found in
the courses. It established that the Business Economics programme prepares students well
for writing their thesis. Although the committee is positive about the programme in practice,
it notices that to lecturers it is not always clear which learning outcomes (in terms of academic
skills, but also in terms of knowledge) should be provided in each course. The committee
advises to elaborate the correspondence between the learning outcomes and the curriculum
more explicitly. On the basis of the aforementioned findings, the committee concludes that
the programme fulfils the criteria specified in order to meet the related standard.
Master’s programme in Economics
The committee, studying the stated learning outcomes and the curriculum of the master’s
programme in Economics, finds that their correspondence is rather difficult to assess because
of the flexible structure of the programme (see Standard 6). As the committee already stated
under Standard 1, the description of the learning outcomes at the course level provides an
overview of the knowledge, skills and attitudes students are expected to attain during the
master’s programme. The self-evaluation report does not contain a table which systematically
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cross-matches courses with the learning outcomes. The learning outcomes concerning general
knowledge (K1, K2, K3 and K4) and those for attitudes (A1, A2 and A3), it is argued, should
flow from the overall composition of the curriculum.
During the site visit, the committee noted that students can choose from a wide range of
courses (see Standard 6), within the boundaries indicated in the Teaching and Examination
Regulations. The committee notes that students are positive about the latitude of choice
allowed to them in composing their programme, but doubts that achieving all stated learning
outcomes can be ensured this way. During the site visit, the committee noted that research
skills such as writing and presenting are developed within particular electives. The committee
was informed that the programme will be changed in 2011: three main courses programmed
across tracks will present and train in relevant academic skills. In this way, the programme will
guarantee the correspondence with the stated learning outcomes of the curriculum in a more
obvious way.
The committee concludes that the several components of the learning outcomes are reflected
in the courses, and that the programme ensures the students will attain them. In its opinion
the Economics programme prepares students well for writing their thesis. It is not always
clear, however, which learning outcomes are provided in which course. Because of the
flexible structure of the programme, the cross-match between learning outcomes and each
individual curriculum should be ascertained. The committee advises to more explicitly
elaborate the correspondence between the learning outcomes and the curriculum. On the
basis of the aforementioned evidence, the committee concludes that the programme meets
the criteria specified under this standard.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: the committee assesses this standard as satisfactory.
S6: Consistency of the curriculum
The contents of the curriculum are internally consistent.
Description
For each programme, the director or track coordinators are responsible for periodically
checking if the contents of the different courses making up the programme are well-aligned.
The programme committees (see Standard 19) also perform a monitoring function, and can
suggest improvements to the curriculum.
Master’s programme in Accountancy and Control
The self-evaluation report presents an outline of the curriculum of the master’s programme in
Accountancy and Control (tables 5.1 and 5.2). The programme has no electives. The course
coordinators are responsible for the content of the individual courses, while the programme
director is responsible for the quality and coherence of the overall programme. Consistency is
built into the curriculum by including courses which deal with the common theme of
accountcy and control, yet having their specific focus. To prevent overlaps, the course
coordinators and the lecturers frequently discuss the courses and students tend to point out
cases of excessive overlap.
Master’s programme in Business Economics
The self-evaluation report presents an outline of the curriculum of the master’s programme in
Business Economics (tables 5.3, 5.4 and 5.5). The programme offers three tracks that are
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closely linked by their quantitative and economics-oriented approach. The track coordinators
are responsible for the quality and coherence of each track and for periodically checking that
the contents of the courses making up the track are well-aligned. This prevents overlaps
and/or gaps in the curricula and ensures that the courses continue to complement each other.
Also, the programme committee performs a monitoring function (see Standard 17), and can
suggest improvements to the curriculum. In terms of content, the three tracks are rather
differentiated. Therefore, the internal consistency is discussed for each track separately.
Finance Track
The set of initial courses in the track, e.g. Caput Financial Markets and Caput Corporate
Finance, provides a general framework and bears a relationship to all the stated learning
outcomes. A second set of specialised courses, e.g. Caput Commercial Banking or Caput
Derivatives, is focused on more specific learning outcomes, allowing students to pursue their
specific interests in depth. This structure allows students to develop specialised knowledge in
terms of both breadth and depth. The Finance track allows for electives for 20 EC, next to
the mandatory track-specific master’s courses. In that case, at least 10 EC of course work
must be chosen from a pre-specified list of electives, including advanced and specialised
courses in related fields (e.g. management accounting, organisation economics, industrial
organisation, monetary economics and real estate finance). The maximum of 10 EC that can
be taken outside pre-specified list of electives should be of a sufficient level, related to
business economics, and display little or no overlap with the other courses in the programme.
Organisation Economics track
The track features one compulsory course, Economics of Organisation and Management 2,
which addresses a limited number of key topics within the track in depth. The other master’s
courses on the list allow students to broaden their specialised knowledge in their preferred
direction, including industrial organisation, management accounting, economics of
entrepreneurship, and finance. Students can either cluster their choices in one of these
directions, or spread them. These optional courses, and the level at which they are taught,
ensure an adequate combination of breadth and depth. For the composition of the elective
option of 20 EC, the same rules apply as above for the Finance track. Overall, the track
ensures that the broad scope of organisation economics is covered, while at the same time the
focus on the core of this relatively new field is not lost.
Real Estate Finance track
The track comprises three compulsory master courses of 10 EC each, covering the three core
subjects mentioned in the learning outcomes of the programme, all with a pronounced
financial-economic (investment) approach. Students take the Real Estate Finance and
Portfolio Management course after having followed the two other master’s courses. Further,
much of the subject is covered in a number of business cases. The content of these three
foundation areas must be addressed and integrated in the master’s thesis, the subject of which
must be related to the core subjects. For the selection of electives, the same rules apply as
described above for the Finance track. The combination of complementary core subjects and
of optional subjects, and the way in which this leads to the choice of a thesis topic, contribute
to the internal consistency of the curriculum.
During the site visit, students were positive about the latitude of choice allowed in the
composition of their programme. They see the advantage of composing a programme
according to their own interests, and feel that they are able to make suitable choices on their
own within the boundaries of the imposed rules, for example concerning the number of EC
of compulsory courses allowed. The programme management provides some advice, for
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example regarding the prerequisites for certain courses, ensuring that courses connect well to
each other.
Master’s programme in Economics
The self-evaluation report shows the curriculum (table 5.6), which is very flexible, in the sense
that students can choose from a wide range of courses. They can also combine the courses
into a structured major. During the site visit, students expressed themselves positively about
this choice latitude, appreciating opportunity of composing a programme according to their
own interests, in breadth and/or depth, while respecting certain rules, for example concerning
the number of EC of an elective. The programme management provides useful advice, for
example regarding the prerequisites for certain courses, ensuring that courses connect well to
each other.
According to the self-evaluation report, the coherence of the programme is achieved in three
ways. First, the programme is managed by a system of prerequisites for the more advanced
courses; this guarantees the sequential build-up of knowledge and skills, as master-level
courses can only be taken after completion of the matching bachelor level course. Second, the
study programme selected by the student has to be approved by the Examination Board,
based on advice from the student counsellor or the programme director. Third, the
programme director is responsible for periodically checking that course contents are wellaligned. The programme committee (see Standard 17) performs a monitoring function, and
can suggest improvements to the curriculum.
According to the self-evaluation report, student counsellors notified the programme director
in 2008 that a number of subject combinations were impossible because of overlapping
course schedules. New schedules were drawn up with students divided into different groups.
The students now have less freedom to choose their classes, but their schedules are no longer
infeasible. During the site visit, the students mentioned difficulties in programming their
courses over time: when making certain choices, they must pay attention to the prerequisites
structure; because of this, they cannot always choose all the courses they would like to take.
Assessment
Master’s programme in Accountancy and Control
The committee studied the internal coherence of the master’s programme in Accountancy
and Control; it found that there is substantive and logical consistency in the programme. The
committee verified that the programme is well planned; the coherence is evident. The
committee therefore assesses that the programme meets the criteria concerning this standard.
The programme has no electives since the learning outcomes are strictly related to the
requirements stated for the post-master programme. This choice limitation ensures that the
students follow a very coherent curriculum. As a consequence, the committee judges that the
programme is coherent. The committee accepts that no electives are allowed within this
master’s programme, given the specific nature of its links to the profession. Nevertheless, it
should be noted that the committee is generally not in favour of the total absence of choice
latitude.
The committee found that programme directors, lecturers and students frequently discuss the
quality and coherence of the overall programme. The committee feels that there could be a
more systematic way to check on repetitive overlaps of topics and materials in the
programme.
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Master’s programme in Business Economics
The committee studied the internal coherence of the master’s programme in Business
Economics. It concludes that the coherence is not fully guaranteed and that the coherence
amongst, but also within, the tracks of the programme can improve. The committee therefore
assesses that the master’s programme in Business Economics is not meeting the criteria
concerning this standard.
The committee is of the opinion that the programme suffers from a lack of coherence, most
likely due to the high degree of choice it allows. The committee appreciates the benefits of
choice for the students: they can compose their own programme and are free to emphasise
depth or breadth according to their interest. Being exposed to this degree of freedom forces
them to develop their faculty of reasoned choice. Nevertheless, the committee is convinced
that some minimal coherence of the programme should be safeguarded by the management
by a clear set of more restrictive rules.
According to the self-evaluation report, the programme coordinators are responsible for the
quality and coherence of the programme by checking periodically whether the contents of the
different courses are well aligned and by eliminating overlaps or by remedying gaps in the
learning paths, and by ensuring that the courses complement each other. The programme
committee also performs a monitoring function in this respect. Nevertheless, during the site
visit, the committee noted that there seems to be no system by which the internal coherence
is safeguarded systematically. Students are insufficiently guided to make coherent programme
choices and, because of this, the programme management cannot guarantee the achievement
of the learning outcomes in spite of the fact that academic skills are sufficiently addressed by
the curriculum (see Standard 4). This also became apparent from the cross-matching table
(see Standard 5). The committee also notes that there is insufficient communication between
lecturers concerning the consistency of the programme and the connection between courses.
An example: during the site visit, students mentioned that the same cases are discussed in
different courses, while no additional information comes up.
Along with the attention it paid to the coherence within each track, the committee also
examined the coherence between the different tracks. It judges that the master’s programme
is rather fragmented in structure. The three tracks are unrelated in principle. The committee
considers this a missed opportunity. The Finance and OE tracks, for example, could be more
closely related; this would be a benefit rather than a drawback.
Master’s programme in Economics
The committee concludes that the coherence of the programme is not guaranteed and needs
to be improved. The committee therefore assesses that the master’s programme in
Economics does not meet the criteria for this standard. The committee judges that the
programme suffers from the danger of a lack of coherence because of the high degree of
choice it allows. The committee understands the benefits this brings to students who can
pattern their programme after their own interests and who have to learn to assume
responsibility for their own study. However, given the learning outcomes that have to be
achieved, there should be some bounds to this freedom. The committee therefore feels that it
would be beneficial to safeguard the coherence of the programme more actively.
According to the self-evaluation report, admission to the programme is managed by a system
of admission requirements and by an approval procedure supervised by the Examination
Board (see Standard 11) and by the programme director. The latter is also responsible for
periodically checking that the course contents are well-aligned. Still, during the site visit, the
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committee noted the absence of a formal system to systematically foster the internal
coherence of the programme. This means that management is not able to guarantee that the
learning outcomes are ultimately attained, even when academic skills are sufficiently
developed within the curriculum (see Standard 4). The committee notes that there is
insufficient exchange between lecturers concerning the coherence of the programme and the
connection between the courses. Students indicated that they sometimes choose courses in
part in order to avoid overlap.
As described earlier, the programme is to be changed in the academic year 2010/2011; from
then on, it will consist of five tracks and the coherence of the programme will improve. The
committee applauds this decision, which should result in more coherent programmes. At this
moment, though, the committee feels that there was insufficient coherence in the
programme.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as unsatisfactory.
Master’s programme in Economics: the committee assesses this standard as unsatisfactory.
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
Aggregate information about the actual number of study hours the full programme takes is as
yet unavailable. The course evaluations generally reveal that students on average put in
around 60% of the nominal workload of about 1600 hours for 60 EC. The percentage of
students mentioning that they spend more hours than this nominal workload is very limited,
typically below 10% for any course.
The self-evaluation report states that for all the FEB programmes, exams are scheduled after
each course and spread over the year. Some courses offer mid-terms, so as to distribute the
study load more evenly (see Standard 11). This allows students to plan their studies and
stimulates them to finish the programme within the set time. During the site visit, the
committee learned the FEB offers guidance to their students from their first year on so as to
prevent delays in the completion of the studies. Measures are, for example, an interview
between student and tutor after one month, remedying problems in mathematics, and using a
binding recommendation for the next step in the study (’BSA’) (see Standard 16).
General remark on master’s programmes
According to the university-wide survey of 2008, the FEB master’s students on average spend
25 hours per week on their studies and 21 hours on a side job. This shows that the actual
workload required from students is not too excessive. Only 11% of the master’s students at
the FEB find the workload too high, and 16% as too low. During the site visit, students also
said that they do not experience the workload as excessive; further, they did not mention
specific obstacles during the programme that hinder their progress.
Master’s programme in Accountancy and Control
The self-evaluation report mentions that the study load of the master’s programme in
Accountancy and Control is spread evenly over the year, as evidenced by tables 5.1 and 5.2.
The first semester consists of classroom courses, while the second semester is split in half
between classroom courses and the master’s thesis. For both tracks, the first semester is
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divided into two blocks. The Internal Control & Accounting Information Systems course (5
EC) is scheduled in block I. In this block, two other courses (both 10 EC) are programmed.
Both theses courses continue in block II. The other course in block II is International
Financial Reporting Standards (10 EC), which continues in block III, where another course of
10 EC starts. The latter is spread evenly over blocks III and block IV. In block IV students
conclude the programme with their master’s thesis (15 EC).
Master’s programme in Business Economics
The self-evaluation report mentions that the study load of the master’s programme in
Business Economics is spread evenly over the year, as shown in tables 5.3, 5.4, and 5.5. The
first semester consists of classroom courses, while the second consists of both classroom
courses and the master’s thesis. For all tracks the first semester is divided into two blocks, I
and II of 15 EC each. The second semester is also divided into blocks III and IV; block III
contains 10 EC of classroom courses. Within the Finance track, these EC are spread over two
courses. Block III thereby leaves some space for students to start with their master’s thesis.
Students complete their master’s thesis, worth 20 EC in total, in block IV.
Master’s programme in Economics
The self-evaluation report mentions that the study load of the master’s programme in
Economics is spread evenly over the year, as outlined in table 5.6. The first semester consists
of classroom courses, while the second semester is split between classroom courses and the
master’s thesis. Block I contains three courses: the Research Practicum (5 EC) and two Clevel courses (each of 5 EC). Both blocks II and III consist of two elective courses: the
master’s course 1 or 2 (each 10 EC) and a C-level course (5 EC). Students complete their
master’s thesis, worth 15 EC in total, in block IV.
Assessment
The committee studied whether the curricula can be successfully completed within the time
nominally set and whether, where possible, programme-related factors that may impede study
progress are eliminated. The committee concludes that the curricula can be successfully
completed within the set time, that that the students evaluate the academic standards of their
programme positively and that they do not identify any specific obstacle to curriculum
progress.
During the site visit, it became clear that, even though the workload is deemed far from
excessive, delays in the studies are very probable. When students do not pass for one
individual course, this tends to delay their progress, for the remainder of the programme. The
committee is rather inclined to accept this state of affairs, as it feels that this places the
student squarely before the responsibility for avoiding or remedying such delays. The
committee concludes that the programmes meet the criteria concerning workload.
General remark on master’s programmes
The committee likes to make one remark that applies to all master’s programmes covered in
this report, concerning the placing of the master’s thesis within the programme. Students are
to conclude the programme with their master’s thesis in block IV, but they must also follow
courses within this block. Students find it difficult to combine these two components of their
programme and tend to complete the coursework before concentrating on the thesis. The
committee’s advice to make sure that students already start with their thesis in block III. This
will prevent delays at the end of their studies.
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Master’s programme in Accountancy and Control
Conversations with students of the master’s programme in Accountancy and Control revealed
that students spend, on the one hand, rather much time on their studies on a weekly basis.
On the other hand, it seems to be possible for students to complete the programme within
one year while holding a job. The committee therefore considers that the workload is not
excessive.
The committee appreciates the Management Accounting Research Seminar course in the
Control track and the Advanced Financial Accounting course in the Accountancy track,
which prepare students for writing the master’s thesis by imparting and practicing research
skills. In the Management Accounting Research Seminar students even starts working on
their thesis proposal.
Master’s programme in Business Economics
The students estimated that they spend around 35 hours, on average, on their studies on a
weekly basis. Students are, in general, able to complete the programme within one year. The
committee finds the workload not excessive. The committee is positive concerning the
Finance Seminar, which prepares students for writing their master’s thesis.
Master’s programme in Economics
In conversations with students of the master’s programme in Economics, it became apparent
that students spend around 35 hours on average on their studies each week. It seems possible
for students to complete the programme within one year. The committee therefore considers
that the workload is not excessive.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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 describes how the FEB provides information to prospective
students about the requirements for admission and for study success. Various information
meetings are organised for the master’s programmes. For students following a bachelor’s
programmes at the FEB, information meetings are organised in the course of the third year.
Dedicated information meetings are organised for students who successfully complete higher
vocational training curriculum (hbo) and subsequently wish to take a preparatory programme.
For Dutch and foreign students with a bachelor degree from another university, information
meetings are organised twice a year.
International information activities are also organised. the FEB Educational Office (OWI),
the UvA Communication Office and the FEB M&C Department actively pursue international
recruitment into these master’s programmes by means of, e.g., an attractive website, annual
master’s programme brochures and presence at education fairs abroad. In 2008, the FEB
developed the first comprehensive international marketing plan, aimed at achieving a more
coordinated approach by pooling expertise and budgets. The FEB strives for a share of
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foreign students of 35% by 2012. One way in which it hopes to achieve this is by intensifying
cooperation with schools abroad, e.g. by double degree programmes, through more effective
marketing and a better structured application procedure.
Master’s programme in Accountancy and Control
According to the self-evaluation report, the UvA bachelor’s students consider the master’s
programme in Accountancy and Control as the natural continuation of the Accountancy and
Control track of the bachelor’s programme in Economics and Business. A large share of UvA
bachelor’s students who completed this track continues their studies at the UvA with the
master programme in Accountancy and Control; they are admitted unconditionally.
Bachelor’s students from other Dutch universities are admitted directly if their bachelor
programme matches the requirements; this is evaluated by the programme director. If they
are not directly admissible to the master’s programme, these applicants are provided with an
overview of the knowledge they lack. These deficiencies can be remedied by following
courses at UvA’s contract education department (‘Kort Hoger Onderwijs’), or by taking
similar courses at their own institution.
Students who completed the four-year higher professional education (hbo) programmes
HEAO (AC/RA/AA) or HEAO (BE) may be required to take a preparatory programme in
Accountancy and Control, at the discretion of the Examination Board. Standard preparatory
programmes are provided for graduates with a professional bachelor’s degree in Business
Economics or Accounting. The preparatory programmes consist of 35 to 60 EC of
coursework, depending on the students’ background.
In line with the FEB’s goals, the master’s programme in Accountancy and Control is actively
recruiting foreign students. The number of these students is increasing. The average inflow of
foreign students is 67, but this has been rather variable over the years.
Master’s programme in Business Economics
According to the self-evaluation report, the bachelor’s programme in Economics and
Business at the UvA offers several orientations and several tracks within these. Graduates of a
track within the Business Economics orientation can unconditionally enter the corresponding
track of the master’s programme. They usually see this track as the natural continuation of
their studies. Graduates of the Finance track of the bachelor in Economics and Business can
unconditionally enter the REF track of the master in Business Economics. Most of these
students continue their studies at the UvA.
Bachelor’s students from other Dutch universities are welcomed if they have completed a
bachelor in a related field. For admission to the Finance and REF tracks, a bachelor in
Business Economics or in a related field is required, with a specialisation in Finance.
Admission to the OE track requires a Business Economics or Economics bachelor’s diploma,
with an undergraduate specialisation in or related to Organisation Economics. Students not
directly admissible can still be admitted upon recommendation by the track coordinator and
the Examination Board, provided that they have remedied the deficiencies that have been
indicated to them.
A second group of incoming students has a foreign academic bachelor’s degree. In line with
the FEB’s goals, the master’s programme actively recruits foreign students. The track
coordinator evaluates the applications and makes a recommendation, provided sufficient
background in the required economics and finance fields. Admission is formally decided
upon by the Examination Board.
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It is also possible to enter the programme indirectly on the basis of a bachelor certificate from
a school of higher professional education (hbo). These students first are to complete a
preparatory programme of one year (60 EC). For admission to the preparatory programme in
Business Economics with the intention to pursue the Finance or REF track at the master
level, one of the following four bachelor’s programmes is required: HEAO (AC/RA/AA),
HEAO (BE), HEAO (FSM), and HvA (IFM).
The average inflow is 119 students annually. The share of foreign students is rapidly
increasing, from 27% in 2005 to 40% in 2008. In contrast, the share of students entering with
a hbo bachelor’s degree seems to be declining.
Master’s programme in Economics
According to the self-evaluation report, the average inflow of 65 students is rather stable.
Students must have successfully completed the corresponding advanced core course (AIC) in
either the bachelor’s programme or in the master’s programme in order to be admitted to a
course of the master’s programme in Economics. Unconditional admission to the programme
is granted to students with a bachelor’s degree in Economics and Business (specialisation in
General Economics) at the UvA or to students who have completed a major in General
Economics and a bachelor’s degree in the UvA’s natural science programme.
A preparatory programme is offered to students with a bachelor or master in Economics and
Business from UvA, but not specialised in Economics, Actuarial Science or Econometrics
and Operations Research. Completion of this preparatory programme gives admission to the
master’s programme in Economics. Students who have completed a bachelor’s programme in
Economics with a specialisation in General Economics from a Dutch university but have
some deficiencies are required to add the corresponding courses to their master’s programme,
with a consequent increase in the number of EC to be taken.
Assessment
The committee examined whether the qualifications of the incoming students match the
contents of the programmes of the FEB. The committee concludes that all programmes of
the FEB meet the criteria for this standard. The committee appreciates the fact that students,
who are not directly admitted to the master’s programmes, receive an overview of the
deficiencies in their knowledge and are provided with an opportunity to remedy this lack. The
committee notes that the FEB strives to recruit foreign students and appreciate the fact that
the number of foreign students within the FEB is increasing. The FEB seems to have good
contacts with a network of foreign universities, judging from the conversations held with
students from abroad. The committee is of the opinion that the communication and
promotion of the programmes could be improved, e.g. by paying specific attention to the
potential offered by the recruitment of German students. From the received comments, one
can conclude that foreign students are well assisted by student counsellors once they are
enrolled in the programmes. Where they may fall behind because of their foreign origin, e.g.
in writing or reading papers, these students receive adequate assistance.
With respect to internationalisation, the committee feels that the FEB should stimulate
students to make more use of the opportunities for a study abroad. While the FEB is working
at this, and makes it a point of special attention, the number of students going abroad at
present is deemed too low. The students stated that they are not really motivated for a stay
abroad by the FEB.
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The committee notices that most of the programmes still tend to think in terms of a four-year
curriculum, with a strong UvA-biased anchor. The committee advises to mark more clearly
the structure of the studies in independent bachelor and master curricula, removing
unnecessary references to entry requirements related to the UvA bachelor’s programmes. Not
only is this the logical consequence of the ‘Bologna process’, but this will also benefit the
mobility, outward for the UvA students and inward for other students.
The committee wishes to comment on the observed volatility of the number of students
enrolling at the FEB. For many of the programmes, the number of entering students tends to
fluctuate markedly. In addition, a few programmes have a subcritical number of students. The
committee recommends the FEB to first gain insight into the causes of this phenomenon and
next to devise a remedial strategy.
Master’s programme in Accountancy and Control
The committee examined the admission requirements for the master’s programme in
Accountancy and Control, and concludes that the qualifications of the incoming students are
in line with the structure and contents of the intended curriculum. The committee established
that at least one bachelor’s degree gives direct admission to the programme without
restrictions. A large number of UvA bachelor’s graduates who followed the corresponding
specialisation track continue their studies at the UvA, and are unconditionally admitted to the
programme. The committee is satisfied with the average annual inflow of students (67), but
less with the variability of the intake. It hopes that the FEB will find ways to stabilize this.
The committee appreciates the growing enrolment percentage of students with a bachelor’s
degree from another university. In contrast, the number of students entering with a hbo
bachelor degree has declined somewhat. The committee advises to investigate this issue, and
to take remedial action accordingly.
Master’s programme in Business Economics
The committee examined the admission requirements of the master’s programme in Business
Economics and concludes that the qualifications of incoming students are in line with the
structure and contents of the intended curriculum. The committee states that for at least one
bachelor’s degree, it is possible to enrol in the master’s programme in Business Economics
without restrictions. Graduates of an UvA undergraduate with a Business Economics track
can unconditionally enter the corresponding track in the master programme. Graduates of the
bachelor’s Finance track can unconditionally enter the REF master track. Most of the
respective bachelor students continue their studies at the UvA. The committee is positive
about the average inflow of students (119), the variation over the years seems to have
stabilized from 2005 on. The committee appreciates that the percentage of students who
followed a bachelor’s programme at another university has grown. In contrast, the number of
students entering with a hbo bachelor’s degree has declined somewhat.
Master’s programme in Economics
The committee examined the admission requirements for the master’s programme in
Economics and concludes that the qualifications of the incoming students are in line with the
structure and contents of the intended curriculum. Graduates from at least one bachelor’s
curriculum can enrol in the master programme in Economics without restrictions.
Unconditional admission to the master’s programme in Economics is granted to students
who have completed a bachelor’s degree in Economics and Business (specialisation in
General Economics) from the UvA or to students who have completed a major in General
Economics or a bachelor’s degree in the UvA’s natural science programme. Here, the
committee is surprised by the rather restrictive entry requirements, linked to the FEB’s own
bachelor’s programmes, which go against the spirit of the Bachelor – Master reform. Also,
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the committee fails to see what explains the unique position granted to the natural sciences.
Does this imply that the FEB believes that the natural sciences are closer to Economics than
the other behavioural sciences (such as Psychology and Sociology)?
The committee appreciates the fact that a preparatory programme is offered to students from
the UvA with a bachelor or master degree in Economics and Business who did not specialise
in Economics, Actuarial Science or Econometrics and Operations Research. The committee
finds that, at present, the total enrolment, as well as the enrolment of foreign students is
stable. The average annual inflow of students (65) is satisfactory. In contrast, the number of
students entering with a hbo bachelor’s degree has declined somewhat.
The committee feels positively about the new curriculum structure (see Standard 6) and is of
the opinion that this allows for more flexibility in the recruiting stage, being better suited to
accommodate students from elsewhere. During the site visit, the lecturers stated that the
choice to develop an Economic Policy track is partly based on the aim to bring in more
foreign students, by showing more clearly an interest for macro-economic phenomena and
economic policy. To the committee, this signals real interest and involvement with the
recruitment of a foreign student body.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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 Accountancy and Control 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 Business 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 Economics comprises 60 EC and complies
with the formal requirements with respect to the size of the curriculum.
Assessment
The master’s programme in Accountancy and Control complies with the formal requirements with
respect to the number of credits.
The master’s programme in Business Economics complies with the formal requirements with respect
to the number of credits.
The master’s programme in Economics complies with the formal requirements with respect to the
number 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.
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Description
The self-evaluation report states that the FEB does not explicitly opt for one didactical
concept, applied uniformly to all programmes. Instead, the FEB has formulated a number of
general teaching principles, for example that learning outcomes must be defined for each
course. For the bachelor curricula, these must evolve from obtaining basic knowledge and
insight towards developing an analytical and problem-solving way of thinking, being able to
devise solutions to problems in practice and to individually and critically study and evaluate
the academic literature. The independent search, study and analysis of relevant academic
papers from prominent academic publications is a core component of many of the courses,
especially in the later stages of the curricula. Students conclude their bachelor’s programme
with an individually written thesis, thus proving that they are able to conduct small-scale
academic research independently.
In the master’s programmes, the learning goals mostly aim at developing an analytical and
problem-solving way of thinking, being able to come up with solutions and being able to
study and analyse the academic literature individually and critically. As such, independently
searching, studying and analysing relevant academic papers from high-ranking academic
publications form an important part of most of the courses. Students conclude their master’s
programmes with an individually written thesis, with which they prove they are able to
conduct independent academic research in the accounting and control field.
As to the study methods, most courses of the bachelor’s and master’s programmes make use
of a plenary lecture (typically 2 to 3 hours a week) with one subsequent tutorial (2 to 4 hours a
week) scheduled later in the same week. A large number of courses make use of computer
practice as well. One of the goals of the tutorials and of computer practices is to stimulate
active participation by students, which is encouraged by the preparation of exercises and
other tasks, by class discussions and/or by student presentations in class. The class size of
around 20 to 25 students is small enough to facilitate interactive teaching and student
involvement. In that way, tutorials and classes not only contribute to achieving the learning
outcomes concerning knowledge, but also those for skills and attitudes.
Master’s programme in Accountancy and Control
The self-evaluation report provides an overview of the numbers of programmed hours for
this programme. For each course, the scheduled study load is made up of different categories:
lectures, tutorials and total contact hours), exam preparation, assignments and selfstudy/literature. The Advanced Corporate Finance course consists solely of lectures (2 hours
a week). For all courses, except for the master’s thesis, 2 to 3.5 contact hours per week are
scheduled for tutorials. On average, a module of 10 EC consists of 40 to 50 contact hours.
The remaining time (230 to 240 hours) is reserved for self-study, assignments and exam
preparation.
During the site visit, students mentioned they feel stimulated to participate actively in the
courses. During contact hours, they are motivated to discuss the materials, for example
articles with topics related to the programme. The students state that there is much
communication between the students and between students and lecturers concerning the
course. Lecturers also make them think critically. They had a criticism, however, about the
size of the groups. There are many students; when group sizes become excessive for
interactive work, lecturers split up the class over multiple groups. This maintains the
possibility to communicate with the lecturers during the course, but nevertheless reduces the
extent of feedback received on assignments. Students understand these problems, but
nevertheless remain critical.
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Master’s programme in Business Economics
The number of contact hours in the master’s programme in Business Economics depends on
the size and type of the courses taken. As a general rule, a course of 5 EC accounts for 21
contact hours, and of 10 EC for 42 contact hours. Contact hours can take various forms,
from traditional classes to seminar presentations, discussions of cases and assignments,
computer practices and field trips. Most courses use a combination of these methods. The
remaining hours are reserved for self-study, class preparation (reading), preparation of cases
and presentations, homework, papers and essays, debates, assignments (literature) and field
trips. In the course weeks, students have 8 to 12 hours of classroom meetings per week. The
remaining time, about 25 to 30 hours, is meant for preparation and self-study. The number of
individual contact hours with the supervisor while writing the master’s thesis is around 5 to
10 hours in total. The number of contact hours through lectures is between 160 and 180
hours for the entire programme.
During the site visit, students indicated they are stimulated to participate actively during the
courses. During contact hours, they are motivated to participate in discussions about the
materials, e.g. discussing case studies with each other. In some courses, they first have to
familiarise themselves with the theory, next write a paper related to the topic and, finally,
conduct small theoretical or empirical research independently. Lecturers state that there is
much communication among the students and between students and lecturers concerning
course-related topics. The only criticism by students concerns the size of the groups, as the
number of participants influences the extent to which interactivity is feasible, especially in the
Finance track.
Master’s programme in Economics
A typical course of the master’s programme in Economics comprises 10 EC, which
corresponds to 280 hours of study, in most cases spread out over seven weeks. In each week,
there are typically four hours of lecturing and four hours of practicing, if necessary in small
groups. For these practical classes, students regularly have to prepare assignments, a
presentation or a discussion. On average, they will devote about 24 hours per week to the
course, excluding classroom attendance.
During the site visit, students indicated they are stimulated to participate actively during the
classes and to discuss and present materials such as relevant articles or presentations by other
students. As already mentioned, students are also involved in experiments and must write
papers. Lecturers made remarks concerning the size of the groups, which vary from some 10
to sometimes 100 students; they would like to see reduced class sizes; several lecturers
presently split up their classes and teach several sections of their course on a voluntary basis,
with the expected impact on their workload and on their other activities.
Assessment
The committee studied the coherence of the structure and contents of programmes within
the FEB. It concludes that all the assessed programmes meet the criteria concerning this
standard. During the site visit, the committee noted no explicit didactical concept practiced
throughout the FEB. Nevertheless, the committee finds that the FEB has opted, rather by
design, to allow students much choice, autonomy and responsibility. As stated earlier (see
Standard 6), the committee appreciates the benefits that this freedom brings, which allows
students to compose their own programme and place their own emphasis on depth and/or
breadth. Exposure to this freedom, also forces them to assume responsibility for their own
curriculum and for progress therein. Provided that the management ensures the coherence of
the curriculum, the committee feels that this approach can work out well. The committee
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therefore advises all programmes to define this “freedom-within-constraints” didactical
concept explicitly, taking care of striking a happy medium between coherence and freedom.
The committee has established that the study approach fostered by the programme enables
students to achieve the learning outcomes. It appreciates the emphasis on active education,
for example through discussion of case studies and of relevant article, through paper
presentations and by participation in experiments within the courses. The committee advises
the management to pay attention to the way lecturers have to deal with large student numbers
in classes. Splitting up the classes into smaller groups may allow maintaining the desirable
active approach, but does not dispense the lecturer from having to provide feedback to a
large number of students and being overloaded with teaching duties.
The committee concludes that, at the course level, there is a link between the learning
outcomes, the implicit educational concept and the teaching methods. The committee notes
that lecturers are very focused on their own course and its intended learning outcomes, but
that, for this very fact, there is a risk that courses will overlap and that their content and
didactical approach will not be well-aligned. On the whole, the FEB could devote more
attention to elaborating an explicit educational concept and to the associated range of
methods used at the level of the curriculum.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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 learning outcomes of the programme or parts thereof.
Description
According to the self-evaluation report, all exams of the FEB are scheduled after each course,
with re-sits spread over the year. At least three exam opportunities are scheduled for each
course within a year after the course. Some courses offer mid-terms so as to spread the study
load more evenly (see Standard 7). Exams are composed by the course coordinator in
consultation with other lecturers in the course or the department. From the total set of
examination materials, random samples are taken and are re-graded by another lecturer in
order to identify potential sources of limited accuracy. The exam correction process is
monitored by the course coordinator, who signs off the final results list. Students can inspect
their graded exams and discuss the grading. Detailed rules regarding written exams have been
laid down in the Teaching and Examination Regulations. Exact assessment regulations for
every course are specified in the individual course descriptions. These regulations include the
rules for student assessment, are updated annually by the course coordinator and presented to
the programme committees for review approval, before they are published on/in the digital
course catalogue.
According to the self-evaluation report, grading of theses (see Standard 20) is somewhat
subjective by definition. Students typically meet their supervisor five to ten times during the
thesis process, giving the supervisor ample opportunity to evaluate the quality of the thesis as
well as the process leading to the end product. Further, a number of standard criteria to
evaluate the thesis itself as well as the student’s work progress and attitude are specified ex
ante and listed on the official thesis evaluation form. The thesis supervisor discusses these
criteria with the students and informs them about how the separate criteria are measured.
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Besides by the supervisor, the thesis is graded by a second independent reader. Moreover, the
lecturer in academic writing involved in the thesis seminars and the coordinator of the thesis
seminar serve as additional readers. This process guarantees more impartiality, and
contributes to grading consistency and uniformity in the programme and throughout the
FEB. The theses are digitally checked for plagiarism as a standard procedure.
Formally, the FEB has one Examination Board (EB) for each programme. The EB is an
independent body that monitors the implementation of the Teaching and Examination
Regulations. It verifies whether the students’ study programmes are in line with the formal
requirements and acts as the instance where complaints can be filed with respect to exams.
The EB approves individual study programmes, grants exemptions or extends the validity of
examination results when appropriate; it rules on alternative examination methods.
Furthermore, the EB investigates cases of potential fraud and plagiarism, and imposes
sanctions on students whom it finds guilty. The EB is advised by the examiners and the
programme coordinators. The executive tasks are carried out by the Student Administration
and the official secretary. Apart from occasional delays in the processing and approval of
study programmes, the EB in general operates well, according to the self-evaluation report.
The 2008 survey among third-year bachelor’s students indicates that 60% of the FEB
students is satisfied with the mix of evaluation methods used in the FEB bachelor’s
programmes (19% is not satisfied, and 21% is neutral). In addition, 79% is satisfied about the
connection between the exam and the compulsory study material (required literature, et
cetera) of the courses. The 2008 survey among master’s students indicates that 73% of the
FEB students is satisfied with the diversity of evaluation methods used in the FEB’s master’s
programmes (only 9 percent is not satisfied and 19% is neutral); 78% of these students is
satisfied with the connection between the exam and the compulsory study material of the
courses.
Master’s programme in Accountancy and Control
According to the self-evaluation report, the master’s programme in Accountancy and Control
is characterised by the use of interactive classroom methods, which influences the assessment
methods used. The examination/assessment methods and contents are adapted to the course
in question. Many courses combine different evaluation methods to evaluate the acquired
learning outcomes. All courses are concluded with written exams (midterm) which test the
students’ knowledge and understanding as formulated in the learning outcomes of the course.
In addition, four courses also test the students’ understanding by means of assignments
(papers, case reports, et cetera). The weight of the latter typically ranges from 25 to 40% of
the total grade, since the number of such assignments depends on the course. Along with
written exams and assignments, the self-evaluation report mentions written essays, oral
presentations and class participation as other elements possibly taken into account for grading
in the courses.
Master’s programme in Business Economics
According to the self-evaluation report, courses of this programme typically rely on several
forms of evaluation of the acquired knowledge and skills, such as individual essays, research
assignments carried out in small project groups, presentations and written exams (e.g. midterm). Almost all of the courses conclude with a written exam. For some courses, a (large)
part of the final grade is obtained on an individual or group paper (literature review or
research), or on several essays that students have to write and in many cases present orally in
class.
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Master’s programme in Economics
According to the self-evaluation report, most courses of this programme combine different
forms of evaluation of the acquired knowledge and skills, such as individual essays, research
assignments carried out in small project groups, presentations and written exams (mid-term).
A typical course of this programme uses three types of examination: class assignments, an
essay, and a final written exam. The assignments are related to the material discussed during
the course weeks; they are sometimes done individually, sometimes in groups. After
submission, these assignments are graded and subsequently discussed in class. Sometimes an
individual essay will (also) be required, where the student is to show an understanding of the
material by discussing a relevant topic in a short period of time. This forces the students to
focus on the core matter of the course. On average, the assignment grades and the essay
grade make up 50% of the final grade. A final written exam typically concludes the exam
sequence and counts for the other 50% of the final grade.
Assessment
The committee examined the learning assessment procedure of the FEB. From the Teaching
and Examination Regulations and from information gained during the site visit, it concludes
that students are assessed adequately. A reasoned mix of evaluations, tests and examinations
is used. The committee appreciates the fact that the programme also assesses on the basis of
(inter)active methods, such as presentations and research assignments. The committee also
notes that within many courses the programme uses a combination of different forms of
evaluation, such as individual essays and written (midterm) exams. This was confirmed by a
survey among master’s students in 2008, which assessed the level of satisfaction of students
with the mix of evaluation methods. The survey also found that the students were satisfied
with the connection between the exam and the content of courses and course materials.
Nevertheless, there are indications that this aspect could be further improved.
During the site visit, the committee found that students complain about insufficient and tardy
feedback, (see Standard 10), probably also due to the large number of students. Students are
expected to participate actively, e.g. by conducting investigations, but the feedback by the
lecturers, if not very concise, is given rather late. It will pay to heed the advice to improve the
practice on this point. A positive point is that students feel that their feedback to the lecturers
is listened to by the lecturers.
The committee notices that the EB is functioning as a team and that it deals effectively with
complaints received from lecturers or from students. The EB has FEB-wide composition,
implying that it often cannot deal adequately with programme-specific issues. The EB stated
that it implements the Teaching and Examination Regulations mainly in a reactive manner
and that is does not take initiatives autonomously. Indeed, the committee notes that the EB
mainly reacts to complaints concerning exams. The committee applauds the intentions of the
EB to become more proactive in the future by initiating decisions. The committee wishes to
point out to the EB that its role will be changing in the future as a result of changes in the
law, making it formally responsible for the quality of the contents of the examinations. The
committee advises the EB to consider the consequences of this development for its role and
functioning, also in the short term.
The committee’s advice is to better coordinate activities concerning exams. In the FEB, many
parties are involved in examinations, such as the Educational Institute (OWI), the Student
Administration, the programme director and the programme coordinator. The committee
recommends closer interaction between these parties, for example by developing a common
policy around examinations, e.g. concerning the number of re-sits and the way the FEB
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guarantees that examinations will be valid and reliable. Although exam information is
mentioned on the cover of an exam, all this seems to be rather ad hoc, not following from a
shared policy. The site visit made it clear that the development of an examination policy is on
the FEB’s agenda; the committee welcomes this. The committee is also positive about the
decision to place more emphasis on the quality of examinations by providing training to
lecturers (see Standard 14) and by requiring two reviewers for every exam.
General remark on master’s programmes
The committee welcomes the idea of a Seminar or Research Practicum, which prepares
students to conduct research and guides them in writing their research proposal. During the
site visit, both lecturers and students were positive about this course offering, especially
because of the extensive feedback that is provided. The committee agrees that this provides
students with a research skills training, and shortens the time spent on writing the thesis (see
Standard 20).
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: the committee assesses this standard as satisfactory.
Assessment for the theme ‘Curriculum’
The committee comes to an overall assessment for the theme Curriculum on the basis of its
assessments of the separate standards. In the case of the master’s programme in
Accountancy and Control, it assesses this theme as satisfactory. In the case of the master’s
programme in Business Economics, it assesses this theme as satisfactory. In the case of the
master’s programme in Economics, it assesses this theme as satisfactory.
The committee has assessed standard 6, related to the consistency of the curriculum, as
unsatisfactory for the master’s programme in Business Economics and for the master’s
programme in Economics. The committee is of the opinion, however, that the curricula of
both programmes as a whole are adequate, taking into consideration the passed judgments
on the remaining standards within this theme.
5.1.3. 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 self-evaluation report states that highly-qualified and well-motivated staff is the main
asset of any teaching and research institution, and hence are essential to its success. The
FEB’s current personnel policy for academic staff is designed with this aim in mind. It
specifies the formal procedures regarding recruitment, tenure, promotion and retirement. The
common guidelines follow the national UFO (‘Universitair Functie Ordenen’) system for
evaluating university staff based on the Hay criteria, although the FEB attaches more weight
to publications, with special reference to quality, than UFO does.
Lectures are sometimes taught by PhD students and by post-docs. PhD students mainly teach
tutorials, work groups and computer practices of first and second-year modules in the
bachelor’s programmes, but their contribution to the programmes is limited, and so is their
individual teaching load. In the first year of some of the bachelor’s programmes, student
assistants are used to assist in teaching, for instance in introductory academic skills courses. In
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the master’s programmes, education is provided exclusively by lecturers who hold a PhD and
are active researchers; this makes that the lectures are kept up-do-date with contemporary
developments in the lecturers’ field. According to the self-evaluation report, the FEB scores
exceptionally well in the field of research. In European research rankings, the FEB regularly
ranks among the top ten. The percentage of staff members holding a PhD is high for most
departments. Subsequent to critical comments by the Assessment committee 2003, the
personnel policy was adapted and now generally requires all newly hired academic staff to be
active researchers.
The academic staff originates from both the Netherlands and from abroad. The market from
which the FEB recruits its academic personnel is increasingly international. As a result, most
programmes now work with a substantial and increasing number of researchers and
professors with an international status. Many of the tenured academic staff is also fellow of
the Tinbergen Institute (TI), the accredited research institute in Economics of the UvA, the
VU Amsterdam and the Erasmus University Rotterdam.
During the site visit, the FEB’s dean and management team explained the mechanisms for
allocation time and means between teaching and research, as well as into the principles of
funding of faculties at the university level. In principle, and as a starting point, lecturers spend
equal time on research and on education. The programme management stated that despite the
lecturers' interest in research, a change towards more interest in education is apparent at the
FEB. This has repercussions for the annual formal evaluation meeting between the academic
staff members and the head of the department (see Standard 14). Formerly, these focused
almost exclusively on research; at present, the staff member’s contribution and performance
in education are also considered, e.g. through using the course and lecturer evaluations (see
Standard 17).
Master’s programme in Accountancy and Control
According to the self-evaluation report, this programme achieves its international and
academic level through its international staff, through Dutch staff with international exposure
and through contacts with various foreign universities. The academic staff also maintains
close formal and informal links with other universities in the Netherlands. Academic staff
members participate in international seminars and conferences, and continually build and
maintain their international network. The link with the professional field is maintained by
several academic staff members holding part-time positions in professional occupations.
Master’s programme in Business Economics
According to the self-evaluation report, the compliance of this programme with international
academic standards is safeguarded by employing renowned national and international staff
with international teaching and research experience and by maintaining contacts with various
prestigious universities. Staff members of this programme are active members of the
international research community. Most lecturers in the master’s programme in Business
Economics hold a PhD and are actively publishing in top journals, in both broad and
specialist outlets. A majority of the teaching staff is fellow of the Tinbergen Institute.
Master’s programme in Economics
According to the self-evaluation report, academic staff members of this programme
participate in international seminars and conferences, and continually build and maintain their
international network. Members of the academic staff also publish regularly in the top general
interest journals in economics. This guarantees a close link between the contents of the
master’s programme in Economics and the frontiers of economic research.
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Assessment
The committee studied the requirements for the academic orientation of staff members. The
academic staff originates from both the Netherlands and abroad. The committee recognises
the staff's scientific quality and its national and international academic reputation. The
majority of the teaching staff holds a PhD; the content of the courses is the specific
responsibility of permanent staff members. The comparable emphasis placed on research and
education guarantees that lecturers are actively involved in both teaching and investigation.
The committee notices that recent developments from scientific research as well as those
from the professional field are brought into the courses. The committee appreciates the fact
that education receives an increasingly stronger role in the annual performance reviews.
Master’s programme in Accountancy and Control
The committee examined the academic orientation of the staff members of this programme
against the standards. It finds that the programme is principally offered by researchers who
contribute to the development of their discipline. The academic staff consists of national and
international members with international teaching experience. The committee established that
the academic staff has contacts with various foreign universities and with other universities in
the Netherlands, via formal and informal networks. Contact with the professional field is
maintained through several academic staff members who hold part-time positions in practice.
The committee also observes that academic staff members participate in international
seminars and conferences. Based on these conclusions, the committee feels that the
programme meets the criteria expected of a scientific degree programme.
Master’s programme in Business Economics
The committee examined the academic orientation of the staff members of this programme
against the standards. The committee concludes that the programme is principally provided
by researchers who contribute to the development of their discipline. The academic staff of
the programme consists of national and international members with international teaching
experience. The committee established that the academic staff has contacts with various
prestigious universities, and a majority of the teaching staff is fellow of the Tinbergen
Institute. The committee also observes that academic staff members actively participate in the
international research community and publish in leading international business economics
journals, in both general interest (broad spectrum) journals and in specialised (smaller
spectrum) outlets. The committee is impressed by the fact that this programme is taught by
high-quality researchers who publish in top journals and who regularly appear among the top
in European research rankings. Based on these conclusions, the committee feels that the
degree programme clearly meets the criteria expected of a scientific degree programme.
Master’s programme in Economics
The committee examined the academic orientation of the staff members of this programme
against the standards. The committee concludes that the programme is principally provided
by researchers who contribute to the development of the discipline. The academic staff of the
programme consists of renowned national and international members. The committee
established that the academic staff participate in international seminars and conferences, and
in this way build and maintain their international network. The committee also observes that
academic staff members publish regularly in the top general interest journals in economics,
and thereby providing a close link between the contents of the programme and the frontiers
of economic research. The committee is impressed by the fact that this programme is taught
by high-quality researchers who publish in top journals, and who regularly occupy a top ten
place in the European rankings for research. Based on these conclusions, the committee feels
that the degree programme clearly meets the criteria expected of a scientific degree
programme to a great extent.
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Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as good.
Master’s programme in Economics: 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 states that the total number of officially registered students at the
FEB (2008) is 3,493, while the budgeted amount of teaching staff for the academic year 20082009 is 75 full-time equivalents (fte). This implies a student-staff ratio of 46.5. This ratio
cannot be taken at face value, however, because it ignores the fact that many students follow
substantially less than 60 EC of courses each year. If this ratio is corrected for the lower
actual teaching demand per individual student by assuming that students only follow 35 EC
of courses in a year, which is roughly in line with the actual average number of EC enrolled
students obtain per year, an ‘adjusted’ student-staff ratio of 27 results. The norms used
regarding contact hours, group sizes and lecturers’ teaching loads affect the student-staff
ratio. If the system were in perfect equilibrium with all teaching groups at capacity, a studentstaff ratio of about 31 would result.
Because many staff members teach multiple modules, which are part of different
programmes, individual lecturers cannot be matched with just a single programme. Some of
the programme’s also are part of several disciplines, for example the bachelor’s and master’s
programmes in Fiscal Economics. To keep the system flexible, a staff member is appointed to
a department instead of to a programme. A one-to-one relationship of staff to programme is
thus generally non-existent, making it difficult to calculate the student-staff ratio for
individual programmes.
During the site visit, the allocation model was discussed. The departments receive their
annual funding based on the number of students registered, not taking into account elements
such as number of contact hours and class sizes of the courses. The FEB’s management team
indicates that at the moment there are programmes that are understaffed. New lecturers will
be hired soon and so this situation should improve. The FEB is also trying to achieve a good
balance between junior and senior lecturers by attracting more senior lecturers.
Assessment
The committee studied the quantity of staff members at the FEB. It concludes that in the
master’s programmes Accountancy & Control, Business Economics and Economics of the
FEB, a sufficient number of staff members are present to assure the desired quality of the
programmes.
For both the committee and the FEB, it is hard to judge the adequacy of the student-staff
ratio. According to the self-evaluation report, the basic student-staff ratio is 46, but when
taking the attendance of students into account, this drops to 27. During the site visit, the
committee noted that, in general, both students and staff members affirm that there is an
adequate student-staff ratio, especially for small programmes. The size of the groups seems
quite acceptable indeed, but some larger programmes have more difficulties. The committee
is positive about the fact that in some programmes lecturers split up their class into smaller
groups in order to provide interactive lectures (see Standard 10). The involvement of PhD
students in teaching is appreciated by the committee.
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Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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
The self-evaluation report states that the FEB ensures that all lecturers have a clear academic
orientation, as well as adequate didactic and educational competencies. Since September 2008,
the UvA requires all new academic staff members to obtain (or have competencies equivalent
to) the Learning & Teaching in Higher Education certificate (in Dutch: Basiskwalificatie
Onderwijs, or BKO certificaat). For present staff members who do not hold this, the FEB
offers appropriate training opportunities.
Course evaluations show that students are generally satisfied with the quality of the lecturers,
their educational competencies and the content of the courses. the FEB students are in
general quite satisfied with the academic and professional expertise of their lecturers, and with
their educational competencies. Another form of evaluation is conducted by the head of the
department, who formally meets with each academic staff member once a year. For this
annual assessment, a standard review form is used. As stated before (see Standard 12),
educational course evaluations are discussed during these meetings, as well as personal targets
and career perspectives. If necessary, the lecturer is urged or even required to attend a course
to improve her or his educational skills (see Standard 17). Over the past years, lecturers have
been offered training in presentation techniques and in the utilisation of modern ICT in
teaching. Each year, they also are offered the opportunity to attend courses in English
proficiency.
Assessment
The committee assessed the quality of the staff at the FEB, and concludes that, within all
programmes of the FEB, the staff deployed is adequately qualified to ensure that learning
outcomes regarding content, didactical quality and the organisation of the programme are
achieved. The committee could verify that the didactical quality of the staff members is an
important matter at UvA and that facilities are present within the FEB to foster the didactical
quality of staff members. The committee also notes that students are generally positive about
the quality and the educational competencies of their lecturers, as well as about the content of
the courses. This was confirmed by the course evaluations.
The didactical skills of new teaching staff is trained and the staff must obtain (or demonstrate
competencies equivalent to) the Learning & Teaching in Higher Education certificate. For
new staff members who do not hold this certificate, the FEB offers the opportunity to obtain
it. The committee advises the FEB to consider making the Learning & Teaching in Higher
Education certificate mandatory for established staff members as well. The committee would
also like to advise to strengthen the expected teaching proficiency for the FEB lecturers. At
present, teaching training courses are followed on a voluntary basis. The committee
recommends more active stimulation of acquisition of didactical qualities by lecturers, e.g.
concerning examination practice.
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Course evaluations and evaluation meetings of staff with department heads are means by
which the quality of the lecturers is verified and subject to improvement effort. The
committee observes that these evaluation activities may have a clear impact on the training,
coaching and courses provided to lecturers. Though, these forms of didactical development
are not optimally used at the moment because they are often used on a voluntary basis,. The
use of course evaluations to stimulate didactical development is currently being improved.
The committee wishes to encourage these efforts (see Standard 17). In that way, deciding on
appropriate measures concerning the quality of staff can be made more easily.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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
Accountancy and Control, it assesses this theme as satisfactory. In the case of the master’s
programme in Business Economics, it assesses this theme as satisfactory. In the case of the
master’s programme in Economics, it assesses this theme as satisfactory.
5.1.4. Services
S15: Facilities
Housing and facilities are adequate to achieve the learning outcomes.
Description
The facilities of the FEB are not specifically linked to one programme. All the FEB teaching
and research activities are concentrated in two buildings, the M-building and the E-building.
The central hall of the E-building provides direct access to the major facilities such as the
library, the computer rooms, the student counsellors’ department, the student associations
and the student cafeteria. Furthermore, the central hall houses the FEB student information
desk.
According to the self-evaluation report, both buildings are equipped with fully wireless
network facilities. All classrooms are equipped with audiovisual equipment for the projection
of presentations. Standard equipment consists of a facility for overhead projection, a
projector with a portal for a laptop, a projection screen and a whiteboard. The largest lecture
room in the M-building will be suitable for recording lectures as well as for video
conferencing. Everyday practice has shown that the number of classrooms available is
sufficient to meet the current demands of the programmes. Only on rare occasions does the
FEB have to move to alternative UvA venues.
The UvA offers students a number of standard ICT facilities, which are available through ‘My
UvA portal’. Through this portal, students can access ‘UvA email’, the Blackboard electronic
learning environment, the digital course catalogue, the digital library and their study results.
The three educational computer practicum classrooms each contain 25 computers and a
printer. As an extra facility, the FEB also manages what is called a mobile classroom,
consisting of 16 notebook computers that can be used flexibly in classrooms and seminar
rooms through wireless network connections. Students of the FEB also are free to use
workstations at other UvA buildings with ICT facilities. Most the FEB students use the Study
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Centre, which contains 250 computers. Apart from a wide range of general software, extra
software that is relevant for the FEB degree programmes is available to the FEB students.
Furthermore, there are a limited number of rooms (with computer connections) where
students can work together in small groups.
The number of available reading rooms is sufficient, although students sometimes experience
difficulties to find a place during peak hours. The number of small rooms where students can
work together and confer with one another has been increased. In the library, the number of
places where discussions are allowed has been increased. The Pierson Révész Library now
contains 200 workplaces of various designs. The library has a target group of over 7,000
students. Every other year, a survey is held amongst users. The outcomes are used as input
for improvements. Over 90% of the users are satisfied or very satisfied with the library.
Assessment
The committee inspected the FEB facilities. It concludes that the buildings and facilities of
the FEB are adequate to achieve the learning outcomes and that the FEB pays sufficient
attention to the facilities to be made available to its students. Based on the description in the
self-evaluation report, the committee concludes that there are currently enough classrooms,
computer rooms and study places available. The committee would like to point out that if the
number of students increases, the facilities might become inadequate.
The committee confirms that there are adequate ICT facilities, including an electronic work
environment. During the site visit, it became clear that the students are satisfied with the
facilities and the number of computers. The committee notes that the digital course catalogue
provided on the internet contains ample information for students. The use of the electronic
environment Blackboard is not optimal yet; some courses are better described than others
within that environment, leaving room for improvement.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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
The FEB system for tutoring and information provision for students is not specifically linked
to one of the programmes. The educational institute (OWI) has an Academic Counselling
Department (ACD, 4.3 fte), an Internship Office (part of the ACD, 0.7 fte) and an
International Office (5.6 fte). The ACD employs seven student counsellors: five of them are
responsible for the 3,000 students in the regular FEB programmes; the other two advise the
approximately 900 students in the intensive accountancy, control and business administration
programmes. The student counsellors are also responsible for the FEB Internship Office.
The International Office employs nine staff members. The office is headed by a
coordinator/policy adviser (0.8 fte). Three people are responsible for the student
exchange programmes (1.3 fte). Five staff members (3.5 fte) are in charge of the application
procedures for the intake of foreign students for the bachelor’s and the master’s programmes.
The main channels for communication and providing information (in Dutch and English) to
the students are the FEB course catalogue and the FEB website. In addition, student
counsellors also organise information meetings and workshops for students in all phases of
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their studies. The student counsellors are available by phone and in person for brief questions
or emergencies each day during office hours. Students can also make an appointment. The
Internship Office and the Internationalisation Department hold office hours twice per week,
and students can also make appointments for consultations. The student counsellors can take
initiative when they notice structural problems. Heading the list of top-ten topics most
frequently discussed with students counsellors is the study programme schedule, followed
closely by the binding recommendation (BSA) and curriculum planning.
Starting in the first year of the bachelor’s programme students are given an introductory
interview and, where necessary, an introduction to the quantitative study programmes, a
tutorship, a meeting with counsellors, an invitation to join the honours programme,
information about opportunities for internships or studying abroad (also in the second and
third year), and information for students with a negative BSA.
During the site visit, the student counsellors stated their concern that the active approach in
the first year may be too intensive, although they are convinced of the importance of
guidance for freshmen. After one month, all students are interviewed by their tutors, focusing
the students' progress. In addition, there is an examination in which the focus lies on the
initial mathematical knowledge of the student (see Standard 8). After five weeks, the students'
progress is evaluated. At that point, there may be an explicit feedback moment for
problematic students. If a student does not seem motivated to continue with the programme,
the counsellors will offer guidance in order to find a suitable alternative. If it appears, within
the first year, that a student has difficulties with studying, a second option is available, namely
to follow study skills courses at the central UvA level. The Practical Academic Skills course
offered during the first year should in principle be sufficient to impart the necessary study
skills and attitudes.
In the second and third year of the programmes, activities are planned to inform bachelor
students and to support them in their (timely) study progress. These activities include:
informational meetings about graduating and about the master’s programmes at the FEB,
information about the transfer-master’s programme integrated into third-year courses, and a
workshop about starting with the bachelor thesis. One current concern is the progress of
second and third-year bachelor students. The supervision of their progress is not
computerized, which makes effective follow-up difficult. The UvA has purchased software
that will allow such follow-up in the future. Bachelor students expressed a wish for more
guidance concerning curriculum planning, including finding an internship and opportunities
for study abroad.
For master’s students, the offices plan regular activities to which they encourage students to
attend. These activities include: an interview covering the planning of the programme for
curricula with choice options, inviting students with poor grades to discuss their study
progress, a workshop about starting the master’s thesis, an Internship & Career conference
and, for foreign students, a workshop on the Dutch labour market.
Assessment
The committee studied the ways in which the FEB takes care of tutoring and information
provision for students. It concludes that the tutoring and information provision for students
are adequate in view of study progress, corresponding with the students’ needs. The
committee is positive about the digital information provision concerning courses through the
study guide. It appreciates the FEB's effort to provide information to students by means of
information meetings, individual interviews and workshops during all years of the bachelor’s
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programmes and during the master year. This ensures that students are well prepared to enter
the master’s programmes or for graduating
The committee views favourably the efforts of student counsellors to put in effort to meet
with students to discuss their study progress – discussing whether or not to continue with
their studies in case of problems (e.g., in the context of a negative BSA). It also appreciates
the intensive guidance offered to students in the course of their first year; this helps ensure
that students make right choices, finding their way in the labyrinth of options seen. The
committee advises the FEB to follow through with the provision of guidance to students
concerning their study progress and their curriculum planning after the first year of the
programme. This could have positive effects on the study completion success of students,
particularly in the FEB context that emphasises the freedom of choice (see Standard 21).
On the one hand, the committee notes that students feel free to contact the student
counsellors at any time. On the other hand, there are indications that it may take too much
time before students can actually meet the counsellor. The committee advises to expand
student counselling capacity to facilitate the contact between students and counsellors.
During the site visit, it became apparent that student counsellors have many other
responsibilities. With more counselling capacity, more attention could be paid to the problem
of student drop-out (see Standard 21), and more advice could be given concerning study
progress. Further, the wide freedom of choice given to the FEB students (see Standard 10)
results in a commensurate workload increase for the counsellors. This may hinder the attempt
to provide the FEB all students with adequate information concerning the composition of
their curriculum and the implications thereof.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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
Accountancy and Control, it assesses this theme as satisfactory. In the case of the master’s
programme in Business Economics, it assesses this theme as satisfactory. In the case of the
master’s programme in Economics, it assesses this theme as satisfactory.
5.1.5. Internal quality assurance system
S17: Periodic evaluations
The curriculum is periodically evaluated in the light of verifiable objectives and other measures.
Description
The self-evaluation report states that the FEB utilises the Plan, Do, Check, Act cycle for
educational quality assurance recommended by UvA. Within this cycle, all educational
activities are evaluated periodically, and changes and improvements are initiated if required. A
course evaluation takes place at least once every two years for each course, according to the
procedure described in the evaluation handbook.
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The evaluation method has changed in the course of the later years. Evaluations are now
carried out by means of course evaluation forms, of panel discussions, of consultative group
interviews and of comprehensive programme evaluations.
As of September 2008, course evaluations are conducted using a new standardised evaluation
form, featuring approximately 20 questions. The questions on the standardised evaluation
form address various topics, such as course quality, the lecturer, the learning environment and
the testing, as well as questions on study effort, time spent on study, grades assigned to
lecturers, strong and weak points of the course, et cetera. Most questions ask for a score from
1 (very dissatisfied) to 5 (very satisfied). If the evaluation on a specific topic is low, this is
noted as a point for concern (scores between 3 and 3.5) or for improvement (below 3) on the
report form. The Educational Quality Assurance Office draws up a concise report containing
results for every course evaluation processed via Evasys. The report is then sent to the
lecturer, to the programme director (or the track coordinator), to the department chair, and to
the programme committee. If the report contains points for improvement, the lecturer is
asked to submit an improvement plan. Programme directors are responsible for following up
the implementation of such improvement plans.
Panel discussions complement the course evaluation. They provide a more in-depth
evaluation of the course and allow improvement plans to be drawn up in consultation with
students, lecturers and programme committees. Panel discussions are always organised for
courses for which an improvement plan has been drawn up. Two or more students who
participated in the relevant course, the lecturer and an employee from the Educational Quality
Assurance Office always participate in a panel discussion. A report of the panel discussion is
drawn up and sent to the relevant lecturers, programme director, track coordinator, director
of college or school, department chair and programme committee. The programme director
will then use the report to decide whether or not an improvement plan is needed.
The consultative group comprises approximately six students, the student counsellor, all
lecturers for the relevant time period and the foundation-year coordinator. The group meets
at least once every semester. The consultative group focuses on the overall quality of
education and that of the separate courses. Over the past few years, these group discussions
have only been held for the Econometrics & Operational Research and the Actuarial Science
(AEO) programmes. The experience with consultative groups is very positive. A consultative
group will be created for the 2009-2010 academic year for every programme within the FEB.
There are three programme committees within the FEB: the programme committee for
Actuarial Science, Econometrics and Operational Research, the programme committee for
Economics and Business, and the programme committee for Fiscal Economics. These
programme committees are responsible for the evaluation both at the course level and at the
curriculum level. During the site visit, the programme committees stated that their task
included monitoring the state of education, the application of the relevant regulation, and
giving advice, as requested or on their own initiative. When a new course is instituted, the
programme committee evaluates its fit with the curriculum in order to prevent gaps or
content overlaps. Once a year, the coherence of the structure and contents are discussed The
main issues discussed by the programme committees concern bottlenecks in curricula, such as
mathematics, and the inflow of students the FEB programme committees do not conduct
research on their own, as this is the task of OWI, e.g. the study by the OWI concerning the
impact of BSA. When the programme committee is of the opinion that research is needed,
use is made of the services and expertise of OWI. Still, the programme committees consider
themselves as an active, even pro-active, partner in the cycle for educational quality assurance.
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The programme committee for Economics and Business oversees the bachelor’s programme
in Economics and Business, and the master’s programmes in Accountancy & Control,
Business Economics, Economics and Business Studies. It consists of five students and five
lecturers, meeting once every four weeks. As an example of its action, the committee advised
creating a protocol for using Ephorus, a plagiarism detection programme. Following this
advice, this protocol was implemented. Other concerns of the programme committee are,
e.g., course evaluations, new courses and new programmes. Every year, the programme
committee focuses on one specific issue. In 2010, this is the Teaching and Examination
Regulations. In 2009, the focus was on the master’s thesis and on guidance during
internships.
During the site visit, the committee learned that programme evaluations (or audit mid-way), in
which an entire programme or specialisation is evaluated, take place every six years, being
planned at least two years before the following site visit. According to the FEB, plans are
being made concerning programme evaluation between two site visits.
Assessment
The committee studied the periodic evaluations conducted at the FEB and the system that
leads to these. It concludes that curricula are evaluated periodically in the light of verifiable
objectives, also reflecting on past measures. The FEB makes sure that both courses and the
curriculum are on a regular basis evaluated according to set guidelines. Though the committee
is aware of the fact that the FEB made headway concerning the systematic evaluation of
courses, the committee advises developing the system of quality care further, and making it
more productive and comprehensive. It encourages the FEB to conduct more investigations
on their own educational approach and outcomes. The committee is of the opinion that the
FEB can develop the present system into one based on systematic educational research.
The committee notes that course evaluations take place and that the FEB takes charge of
designing the evaluation system. It deems the decision to change from digital to written
evaluation forms sensible in view of the increased response rate thus secured. This allowed
more frequently reaching the 50% response rate needed for online publication of the results
of course evaluations, taking into account the fact that the FEB lecturers hand out and collect
the evaluation forms themselves makes the procedure vulnerable to criticism, however. The
evaluation at curriculum level, during which an entire programme or specialisation is
evaluated, could be improved, since it is at present not frequent (only once every six years).
Results are often discussed only separately for every specific course. The commmittee advises
to more often evaluate the curriculum as a whole and, in this way, make sure that the contents
of the curriculum are internally consistent.
Despite the fact that the FEB was not able to keep up the high level of quality assurance in
the past few years, the committee appreciates the fact that the FEB now pays considerable
attention to the quality of education again. This is shown, for example, by the renewed
commitment of the Educational Quality Assurance Office and by the OWI.
The committee notes that programme committees are established, with responsibility for
evaluation at both the course level and the curriculum level. These programme committees
are apparently active, feeling involved in the quality assurance system. Nevertheless, the
committee deems it desirable that programme committees become more influential, both by
improving their composition and their attitude; that is, programme committees would benefit
from greater participation of chairs, and a more pro-active attitude. Their current
composition does not radiate authority. Courses are separately evaluated in a valid way by the
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programme committees, but these could better also devote attention to evaluating whole
curricula
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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 mentions several changes brought about in courses and
programmes as a result of the outcomes of the evaluation process. As a first example there
are the evaluation procedures themselves. A new evaluation policy was implemented in the
2008-2009 academic year; it will become a permanent component of the FEB’s evaluation
system in the years ahead, and will be further developed. It is already a standard procedure to
discuss course evaluations in the annual meeting between the department heads/section
heads (see Standard 14). At this moment, course evaluations also provide information about
the assessment of lecturers by students, which may be one of the considerations in faculty
promotion decisions and which has resulted in actions to improve courses. Another change
triggered by the new methods of evaluation is a shift in culture and responsibilities. The
initiative for educational quality control now lies with the programme directors instead of
with OWI. It is primarily the programme director who must feel responsible for the study
programme and who must take initiatives for improvements, in cooperation with department
and section heads. Finally, a new handbook has been created (the Quality Assurance Manual),
for conducting and processing course evaluations, for conducting and processing panel
discussions, and for supervising the progress of improvement plans.
In addition to the changes to the evaluation methods mentioned above, change will also result
from applying those improved methods. How this takes place was discussed under Standard
17, where the use of the evaluation methods is described. For example, when a score on the
course evaluation is too low, this will be noted as a point of concern (between 3 and 3.5) or
for improvement (below 3) in the report.
During the site visit, a few changes resulting from efforts made by the programme
committees were mentioned. One example is the postponement of implementing the 8-8-4
period system, which would involve a rescheduling of all courses. Another example involves
the improvement of course evaluations, a topic that has been on the programme committees'
agenda for several years. During the site visit, the programme committees stated that the
implementation of improvement measures deserves attention. Plans for improvement exist,
but the programme committees do not receive adequate feedback on the implementation.
The programme committees indicate that after every meeting they produce a checklist
pertaining to improvement plans, so that cases where feedback is lacking can be identified.
Assessment
The committee studied the way in which measures for improvement are dealt with by the
FEB. It concludes that the FEB evaluation procedures are the basis for verifiable measures
for improvement, contributing to the achievement of the learning outcomes.
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During the site visit, it became clear that the programme committees could cite examples of
several improvements, both at the course level and the curriculum level. The committee also
ascertained that the results of some evaluations gave rise to improvement measures. The
committee notes that improvements regarding evaluation are just becoming to be initiated.
Nevertheless, the committee is convinced that the FEB improvements are implemented as a
consequence of the evaluation process and the FEB will work on further improving the
evaluation system.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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
The self-evaluation report states that staff, students, alumni and the relevant professional field
are actively involved in the internal quality assurance system. There are different ways for
students to be involved. For example, through the UvA Monitor for employees and students,
which in 2008 was administered to 3000 third-year bachelor’s students and 7000 master’s
students. The FEB student council (FSR) is the official body through which students have an
influence on the FEB. The FSR represents every student of the FEB and meets with the FEB
management team the FEB every six weeks. Advice is given about subjects that are important
to students. The main objectives currently are to further enhance education and quality care,
as well as to improve the facilities and to foster sustainability at the FEB. The goals are to
protect the rights of students and to advise the FEB’s management in several areas, such as
examination rules, BSA, feedback from lecturers and evaluation of exams. Students can also
exert influence through the student counsellors, who report new problems to the programme
director, responsible for finding a solution.
Students as well as lecturers are involved in the internal quality assurance system through the
programme committees. During the site visit, it became clear that the programme committees
are in general satisfied with the way they function, and feel they are taken seriously, despite
the fact that their task is in principle only of an advisory nature. Both students and lecturers
point out that they are satisfied with their close cooperation in the programme committees.
The programme committees stated that they do have contact with the programme directors
on a regular basis, but not at set times. Often, the programme director joins the programme
committees’ meetings in the months of April and October. The programme committees
stated that contacts between the programme committees and their constituencies (particularly
students and staff) run primarily through the informal contact network. Formal
communication on changes achieved by the programme committees is placed on the internet
site, which is quite hard to find, and in the FEB newsletter.
Alumni are involved with the internal quality control of the FEB through the central UvA
Alumni Association. The relevant umbrella organisation for the FEB is the FEB Alumni
Office. It maintains a database of some 8,000 alumni. It actively organises lectures and
seminars throughout the academic year on various economics and business topics. The FEB
also has two alumni associations: The Circle of Amsterdam Economists and Tempo Doeloe.
Two other student unions at the FEB maintain contact with former members: the
Association for International and General Economics (Vereniging voor Internationale en
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83
Algemene Economie - VIAE) and the Association for Actuarial and Econometric Students
(Vereniging voor Studenten Actuariaat en Econometrie - VSAE). The alumni provide the
FEB with information on how they perform in labour market. They also provide formal and
informal feedback on the programme. The alumni are monitored in what is known as the
Scientific Education Monitor, a questionnaire sent to graduates on of two years after
graduation.
The professional field is clearly involved in the internal quality assurance of the FEB.
According to the self-evaluation report, the FEB features a sizeable and influential body of
part-time staff with their main job in practice, many of whom hold senior positions in the
corporate world. Further, input from the corporate world is evident across all programmes
by guest lectures and conferences, adjunct professors and the provision of internships. This
clearly brings practical relevance into the educational programmes (see Standard 4).
Assessment
The committee studied how staff, students, alumni and the professional field are involved
within the FEB and its quality assurance system. It concludes that staff and students are
actively involved in the internal quality assurance system. The involvement of alumni and the
professional field is indirect.
The committee notes that students have different ways to influence the quality of their
education, for example through the UvA Monitor, the FEB student council, the programme
committees and course evaluations. The committee appreciates the commitment of both
students and lecturers to the programme committee. The committee can confirm that the
programme committees’ recommendations are taken seriously and enjoy sufficient support
with e.g. programme directors and students. The committee notes that the contacts between
the programme committees and their student constituency runs primarily through their
informal contact network. During the site visit, it became apparent that students are not well
aware of who represents them on the programme committees. The committee advises to
better structure the contacts with and information provision to the students at large. This will
make it clearer to the student body what measures are taken in response to the course
evaluations completed by the students. This will in turn improve the provision of information
to the programme committees, because students will know by which channels to convey their
problems and concerns.
During the site visit, alumni indicated that they are being approached on a regular basis,
through lectures and seminars. Still, the committee observes that alumni are not overly
enthusiastic about maintaining contact with the FEB to contribute to its quality. The
committee appreciates that the FEB tries to stay in touch with its alumni, but feels that this
effort could be better structured.
The professional field is involved with the internal quality assurance system of the FEB,
mostly in an indirect way. The committee notes that an input from the professional field takes
place through guest speakers, part-time professors with their main job in practice, and
internships across all programmes
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: the committee assesses this standard as satisfactory.
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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 Accountancy and Control, it assesses this theme as satisfactory. In the case of
the master’s programme in Business Economics, it assesses this theme as satisfactory. In the
case of the master’s programme in Economics, it assesses this theme as satisfactory.
5.1.6. Results
1
S20: Achieved learning outcomes
The achieved learning outcomes correspond with the aims and objectives regarding level, orientation and subject/discipline-specific requirements.
Description
Master’s programme in Accountancy and Control
To complete the programme, students write a 15 EC master’s thesis. Students in the Control
track have to take the Management Accounting Research Seminar, where theories and
subjects for research are introduced. After completing the seminar, students will have
formulated a research proposal, which forms the basis of their master’s thesis. This thesis
preparation seminar is currently absent in the Accountancy track; proposals for incorporating
such a seminar into the curriculum are being developed and discussed with the programme
committee. Thesis subjects must be approved by the programme director and are preferably
related to a course in the programme. Students must base their theses on empirical data:
public data sources, proprietary databases, questionnaires, interviews or original observation.
The application of both quantitative and qualitative research methods is accepted, not only
the content but also the skills and work attitude of the students taken into account when
grading the thesis (see Standard 11).
According to the self-evaluation report, graduates are able to fill a broad range of positions
(see Standard 3). The labour market's appreciation of graduates from the FEB programmes is
excellent. This appreciations is also based on the most recent ‘WO-monitor’s of 2007, which
focuses on three large areas: the opinion graduates hold of their job, the opinion they hold on
their education and their labour market position. The committee also notes that a substantial
number of the FEB master’s students receive a job offer even before graduation.
Master’s programme in Business Economics
To conclude the master’s programme in Business Economics, students write a 20 EC
Master’s thesis. Thesis subjects must be approved by the programme director and are
preferably related to a course in the programme. The master’s thesis reports the results of an
independently conducted, small-scale research project of an academic nature. References
must be to the international literature on the subject and hence to academic research. In
empirical theses, students must base their theses on empirical data, from public data sources,
proprietary databases, questionnaires, interviews or observations. Thus, both quantitative and
qualitative research methods are accepted, although students are encouraged to include a
substantive quantitative component. Besides the content, the student's skills and work
attitude are taken into account for grading the thesis (see Standard 11).
According to the self-evaluation report, graduates are able to fill a broad range of positions
(see Standard 3). The labour market's appreciation of the graduates of the master’s
programme in Business Economics appears to be good. The appreciations are based on the
most recent ‘WO-monitor’s of 2007. The research focuses on three large areas: the opinion of
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85
the graduates on their job, the opinion on their education and the labour market position of
the graduates. In general, the graduates find a job soon upon graduation; very few do not find
employment; most find a permanent position.
Master’s programme in Economics
To conclude the master’s programme in Economics, the students write a 15 EC master’s
thesis. Thesis subjects must be approved by the programme director and are preferably
related to a course in the programme. Many theses contain empirical analyses, in combination
with a relevant literature review. Both quantitative and qualitative research methods are
accepted. Theses are based on the international literature on the subject and hence on
academic research. Besides the content, the student's skills and work attitude are taken into
account for grading the thesis (see Standard 11).
According to the self-evaluation report, graduates are able to fill a broad range of positions
(see Standard 3). Figures show that most graduates of the FEB master’s programme in
Economics have a good labour market position. The appreciations are based on the most
recent ‘WO-monitor’s of 2007. The research focuses on three large areas: the opinion of the
graduates on their job, the opinion on their education and the labour market position of the
graduates. The majority of graduates has a permanent position or finds one rapidly.
Assessment
The committee assessed the achieved learning outcomes by inspecting a selection of the
master theses from all the programmes. It made a random selection of three from the list of
the 25 most recently completed theses from each programme; it received the associated
assessment forms. Consideration was given to the grading (low, average and high grade) and
the supervisor (the selected theses had different supervisors). The committee members read
the theses, and assessed their presentation of the problem and review of the literature;
methods and their justification; conclusion and discussion, structure, legibility and
verification. It found that these works meet the aims and objectives regarding level,
orientation and subject/discipline-specific requirements.
The overall conclusion is that the quality and level of the theses are satisfactory. By and large,
the committee agreed with the grades awarded by the supervisors. However, theses with low
grades tend to be quoted too generously according to the committee. In contrast, some theses
with high grades are of such quality that, according to the committee, they could be of
publishable quality.
The committee notices that bachelor’s and master’s theses both use the same assessment
form. It is of the opinion that these two assignments are not sufficiently different to warrant
separate assessment criteria and forms. Designing different sets of criteria for both types of
theses would force the programme management to clarify the standards, and give the students
a better guideline for what is expected.
Master’s programme in Accountancy and Control
As stated above, the committee randomly selected three from the list of the 25 most recently
completed theses and associated assessment forms from this programme; it read and assessed
the theses. On average, the committee felt that the quality and level of the theses was
satisfactory and it agreed with the grades awarded by the supervisors.
The first thesis, despite being well written and structured, was judged to deserve. The second
thesis was considered well written and reasonably supported with literature; the theory and
the empirical foundation were sometimes absent or not explained sufficiently. The committee
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finds itself in agreement with the average grade awarded by the programme. The thesis with a
high mark was considered adequate, especially taking into consideration the extensive data
processing on which it builds. Though the research design and the research method could be
subject to improvement, the definition of the problem and the literature review were very
adequate.
The committee reacts positively to the Management Accounting Research Seminar in the
Control track, which prepares students for writing their thesis. Within the Advanced Financial
Accounting course of the Accountancy track, students are also prepared for writing their
thesis, but this course does not conclude with a research proposal. The committee advises
that this also be included in this track. The committee advises to make sure that preparation
on (the Seminar) and finishing the master’s thesis are close to each other in time, so students
will not experience a gap between preparing and finishing their thesis. It also avoids hinder
that students seem to have, when following courses and working on their thesis at the same
time.
Master’s programme in Business Economics
The committee randomly selected three from the list of the 25 most recently completed
theses and their associated assessment; it read and assessed them. On average, the committee
feels that the quality and level of the theses are satisfactory. The committee felt that the
grades awarded by the supervisors are justified.
The thesis with the low grade was considered well written and had a good discussion section;
the problem formulation lacked clarity, however, the literature review was found lacking and
the selected methodology was not justified; there was insufficient information to allow
verifying or replication the study. Because of this, the committee agrees on the low mark
allocated by the programme.The second thesis was considered to be well written and
structured, but lacked scientific sources. The committee agreed with the average grade
allocated by the programme. The thesis with a high mark made the committee enthusiastic
about the excellent summary, the clear problem definition, the exemplary research approach
(hypotheses, gathering data, data analysis and conclusion), the writing style and the
presentation format. In the opinion of the committee this thesis could be made into a
scientific publication.
The committee welcomes the compulsory Finance Seminar within the Finance track, which
integrates relevant thesis topics and prepares students to write their thesis. During the site
visit, students stated that they have the opportunity to prepare for writing their thesis by
choosing the Finance Seminar.
Master’s programme in Economics
As stated before, the committee randomly selected three from the list of the 25 most recently
completed theses and their associated assessment; it read and assessed them. On average, the
committee feels that the quality and level of the theses are satisfactory. The committee felt
that the grades awarded by the supervisors are justified.
The thesis with a low grade was considered well written and structured. The student also
drafted an adequate reference list. Nevertheless, the committee found a lack of depth in the
adduced approaches and found that the domain was not adequately covered. The
investigation could have been more thorough and extensive. The committee can agree with
the grade given by the programme, though it would be prepared to give an even higher mark.
The second thesis was considered original and of scientific value, though it lacked conceptual
precision. The committee can agree with the average grade awarded by the programme. The
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87
thesis with a high mark was considered to be very good. The committee was very positive
about its literature review and about the insightful sections on conclusions and limitations,
and the student's insight regarding what could be improved.
As noted before (see Standard 4), the committee concludes that the development of scientific
research skills are well addressed. It notes that students are very satisfied with the attention
the programme pays to research. The committee concludes that this programme provides
above average initiation to research, and hence prepares students well for their thesis
assignment.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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 programmes success rate complies with these target figures.
Description
The self-evaluation report states that the FEB aims for success rates that are more than
satisfactory. However, low and late completion rates have been a persistent problem plaguing
the FEB over the years. In the last decade, a variety of measures has been implemented in
order to improve the success rates, while maintaining high academic standards. The FEB is
aware that the success rates are not satisfactory but at the same time recognizes that this is a
difficult problem for which no easy or obvious solutions exist. As long as the success rates are
below target, the FEB will continue searching actively for solutions.
The FEB does not aim for a 100% success rate, which would imply that admission guarantees
graduation, for even after careful assessment of the prospective students’ academic
background, it sometimes turns out they are not suitable for the programme or do not have a
sufficient level of knowledge. Furthermore, the quality of students, especially if from abroad,
is sometimes difficult to establish beforehand, as is their motivation for participating in the
programme.
For the bachelor’s programmes, two types of success rates are tracked. First, target rates are
formulated for the average number of EC obtained in the first year. The average across the
FEB in 2007 was 36 EC (excluding ‘no-show’ students), substantially below the target of 45
EC. The percentage of students who finish their three-year bachelor’s curriculum within four
years. In 2007, this rate equaled 27% across the FEB. The ambition is to increase this to 45%
in 2012. The FEB seeks ways to increase the percentage of full-time students who complete a
one-year master’s programme within two years to 75%, and thinks that achieving this
depends mainly on the entrance selection.
According to the self-evaluation report, the poor figures found in the report are not a valid
reflection of the actual success rates. One factor lowering the success rate is that students are
offered suitable jobs before completing their studies and that, not surprisingly, most students
accept such jobs offers. Another significant factor is that part-time students are included in
the statistics, and that part-timers understandably take longer to graduate. The figures are also
distorted by the present absence of a clear ‘cut’ between the bachelor’s and the master’s
programmes, allowing FEB bachelor’s students to enrol in master’s courses before fully
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completing their bachelor courses. The hard-cut ‘bachelor-before-master’-rule was introduced
at the UvA in September 2009.
During the site visit, another reason for low the success rate became apparent. It seems that
the programmes in economics attract many students with vague motivation, with deleterious
effects on their effort. This explains the substantial dropout rate at the start of the first
bachelor’s year. Since last year, the FEB offers an introduction meeting where attitude and
motivation are discussed (see Standard 16); one month, later, all students are interviewed by
their tutors about their progress. Unfortunately, this approach does not seem to be effective,
so that the FEB searches for other avenues to improve the performance.
Master’s programme in Accountancy and Control
The self-evaluation report states that the primary ambition of this master’s programme is to
provide students with an education that allows them to achieve the learning outcomes within
the nominal study length of the programme. According to the figures presented, of the 111
master’s students who started in 2007, 43 (39%) graduated after their first year. After two
years, 50 students (45%) had graduated.
Master’s programme in Business Economics
The self-evaluation report states that the primary ambition of this programme is to provide
students with an education that allows them to achieve the learning outcomes within the
nominal study length of the programme. According to the figures presented in the selfevaluation report, of the 125 master’s students who started in 2007, 67 students (54%)
graduated after their first year. After two years, 69 (55%) had graduated. The self-evaluation
report states that students of the master’s programme in Business Economics may combine
the Finance track with one of the two other tracks, graduating in both; this will
understandably delay their graduation.
Master’s programme in Economics
The self-evaluation report states that the primary ambition of this programme is to provide
students with an education that allows them to meet the learning outcomes within the
nominal study length of the programme. According to the figures presented in the selfevaluation report, of the 72 master’s students who started in 2007, 16 (22%) graduated after
their first year. After two years, 19 students (26%) had graduated.
Assessment
The committee studied the study progress at the FEB. It concludes that comparable targets
are formulated as for other relevant programmes elsewhere in the Netherlands. The
committee finds that the FEB’s programmes fail to achieve these targets. The committee
finds that the success rates are low, but has observed the same for comparable programmes in
the Netherlands.
The committee advises the programme management to further scrutinize the figures
regarding study programmes, completion and success rates, and study delays. The committee
is of the opinion that providing students with preliminary study advice at the start of the first
year and a more proactive supervision of the students could be beneficial for the success rate.
The committee understands that the FEB is about to implement such study advice and
proactive supervision, and that it is fully aware of the need to achieve improvement in this
area. Considering the latter points, the committee is willing to state that the programmes are
adequately at work to meet the criteria for this standard.
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89
Master’s programme in Accountancy and Control
The committee examined the study progress for the master’s programme in Accountancy and
Control. It appreciates the stimulating effect which emanates from its tight schedule of
mandatory courses, although this might cause delay because of its inflexibility. The committee
notes that not many students in this master’s programme have a job in addition to pursuing
their studies. The committee appreciates the fact that most of all students find a permanent
job immediately after graduating.
Master’s programme in Business Economics
The committee examined the study progress for the master’s programme in Business
Economics. It observes that delays may be caused by the fact that many that students wish to
combine both tracks. In spite of the delay it may cause, the committee values this option.
Master’s programme in Economics
The committee examined the study progress for the master’s programme in Economics. The
committee notes that delays in completing the study are often the result of the fact that
students in this master’s programme have a job already, insert an internship within the
programme or follow other extra activities, which all cause delay. Further, ’full-time’ students
indicate that it is difficult to complete the programme within one year, because of the
difficulty of writing a master’s thesis within one short block of nine weeks. The committee
advises the programme management to consider extending the period for writing the master’s
thesis.
Master’s programme in Accountancy and Control: the committee assesses this standard as
satisfactory.
Master’s programme in Business Economics: the committee assesses this standard as satisfactory.
Master’s programme in Economics: 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
Accountancy and Control, it assesses this theme as satisfactory. In the case of the master’s
programme in Business Economics, it assesses this theme as satisfactory. In the case of the
master’s programme in Economics, it assesses this theme as satisfactory.
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Overview of the committee’s assessment
Master’s programme in Accountancy and Control:
Theme
1. Aims
objectives
2. Curriculum
Assessment
and Satisfactory
Satisfactory
3. Staff
Satisfactory
4. Services
Satisfactory
5. Internal quality Satisfactory
assurance system
6. Results
Satisfactory
Standard
1.
Subject-/discipline-specific
requirements
2. Bachelor and master level
3. Academic orientation
4. Requirements for academic orientation
5. Correspondence between the aims and
objectives and the curriculum
6. Consistency of the curriculum
7. Workload
8. Admission requirements
9. Credits
10. Coherence of structure and contents
11. Learning assessment
12. Requirements for academic orientation
13. Quantity of staff
14. Quality of staff
15. Facilities
16. Tutoring
17. Periodical evaluations
18. Measures for improvement
19. Involvement of staff, students, alumni
and the professional field
20. Achieved learning outcomes
21. Study progress
QANU /Economics, University of Amsterdam
Assessment
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Complies
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
91
Master’s programme in Business Economics:
Theme
1. Aims
objectives
2. Curriculum
Assessment
and Satisfactory
Satisfactory
3. Staff
Satisfactory
4. Services
Satisfactory
5. Internal quality Satisfactory
assurance system
6. Results
92
Satisfactory
Standard
1.
Subject-/discipline-specific
requirements
2. Bachelor and master level
3. Academic orientation
4. Requirements for academic orientation
5. Correspondence between the aims and
objectives and the curriculum
6. Consistency of the curriculum
7. Workload
8. Admission requirements
9. Credits
10. Coherence of structure and contents
11. Learning assessment
12. Requirements for academic orientation
13. Quantity of staff
14. Quality of staff
15. Facilities
16. Tutoring
17. Periodical evaluations
18. Measures for improvement
19. Involvement of staff, students, alumni
and the professional field
20. Achieved learning outcomes
21. Study progress
Assessment
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Unsatisfactory
Satisfactory
Satisfactory
Complies
Satisfactory
Satisfactory
Good
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
QANU / Economics, University of Amsterdam
Master’s programme in Economics:
Theme
1. Aims
objectives
2. Curriculum
Assessment
and Satisfactory
Satisfactory
3. Staff
Satisfactory
4. Services
Satisfactory
5. Internal quality Satisfactory
assurance system
6. Results
Satisfactory
Standard
1.
Subject-/discipline-specific
requirements
2. Bachelor and master level
3. Academic orientation
4. Requirements for academic orientation
5. Correspondence between the aims and
objectives and the curriculum
6. Consistency of the curriculum
7. Workload
8. Admission requirements
9. Credits
10. Coherence of structure and contents
11. Learning assessment
12. Requirements for academic orientation
13. Quantity of staff
14. Quality of staff
15. Facilities
16. Tutoring
17. Periodical evaluations
18. Measures for improvement
19. Involvement of staff, students, alumni
and the professional field
20. Achieved learning outcomes
21. Study progress
Assessment
Satisfactory
Satisfactory
Satisfactory
Good
Satisfactory
Unsatisfactory
Satisfactory
Satisfactory
Complies
Satisfactory
Satisfactory
Good
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
The committee’s overall assessment of the master’s programmes in Accountancy and
Control, Business Economics and Economics
The committee concludes on the basis of its assessments of the themes and standards from
the assessment framework:
•
•
•
that the master’s programme in Accountancy and Control fulfils the formal requirements
which are a prerequisite for accreditation, and
that the master’s programme in Business Economics fulfils the formal requirements
which are a prerequisite for accreditation, and
that the master’s programme in Economics fulfils the formal requirements which are a
prerequisite for accreditation.
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6.
Report on the bachelor’s programmes in Actuarial Science and
Econometrics and Operational Research and the master’s
programmes in Actuarial Science and Mathematical Finance,
Operations Research and Management and Econometrics offered
by the University of Amsterdam
Administrative data
Bachelor’s programme in Actuarial Science
Name of the programme:
CROHO number:
Level:
Orientation:
Number of credits:
Degree:
Mode(s) of study:
Location(s):
Expiration of accreditation:
Actuarial Science
56411
bachelor
academic
180 EC
Bachelor of Science
full-time
Amsterdam
11 April 2011
Bachelor’s programme in Econometrics and Operational Research
Name of the programme:
CROHO number:
Level:
Orientation:
Number of credits:
Degree:
Mode(s) of study:
Location(s):
Expiration of accreditation:
Econometrics and Operational Research
56833
bachelor
academic
180 EC
Bachelor of Science
full-time
Amsterdam
11 April 2011
Master’s programme in Actuarial Science and Mathematical Finance
Name of the programme:
CROHO number:
Level:
Orientation:
Number of credits:
Degree:
Mode(s) of study:
Location(s):
Expiration of accreditation:
Actuarial Science and Mathematical Finance
66411
master
academic
60 EC
Master of Science
full-time
Amsterdam
11 April 2011
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95
Master’s programme in Operations Research and Management
Name of the programme:
CROHO number:
Level:
Orientation:
Number of credits:
Degree:
Mode(s) of study:
Location(s):
Expiration of accreditation:
Operations Research and Management
60904
master
academic
60 EC
master
full-time
Amsterdam
11 April 2011
Master’s programme in Econometrics
Name of the programme:
CROHO number:
Level:
Orientation:
Number of credits:
Degree:
Mode(s) of study:
Location(s):
Expiration of accreditation:
Econometrics
60177
master
academic
60 EC
Master of Science
full-time
Amsterdam
11 April 2011
The site visit of the Economics review committee to the Faculty of Economics and Business
of the University of Amsterdam took place on 23-26 November 2009.
6.0.
Structure and organization of the FEB
The Faculty of Economics and Business (FEB) of the University of Amsterdam (UvA) offers
four bachelor’s programmes and eight master’s programmes. All of these programmes
originate from four doctoraal programmes that were offered before the introduction of the
Bachelor-Master structure in September 2002. In 2005, the FEB was divided into the
Amsterdam School of Economics (ASE) and the Amsterdam Business School (ABS). All
general economics and quantitative economics curricula and research programmes are now
offered by the ASE. The ABS houses all educational and research programmes in business
economics and business administration.
In 2008, the Board of Governors of the UvA decided, in accordance with their Strategic Plan,
that all educational programmes should be organised within colleges, which offer the
bachelor’s programmes, and graduate schools, which offer the master’s and PhD
programmes. In line with these developments, the FEB set up a College of Economics and
Business in which all four the FEB bachelor’s programmes are taught. Following the
previously established school structures of the ASE and ABS, the FEB also set up two
graduate schools: one for the ASE and one for the ABS. The former includes all master’s
programmes in general economics and quantitative economics, and the latter the master’s
programmes in business.
The joint bachelor’s programme in Economics and Business is part of both ASE and ABS.
This programme was accredited in 2007, together with the master’s programme in Business
Studies. Both accreditations expire in January 2014. All other regular, initial programmes
offered (three bachelor’s and seven master’s programmes) are included in the current
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accreditation round. The committee assessed both full-time and part-time programmes. Only
when differences between those variants are noticed, a remark on this will be made in the
report.
This report covers the following programmes: the bachelor’s programme in Actuarial Science,
the bachelor’s programme in Econometrics and Operational Research, the master’s
programme in Actuarial Science and Mathematical Finance, the master’s programme in
Operations Research and Management, and the master’s programme in Econometrics. In
September 2009 the master’s programme in Actuarial Science changed its name into Actuarial
Science and Mathematical Finance. In the self-evaluation report the former name was used,
‘Actuarial Science’. In this report the name master’s programme in Actuarial Science is used
for this programme. For all programmes most standards are individually described and
assessed. Some descriptions and assessments apply to all bachelor and/or master’s
programmes and are therefore combined. In exceptional cases, bachelor’s programmes and
their connecting master’s programmes are combined.
6.1.
The assessment framework
6.1.1. Aims and objectives
S1: Subject-/discipline-specific requirements
The 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
Bachelor’s programme in Actuarial Science & Econometrics and Operational Research
For both the bachelor’s programme in Actuarial Science and the bachelor’s programme in
Econometrics and Operational Research, as regards to content, three levels of knowledge are
distinguished:
•
•
•
A-level: introductory knowledge
This concerns knowledge of the basic notions, standard theories and general insights
from the field of study, as well as insight into the relevance of the course for the actuarial
bachelor’s programme.
B-level: basic or core knowledge
Basic knowledge involves thorough knowledge of the main methods and techniques used
in the field of study. This will often be accompanied by in-depth studies of real-life cases.
C-level: advanced knowledge
At this level, the core knowledge is extended by adding knowledge of alternative methods
and techniques used within the field of study. Students are also taught to apply this
knowledge at an academic level.
Bachelor’s programme in Actuarial Science
According to the self-evaluation report, the bachelor’s programme in Actuarial Science is an
academic programme oriented towards the actuarial profession. The first year is common
with the bachelor’s programme in Econometrics and Operational Research, consisting of
core courses in mathematics, statistics and economics as well as of courses in academic skills
and of introductions to the main disciplines.
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According to the self-evaluation report, the learning outcomes for the bachelor’s programme
in Actuarial Science are:
Knowledge - The student has acquired:
•
•
•
•
•
•
B-level knowledge of mathematical and statistical methods, insofar as these are applied in
Actuarial Science: probability, mathematical statistics, linear algebra, calculus,
optimisation, differential and difference equations, and descriptive statistics (K1);
A-level knowledge of micro-economics and macro-economics (K2);
B-level knowledge of finance (K3);
B-level knowledge of the techniques of operational research (K4);
B-level knowledge of econometrics (K5);
C-level knowledge of the applicability, scope and limitations of actuarial methods in
practical situations. Actuarial methods encompass stochastic and deterministic financial
mathematics, death models and demography, stochastic cash flow models for elementary
and multiform life insurances, financing forms for life insurances, savings and risk
processes, the planning of pension financing, solidarity and risk-sharing, risk theory, the
expected utility model, the collective and the individual risk model, the classical ruin
model, premium principles and risk measurements, no-claim bonus systems, and risk
ordering (K6).
Skills - The student has acquired:
•
•
•
•
•
the ability to convert issues from practice into a problem definition that may be analysed
using actuarial methods, and to translate the results of such analyses back to the practical
situation, to apply what has been learned from the theory (S1);
the ability to access the relevant literature (S2);
the ability to use modern information technology, meaning the use of standard software
packages and of a programming language, and the use of the Internet as a source of
information (S3);
the ability to carefully and clearly report, in writing as well as orally, to both colleagues
and non-colleagues (S4);
the ability to interpret and evaluate actuarial results (S5).
Attitude - The student has acquired:
•
•
•
•
a primarily quantitative and analytical approach to problem issues from the financial or
insurance practice (A1);
a notion of the social context in which the profession is practiced. This includes the social
role of policy recommendations based on actuarial analyses (both in the government and
in the business community) (A2);
the ability to function independently as well as to cooperate constructively in a team (A3);
a multidisciplinary perspective: in professional practice, the actuary has to deal directly
with econometricians, statisticians, accountants, economists, fiscal specialists, lawyers,
demographers, medical doctors, technicians, and risk managers (A4).
Bachelor’s programme in Econometrics and Operational Research
There is a common first year with the bachelor’s programme in Actuarial Science, consisting
of core courses in mathematics, statistics and economics as well as academic skills and
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introductions to the main disciplines. After that, the programme distinguishes two tracks: the
Econometrics track, and the Operational Research and Management (ORM) track. The
Econometric variant focuses on measurements of economic variables, mathematically
formulated economic models and statistical methods. The ORM variant focuses on solving
logistical and operational problems by using quantitative methods and optimisation
techniques. The two tracks have separate learning outcomes in terms of knowledge, but with
common general learning outcomes in terms of knowledge, skills and attitude for both tracks.
According to the self-evaluation report, the learning outcomes for the bachelor’s programme
in Econometrics and Operational Research are:
Knowledge - The student has acquired:
•
•
•
A-level knowledge of micro-economics, macro-economics and finance (K1);
B-level knowledge of mathematical and statistical methods, insofar as these are applied in
econometrics and operational research: linear algebra, calculus, optimisation, differential
and difference equations, probability calculus, descriptive statistics and mathematical
statistics (K2);
B-level knowledge of Econometrics and Operational Research (K3).
Econometrics track - The student has acquired:
•
•
C-level knowledge of a sub-field of study from Economics or Business Economics (K4);
C-level knowledge of Econometrics and Mathematical Economics. For Econometrics,
this ranges from regression-based models to maximum likelihood, to time series models
for stationary and non-stationary data in finance and elsewhere. For Mathematical
Economics, this ranges from the theory of consumer and producer behaviour, to market
forms, game theory, and dynamical systems (K5).
ORM track - The student has acquired:
•
•
•
C-level knowledge of Operations Research. This involves linear programming, integer
programming and non-linear programming, dynamic programming, network theory,
simulation, qualifying-period theory, and combinatory optimisation (K6);
C-level knowledge of Operations Management. This involves techniques like project
management, line-balancing and MRP, as well as, in a broader context, the various issues
and techniques in the field of aggregate planning and stock control (K7);
For both Operational Research and Operational Management, knowledge of the diversity
of fields of application and the connected issues (K8).
Skills - The student has acquired:
•
•
•
•
the ability to convert issues from practice into a problem definition that may be analysed
using Econometric or ORM methods and techniques, and to translate the results of such
analyses back to the practical situation (S1);
the ability to access the relevant literature and other sources of information in printed or
electronic form (S2);
the ability to use relevant software and programming language (S3);
the ability to report carefully and clearly, in writing as well as orally, to both colleagues
and non-colleagues (S4);
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•
the ability to interpret results from econometric analyses and/or from analyses in the
fields of Operations Research and Management, to identify the role of assumptions in
this, and where possible to verify such assumptions empirically (S5).
Attitude - The student has acquired:
•
•
•
•
a primarily quantitative and analytical approach to practical social issues or business issues
(A1);
a notion of the social context in which the profession is practiced. Among other things,
this means the social role of policy recommendations based on econometric analyses
and/or analyses in the field of Operations Research and Management (both in the
government and in the business community) (A2);
the ability to function independently as well as to cooperate constructively in a team (A3);
a multidisciplinary outlook (A4).
Master’s programme in Actuarial Science
According to the self-evaluation report, the master’s programme in actuarial science is an
academic programme oriented towards the actuarial profession. There is an emphasis on the
mathematical modelling of insurance, which includes life insurance, non-life insurance and
pensions. The actuarial courses provide insight into the methods and techniques essential to
solving financial and mathematical problems concerning insurance. According to the selfevaluation report, the learning outcomes for the master’s programme in Actuarial Science are:
Knowledge - The student has acquired:
•
•
•
a wide knowledge of a number of the following fields of application in the context of
actuarial sciences: the actuarial theory of life insurance, the actuarial theory of non-life
insurance and the actuarial theory of pension funds and social insurance, as well as a wide
knowledge in the field of risk management: asset-liability management and the risk
management of shares plus derivatives and bond portfolios (K1);
expert knowledge in at least one of the fields mentioned in subsection a above (K2);
an understanding of the applicability, range and limitations of actuarial methods in actual
practice (K3).
Skills - The student has acquired:
•
•
•
100
the ability to independently do research, which means, among other things, formulating a
problem definition together with the connected planning for taking up and executing the
research (S1);
the ability to convert a problem from actuarial practice into a problem definition that can
be analysed using actuarial methods, and to translate the results of such analyses back to
the practical situation (S2);
the ability to familiarise oneself quickly with the work in a part of the study field other
than one’s own specialisation and the ability to keep up with new developments in the
field of study (S3).
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Attitude - The student has acquired:
•
•
•
•
•
a research-oriented outlook (A1);
a primarily quantitative and analytical approach to problems from the financial or
insurance practice (A2);
a multidisciplinary outlook: professionally, the actuary is directly involved with
econometricians, statisticians, accountants, economists, fiscal experts, lawyers,
demographers, medical doctors, technicians, risk managers, etc. (A3);
the ability to function independently as well as to cooperate constructively in a team (A4);
an understanding of the social context in which actuarial sciences are practiced; this
means, among other things, the social role of policy recommendations based on actuarial
analyses, both in the government and in the business community (A5).
Master’s programme in Operations Research and Management
According to the self-evaluation report, the master’s programme in Operations Research and
Management is an academic programme aimed at developing an academic level of thinking
and working. The focus is on solving logistical and operational problems by quantitative
evaluation and techniques for optimisation. On the basis of the broad knowledge of the
methods and techniques gained in the ORM track of the bachelor’s programme in
Econometrics and Operations Management or of an equivalent prior education, the master’s
programme in Operations Research and Management aims at further developing the students’
research skills and expertise. Overall, three objectives are distinguished:
•
•
•
Students will be able to independently position, convert and analyse a logistical or
operational problem definition by using the knowledge, insights, methods and means
from the academic literature in the ORM field of study.
Students will be able to work this out in a practical study.
Students are specialists in stochastic or deterministic Operations Research at an academic
level.
According to the self-evaluation report, the learning outcomes for the master’s programme in
Operations Research and Management are:
Knowledge - The student has acquired:
•
•
detailed knowledge of one of the fields of application in the ORM field of study (K1);
an understanding of the applicability, the scope and the limitations of the ORM methods
used in practical situations (K2).
Skills - The student has acquired:
•
•
•
•
the ability to independently do research, which includes formulating a problem definition
together with the connected planning for taking up and executing the research (S1);
the ability to convert a problem from actual practice into a problem definition that can be
analysed by using Operations Research methods and to translate the results of such
analyses back to the practical situation (S2);
the ability to report on academic research concisely, both orally and in writing, and to
advise organisations on the basis of this research (S3);
the ability to familiarise oneself quickly with the work in a part of the field of study other
than one’s own specialisation (S4);
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•
the ability to keep up with new developments in the field of study (S5).
Attitude - The student has acquired:
•
•
•
•
•
a research-oriented outlook (A1);
a primarily quantitative and analytical approach to problems from practical social or
management issues (A2);
an understanding of the social context in which ORM is practiced; this includes
recognising the social role of policy recommendations based on econometric or ORM
analyses, both in the government and in the business community (A3);
the ability to function independently as well as to cooperate constructively in a team (A4);
a multidisciplinary outlook (A5).
Master’s programme in Econometrics
According to the self-evaluation report, the master’s programme in Econometrics is an
academic programme based on a broad knowledge of econometrics of mathematical
economics gained in the bachelor’s programme in Econometrics and Operational Research or
an equivalent education elsewhere, the programme aims at further specialisation, namely in
econometrics proper, in financial econometrics or in mathematical economics. According to
the self-evaluation report, the learning outcomes for the master’s programme in
Econometrics are:
Knowledge - The student has acquired:
•
•
a wide knowledge of one of the following fields of application in the context of
econometrics or mathematical economies: micro-econometrics, financial econometrics,
disequilibrium in markets and non-linear dynamics, application of game theory (K1);
an understanding of the applicability, scope and limitations of econometric methods in
practical situations (K2).
Skills - The student has acquired:
•
•
•
•
the ability to independently do research, which includes formulating a problem definition
together with the connected planning for taking up and executing the research (S1);
the ability to convert a problem from actual practice into a problem definition that can be
analysed by using methods from econometrics and mathematical economics, and to
translate the results of such analyses back to the practical situation (S2);
the ability to familiarise oneself quickly with the work in a part of the field of study other
than one’s own specialisation (S3);
the ability to keep up with new developments in the field of study (S4).
Attitude - The student has acquired:
•
•
•
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a research-oriented outlook (A1);
a primarily quantitative and analytical approach to practical, social or business problems
(A2);
an understanding of the social context in which the profession is practiced; this includes
an understanding of the social role of policy recommendations based on econometric
analyses, both in the government and in the business community (A3);
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•
•
the ability to function independently as well as to cooperate constructively in a team (A4);
a multidisciplinary outlook (A5).
Assessment
The committee studied the learning outcomes defined for the programmes. The committee
has established that the learning outcomes correspond to the requirements set by professional
colleagues, both nationally and internationally, and by the concerned field (subject/discipline
and/or professional practice). The committee observes that the programmes have the
ambition to train high-level graduates, both academically and professionally, by combining
academic knowledge with the demands of professional practice, and using insights derived
from national/international professional and legal standards.
The committee also compared the programmes with similar academic programmes in the
Netherlands and with domain-specific requirements formulated for the evaluation of
Economic programmes. The committee notes that the learning outcomes of these
programmes are in line with nationally/internationally accepted domain-specific standards.
The committee concludes that the programmes meet the criteria concerning this standard.
Bachelor’s programme in Actuarial Science and master’s programme in Actuarial Science
The committee appreciates the systematic and transparent formulation of the learning
outcomes for both the bachelor’s and master’s programme in Actuarial Science. The
committee deems that some of the formulated learning outcomes in terms of knowledge lack
specificity, e.g. concerning ‘B-level knowledge of econometrics (K5)’ in the bachelor’s
programme and ‘a wide knowledge of a number of the following fields of application (K1)’ in
the master’s programme. In the opinion of the committee, some of these stated learning
outcomes need further elaboration. The committee advises to increase the required level of
economics: at the moment, students only need to attain A-level knowledge in microeconomics and macro-economics. The committee recommends ensuring that students
acquire B-level knowledge in economics.
The committee notes that the bachelor’s programme has good connections with the Dutch
Society of Actuaries (Actuarieel Genootschap, AG). Becoming a member of the AG currently
involves completing the post-master’s programme after having completed the bachelor’s and
master’s programme. Membership of this professional organisation entitles one to the title
Actuaries AG (AAG). While this is not required to be able to function as an actuary, many
employers attach importance to it and value it. The committee notes that the entry conditions
to this professional actuaries’ association are tested by the International Actuarial Association
(IAA, the international professional association).
The committee observes that the learning outcomes of the programmes are formulated
together with the AG and the IAA. As a consequence, the learning outcomes explicitly refer
to the knowledge and skills that graduates need to analyse and solve practical problems they
may encounter in their professional practice. The committee appreciates the good contacts
between the bachelor’s programme and the IAA and AG. However, the committee advises to
monitor the implied impact carefully, to avoid the influence of the field becoming too
dominant, because these are academic university programmes.
Bachelor’s programme in Econometrics and Operational Research
The committee appreciates the systematic and transparent formulation of the learning
outcomes for this programme. The committee concludes that some of the formulated
learning outcomes in terms of knowledge lack specificity, for instance regarding ‘B-level
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knowledge of Econometrics and Operational Research (K3). In the opinion of the
committee, these learning outcomes should be further elaborated.
The committee notes that it is a rather exceptional practice in academia to offer an
Econometrics and Operational Research degree that starts directly in the first year. The
committee understands that this allows the students to be trained properly to high standards
of mathematics and of statistics in economics. In the Econometrics track, the measurement
of economic variables, the mathematical formulation of economic models and the statistical
treatment of empirical data are combined, allowing precise understanding and quantification
of economic relations. The ORM track can be seen as a combination of Operations Research
(OR) and Operations Management (OM), with a strong inclination towards an analytic and
quantitative approach. This combination is also rather unique internationally. The committee
appreciates the combination of Econometrics, OR and OM. Still, the committee advises not
to lose sight of the fact that combining these fields from the first year on is not a necessary
guarantee for a good programme.
The bachelor’s programme apparently has a good reputation internationally, according to the
self-evaluation report. The committee appreciates the fact that the programme examined the
way Dutch (research) institutes and organizations, for example the Sanquin Blood Banks,
value the ORM track of bachelor’s programme. The committee also reacts positively to an
annual meeting of the programme directors of the six universities that offer Econometrics
and Operational Research programmes.
Master’s programme in Operations Research and Management
The committee appreciates the systematic and transparent formulation of the learning
outcomes for the master’s programme in Operations Research and Management. The
committee concludes that some of the formulated learning outcomes in terms of knowledge
are not specific enough, for instance concerning ‘detailed knowledge of one of the fields of
application (K1)’. In the opinion of the committee, the stated learning outcomes should be
further elaborated.
The committee notes that this programme is the only in the Netherlands that combines the
fields of Operations Research (OR) and Operations Management (OM), with a strong
inclination towards an analytic and quantitative approach. The committee appreciates the fact
that the programme management examined the degree in which others, for example the
University of British Columbia and the Sanquin Blood Banks, value the combination of OR
and OM, and notes that the combination of technical and modelling skills with more
conceptual thinking is much appreciated. The committee’s advice is to be aware of the fact
that combining the fields of OR and OM does not a guarantee for a good programme per se.
Master’s programme in Econometrics
The committee appreciates the systematic and transparent formulation of the learning
outcomes for this programme. The committee concludes that some of the formulated
learning outcomes in terms of knowledge are not specific enough, for instance concerning ‘a
broad knowledge of one of the following fields of application (K1)’. In the opinion of the
committee, these learning outcomes should be further elaborated.
The committee observes that the programme apparently has a good reputation abroad,
according to the self-evaluation report. It appreciates that these high standards are confirmed
by, for example, the fact that a few graduates have been admitted to top American economics
programmes. The committee values that the master’s programme in Econometrics is an
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active member of the Quantitative Economics Doctorate network (QED, an educational
network between eight European universities that enables PhD students and advanced
master’s students to study abroad and present their work to an international audience).
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: the committee assesses this standard as satisfactory.
S2: Bachelor and master level
The learning outcomes of the programme correspond with the general, internationally accepted descriptions of a Bachelor’s
qualification or a Master’s qualification.
Description
Bachelor’s programme in Actuarial Science
According to the self-evaluation report, this programme meets internationally accepted
requirements for an academic bachelor’s programme, as specified by the Dublin descriptors.
Knowledge and insight have to be developed in those problem areas and fields of practical
applications that an actuary engages in, as well as in the methods and techniques available and
the ways in which they can be implemented and applied. Insight means that the graduate is
able to analyse issues using theoretical concepts, is able to take up a critical position, and is
able to report on this.
The programme is aimed at developing an academic level of thinking and working. To
achieve this, students develop knowledge and skills. This prepares them for positions in
insurance or in research, where actuarial knowledge of an academic nature is applied. Indepth knowledge of mathematics, probability theory and statistics is essential for this.
Students have to be able to apply methods and techniques that translate risks into a
responsible and manageable image in terms of cash flows based on statistics. They also must
be able to convert this image into a deterministic or stochastic, time-dependent cash flow
model that can be used to imitate reality. Furthermore, students learn to continually and
systematically test their assumptions against the results realised. Graduates also are able to
maintain an adequate interaction between theory and professional practice.
Bachelor’s programme in Econometrics and Operational Research
According to the self-evaluation report, this programme meets internationally accepted
requirements for an academic bachelor’s programme, as specified by the Dublin descriptors.
In the programme, students learn the foundations of ORM and Econometrics (including
Mathematical Economics). They acquire solid core knowledge of mathematical and statistical
theory and techniques, as well as of economics and finance. They develop knowledge of, and
basic insight into, the fields of Econometrics and ORM and deepen this understanding in
their chosen track. The Econometrics track develops knowledge in the estimation and
analysis of econometric models, game theory, time series and dynamic systems, while the
ORM track develops, for example, knowledge of stochastic and deterministic optimisation
techniques, operational management and scheduling. Insight into Econometrics and ORM
means that the graduate is able to analyse relevant issues using theoretical concepts, to adopt
critical position towards the chosen solutions and to report on this, both conceptually and in
professional practice.
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The programme aims at developing an academic level of thinking and working in the fields of
Econometrics and ORM. To achieve this, students are taught the various concepts,
techniques, and methods developed in the scientific literature, as these form the foundation
of Econometrics and ORM. They are trained for professions in business, policy-making or
research where the academic basics of Econometrics and/or ORM are applied. The
programme provides a solid foundation for analysing and solving problems of a general
economic (Econometrics) or business (ORM) nature for professions where statistical and
mathematical methods are used. Basic knowledge of mathematics, probability theory and
statistics is essential, forming the common core of both tracks of the programme.
Master’s programme in Actuarial Science
The self-evaluation report states that the learning outcomes for the master’s programme in
Actuarial Science provide further deepening and broadening of knowledge and skills
developed in the bachelor’s programme in Actuarial Science. The programme provides
knowledge of, and insights into, both national and international issues in the fields of actuarial
science and mathematical finance. This means that the graduate will be able to analyse these
issues using theoretical concepts, to adopt a critical stance towards the chosen solutions, in
theory as well as in professional practice, to independently design alternative solutions on a
sound scientific basis, and to report on this. This requires knowledge at a level that makes the
student an expert in the field of study in general, and in a specialized subfield in particular.
Specialised knowledge at a high academic level is combined with examples from actuarial
practice and with implementation of knowledge.
The programme aims at an academic level of thinking and working. To achieve this, students
acquire knowledge and skills in a broad range of methods, and a thorough knowledge and
understanding of the literature that forms the basis of the actuarial study field, including
mathematical finance. Thus, students are trained for positions in the insurance profession or
in research where actuarial knowledge of an academic level is applied. Furthermore, students
are taught to continually and systematically test model assumptions against data and obtained
results. Next to acquiring this theoretical knowledge, graduates are taught to maintain a
healthy interaction between theory, on the one hand, and application and professional
practice, on the other hand.
Master’s programme in Operations Research and Management
The self-evaluation report states that the learning outcomes for the master’s programme in
Operations Research and Management provide a further deepening and broadening of
knowledge and skills developed in the bachelor’s programme in Econometrics and
Operational Research, both concerning problem formulation and application of techniques.
Beyond this additional knowledge and techniques, the master courses particularly focus on
modelling and researching a new problem ‘from scratch’. The programme aims at developing
strengths in autonomous analysis and research.
According to the self-evaluation report, the programme meets the internationally accepted
requirements for an academic programme, as specified by the Dublin descriptors. The
programme aims at expanding and deepening the students’ knowledge of, and insight into,
problems and practical solutions and applications in the field of ORM, the available methods
and techniques, and their implementation. Insight into a problem implies that the graduate is
able to analyse it by using theoretical concepts, is able to take up a critical position with regard
to the solutions chosen in theory as well as in professional practice, and is able to
independently design alternative solutions for which there is a sound basis and to report on
them.
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As regards to content, a knowledge level is required that makes the student an expert in the
field of study or part of that field of study. Detailed knowledge of a high academic level is
combined with examples from actual practice, as well as potential applications. The
programme is aimed primarily at developing an academic level of thinking and working.
Graduates must be able to independently develop and apply insights and methods from ORM
for practical purposes (such as in consulting activities and management) or for academic or
related purposes (e.g., research or activities at technical research institutions).
Master’s programme in Econometrics
The self-evaluation report states that the learning outcomes for the master’s programme in
Econometrics provide further deepening and broadening of knowledge and skills developed
in the bachelor’s programme in Econometrics and Operational Research. The master’s
programme in Econometrics is aimed at developing an academic level of thinking and
working using advanced quantitative techniques. Students are trained in an analytical and
model-based way of thinking and acquire knowledge of the academic literature in the fields of
Econometrics, including Mathematical Economics. They are also trained to apply this
knowledge to relevant economic problems. Thus, students are trained for professions in
business, government or research where econometrics is applied at an academic level.
According to the self-evaluation report, the programme meets internationally accepted
requirements for an academic programme, as specified by the Dublin descriptors. Courses use
up to date literature on which students are tested. During the programme, the students gather
specialised theoretical knowledge that allows them to critically evaluate and analyse economic
problems and to solve these problems while taking the limitations and implications of the
various solutions and assumptions into account. Attention to the development of oral and
writing skills is integrated by presentations, written critiques, written exams and the master’s
thesis. Students are required to use and apply the skills they obtain and to apply their
theoretical knowledge in professional practice.
Assessment
The committee verified the relation between the learning outcomes of the programmes and
the Dublin descriptors, which are considered general, internationally accepted descriptions of
a bachelor’s and a master’s programme. The committee observes that all Dublin descriptors
are reflected in the learning outcomes. The committee concludes that the learning outcomes
correspond with general, internationally accepted descriptions of a bachelor’s or a master’s
programme.
In addition the committee established that the various learning outcomes clearly reveal that
graduates of the programmes acquire knowledge, understanding, skills and attitudes at an
advanced level that is typical for a bachelor’ or a master’s programme. Nevertheless, the
committee states that the learning outcomes are insufficiently specific for the programmes at
hand (see Standard 1). The committee advises to reformulate the often very general and
unspecified learning outcomes in more concrete terms, tailored at what these programmes
aim to achieve.
Bachelor’s programme in Actuarial Science
The committee has established that the bachelor’s programme in Actuarial Science reflects
the Dublin descriptors for knowledge and understanding, e.g. in learning outcome K4 (‘the
student has basic or core knowledge of the techniques of operational research’). The Dublin
descriptor for applying knowledge and for understanding is reflected in learning outcome S1
(‘the ability to convert issues from practice into a problem definition that may be analysed
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using econometric or ORM methods and techniques, and to translate the results of such
analyses back to the practical situation’). The Dublin descriptor for making judgements is
partly reflected in learning outcome S5, where students are expected to have the ability to
interpret and evaluate actuarial results. The fourth Dublin descriptor, communication, is
reflected in, for example, learning outcome S3 (‘the ability to report carefully and clearly, in
writing as well as orally, to both colleagues and non-colleagues’). The fifth Dublin descriptor,
learning skills, is reflected in the intended learning outcome A3, which states that students
must acquire the ability to function independently as well as to cooperate constructively in a
team.
Bachelor’s programme in Econometrics and Operational Research
The committee has established that in the bachelor’s programme in Econometrics and
Operational Research, the Dublin descriptor for knowledge and understanding is reflected for
example in learning outcome K1 (‘the student has introductory knowledge of microeconomics, macro-economics and finance’). The Dublin descriptor for applying knowledge
and understanding is reflected in learning outcome S1 (‘the ability to convert issues from
practice into a problem definition that may be analysed using actuarial methods, and to
translate the results of such analyses back to the practical situation, to apply what has been
learned from the theory’). The Dublin descriptor for making judgments is partly reflected in
learning outcome S5, where students are expected to have the ability to interpret results from
econometric analyses and/or from analyses in the fields of ORM, to identify the role of
assumptions in this and, where possible, to verify such assumptions empirically. The fourth
Dublin descriptor, communication, is reflected for example in learning outcome S4 (‘the
ability to report carefully and clearly, in writing as well as orally, to both colleagues and noncolleagues’). The fifth Dublin descriptor, learning skills, is reflected in the intended learning
outcome A3, which states that students have the ability to function independently as well as
to cooperate constructively in a team.
Master’s programme in Actuarial Science
The committee has established that for the master’s programme in Actuarial Science, the
Dublin descriptor for knowledge and understanding is reflected in, for example, learning
outcome K1 (‘the student has a broad knowledge of a number of the following fields of
application in the context of actuarial sciences: the actuarial theory of life insurance, the
actuarial theory of non-life insurance and the actuarial theory of pension funds and social
insurance, as well as a broad knowledge in the field of risk management: asset-liability
management and the risk management of shares plus derivatives and bond portfolios’). The
Dublin descriptor for applying knowledge and understanding is reflected in learning outcome
S1 (‘the ability to conduct research independently, which means, among other things,
formulating a problem definition together with the associated planning for setting up and
executing the research’). The Dublin descriptor for making judgments is partly reflected in
learning outcome S1, where students are expected to acquire the ability to conduct research
independently – i.e., identifying and formulating a problem, developing a research design and
implementing the study. The fourth Dublin descriptor, communication, is reflected for
example in learning outcome A4 (‘the ability to function independently as well as to cooperate
constructively in a team’). The fifth Dublin descriptor, learning skills, is reflected in the
intended learning outcome S3, which states that students have the ability to familiarise
themselves quickly with the work in a part of the study field other than their own
specialisation and relates to the ability to keep up with new developments in the field of
study.
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Master’s programme in Operations Research and Management
The committee has established that for the master’s programme in Operations Research and
Management, the Dublin descriptor for knowledge and understanding is reflected in, for
example, learning outcome K1 (‘the student has detailed knowledge of one of the fields of
application in the ORM domain’). The Dublin descriptor for applying knowledge and
understanding is reflected in learning outcome K2 (‘students have an understanding of the
applicability, the scope and the limitations of the ORM methods used in practical situations’).
The Dublin descriptor for making judgements is partly reflected in learning outcome S1,
where students are expected to have the ability to conduct research independently, which
includes formulating a problem definition together with the associated planning for setting up
and executing the research. The fourth Dublin descriptor, communication, is reflected for
example in learning outcome S3 (‘the ability to report on academic research concisely, both
orally and in writing, and to advise organisations on the basis of this research’). The fifth
Dublin descriptor, learning skills, is reflected in the intended learning outcome A4 (‘the ability
to function independently as well as to cooperate constructively in a team’).
Master’s programme in Econometrics
The committee has established that for the master’s programme in Econometrics, the Dublin
descriptor for knowledge and understanding is reflected, for example, in learning outcome K1
(‘the student has a broad knowledge of one of the following fields of application in the
context of econometrics or mathematical economies: micro-econometrics, financial
econometrics, disequilibrium in markets and non-linear dynamics, application of game
theory’). The Dublin descriptor for applying knowledge and understanding is reflected in
learning outcome K2 (‘students have an understanding of the applicability, scope and
limitations of econometric methods in practical situations’). The Dublin descriptor for
making judgements is partly reflected in learning outcome S1, where students are expected to
have the ability to conduct research independently, which includes formulating a problem
definition together with the associated planning for setting up and executing the research.
The fourth Dublin descriptor, communication, is reflected for example in learning outcome
S3 (‘students have an understanding of the social context in which the profession is
practiced’), which includes an understanding of the social role of policy recommendations
based on econometric analyses, both in the government and in the business community. The
fifth Dublin descriptor, learning skills, is reflected in the intended learning outcome A4,
where students are expected to have the ability to function independently as well as to
cooperate constructively in a team.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: the committee assesses this standard as satisfactory.
S3: Academic orientation
The learning outcomes of the programme correspond with the following descriptions of a Bachelor’s and a Master’s
qualification:
• The 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.
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Description
Bachelor’s programme in Actuarial Science
According to the self-evaluation report, graduates of the bachelor’s programme in Actuarial
Science attained the general qualifications required for training at an academic level. The
learning outcomes not only define the professional qualifications, but they also describe the
general academic skills to be acquired and the research techniques to be mastered, such as the
ability to critically assess and analyse fiscal economic issues (S1).
Completion of the bachelor’s programme in Actuarial Science entitles students to enter at
least one academic programme at the master’s level, in this case the master’s programme in
Actuarial Science at UvA. Depending on the electives taken, students can also (almost)
directly enter one of the master’s programmes in Econometrics or ORM. A remedial
programme of at most 30 EC is provided for the former, and of 40 EC for the latter. The
elective courses in the bachelor’s programme in Actuarial Science consist of 30 EC and can
be taken from the respective remedial programmes. Graduates can also choose to continue
with a master’s programme in Business Economics, although the remedial programmes for
this are more substantial.
According to the self-evaluation report, the bachelor’s programme in Actuarial Science
provides students with knowledge, understanding, professional experience and expertise,
resulting in excellent career prospects. With very few exceptions, students complete their
university education by entering the subsequent master’s programme in Actuarial Science.
After the master’s programme, most students enter a post-master’s programme offered by the
AG and become a member of the professional association. Most master’s graduates pursue a
career with a pension fund, an insurance company or an actuarial consultancy firm.
Bachelor’s programme in Econometrics and Operational Research
According to the self-evaluation report, graduates of the bachelor’s programme in
Econometrics and Operational Research attain the general qualifications corresponding to
academic training as specified in the Dublin criteria. The stated learning outcomes define not
only general academic skills and the mastery of research techniques, such as the ability to
convert issues from practice into a problem definition, but also professional qualifications
(S1).
Completion of the bachelor’s programme in Econometrics and Operational Research must
entitle students to enter at least one academic programme at the master’s level, in this case
UvA’s master’s programme in Econometrics or ORM, depending on the track chosen during
the bachelor’s programme. Given the large overlap between the two tracks, students who
chose the Operational Research track in the bachelor’s programme can still enter the master’s
programme in Econometrics, and vice versa for entering the master’s programme in ORM
after having completed the Econometrics track at bachelor’s level. Moreover, graduates can
also continue in the master’s programme in Actuarial Science.
Almost all graduates from the bachelor’s programme in Econometrics and Operational
Research choose to complete the subsequent master’s programme in the same discipline.
Students with a bachelor’s degree in Econometrics and Operational Research are well
equipped to pursue a master’s degree, not only at the UvA but, according to the selfevaluation report, also at other leading universities at home and abroad. Students with a
quantitative degree like the bachelor’s programme in Econometrics and Operational Research
have also been highly successful in the labour market.
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Master’s programme in Actuarial Science
According to the self-evaluation report, graduates of the master’s programme in Actuarial
Science have attained the general qualifications required of academic training. Learning
outcomes related to the requirements of actuarial practice are subject to the scrutiny of the
Dutch professional body, the AG, which cooperates internationally with professional
institutions such as the International Actuarial Association IAA (worldwide) and the Group
Consultatif (Europe).
The learning outcomes define professional qualifications. More generally, the learning
outcomes put a strong emphasis on the academic orientation of the programme. In particular,
the learning outcomes explicitly state that graduates must be qualified to conduct research
independently (S1). This implies that students should be able to formulate a problem
definition together with the associated planning for setting up and executing research. Several
course assignments and case studies regularly require students to carry out activities
individually. Together with other components of the curriculum, the concluding master’s
thesis plays an important role in ensuring that graduates meet the learning outcomes (see
Standard 20). Completion of the master’s thesis guarantees that graduates are qualified to
conduct independent research.
The self-evaluation report states that graduates of the master’s programme in Actuarial
Science are qualified to enter professional practice. An actuary must be able to combine
techniques and models from various academic disciplines. Learning outcome S2 refers to the
ability to convert a problem from actual practice into a problem definition that can be
analysed by means of actuarial methods, and to translate the results of such analyses back to
the practical situation. The master’s thesis can be deductive, tackling an open question, or it
can be based on a more inductive, empirically driven issue. Students can combine the writing
of their thesis with an internship, where practical issues are encountered that are also of
scientific interest.
Master’s programme in Operations Research and Management
According to the self-evaluation report, graduates of the master’s programme in Operations
Research and Management have attained the general qualifications required of academic
training. The learning outcomes not only define professional qualifications, but also describe
the general academic skills and the mastery of research techniques. The stated learning
outcomes place strong emphasis on the academic orientation of the programme. The state-ofthe-art level of the courses and the scientific qualifications and interests of the teaching staff
guarantee that the students are trained to conduct scientific research. The learning outcomes
explicitly require that graduates have the qualifications to conduct research independently
(S1). This implies that students should be able to formulate a problem definition together
with the associated planning for setting up and executing the research. Through several
course assignments and case studies, students are generally required to perform research
individually. Together with other elements within the curriculum, the concluding master’s
thesis plays an important role in ensuring that graduates meet the learning outcomes (see
Standard 20). The master’s thesis is linked to all learning outcomes in terms of skills (S1-S4).
Completion of the master’s thesis should thereby guarantee that graduates have the
qualifications to conduct independent research.
The self-evaluation report states that graduates from the master’s programme in Operations
Research and Management will be qualified to enter professional practice. Learning outcome
S2 refers to the ability to convert a problem from actual practice into a problem definition
that can be analysed by using operation research methods and to translate the results of such
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analyses back to the practical situation. Further, the field itself, with its widespread application
areas, has almost by definition a multi-disciplinary orientation. According to the selfevaluation report this is reflected in, first of all, the combination of the technical OR stream
and the conceptual OM stream. Next to this, beyond their exposure to recent research in
course assignments and cases, students may become involved in publishable scientific
research in specific cases. Qualified students are encouraged to apply for a PhD (within OR)
or an MBA (within OM) programme.
Master’s programme in Econometrics
According to the self-evaluation report, graduates of the master’s programme in
Econometrics have attained the general qualifications required of academic training. The
learning outcomes not only define the professional qualifications, but they also describe the
general academic skills and the mastery of research techniques. The self-evaluation reports
states that the curriculum is driven by academic developments and insights. The learning
outcomes place strong emphasis on the academic orientation of the programme. The learning
outcomes explicitly require that graduates have the qualifications to conduct research
independently (S1). This implies that students should be able to formulate a problem
definition together with the associated planning for setting up and executing research.
The programme concludes with the master’s thesis, an individual project in which students
conduct research (see Standard 20). The master’s thesis requires students to contribute to
scientific knowledge by writing an original work by conducting research that builds on
knowledge acquired in the programme. All learning outcomes in terms of skills (S1-S4) are
linked to the master’s thesis. Completion of the master’s thesis should thereby guarantee that
graduates have the qualifications to conduct research independently.
The self-evaluation report states that graduates from the master’s programme in
Econometrics are qualified to enter professional practice. Learning outcome S2 refers to the
ability to convert a problem from actual practice into a problem definition that can be
analysed by using methods from econometrics and mathematical economics, and to translate
the results of such analyses back to the practical situation. Further, the master’s thesis can be
theoretically driven and tackle an open question from econometric or economic theory, or it
can be based on a more practically or empirically driven issue. Students can, for instance,
combine writing a thesis with an internship, where practical issues often arise that are also of
scientific interest.
Assessment
The committee has examined the stated learning outcomes from the perspective of the
required academic orientation. The committee notices that the learning outcomes of the
programmes correspond sufficiently to the requirements of the academic discipline (and of its
practitioners) and of professional communities (see Standard 1).
Bachelor’s programme in Actuarial Science
The committee concludes that the learning outcomes are explicitly of an academic nature and
level. This is, for example, evident from the described learning outcomes in terms of skills.
The committee established that the learning outcomes state that graduates must have the
ability to conduct academic research, including the ability to convert issues from practice into
a problem definition that may be analysed using actuarial methods, and to translate the results
of such an analysis back to the practical situation in order to apply what has been learned
from theory (S1), and to interpret and evaluate actuarial results (S5).
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The committee confirms that graduates can unconditionally enter the master’s programme in
Actuarial Science. It finds, and appreciates, that, depending on the electives taken in the
bachelor’s programme, students can also (almost) directly enter the master’s programmes in
Econometrics or in Operations Research and Management. The committee notes that almost
all graduated bachelor’s students enter the master’s programme in Actuarial Science and
subsequently a post-master’s programme offered by the AG. Concerning the high, and
potentially excessive, impact of the professional field on the programme, the committee feels
that the programme is quite academic, which it appreciates (see Standard 4). Together with
the aforementioned findings, this leads the committee to conclude that the programme meets
the criteria specified for this standard.
Bachelor’s programme in Econometrics and Operational Research
The committee concludes that the learning outcomes are explicitly of an academic nature and
level. This is evident, for example, from the described learning outcomes in terms of skills.
The committee has established that the learning outcomes state that graduates must have the
ability to convert issues from practice into a problem definition that may be analysed using
Econometric or ORM methods and techniques, and to translate the results of such an
analysis back to the practical situation (S1), to interpret results from analyses, to identify the
role of assumptions in this, and where possible to verify such assumptions empirically.
The committee confirms that graduates of the bachelor’s programme can unconditionally
enter UvA's master’s programme in Econometrics or the master’s programme in Operations
Research and Management, depending on the track chosen. Furthermore, bachelor’s students
from the Operations Research track can enter the master’s programme in Econometrics, and
students who graduated in the Econometrics track can enter the master’s programme in
Operations Research and Management. Graduates can even proceed to the master’s
programme in Actuarial Science. The committee appreciates the fact that students have these
options and notes that almost all students choose to continue with a master’s programme in
the same discipline. This, and the aforementioned findings, leads the committee to conclude
that the programme meets the criteria specified for this standard.
Master’s programme in Actuarial Science
The committee concludes that the learning outcomes stated for the master’s programme in
Actuarial Science are explicitly of an academic nature and level. This is evident, for example,
from the described learning outcomes in terms of skills. The committee has established that
the learning outcomes state that graduates must have the ability to conduct research
independently, which means, among other things, formulating a problem definition together
with the associated planning for setting up and executing the research (S1), and to convert a
problem from actuarial practice into a problem definition that can be analysed by using
actuarial methods, and to translate the results of such analyses back to the practical situation
(S2).
The committee notes that graduates of the master’s programme in Actuarial Science are
qualified to enter professional practice. The committee appreciates the fact that graduates are
in demand in the professional field (see Standard 21). The committee can see a potential merit
in the combination of writing the thesis with an internship, especially since the thesis is
graded exclusively on its academic merits, rather than also on the work experience, thus
safeguarding the academic character and purpose of this endeavour. This and the
aforementioned findings lead the committee to conclude that the programme meets the
criteria specified for this standard.
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Master’s programme in Operations Research and Management
The committee concludes that the learning outcomes stated for the master’s programme in
Operations Research and Management are explicitly of an academic nature and level. This is
evident, for example, from the described learning outcomes in terms of skills. The committee
has established that the learning outcomes state that graduates have the ability to conduct
research independently, which includes formulating a problem definition together with the
associated planning for setting up and executing the research (S1), to convert a problem from
actual practice into a problem definition that can be analysed by using operations research
methods, and to translate the results of such analyses back to the practical situation (S2).
The committee appreciates the fact that qualified students are motivated to apply for a PhD
(within OR) or an MBA (within OM) programme at a Dutch or a foreign university to
specialise further. This and the aforementioned findings lead the committee to conclude that
the programme meets the criteria specified for this standard.
Master’s programme in Econometrics
The committee concludes that the learning outcomes stated for the master’s programme in
Econometrics are explicitly of an academic nature and level. This is evident, for example,
from the described learning outcomes in terms of skills. The committee established that those
learning outcomes state that graduates have the ability to conduct research independently,
which includes formulating a problem definition together with the associated planning for
setting up and executing the research (S1), to convert a problem from actual practice into a
problem definition that can be analysed by using methods from econometrics and
mathematical economics, and to translate the results of such analyses back to the practical
situation (S2).
The committee can see a potential merit in the combination of writing the thesis with an
internship, especially since the thesis is graded exclusively on its academic merits, rather than
also on the work experience, thus safeguarding the academic character and purpose of this
endeavour. This and the aforementioned findings lead the committee to conclude that the
programme meets the criteria specified for this standard.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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 bachelor’s programme in Actuarial Science, it assesses this theme as satisfactory. In
the case of the bachelor’s programme in Econometrics and Operational Research, it assesses this theme as satisfactory. In
the case of the master’s programme in Actuarial Science, it assesses this theme as satisfactory. In the case of the master’s
programme in Operations Research and Management, it assesses this theme as satisfactory. In the case of the master’s
programme in Econometrics, it assesses this theme as satisfactory.
6.1.2. Curriculum
Description of the curriculum of the programmes
At the FEB, an academic year consists of two semesters, each subdivided into two teaching
blocks of 9 weeks (effectively) and one smaller block of two weeks for re-sit examinations.
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The four major teaching periods are referred to as blocks I to IV. In each teaching block,
courses are scheduled for a total of 15 EC. Each block comprises seven weeks of courses,
one week for exam preparation and one exam week.
The current semester subdivision is not fully in line with the uniform 8-8-4 system that the
UvA wants to implement. From September 2011, the system will therefore be adapted in
such a way that the large blocks will consist of exactly 8 weeks (6 weeks of courses, one
preparation week and one exam week). To secure a workload that is evenly spread, the small
block of 4 weeks will then also be used for scheduling courses. Courses are divided into four
levels; A, B and C are undergraduate levels, with level C subjects mainly offered in the final
year of a bachelor’s programme; level D courses are taught in the master’s programme.
Bachelor’s programme in Actuarial Science
The course schedule of the first year of the bachelor’s programme in Actuarial Science is
presented below (table 6.1). All first-year courses have a load of 5 EC. The first year of the
bachelor’s programme in Actuarial Science programme is identical to the first year of the
bachelor’s programme in Econometrics and Operational Research. This has been done
intentionally, to allow students to be exposed to a broad range of subjects and to orient
themselves and make an informed choice between the related fields of Actuarial Science,
Econometrics and Operational Research. Additionally, half of the courses scheduled in the
second year (30 EC) of the two bachelor’s programmes are identical. This provides graduates
of the bachelor’s programme in Actuarial Science the opportunity to proceed to a master’s
programme in either Econometrics or Operations Research (or to continue with the master’s
programme in Actuarial Science, of course), without having to remedy a large number of
deficiencies (see Standard 3).
In the first year, courses are scheduled to provide students with the basic knowledge and skills
needed in micro-economics and macro-economics, finance, mathematics and statistics, as well
as actuarial science, econometrics and operational research proper. The introductions to these
main fields within the quantitative programmes are combined with training in academic skills,
including writing and oral presentation skills.
Actuarial Science programme, first year
First Semester
Second Semester
block I
EC block II
EC block III
EC block IV
Skills
& 5
Skills
& 5
Skills
& 5
Skills
&
Orientation:
Orientation:
Orientation: AS
Orientation:
Econometrics
ORM
Programming
Micro5
Macro5
Probability
& 5
Probability &
economics*
economics *
Statistics 1
Statistics 2
Calculus A
5
Mathematics III*
5
Finance III*
Linear Algebra A
5
Table 6.1: Overview of the courses of the first year of the Actuarial Science programme
EC
5
5
5
-
The second and third year of the programme consist of support courses (level B), core
courses (level B) and advanced courses (level C). In the tables below (tables 6.2 and 6.3), the
level of each course is indicated. Students can start advanced courses and electives only after
having completed the entire first year. Furthermore, they have to meet the entry requirements
for the course in question. Regarding electives, students are allowed to select courses offered
at FEB that are of sufficient level (at B or C level) and do not overlap with the compulsory
courses in the programme. The Teaching and Examination Regulations contain a list of
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courses that are explicitly excluded. Students are required to take at least one core course in
Operational Research of 5 EC in their elective space.
Actuarial Science programme, second year
First Semester
block I
EC
block II
Mathematics 5
Mathematics
IV *
V*
Probability & 5
Probability
Statistics 3
&Statistics 4
Investment and Portfolio Theory
EC
5
5
10
Second Semester
block III
EC block IV
Basic Actuarial 5
Basic Actuarial
Science 1
Science 2
Econometrics 1 5
Econometrics
2
Elective **
5
Elective **
EC
5
5
5
Table 6.2: Overview of the courses of the second year of the Actuarial Science programme
Actuarial Science programme, third year
First Semester
block I
EC
block II
Life Actuarial 5
Pension
Science 1
Actuarial
Science 1
Risk Theory 5
Risk
Actuarial
Theory
Science 1
Actuarial
Science 2
Elective **
5
Elective **
5
Second Semester
block III
EC
Life
5
Actuarial
Science 2
Elective **
5
5
Bachelor’s thesis and Seminar
EC
5
block IV
Pension
Actuarial
Science 2
Elective **
EC
5
5
10
Table 6.3: Overview of the courses of the third year of the Actuarial Science programme
* for Actuarial Science, Econometrics and Operational Research and Management
** Level B or level C
Bachelor’s programme in Econometrics and Operational Research
The first year and half of the second year of the bachelor’s programme in Econometrics and
Operational Research are identical to the bachelor’s programme in Actuarial Science
described above (table 6.1). The second and third year of the programme consist of support
courses (level B), core courses (level B) and advanced courses (level C). In the tables
presented below, the level of each course is indicated. Students can take advanced courses
and electives only after having completed the entire first year. They also have to meet the
entry requirements for the course in question.
Within the bachelor’s programme in Econometrics and Operational Research, two main
tracks are distinguished: Econometrics, and Operational Research and Management (ORM).
Students can delay the choice of a specific track until the start of the third year by choosing
their electives appropriately. Apart from the two regular tracks, there is also a minor in
Econometrics. This track, by and large meets the regular Econometrics track, but allows
students to take up a minor or to spend one semester abroad. The curricula of these several
tracks are presented below (table 6.4, 6.5, 6.6 and 6.7).
Econometrics (minor) track, second year
First Semester
block I
EC
block II
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EC
Second Semester
block III
EC
block IV
EC
QANU / Economics, University of Amsterdam
Mathematics 5
for AS, EM
& ORM* IV
Probability & 5
Statistics 3
Mathematics 5
Econometrics 5
Econometrics 5
for AS, EM
1
2
& ORM* V
Probability
5
Mathematical 5
Introduction 5
& Statistics
Economics A
to
game
4
theory
Operational
5
Operational 5
Elective **
5
Elective **
5
Research 1S
Research
1D
Table 6.4: Overview of the courses of the second year of the Econometrics (minor) track
Econometrics (minor) track, third year
First Semester
Second Semester
block I
EC
block II
EC
block III
EC
block IV
Econometrics 5
Time-series
5
Elective **
5
Elective **
3
analyses
Mathematical 5
Dynamic
5
Elective **
5
Elective **
Economics B
Systems
Elective **
5
Empirical
5
Bachelor’s thesis and Seminar
Econometrics
Table 6.5: Overview of the courses of the third year of the Econometrics (minor) track
EC
5
5
10
Regarding electives, students are allowed to select courses offered at FEB that are of
sufficient level (level B or level C) and do not overlap with the compulsory courses in the
programme. The Teaching and Examination Regulations contain a list of courses that are
explicitly excluded as electives. Moreover, students are required to devote at least 10 EC of
the elective space to core and/or advanced courses in the fields of Economics and/or
Business Economics. Students who opt for the Financial Econometrics track of the master’s
programme in Econometrics have to take the advanced course “Investment & Portfolio
Theory” (10 EC) as an optional subject within their elective space. The Econometrics minor
track only differs from the regular track in the third year. In the minor track, the advanced
course “Empirical Econometrics” is not compulsory and, together with the elective in block
I, creates a space of 10 EC in the first semester of the third year for writing the bachelor’s
thesis. The second semester (30 EC) can then be spent on either a minor or on a period of
study abroad. For the remaining elective space of 10 EC (in the second year), the same
restrictions apply as described above. Participation in the Econometrics minor track requires
prior approval from the Examination Board.
Operational Research and Management track, second year
First Semester
Second Semester
block I
EC
block II
EC
block III
EC
Econometrics 5
Mathematics 5
Mathematics 5
1
for AS, EM
for AS, EM
& ORM* V
& ORM* IV
Probability & 5
Probability
5
Operational
5
Statistics 3
& Statistics
Management
4
1
Operational
5
Operational 5
Elective **
5
Research 1S
Research
1D
QANU / Economics, University of Amsterdam
block IV
EC
Econometrics 5
2
Programming 5
B
Elective **
5
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Table 6.6: Overview of the courses of the second year of the Operational Research and
Management track
Operational Research and Management track, third year
First Semester
Second Semester
block I
EC
block II
EC
block III
EC
block IV
EC
Operational
5
Simulation 5
Elective **
5
Elective ** 5
Research 2D
5
Elective ** 5
Operational 5
Elective ** 5
Operational
Research 2S
Management
2
Elective **
5
Elective ** 5
Practical assignment seminar & 10
bachelor’s thesis
Table 6.7: Overview of the courses of the third year of the Operational Research and
Management track
** Level B or level C
The electives can be chosen from a specific list of ORM courses: ”OR cases 1”, “OM cases
1”, “Management Support Systems” and “Operational Scheduling”. Students are allowed to
select other courses offered at FEB that are of sufficient level and do not overlap with the
compulsory courses in the programme. The Teaching and Examination Regulations contain a
list of courses that are explicitly excluded as electives. As can be seen from table 6.2 and table
6.4 above, the second year of both the Econometrics track and of the ORM track can be fully
covered if students choose their electives appropriately. In that way, students can delay the
final choice between the two tracks until the beginning of the third year. Currently, the ORM
track does not allow for a minor. In 2009/2010, the curriculum will be slightly rescheduled in
the second and third year, to allow for a minor to be taken up in the final semester.
Master’s programme in Actuarial Science
The master’s programme in Actuarial Science contains four compulsory courses and five
electives (three of which are restricted choices). Many students specifically choose the courses
“Asset Liability Management 2” and “Caput Pension Financing”, because they lead to the
shortest possible post-Master’s programme to become a member of the AG. All courses
mentioned have a study load of 5 EC. At the end, the student writes a master’s thesis of 15
EC. The courses are offered in English and start in September of each year. Table 6.8
provides an overview of the courses of the Actuarial Science programme.
Actuarial Science programme
First Semester
Second Semester
block I
EC block II
EC
block III
EC
Caput
5
Asset Liability 5
Asset Liability 5
Derivatives
Management 1
management 2
MC-Pricing
5
MC Valuation 5
Electives
10 + EV
15
Non-life Stat 5
Electives
5-10 Master’s thesis 0-5
Techn
Table 6.8: Overview of the courses of the Actuarial Science programme
block IV
Thesis
EC
0-15
-
-
-
-
Electives are divided into a, b, c and d categories. Within the ‘a category’, actuarial
specialisation courses are provided. Within the ‘b category’, other actuarial or closely related
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master courses are provided. The ‘c category’ contains third-year courses. The ‘d category’
contains recommended courses from other degree programmes (subject to approval by the
programme director). When choosing electives, students have to make sure that they choose
at least one course from the a category, three courses from categories a and b, and a
maximum of two courses from categories c and d. Courses that are already part of the
preparatory programme that led to admission to the programme in Actuarial Science cannot
be part of the programme.
Master’s programme in Operations Research and Management
The master’s programme in Operations Research and Management is a full-time programme,
starting in September of each year. The programme consists of 50 per cent course work and a
substantial research component of 50 per cent. Starting in 2009/2010, the programme will be
offered in English. Table 6.9 provides an overview of the courses in the programme.
Operations Research and Management programme
First Semester
Second Semester
block I
EC block II
EC block III
EC
block IV
EC
5
Internship and master’s thesis
30
Advanced
5
Stoch.
Simulation
Decision
Problems
Combinatorial 5
Combinatorial 5
Optimisation
Optimisation
Management
Research
OM. Cases 2 5
OR Cases 2
5
Table 6.9: Overview of the courses in the Operations Research and Management programme
The present curriculum contains four specialised (advanced) theoretical courses on specific
topics and two case courses, which can roughly be seen as distinguishing three streams: 10
EC in deterministic OR, 10 EC in stochastic OR, and 10 EC in applied OR. In this
programme set-up, only four (20 EC) of the six (30 EC) courses are compulsory. This allows
students to choose from a deterministic, stochastic and/or more applied curriculum, as well
as to be more flexible about the moment of entering the programme. However, for a
fledgling English programme which aims to allow foreign students with different
backgrounds, the present programme seems less suitable as it does not provide a sufficiently
visible structure. A new programme structure will therefore be introduced, starting in the
academic year 2009/2010.
Within this ‘new’ programme, the three streams will be made more explicit (to be
recognisable for foreign students), and both the deterministic and stochastic stream will
become compulsory. Since an internship might be less appropriate or attractive for some
students, particularly for foreign students, a broadening and deepening in OR (or other fields)
might be of more interest. The new programme allows for either three elective courses
followed by a separate thesis, or an internship and master’s thesis linked to this internship.
The course content of the current specialised courses will be ‘incorporated’ in these ‘new’
courses. Finally, the entry flexibility is preserved by allowing courses and the internship
and/or elective courses to be followed simultaneously.
Master’s programme in Econometrics
The master’s programme in Econometrics is a full-time, one-year programme. The
programme consists of 75 per cent course work and 25 per cent research. The programme
has four different tracks: Econometrics, Financial Econometrics, Mathematical Economics,
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and a free track. The tracks share a common core, but allow for specialisations in line with the
student's needs. Starting in the academic year 2009/2010, there will be the possibility to
pursue a double degree with Mathematics or with Stochastics and Financial Mathematics. The
courses are offered in English and start in September of each year. Table 6.10a shows an
overview of the courses in the master’s programme in Econometrics. Table 6.10b provides an
overview of the electives.
Econometrics programme
First Semester
Second Semester
block I
EC
block II
EC
block III
EC
Advanced
5
Advanced
5
Elective
5
Econometrics
Econometrics
1
2
5
Game Theory 5
General
Elective
5
Equilibrium
Theory
Elective
5
Elective
5
Elective
5
Table 6.10a: Overview of the courses in the Econometrics programme
Econometrics programme electives
Electives
Caput Mathematical Economics 1 (block II)
Caput Mathematical Economics 2 (block III)
Financial Econometrics (block III)
Micro-econometrics (block III)
Non-linear economic dynamics (block I)
Stochastic calculus (block IV)
Table 6.10b: Overview of the electives for the Econometrics programme
block IV
Master’s
thesis
EC
15
-
-
-
-
EC
5
5
5
5
5
5
The self-evaluation report states that, in consultation with the programme director, courses
from other master’s programmes can also be chosen, if the content of these courses is related
to the master’s programme in Econometrics and approval has been granted by the
Examination Board. For the Econometrics track, the Micro-Econometrics and Financial
Econometrics electives are compulsory. For the Financial Econometrics track, the Financial
Econometrics, the Stochastic Calculus, and the Caput Derivatives (from Finance) electives are
compulsory. For the Mathematical Economics track, the Non-Linear Economic Dynamics
and the Caput Mathematical Economics 1 or 2 electives are compulsory. The free track has
no additional requirements. The thesis of this latter track can cross the boundaries between
the subfields of Econometrics, Mathematical Economics, Economics, ORM, Actuarial
Science, and even with other disciplines such as Mathematics. However, courses worth a total
of 35 EC have to be taken within the department, while 10 EC can be taken outside the
department.
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.
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Description
According to the self-evaluation report, the majority of the lecturers in the bachelor’s and
master’s programmes holds a PhD and is actively publishing in international journals. The
academic research is integrated in the programmes through the discussion of academic papers
as well as by the thesis, which contains the results of individual scientific investigations of an
academic level by the student. In the process of writing their thesis, students develop
knowledge through interaction between the courses and their research within their discipline.
Bachelor’s programme in Actuarial Science
The self-evaluation report states that lecturers of the bachelor’s programme in Actuarial
Science should not only transfer knowledge, but also teach the students how to apply it.
Especially the advanced courses in the programme make use of recent scientific articles
published in internationally renowned journals (in addition to the possibility of a more basic
textbook). Apart from examining recent academic research, students are made familiar with
the appropriate research methods in the actuarial discipline. This is predominantly done in the
support courses in mathematics and statistics, and in the core courses in Actuarial Science,
econometrics and operational research. Finally, some core and advanced courses make use of
small-scale research projects and case studies, to allow students to obtain basic research
experience. One example is the” Econometrics 2” course, which involves a small research
project. In the “Non-life Actuarial Science” course, students are introduced to the R-project,
a tool used in many universities for statistical analysis. The thesis that concludes the
programme has to report the results of an academic research project that is relevant to
Actuarial Science in its broadest definition (see Standard 20).
The curriculum has close links with current professional practice. A number of courses make
use of case studies (e.g. Econometrics 1 and 2), practical assignments (e.g., the courses
introducing the basics of Actuarial Science), and occasionally guest lecturers from the industry
(e.g., “Life Actuarial Science” and “Pension Actuarial Science”) to facilitate the translation of
theory into practice. The link with the professional field is also maintained by several
academic staff members holding part-time positions in practice. For example, the “Pension
Actuarial Science” and “Life Actuarial Science” courses are taught by such staff members.
Bachelor’s programme in Econometrics and Operational Research
The self-evaluation report states that lecturers of the bachelor’s programme in Econometrics
and Operational Research should not only transfer knowledge, but also teach the students
how to apply it. According to the self-evaluation report, lecturers can integrate their own
research into the programme where appropriate, through academic papers, assessments and
adoption of new textbooks. Particularly the advanced courses in the programme make use of
recent scientific articles published in internationally renowned journals (besides possibly a
standard textbook). The “Empirical Econometrics” course in the third year is a good example
of this approach where students are taught to critically assess published work on the basis of
contemporary econometric techniques. A number of core and advanced courses make use of
small-scale research projects and case studies to allow students to obtain basic research
experience. This holds, for instance, for “Econometrics 2”, where students apply the
knowledge previously gained to a provided data set. Moreover, staff members typically
incorporate topics from their own research interest in their suggestions for bachelor’s theses.
According to the self-evaluation report, the programme is continuously kept up-to-date. For
example, for the Econometrics track the analysis of non-stationary data through unit roots
tests and co-integration is now a standard element of the programme. Also, students are
taught about GMM and weak instruments problems, a subject of much current research in
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econometrics. Similarly, for the ORM track the courses include state-of-the-art materials and
assignments based upon recent research projects at the academic and scientific level, e.g. for
the Dutch blood banks. For ORM, the bachelor’s thesis is also linked to and based upon a
practical ‘real-life’ assignment (see Standard 20).
Master’s programme in Actuarial Science
The self-evaluation report states that lecturers of the master’s programme in Actuarial Science
should not only transfer knowledge, but also to teach the students how to apply it and to
ensure that current developments in the field are included. Academic research is the main
topic of many courses. An example is the “Caput Non-life Insurance” course, in which recent
papers on the topics of comonotonicity, risk measures and economic capital are studied, and
presented by the students. In the “Market Consistent Valuation and Pricing” course, recent
academic research is incorporated as well. In the course “Non-life Insurance: Statistical
techniques”, the discussed problems fit in the framework of generalised linear (mixed)
models. Furthermore, in this course, implementation of the techniques is studied using the
programming language R.
Many actuarial students write their master’s thesis based on a project carried out at an
insurance company, pension fund or consultancy firm. In many cases, students already have a
job or traineeship at this firm or company. Developments in actuarial practice influence the
contents of the programme, for example the changing requirements of the supervisory
authorities (QIS4, FTK in the Netherlands, Solvency II, and more). The programme director
is responsible for the overall view on the academic level of the contents and assessments.
Each year, all courses are reviewed from this perspective.
The link with the professional field is maintained by several academic staff members holding
part-time positions in practice. The students and lecturers cooperate with the AG in
organising a yearly actuarial congress, at which many employers present and clarify cases and
topical issues from actuarial practice to the students (see Standard 3).
Master’s programme in Operations Research and Management
The self-evaluation report mentions that lecturers of the master’s programme in Operations
Research and Management should not only transfer knowledge, but also teach the students
how to apply it. Within the courses, students learn how to conduct research. Current
developments and the link with the professional field are explored through the courses.
Recent academic research results are strongly integrated in the ORM programme. The course
material has a strong interaction with current scientific research themes, such as OR and
simulation, combinatorial optimisation, stochastic dynamic programming, queuing and
queuing networks, and OR applications in hospitals and health care. In addition to the special
course topics and recent journal articles to be studied, the interaction with academic research
is reflected in course assignments and case studies that have a current and research-based
character. These assignments and cases are therefore renewed regularly, e.g. with subjects
such as check-in computation and optimisation, dimensioning intensive care units and blood
platelet optimisation. The assignments and cases are all based upon realistic experiences and
case studies. To this end, a broad variety of specific contacts are maintained for internships
and master’s theses as well as direct links and regular contacts with established practical
research groups at TNO, the Dutch Railways, KLM, and a number of larger
research/consultancy companies.
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Master’s programme in Econometrics
The self-evaluation report states that lecturers of the master’s programme in Econometrics
should not only transfer knowledge, but also teach the students how to apply it. Academic
staff members have ample opportunity and are encouraged to include their own research, if
appropriate, in their teaching, as well as other developments at the forefront of scientific
research. Courses like the “Capita Mathematical Economics 1 and 2” are designed in
particular to allow lecturers to incorporate their own research into the lectures, and to teach
subjects that are close to their own subject of interest. The “Non-linear Economic
Dynamics” course is grafted on the research programme of CenDEF (Center for Nonlinear
Dynamics in Economics and Finance). Courses like “Financial Econometrics” and “Microeconometrics” are taught by specialists, and lecturers of all courses have published in various
top journals in the field such as Econometrica, Journal of Econometrics, Econometric Theory, Journal of
Economics Dynamics and Control, International Journal of Forecasting, Journal of Mathematical Economics,
and Games and Economic Behaviour.
During the site visit, it became apparent that the master’s programme in Econometrics is
theoretically oriented. Students indicated that the programme prepares them well for taking a
doctoral degree, but the link with the relevant professional practice is not strongly present
within the curriculum. After graduating, students with ambitions for research are expected to
go to the Tinbergen Institute. Alumni indicate, however, that the connection between the
programme and the Tinbergen Institute is not optimal: several courses have to be repeated,
such as the “Econometrics 1”, the “Econometrics 2” and “Game Theory”. According to
both students and lecturers, a solution is required, for example a master’s programme of two
years that allows students to already start with their PhD, or an adapted programme with
exemptions at the Tinbergen Institute. Students mentioned that they nonetheless want to
follow the master’s programme in Econometrics, because of its high level and academic
orientation.
Assessment
The committee was able to assess that the programmes meet the requirements for an
academic level and orientation. It finds that the interaction between teaching and research is
adequately ensured. The programmes combine the transfer of academic knowledge through
teaching and research in the relevant disciplines of the field. The committee established that
the majority of lecturers holds a PhD and that tenured faculty are strongly involved in
teaching the courses. The lecturers are actively engaged in research and publish in
international journals; the committee notes and appreciates the fact that in this way current
scientific developments and theories and research permeate the curriculum. Overall, the
committee is of the opinion that the programmes adequately meet the criteria for the
standard.
Bachelor’s programme in Actuarial Science
Concerning the emphasis on the interaction between education and research, the committee
concludes that the development of skills in the field of scientific research is addressed
adequately within the bachelor’s programme in Actuarial Science. The committee appreciates
the fact that academic skills are incorporated in the curriculum from the first year on. In the
first year, basic skills such as presenting, writing and discussing are addressed.
Several courses make use of small-scale research projects and case studies to allow students to
gain basic research experience. These courses stimulate students to think academically and
prepare them to write their thesis. The committee considers these courses as very useful for
developing skills in scientific research, and appreciates the fact that the programme brings
students in contact with the academic literature. The committee advises to further increase
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the degree to which students are expected to search for scientific literature independently.
The thesis that concludes the programme has to report results from an academic research
project. The committee appreciates the fact that students develop research skills while
completing the thesis. However, the committee observes a gap between the first year and the
bachelor’s thesis in terms of writing skills. Students insufficiently develop writing skills in the
second year, unless they choose an elective that includes this skill. The committee advises to
guarantee that writing skills will systematically be covered in the second year.
The committee notes that the programme ensures sufficient contact with the professional
field. A number of courses use case studies, practical assignments, and occasionally guest
lecturers from industry to facilitate the translation of theory into practice. The link with the
professional field is also upheld by several academic staff members holding part-time
positions in practice. As mentioned before, the committee appreciates the fact that the
programme is academically focused despite the potentially strong impact from the
professional field.
Bachelor’s programme in Econometrics and Operational Research
Concerning the emphasis on interaction between education and research, the committee
concludes that the development of skills in the field of scientific research is adequately
addressed in the bachelor’s programme in Econometrics and Operational Research. The
committee appreciates the fact that academic skills are incorporated in the curriculum from
the first year on, giving students a clear view on research from the beginning of the
programme. The committee finds that the development of skills is present in every year of
the curriculum.
The committee values that students have to conduct research on their own, work with data
and search for literature. For example, students have to write a paper in the second year.
Some core and advanced courses make use of small-scale research projects and case studies to
allow students to obtain basic research experience. These courses stimulate students to think
academically and prepare them to write their thesis. The committee considers these courses as
very useful in developing scientific research skills. The thesis that concludes the programme,
reports results of an academic research project.
Master’s programme in Actuarial Science
Concerning the emphasis on the interaction between education and research, the committee
concludes that the development of skills in the field of scientific research is adequately
addressed within the master’s programme in Actuarial Science. The committee notes that
scientific articles are included in most courses, both articles from the actuarial literature as
well as academic articles from, for example, the Journal of Economics. The committee feels that
including such articles stimulates students to think academically and prepares them conduct
scientific research. Still, the site visit revealed that students felt insufficiently prepared for
carrying out bibliographical search. Hence, the committee recommends paying more attention
to this skill in the courses. The committee appreciates the fact that the programme director
reviews the academic level of the contents of the education and the assessments offered each
year.
The committee notes that the programme ensures contact with practice. Many students write
their thesis based on a project carried out within the professional field. The link with the
professional field is also upheld by several academic staff members holding part-time
professional positions.
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Master’s programme in Operations Research and Management
Concerning the emphasis on the interaction between education and research, the committee
concludes that the development of skills in the field of scientific research and the extent of
contact with the professional field are at an adequate level.
The committee has established that students learn to conduct research on their own. The
committee appreciates the fact that the assignments foster competencies for research, such as
reviewing the literature, formalizing problems and empirical testing or simulation. The
committee is positive about the opportunity for students to write a thesis in conjunction with
an internship, by which they are asked to combine theoretical and practical insights at a
scientific level. Observing that the master’s thesis represents 30 EC, the committee wonders
whether this the amount of EC should perhaps be reduced, so students spend more time in
close in contact with other students and lecturers of the programme.
Master’s programme in Econometrics
Concerning the emphasis on the interaction between education and research, the committee
concludes that the development of skills in the field of scientific research is addressed
sufficiently within the master’s programme in Econometrics. In particular, courses like the
“Capita Mathematical Economics 1 and 2” are designed to allow researchers to incorporate
their own research and to cover subjects that are closely related to their own research
practice. The committee advises to increase the emphasis on independent data gathering by
students. The committee appreciates the fact that the programme is theoretical and prepares
students for a PhD degree.
The committee notes that contact with the professional field is not strongly presented in the
programme. The committee appreciates the fact that the academic development is
emphasised in the programme, but advises to ensure that students become sufficiently
acquainted with the professional field. During the site visit, the committee observed that the
connection between the programme and the Tinbergen Institute is not optimal. The
committee advises to ensure that students do not have to repeat certain courses when they
start at the Tinbergen Institute.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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 as regards the level, the
orientation and the subject-/discipline-specific requirements.
The learning outcomes are adequately translated into the educational goals of the curriculum or its component parts.
The contents of the curriculum ensure the students’ achievement of the learning outcomes.
Description
Bachelor’s programme in Actuarial Science & bachelor’s programme in Econometrics and Operational
Research
As stated earlier, courses at three different levels are distinguished: foundation courses
(introductory knowledge), core courses (basic or core knowledge) and advanced courses
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(advanced knowledge). According to the self-evaluation report, the first year of the bachelor’s
programme in Actuarial Science is identical to the first year of the bachelor’s programme in
Econometrics and Operational Research.
The first year of the bachelor’s programme in Actuarial Science ensures that all knowledge, as
described in the learning outcomes, is covered at the introductory level (K1, K2, K3, K4, K5
and K6). The core knowledge required according to the learning outcomes is obtained in the
second year (K1, K3, K5 and K6). Through support and core courses, students obtain core
knowledge in mathematical and statistical methods, finance, econometrics and operational
research. Students also obtain core-level knowledge in their main discipline of Actuarial
Science. The advanced knowledge required in the learning outcomes is mostly obtained in the
third year (K1, K5 and K6). The advanced courses build on core courses, and are all
scheduled in the third year. Electives are mostly scheduled in the third year, being either at the
core or at the advanced level. Within the context of the bachelor’s thesis, all learning
outcomes with regard to skills are addressed (S1, S2, S3, S4 and S5).
The first year of the bachelor’s programme in Econometrics and Operational Research is the
same as the first year of the bachelor’s programme in Actuarial Science. The curriculum of
the first year ensures that all introductory level knowledge, as specified in the learning
outcomes, is covered (K1, K2 and K3). The core knowledge is obtained in the second year
(K2 and K3). Through support and core courses, students obtain core knowledge in
mathematical and statistical methods, finance, econometrics and operational research. The
advanced knowledge required in the learning outcomes is mostly covered in the third year
(K3, K4 and K5 for the Econometrics track, and K4, K5 and K6 for the ORM track). The
advanced courses build on the core courses, and are all scheduled in the third year. Electives
are mostly scheduled in the third year, and should be either at the core or at the advanced
level. Within the context of the bachelor’s thesis, all learning outcomes with regard to skills
are addressed (S1, S2, S3, S4 and S5).
Measurable learning outcomes are formulated and reviewed annually for each of the courses
in both programmes, and are part of the course descriptions published in the UvA on-line
course catalogue. For some first-year and support courses, the learning outcomes relate solely
to acquiring the relevant knowledge. The courses in academic skills scheduled in the first year
devote much attention to acquiring academic competencies and an academic attitude (A1, A2,
A3 and A4). At the same time, they provide an introduction to the main fields of interest. For
some of the core and advanced courses in the second and third year, the learning outcomes
are a combination of gathering specific knowledge on the subject and acquiring the skills to
apply that knowledge at academic level.
Master’s programme in Actuarial Science
Within the master’s programme in Actuarial Science, there is a distinction between
compulsory courses and four categories of operational subjects/elective courses, as explained
above. The programme prescribes that at least one course is to be chosen from the list of
restricted electives. Two courses may be chosen from a longer list.
The self-evaluation report provides a table in which individual courses are systematically
cross-matched with the learning outcomes. Regarding knowledge, learning outcome K1 is
covered by compulsory courses. Learning outcome K2 is covered by the electives (restricted
and unrestricted). Virtually all courses have a noticeable focus on practical applications,
covering learning outcome K3. The learning outcomes in terms of attitude (A1, A2, A3, A4
and A5) follow from the overall composition of the curriculum. All learning outcomes in
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terms of skills are covered by the compulsory courses. The restricted electives also cover
learning outcomes S2 and S4. Almost all of the less restricted electives cover learning
outcomes S3 and S4.
According to the self-evaluation report, measurable learning outcomes are formulated and
reviewed annually by the programme director for each of the courses in the programme, and
are part of the course descriptions published in the UvA on-line course catalogue. These
learning outcomes are often a combination of gaining specific knowledge on a subject and
acquiring the skills to apply that knowledge, always with a clear academic focus. During the
site visit, the lecturers mentioned that the learning outcomes and their realisation in the
programme vary as a result of changes in society, for example the emergence of
comprehensive financial providers. The part of the programme allocated to finance was
therefore increased. Also, the current financial crisis is likely to have an influence on the
future content of the curriculum.
Master’s programme in Operations Research and Management
In the self-evaluation report, the courses of the master’s programme in Operations Research
and Management are cross-matched to the learning outcomes. Both learning outcome K1 and
K2 are reflected in four of the seven courses. The learning outcomes in terms of skills are
reflected in nearly all courses. All learning outcomes in terms of skills are reflected in the
master’s thesis. In particular, the combined internship and master’s thesis can be regarded as a
comprehensive reflection of the overall learning outcomes, and has therefore been given a
substantial weight (of 30 EC).
The programme distinguishes a number of core learning objectives: knowledge and
understanding, modelling and analysis (for new situations), professional application and
practical implementation, communication (for practical non-specialist audiences and for
technical specialists) and scientific orientation (for individual research and development).
These core objectives are also cross-matched with individual courses. Communication is
present within every course. Practicality and scientific orientation are mostly reflected within
the “Operational Management Cases 2” and “Operations Research Cases 2” courses, the
internship and the master’s thesis. Knowledge and understanding, and modelling and analysis
are mostly reflected within the “Advanced Simulation”, the “Combinatorial Optimisation
Management”, the “Combinatorial Optimisation Research” and the “Stochastic Decision
Problems” courses.
During the site visit, students indicated that they appreciate the structure of the curriculum, in
which courses elaborate on each other.
Master’s programme in Econometrics
The master’s programme in Econometrics comprises 60 EC, which are spread over various
courses and different forms of assessment, ensuring that all learning outcomes are met and
that students can achieve the overall learning outcomes of the programme. The focus and
learning outcomes, which differ across courses, are set out in the course descriptions
published in the UvA on-line course catalogue. These course descriptions are systematically
reviewed every year in a process during which the relevant course coordinator updates the
course description.
In the self-evaluation report, the learning outcomes for the master’s programme in
Econometrics are cross-matched to the individual courses. Learning outcomes K1 and K2 are
cross-matched to all courses, as are learning outcomes S2, S4, A1 and A5. Learning outcome
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S1 is reflected in the “Caput Mathematical Economics 1 and 2” and the “Nonlinear
Economic Dynamics” courses. Learning outcomes S1 and S3 are both covered in the
master’s research thesis. Learning outcomes A2 and A4 are both present in several courses of
the curriculum. Learning outcome A2 is also cross-matched to the master’s thesis.
Assessment
Bachelor’s programmes
The committee has studied the correspondence between the learning outcomes and the
curricula, and concludes that the bachelor’s programme in Actuarial Science and the
bachelor’s programme in Econometrics and Operational Research are well thought-out,
ensuring that the students achieve the learning outcomes. As the committee has already stated
under standard 1, the descriptions of the learning outcomes at the course level provide a clear
overview of the knowledge, skills and attitudes students should attain in the programmes. The
committee has established that the table presented in the self-evaluation reports provides
insight into how the individual courses are systematically related to the learning outcomes.
The learning outcomes in terms of attitude (A1, A2 and A3) follow from the overall
composition of the curricula. The learning outcomes in terms of skills are all cross-matched
to several courses, mostly in the third year of the programme, especially in the bachelor’s
thesis.
With regard to the bachelor’s programme in Actuarial Science, learning outcome K1 is
reflected in every year of the programme, in six mathematics and statistics courses. Learning
outcome K2 is only covered in the first year of the programme, being cross-matched to the
“Macro-economics” and “Micro-economics” courses. Learning outcome K4 is only reflected
in the first year, in the “Skills & Orientation” course. Learning outcome K3 is reflected in the
first two years of the programme, and cross-matches with the “Finance and Investments” and
“Portfolio Theory” courses. Learning outcomes K5 and K6 are reflected within all three years
of the programme, especially within the third year.
With regard to the bachelor’s programme in Econometrics and Operational Research,
learning outcomes K1 and K2 are present in almost all courses in the first year. Learning
outcome K2 is also reflected in the Mathematics and Statistics courses in the second year.
Learning outcome K3 is covered in the “Skills & Orientation” course in the first year and
within almost all courses in the second year. Learning outcomes K4, K5, K6 and K7 are
reflected in the third year (of both the Econometrics and the ORM track). Learning outcome
K6 is also reflected in the ORM track, in the “Operations Management 2” course and the
bachelor’s thesis.
The committee welcomes the general structure of the bachelor’s programmes, in which
several levels of knowledge are present within the different years of the programmes. The
committee also appreciates the fact that academic skills are incorporated in the curricula from
the first year on. The committee advises to more strongly elaborate the emphasis on business
economics when realizing the learning outcomes in the programme. The committee
concludes that the programmes meet the criteria specified for this standard.
Master’s programmes
The committee has studied the correspondence between the learning outcomes and the
curricula, and concludes that the master’s programmes are well thought-out, ensuring that the
students achieve the learning outcomes. As the committee has already stated under standard
1, the descriptions of the learning outcomes at the course level provide a clear overview of
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the knowledge, skills and attitudes students should attain in the programmes. The committee
has established that the tables presented in the self-evaluation reports provide insight into the
way the individual courses are systematically cross-matched with the learning outcomes. The
learning outcomes concerning general knowledge and the learning outcomes in terms of
attitude follow from the overall composition of the curriculum. The learning outcomes in
terms of knowledge are all cross-matched to several courses.
During the site visit, the correspondence between the learning outcomes and the curriculum
was judged more positively by the committee than in advance, based only on the table in the
self-evaluation. The committee is especially satisfied with the position of and the attention
paid to academic skills within the curricula. During the site visit, the committee observes that
the students are positive about the focus on academic skills.
Although the committee is positive about the programmes as they are offered, it wishes to
remark that it is not always clear to the lecturers which learning outcomes they should
provide in the courses, and that that they do not always know which learning outcomes are
dealt with in other courses. The committee advises to elaborate the correspondence between
the learning outcomes and the curricula more strongly, sharing this knowledge better within
the teaching community. The committee concludes that the programmes meet the criteria
specified for this standard.
Master’s programme in Actuarial Science
The committee has studied the correspondence between the learning outcomes and the
curriculum of the master’s programme in Actuarial Science. The committee concludes that all
learning outcomes are cross-matched to courses. Learning outcome K1 is covered by
compulsory courses, and learning outcome K2 is reflected in the electives (restricted and
unrestricted). Virtually all courses have a strong focus on practical applications, covering
learning outcome K3. Learning outcomes in terms of skills are all present in the compulsory
courses, as well as in several restricted and unrestricted electives. Learning outcome S1 is only
reflected in the master’s thesis. Learning outcomes S2 and S4 are present in the compulsory
course “Non-Life Insurance: Statistical techniques” and in restricted and unrestricted
electives. Learning outcomes S3 and S4 are both reflected in one compulsory course and in
almost all unrestricted electives.
Master’s programme in Operations Research and Management
The committee has studied the correspondence between the learning outcomes and the
curriculum of the master’s programme in Operations Research and Management. The
committee concludes that all learning outcomes are cross-matched to courses. In the
“Advanced Simulation” course all learning outcomes are present. In the “Combinatorial,
Optimisation Management”, “Combinatorial Optimisation Research” and “Stochastic
Decision Problems” courses, learning outcomes K1, S1, S3 and S5 are covered. In the “OM
Cases 2” and “OR Cases 2” courses, learning outcomes K2, S1, S2, S3 and S4 are present.
The committee is of the opinion that the 30 EC allocated to the internship is excessive. The
programme cannot ensure the achievement of learning outcomes while students follow an
internship. The committee suggests that an internship of 15 EC, or more contact between the
programme and the students during the internship (for example by following courses during
the internship). The committee also feels that the contribution of Operational Management in
the curriculum is rather limited; it advises to give this aspect a more clearly visible position
within the curriculum.
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Master’s programme in Econometrics
The committee has studied the correspondence between the learning outcomes and the
curriculum of the master’s programme in Econometrics. The committee concludes that all
learning outcomes are cross-matched to courses. The programme pays attention to learning
outcomes K1, K2, S2, S4, A1 and A5 in all courses. Learning outcome S1 is reflected in the
“Caput Mathematical Economics 1 and 2” and the “Nonlinear Economic Dynamics”
courses. Learning outcomes S1 and S3 are both present in the master’s research thesis.
Learning outcome A2 is reflected in the “Advanced Econometrics 1 & 2”, “Caput
Mathematical Economics 1 & 2” and “Nonlinear Economic Dynamics” courses. Learning
outcome A4 is present in the “Game Theory”, “Financial Econometrics”, and the “Microeconometrics” courses, as well as in the master’s thesis. Furthermore, the committee is of
opinion that learning outcomes in terms of knowledge are well applied in the programme, for
example within the “Micro-econometrics” course. As stated earlier (see standard 4), more
emphasis could be given to skills as to gathering data and conducting research independently.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: the committee assesses this standard as satisfactory.
S6: Consistency of the curriculum
The contents of the curriculum are internally consistent.
Description
For each programme, the director or track coordinators are responsible for periodically
checking if the contents of the different courses making up the programme are well-aligned.
The programme committees (see Standard 19) also perform a monitoring function, and can
suggest improvements to the curriculum.
Bachelor’s programmes
As described above, all bachelor’s programmes at FEB have the same general structure. The
first year consists of courses at the introductory level, the second year mainly consists of core
and support courses, and in the final year advanced courses are scheduled. Core courses build
on the knowledge acquired in the related introductory courses and typically have these
introductory courses as entry requirement. In turn, the content and level of advanced courses
relate to the relevant core course(s) in question. Students can follow an advanced course only
if the corresponding core course has been successfully completed and if, moreover, they have
completed the entire first year. Most support courses are scheduled in the second year. This
general structure is used to guarantee that the curriculum has a consistent structure in terms
of increasing the level over the years.
Bachelor’s programme in Actuarial Science
The self-evaluation report presents an outline of the curriculum of the bachelor’s programme
in Actuarial Science (table 6.1, 6.2 and 6.3). As stated before, the first year of the programme
is identical to the first year of the bachelor’s programme in Econometrics and Operational
Research. According to the self-evaluation report, the target job market of the curriculum, the
profession of an actuary, requires skills from various fields. Apart from the Actuarial Science
and risk theory proper, they include a rather high level of mathematics and statistics, of
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economics/finance and of econometrics and operational research. The advanced actuarial
courses, which require sufficient mathematical and statistical proficiency, are necessarily
scheduled in the later stage of the programme. These courses ensure that students have indepth knowledge of their main discipline.
By including core courses in the related fields of econometrics, operational research and
finance, the set of compulsory courses is relatively large. Nevertheless, there is room for 30
EC of electives. According to the self-evaluation report, students thus have ample
opportunity to include a large range of courses in their elective space. However, to guarantee
a sufficient level of these courses (comparable to core or advanced courses) and to avoid
duplications, some restrictions in the choice of electives apply. In particular, at least one
course (5 EC) must be an Operational Research/Operational Management course chosen
from one of the programmes of FEB (second- and third-year courses only), and some
courses are excluded from the outset because they duplicate with compulsory courses.
Students are encouraged to choose their electives in fields related to what actuaries need in
their profession: finance, investments, external auditing, insurance law, et cetera. However,
this is not compulsory and, as a result, students have the option of taking courses at a
university abroad, or to pursue a minor (of 30 EC).
During the site visit, students stated that, with 150 EC of the curriculum are fixed, 30 EC
available for electives is not much. They are nevertheless positive about the fact that this
elective space allows them to follow a minor or to go abroad.
Bachelor’s programme in Econometrics and Operational Research
The self-evaluation report presents an outline of the curriculum of the bachelor’s programme
in Econometrics and Operational Research (table 6.1, 6.4, 6.5, 6.6 and 6.7). The first year of
the programme is identical to the first year of the bachelor’s programme in Actuarial Science.
According to the self-evaluation report, the target job markets of the curriculum, the
profession of an econometrician or of an OR specialist, requires skills from various fields.
These include an advanced level of mathematics and statistics, of economics/finance and of
econometrics and operational research. The advanced econometrics and OR courses, which
require sufficient mathematical and statistical proficiency, are therefore taken in the later
stages of the programme. These courses ensure that students have in-depth knowledge of
their main discipline. By including courses in the fields of econometrics, operational research,
economics and finance, the set of compulsory courses is already relatively large. Nevertheless,
there is room for 30 EC of elective courses so that students have the opportunity to include a
large range of courses in their elective space. However, to guarantee a sufficient level of these
courses (comparable to core or advanced course) and to avoid duplications, some restrictions
to the choice of electives apply. According to the self-evaluation report, the elective space
provides ample opportunity for students to follow a minor (of 30 EC) or to study at a
university abroad.
During the site visit, the students mentioned that they are satisfied with the balance between
economics and methodology and that, because of the elective space, they have the
opportunity to complete their curriculum with either economics or methodological courses.
Students indicated that the student counsellors do not advise them sufficiently, often referring
them to the website. Students feel that they have insufficient knowledge to choose their
electives, with a negative impact on the coherence of their curriculum.
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Master’s programme in Actuarial Science
The self-evaluation report presents an outline of the curriculum of the master’s programme in
Actuarial Science (table 6.8). According to the self-evaluation report, the profession of an
actuary requires skills from various fields. Besides actuarial science and risk theory, the
programme includes a rather high level of mathematics and statistics, of economics and of
econometrics/operations research. A student entering the programme has obtained this
knowledge either in the bachelor’s programme in Actuarial Science or by taking a preparatory
programme to gain admittance to the master’s programme. The “Asset Liability
Management” course connects the two main constituents of the master’s programme:
Actuarial Science and Mathematical Finance. The “Market-Consistent Valuation and Pricing”
course serves this function as well. The compulsory courses ensure that the graduate has
sufficient knowledge of actuarial theory to function as an actuary, in life insurance, non-life
and care insurance and in pension funds. By choosing elective courses, the student can
specialise in any of these fields or in mathematical finance. The capita selecta courses in life
insurance and non-life insurance are especially research-oriented, but all other courses are also
of an academic level .
During the site visit, students said that they feel adequately guided when choosing their
electives and that the information they receive is clear. They feel that it is their own
responsibility to compose their curriculum but that, when they have difficulties in doing so,
they find lecturers and study advisors easily accessible.
Master’s programme in Operations Research and Management
The self-evaluation report presents an outline of the curriculum of the master’s programme in
Operations Research and Management (table 6.10). According to the self-evaluation report,
the programme structure aims to meet the learning outcomes in a more or less natural and
chronological order of: knowledge acquirement, modelling, execution and analysis, and
practical exposure and implementation as well as scientific orientation.
During the last year, several discussions are held on recommended and/or desirable
programme changes. In the ‘new’ English-language master’s programme in ORM, starting in
2009/2010, the set-up is structured with a possibility of either elective courses (for theoretical
broadening and deepening) or an internship (for practical implementation).
Master’s programme in Econometrics
The self-evaluation report presents an outline of the curriculum of the master’s programme in
Econometrics (see table 6.10a and 6.10b). According to the self-evaluation report, the
programme has a limited number of electives. Students are required to select three courses
from the list of Econometrics master’s courses in addition to the four core courses in
Econometrics and Mathematical Economics. The four core courses guarantee a broad basis
in the subfields of Mathematical Economics and Econometrics as well as advanced technical
skills and insight in knowledge through the advanced electives. In the free track, which is the
most liberal one, the programme leaves 10 EC for other economics courses. Some of these
10 EC may be taken outside FEB, but the coherence of the resulting programme is subject to
approval by the programme director. Non-FEB courses can only be taken with the approval
of the Examination Board. For the three specialised tracks, the choice of electives is
restricted, which guarantees a coherent study programme.
In general, students seem satisfied with the available choice of courses and with the topics
dealt with within these courses. “Advanced Econometrics I” and “Advanced Econometrics
II” warrant a special note, because these are among the most difficult courses, as shown by
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the pass rates at each exam opportunity, though students seem to appreciate them (one of the
lecturers won the FEB teaching award in 2008).
Assessment
The committee has studied the internal coherence of the bachelor and master’s programmes.
It found that there is substantive and logical consistency in the programmes. The committee
has ascertained that the programme directors are responsible for periodically checking the
contents of the courses. The programme committees (see standard 19) have a monitoring
function and can propose suggestions for improving the curriculum. The committee remarks
that there could be a more systematic inspection of possible overlaps of topics and materials
in the programmes. There could also be a more systematic way of proving information to
students about the composition of a coherent programme. During the site visit, the
committee esthablished that students of the some programmes are feeling well guided
concerning this choice. Nevertheless, the committee has verified that the programmes are
adequately planned and found that their coherence is adequate. The committee therefore
assesses that the programmes meet the criteria concerning this standard.
Bachelor’s programme in Actuarial Science & bachelor’s programme in Econometrics and Operational
Research
The committee appreciates the general structure of the bachelor’s programmes of the FEB, in
which core courses build on knowledge acquired in introductory courses, and also connect to
advanced courses. The committee notes that the bachelor’s programmes do not have much
room for electives. This limited choice latitude ensures that students follow a coherent set of
courses; the committee was able to determine that the programmes are coherent, sometimes
even so coherent as to risk being too narrowly focused. The committee therefore reacts
positively to the structure with a common part in the curricula, followed by a broad choice of
electives, as this ensures that students develop both broadly and in depth sufficient choices.
By including 30 EC of electives in the bachelor’s programmes, students also have the option
of following a minor or going abroad. The committee appreciates the fact that students of the
bachelor’s programmes can choose electives in the field of economics or, for students of the
bachelor’s programme in Econometrics and Operational Research, in the methodological
field; it deems that students are capable of choosing those electives by themselves.
Master’s programme in Actuarial Science
The committee has examined the curriculum of the master’s programme in Actuarial Science
and concludes that there is adequate balance between compulsory courses (45 EC) and
electives (15 EC). The committee appreciates the fact that students can specialize by choosing
electives and confirms that the compulsory courses offer the graduates sufficient knowledge
of actuarial theory to allow them to function as an actuary. The committee notes and
approves that there are constraints for the students in composing their curriculum. The
committee notes that students feel sufficiently guided in composing their curriculum.
Master’s programme in Operations Research and Management
The committee has examined the curriculum of the master’s programme in Operations
Research and Management. The committee concludes that the programme is consistent, as it
is rather narrow in concept, and 30 EC of the curriculum is allocated to an internship and the
master’s thesis. But it also observes that the programme management does not fully control
the internship, and therefore cannot ensure their coherence with the courses. As stated before
(see standard 5), the committee advises to reduce the number of EC dedicated to the
internship, or to make sure that students are regularly in contact with the university and
follow courses during their internship.
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Master’s programme in Econometrics
The committee has examined the curriculum of the master’s programme in Econometrics and
concludes that it allows much room for electives. While this could have a negative influence
on the coherence of the programme, the committee found that the domain of these electives
is limited. At most 10 EC can be taken outside the FEB, and there are specific restrictions
concerning electives for students who choose a certain track in the programme. The
committee appreciates the fact that the chosen programme can only be taken after approval
by the Examination Board; it feels that this guarantees coherence of the programme.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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
Aggregate information about the actual number of study hours the full programme takes is as
yet unavailable. The course evaluations generally reveal that students on average put in
around 60% of the nominal workload of about 1600 hours for 60 EC. The percentage of
students mentioning that they spend more hours than this nominal workload is very limited,
typically below 10% for any course.
The self-evaluation report states that for all the FEB programmes, exams are scheduled after
each course and spread over the year. Some courses offer mid-terms, so as to distribute the
study load more evenly (see Standard 11). This allows students to plan their studies and
stimulates them to finish the programme within the set time. During the site visit, the
committee learned the FEB offers guidance to their students from their first year on so as to
prevent delays in the completion of the studies. Measures are, for example, an interview
between student and tutor after one month, remedying problems in mathematics, and using a
binding recommendation for the next step in the study (’BSA’) (see Standard 16).
General remark on master’s programmes
According to the university-wide survey of 2008, the FEB master’s students on average spend
25 hours per week on their studies and 21 hours on a side job. This shows that the actual
workload required from students is not too excessive. Only 11% of the master’s students at
the FEB find the workload too high, and 16% as too low. During the site visit, students also
said that they do not experience the workload as excessive; further, they did not mention
specific obstacles during the programme that hinder their progress.
General remark on Bachelor’s programmes
According to the university-wide survey among third-year bachelor students, students at FEB
spend on average 23 hours per week on their studies. For students of the Faculty of Law
(FdR), the average is approximately the same (22 hours). This is an insufficient study effort,
which results in success and progress rates that are too low (see standard 21). At the same
time, these figures indicate that the actual workload required from students is not excessive at
all. On average, third-year students spend 15 hours per week on side jobs. In the survey, only
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a small minority of 12% indicates that the workload is too demanding, whereas 18% judges it
to be too low. The same picture emerges for first-year students. A university-wide survey
among freshmen held in December 2006 reveals that first-year students at FEB spend on
average 24 hours per week studying. The vast majority (65%) has a paid job alongside their
studies, and spends on average 11 hours on this job. Compared to their pre-university
education, a majority of 54% considers the effort requested appropriate, whereas 10% feels
that it is too low. Finally, the student counsellors, who have frequent (daily) contact with
students, hardly ever signal problems concerning the students’ workload or receive
complaints in that regard.
Bachelor’s programme in Actuarial Science
The self-evaluation report states that the study load for the bachelor’s programme in Actuarial
Science is evenly spread over the year, as outlined in table 6.1, 6.2 and 6.3. The first year
consists of twelve courses of 5 EC each, spread over four blocks of 15 EC. The first semester
of the second year contains four courses of 5 EC and one course of 10 EC that runs in both
blocks I and II. Blocks III and IV each contain three courses of 5 EC. The first semester of
the third year also contains six courses of 5 EC. The second semester is divided into four
classroom courses of 5 EC each, the bachelor’s thesis and Seminar (10 EC).
Bachelor’s programme in Econometrics and Operational Research
The self-evaluation report states that the study load of the bachelor’s programme in
Econometrics and Operational Research is evenly spread over the year, as outlined in table
6.1, 6.4, 6.5, 6.6 and 6.7. The first year and the second year consist of twelve courses of 5 EC
spread evenly over four blocks of 15 EC each. The first semester of the third year contains
six courses of 5 EC. The second semester is divided into four classroom courses of 5 EC, the
bachelor’s thesis and Seminar (10 EC). This spread of EC over the curricula holds for both
the Econometrics track and the Operational Research track.
During the site visit, students said that the programme requires a lot of time for study,
especially in the first year. Delays are very frequent (see standard 21). According to the
students, one of the reasons for this delay has to do with the course prerequisite structure.
The programme management has taken this signal seriously and students now indicate that
they are well informed about these prerequisites. More attention is also paid to the core
courses that cause delays: the student counsellors state that they inform students explicitly
about the amount of work expected form them from the first year on. But, as mentioned
above (see standard 6), the students feel that the counsellors do not advise them well, often
referring them to the website. As a consequence, students feel that they have insufficient
guidance for composing their curriculum and eliminating factors that may impede their
progress.
Master’s programme in Actuarial Science
The self-evaluation report states that the study load of the master’s programme in Actuarial
Science is evenly spread over the year, as outlined in table 6.8. The first semester contains two
blocks in which three courses of 5 EC are taught. With regard to block II, students can
choose 5 EC or 10 EC of electives. Block III of the second semester contains three courses.
The first courses are of 5 EC, the second course is of 10 to15 EC. Depending on the choices
made in block II, students can take 10 to 15 EC of electives within this block. The third
course is focused on the thesis. Students can already spend 5 EC on their thesis within this
block, if they wish to do so. Block IV is devoted entirely to the thesis. Depending on the
previous choices, this block contains 10 to 15 EC.
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Master’s programme in Operations Research and Management
The self-evaluation report states that the study load of the master’s programme in Operations
Research and Management is evenly spread over the year, as outlined in table 6.9. The first
semester contains six classroom courses of 5 EC each, spread out over two blocks of 15 EC.
The second semester consists of an internship and of the master’s thesis (30 EC). According
to the self-evaluation report, the students are supervised regularly on a personal basis; this is
reached through the programme structure with assignments, cases and an intensively and
personally supervised internship, as well as through the small class sizes. Suggestions for
changes or improvements can therefore be picked up and implemented rather directly – e.g.,
regarding such issues as entrance times, dispersed scheduling of assignments and the
sequencing of the courses. According to the self-evaluation report, the students generally
seem satisfied.
Master’s programme in Econometrics
The self-evaluation report states that the study load of the master’s programme in
Econometrics is evenly spread over the year, as outlined in table 6.10a and 6.10b. The first
semester contains six courses of 5 EC. Block II contains three elective courses of 5 EC each.
Block IV consists of the master’s thesis (15 EC). During the site visit, students said that only
few students graduate within one year (see standard 21). According to the lecturers, this is
because few students put in 40 hours of study on a weekly basis. Those who do often are
foreign students who have to catch up. There are, nevertheless, students who graduate within
one year.
Assessment
The committee studied whether the curricula can be successfully completed within the time
nominally set and whether programme-related factors that may impede study progress are
eliminated. The committee concludes that the curricula can be successfully completed within
the set time, that that the students evaluate the academic standards of their programme
positively and that they do not identify any specific obstacle to curriculum progress.
During the site visit, it became clear that, even though the workload is deemed far from
excessive, delays in the studies are very probable. When students do not pass for one
individual course, this tends to delay their progress, for the remainder of the programme. The
committee is rather inclined to accept this state of affairs, as it feels that this places the
student squarely before the responsibility for avoiding or remedying such delays. The
committee concludes that the programmes meet the criteria concerning workload.
Bachelor’s programme & Master’s programme in Actuarial Science
From the interview with students of the bachelor’s programme and master’s programme in
Actuarial Science, it became apparent that students do not spend 40 hours on their studies on
a weekly basis. Students should, in general, be able to complete the bachelor’s programme
within three years, and the master’s programme within one year. The committee feels that the
workload is not excessive. The committee appreciates the seminar course in the third year, in
which students are prepared for writing their thesis by acquiring and applying research skills.
The committee also appreciates the effort of the lecturers to motivate and provide guidance
to the students. According to the committee, this may mitigate impediments to study
progress. Still, there is no student counsellor who advises students on the choice
opportunities in building their curriculum and to point out the consequences of their choices.
The committee advises to provide a counsellor to that effect.
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Bachelor’s programme in Econometrics and Operational Research
The students estimate that they spend an average of 30 hours weekly on their studies; they
often also hold a job. They should thus be able to complete the programme within the
foreseen time span of three years. The committee considers that the workload is not
excessive. Nevertheless, students do suffer delays (subject 21) and indicate that, especially
within the first year, they have to work hard to prevent delays. The committee is not negative
about this issue, and encourages better provision of information about the courses that are
most likely to cause delay. The committee appreciates the commitment of the lecturers
towards their students, while noting that these are not entirely satisfied with the student
counsellors. If these were to provide more guidance to the students, this could have a positive
influence on their progress. The committee appreciates the third-year seminar, in which
students are prepared for writing their master’s thesis by acquiring and applying research
skills.
Master’s programme in Operations Research and Management & master’s programme in Econometrics
Conversations with students of the master’s programmes in ORM and in Econometrics
revealed that they spend 30 hours weekly on average on their studies, while often also holding
a job. Students should, in principle, be able to complete the programme within three years.
The committee feels that the workload is not excessive. The committee appreciates the fact
that students are supervised and approached regularly on a personal basis, thanks to the
programme structure and the small number of students. The committee established and
appreciates that, over several years, 100% of the students of the master’s programme in
Operations Research and Management graduate within two years (see standard 21). The
committee also appreciates the Practical Assignment Seminar in the Operations Research and
Management programme, which readies students for writing their master’s thesis by acquiring
and applying research skills.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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 describes how the FEB provides information to prospective
students about the requirements for admission and for study success. Various information
meetings are organised for the master’s programmes. For students following a bachelor’s
programmes at the FEB, information meetings are organised in the course of the third year.
Dedicated information meetings are organised for students who successfully complete higher
vocational training curriculum (hbo) and subsequently wish to take a preparatory programme.
For Dutch and foreign students with a bachelor degree from another university, information
meetings are organised twice a year.
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International information activities are also organised. the FEB Educational Office (OWI),
the UvA Communication Office and the FEB M&C Department actively pursue international
recruitment into these master’s programmes by means of, e.g., an attractive website, annual
master’s programme brochures and presence at education fairs abroad. In 2008, the FEB
developed the first comprehensive international marketing plan, aimed at achieving a more
coordinated approach by pooling expertise and budgets. The FEB strives for a share of
foreign students of 35% by 2012. One way in which it hopes to achieve this is by intensifying
cooperation with schools abroad, e.g. by double degree programmes, through more effective
marketing and a better structured application procedure.
Bachelor’s programmes
According to the self-evaluation report, prospective students should have included
Mathematics B1 and/or Mathematics B2 in their pre-university education programme (vwo)
in order to be admitted to the bachelor’s programme in Actuarial Science or to the bachelor’s
programme in Econometrics and Operational Research. These formal entry requirements are
verified by the Central Student Administration (CSA). If applicants do not meet the entry
requirements, they are not admitted. It is possible to enter after having completed a
professional bachelor’s programme at a school of higher vocational education (hbo), but this
does not often occur. The formal requirement in that case is that students have sufficient
knowledge of mathematics, at a level equivalent to vwo. Because these hbo programmes do
not provide their students with academic skills relevant for Actuarial Science, Econometrics
or Operational Research, there is no preparatory (remedial) programme: students must simply
take the complete bachelor’s programme. Formally, it is also possible to enter on the basis of
an entrance examination, but in practice this option is hardly ever used.
According to the self-evaluation report, the provision of clear and correct information to
prospective students and their parents, or to other decision-makers, is seen as an important
way of helping to make well-informed decisions. Students currently studying at FEB are
increasingly considered to be a crucial group for the exchange of information with
prospective students – hence, they are involved in various ways, particularly by actively
participating in information meetings. The content of the information ranges from broad and
general to specific and detailed. Prospective students are initially informed in a broad, general
way through the internet and brochures. Subsequently, prospective students are informed in
an increasingly specific manner. Issues especially emphasized in the information material and
other information activities are the content of the various degree programmes and
specialisation tracks, the organisation of the first-year programme, labour market
perspectives, students’ experiences, and the way in which teaching is organised.
Twice a year, the Marketing & Communication department of the FEB Educational Institute
(OWI) organises so-called ‘On-site Information Days’. These information meetings are meant
especially for students in the final year of the pre-university education (6 vwo) and their
parents. Another major information activity is the participation of the FEB in the ‘trial-study
day’ as organised by the UvA, and the so-called tag-along day at the FEB. Prospective
students can take classes together with a regular FEB student. Every year, about a hundred
prospective students use this opportunity to ‘tag along’. Also, every year a number of
secondary schools are visited with the aim to give information to the prospective students.
The 2006 freshmen survey also provides information on how these students perceive the
information provision activities of the FEB. Overall, students are quite satisfied concerning
the four items surveyed: brochures, website, information events and personal contacts. In
particular, the brochures are highly appreciated. The survey indicates that 73% of the students
participated in one or more information events organised by the FEB.
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In order to discover and address potential transition problems at an early stage, all freshmen
have a personal consultation meeting with either the programme director or the student
counsellor of the programme. During this one-hour consultation, students obtain information
about the qualifications required for the programme and about what it takes to complete it
successfully. In this way, students get tailor-made advice on how best to approach their
studies. The first year also serves a selection purpose. In order to guarantee that students only
continue with their studies if they have a reasonable chance of completing the entire
bachelor’s programme, entry into the second year of study is subject to a binding study advice
(BSA). Only students who have completed at least 35 EC of the overall 60 EC, including the
“Linear Algebra A” course, are allowed to continue. Around 65% of the students pass this
threshold (see standard 21). Recently, the BSA norm of 35 EC was evaluated. Based on this
evaluation, FEB is considering raising the threshold to 45 EC. Student counsellors play an
important role within the first year (see standard 16). They advise and direct students who do
not meet the expectations. An agreement with the Hogeschool van Amsterdam (HvA)
facilitates the transfer to a higher vocational programme (hbo). In some cases, students can
transfer a number of study credits obtained at the FEB to their HvA curriculum.
Bachelor’s programme in Actuarial Science
The inflow has been relatively stable over the last years, at around 20 students per year. Most
freshmen enter with a vwo certificate.
Bachelor’s programme in Econometrics and Operational Research
As shown in the self-evaluation report, the inflow of students has steadily increased over the
last seven years, with an average of some 60 students per year. A majority of freshmen enters
with a vwo certificate. The majority of students (about 70%) opt for the Econometrics track
in the second year. The share of students in the ORM track is therefore on the low side.
During the site visit, the students attributed the difference in student number between the
Econometrics and the ORM track to the fact that, among students at least, ORM is known as
the easier of the two. Students also have better insight into the content of the Econometrics
track. A third reason may lie in an ORM course in the common part of the programme that
does not appeal to the students. Students state that the transition from the vwo to this
bachelor’s programme is difficult, especially in terms of mathematics. Nevertheless, students
feel like they are guided well during this transition. Students in this programme are not
actively encouraged to go abroad.
Master’s programme in Actuarial Science
According to the self-evaluation report, graduates of the bachelor’s programme in Actuarial
Science can enter the master’s programme in Actuarial Science directly. Completing a
preparatory programme is required to enter the master’s programme after a bachelor’s
programme or a master’s programme in Econometrics, Operational Research, Mathematics
or some other quantitative programme. The length of the preparatory programmes varies.
For an econometrician, the preparatory programme lasts about six months; for a
mathematician, one year at the most. This also holds for students from abroad. The
Examination Board has established standard preparatory programmes for each of a number
of student categories. These remedial programmes comprise at least five actuarial courses
from the bachelor’s programme, but students are also required to complete courses in finance
(as to investment and portfolio theory), mathematical statistics, and econometrics. Students
from other disciplines are not admitted to the master’s programme, and should first take the
complete bachelor’s programme.
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Currently, a large number of students enter from a variety of bachelor’s programmes. During
the site visit, it appeared that most of these students graduate from the bachelor’s programme
in Econometrics. The lecturers confirm that these bachelor’s students have sufficient
knowledge of mathematics, but also of economics.
Master’s programme in Operations Research and Management
According to the self-evaluation report, students are admitted to the programme at the
discretion of the Examination Board. The normal route to admission is the Operations
Research track bachelor within the bachelor’s programme in Econometrics and Operational
Research at UvA. For graduates of a different bachelor’s programme in exact sciences,
including Econometrics, Mathematics, Physics or HBO-Bedrijfswiskunde (only HvA),
individual preparatory programmes have been proposed and approved, based upon a 30 EC
common preparatory programme model. The standard preparatory programme developed for
students holding a professional bachelor’s diploma in Bedrijfswiskunde from HvA is the
benchmark for all other bachelor applicants. Similarly, for the English-language programme
starting in 2009/2010, foreign students with a background in the exact sciences (with a
mathematics basis) such as mathematics, physics, industrial engineering, computer science or
econometrics, individual programmes are to be proposed to, and approved by, the
Examination Board.
During the site visit, the committee learned that changes within the curriculum are planned in
order to improve its quality and to increase enrolment. One of the major changes will be to
teach the master’s programme in English so that more international may enrol. Further,
lecturers indicated that the visibility of the profile of the ORM programme must be
improved. Students are more familiar with Econometrics, and deem that programme of
higher quality. Students do not seem to be motivated to go and study abroad in the master’s
programme. The lecturers pointed out that students who want to do so can make use of their
electives space (see standard 5).
Master’s programme in Econometrics
According to the self-evaluation report, students of this programme consider it the natural
continuation and crucial completion of their studies. Most students continue their studies at
UvA. Bachelor’s students from other Dutch universities are admitted if their bachelor’s
programme matches UvA’s intended learning outcomes. For students with a quantitative
bachelor’s degree other than in Econometrics, special preparatory programmes are available.
Students with an academic bachelor in Operational Research or in Actuarial Science (and
Mathematical Finance) who wish to start the master’s programme in Econometrics at UvA,
first have to take a specific preparatory programme (30 EC maximum). Students with an
academic bachelor or a master’s certificate in Mathematics or in Physics, or an equivalent
degree in the exact sciences, and who wish to start the master’s programme in Econometrics
at UvA first have to take a specific remedial programme (35 EC maximum). Students with an
academic bachelor’s or master’s certificate in Economics and Business who wish to start the
master’s programme in Econometrics at UvA first have to take a specific preparatory
programme (65 EC maximum).
During the site visit, it became clear that, at present, the inflow of foreign students is rather
low, even though the programme is taught in English. Lecturers said that this could be
ascribed to the combination of mathematics and economics in the programme. Most
international students took their first course of studies in Eastern Europe.
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Assessment
The committee examined whether the qualifications of the incoming students match the
contents of the programmes of the FEB. The committee concludes that all programmes of
the FEB meet the criteria for this standard. The committee appreciates the fact that students,
who are not directly admitted to the master’s programmes, receive an overview of the
deficiencies in their knowledge and are provided with an opportunity to remedy this lack. The
committee notes that the FEB strives to recruit foreign students and appreciate the fact that
the number of foreign students within the FEB is increasing. The FEB seems to have good
contacts with a network of foreign universities, judging from the conversations held with
students from abroad. The committee is of the opinion that the communication and
promotion of the programmes could be improved, e.g. by paying specific attention to the
potential offered by the recruitment of German students. From the received comments, one
can conclude that foreign students are well assisted by student counsellors once they are
enrolled in the programmes. Where they may fall behind because of their foreign origin, e.g.
in writing or reading papers, these students receive adequate assistance.
With respect to internationalisation, the committee feels that the FEB should stimulate
students to make more use of the opportunities for a study abroad. While the FEB is working
at this, and makes it a point of special attention, the number of students going abroad at
present is deemed too low. The students stated that they are not really motivated for a stay
abroad by the FEB.
The committee notices that most of the programmes still tend to think in terms of a four-year
curriculum, with a strong UvA-biased anchor. The committee advises to mark more clearly
the structure of the studies in independent bachelor and master curricula, removing
unnecessary references to entry requirements related to the UvA bachelor’s programmes. Not
only is this the logical consequence of the ‘Bologna process’, but this will also benefit the
mobility, outward for the UvA students and inward for other students.
The committee wishes to comment on the observed volatility of the number of students
enrolling at the FEB. For many of the programmes, the number of entering students tends to
fluctuate markedly. In addition, a few programmes have a subcritical number of students. The
committee recommends the FEB to first gain insight into the causes of this phenomenon and
next to devise a remedial strategy.
Bachelor’s programme in Actuarial Science
The committee has examined the admission requirements for the bachelor’s programme in
Actuarial Science and concludes that the qualifications of the incoming students are in line
with the structure and contents of the intended curriculum. Students with a pre-university
education programme (vwo) will be admitted unconditionally if they have taken Mathematics
B1 and/or Mathematics B2. It is also possible to enter after having completed a professional
bachelor’s programme at a School of Higher Vocational Education (hbo), if the entering
student has the required mathematical knowledge. There is no preparatory programme. The
committee is positive about the size of the average inflow of students, but not so much with
its volatility. Measures should be taken to stabilize this inflow.
Bachelor’s programme in Econometrics and Operational Research
The committee has examined the admission requirements for the bachelor’s programme in
Econometrics and Operational Research and concludes that the qualifications of the
incoming students are in line with the structure and contents of the intended curriculum.
Students with a pre-university education programme (vwo) will be admitted unconditionally if
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they have taken Mathematics B1 and/or Mathematics B2. It is also possible to enter after
having completed a professional bachelor’s programme at a School of Higher Vocational
Education (hbo), if the applicant has the required mathematics knowledge. There is no
preparatory programme.
The committee is positive about the average inflow of students and appreciates the increasing
trend witnessed in the last seven years. The committee notes that some 70% of the students
choose the Econometrics track. The committee advises to gain more insight into the reasons
for this choice, and to put more emphasis on the OR track within the first year, for example
by adapting the course that provides students with basic information about the OR track
(Skills & Orientation: ORM).
Master’s programme in Actuarial Science
The committee notes that there is at least one bachelor’s degree giving direct admittance into
the master’s programme in Actuarial Science: graduates of the bachelor’s programme in
Actuarial Science can unconditionally enter the corresponding track in the master’s
programme. For graduates of a bachelor’s programme or of a master’s programme in
Econometrics, Operational Research, Mathematics or other quantitative programmes,
completing a preparatory programme is required. The committee is satisfied with the average
size of the student inflow and with its stability since 2006. The committee appreciates that the
percentage of enrolling students who followed a bachelor’s programme at another university
has grown.
Master’s programme in Operations Research and Management
The committee establishes that there is an UvA bachelor’s degree (bachelor in Econometrics
and OR) which gives unconditional access tot this masters programme. For bachelor’s
students of other programmes in the exact sciences, individual preparatory programmes have
been proposed and approved. The committee is of the opinion that the (average) inflow of
students, particularly those enrolling in 2008, is not sufficient. The low number of students
could impact negatively on the intensity and quality of the interactions among students and
on the acquisition of all skills-related learning outcomes by the end of the master’s
programme. The committee is of the opinion that the intake must soon reach at least 10
students. The committee reacts positively to the intention to attract more students from
abroad, but this will require substantial added effort for organizing the programme in English.
The committee advises to put more emphasis on attracting Dutch as well as foreign students.
Master’s programme in Econometrics
The committee notes that for at least one bachelor’s degree, it is possible to enrol directly in
the master’s programme in Econometrics. Graduates of the bachelor’s programme in
Econometrics can unconditionally enter the corresponding track in the master’s programme.
Bachelor’s graduates from other Dutch universities are admitted if their bachelor’s
programme matches UvA’s intended learning outcomes. For students with a quantitative
bachelor other than in Econometrics, special preparatory programmes are available. The
committee is satisfied about the average size of the student inflow. The committee
appreciates the increasing percentage of students recruited form bachelor’s programmes at
other universities.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
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Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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 Actuarial Science comprises 180 EC and
complies with the formal requirements with respect to the size of the curriculum.
The curriculum of the bachelor’s programme in Econometrics and Operational Research
comprises 180 EC and complies with the formal requirements with respect to the size of the
curriculum.
The curriculum of the master’s programme in Actuarial 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 Operations Research and 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 Econometrics comprises 60 EC and complies
with the formal requirements with respect to the size of the curriculum.
Assessment
The bachelor’s programme in Actuarial Science complies with the formal requirements with respect
to the range of credits.
The bachelor’s programme in Econometrics and Operational Research complies with the formal
requirements with respect to the range of credits.
The master’s programme in Actuarial Science complies with the formal requirements with respect
to the range of credits.
The master’s programme in Operations Research and Management complies with the formal
requirements with respect to the range of credits.
The master’s programme in Econometrics 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 FEB does not explicitly opt for one didactical
concept, applied uniformly to all programmes. Instead, the FEB has formulated a number of
general teaching principles, for example that learning outcomes must be defined for each
course. For the bachelor curricula, these must evolve from obtaining basic knowledge and
insight towards developing an analytical and problem-solving way of thinking, being able to
devise solutions to problems in practice and to individually and critically study and evaluate
the academic literature. The independent search, study and analysis of relevant academic
papers from prominent academic publications is a core component of many of the courses,
especially in the later stages of the curricula. Students conclude their bachelor’s programme
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with an individually written thesis, thus proving that they are able to conduct small-scale
academic research independently.
In the master’s programmes, the learning goals mostly aim at developing an analytical and
problem-solving way of thinking, being able to come up with solutions and being able to
study and analyse the academic literature individually and critically. As such, independently
searching, studying and analysing relevant academic papers from high-ranking academic
publications form an important part of most of the courses. Students conclude their master’s
programmes with an individually written thesis, with which they prove they are able to
conduct independent academic research in the accounting and control field.
As to the study methods, most courses of the bachelor’s and master’s programmes make use
of a plenary lecture (typically 2 to 3 hours a week) with one subsequent tutorial (2 to 4 hours a
week) scheduled later in the same week. A large number of courses make use of computer
practice as well. One of the goals of the tutorials and of computer practices is to stimulate
active participation by students, which is encouraged by the preparation of exercises and
other tasks, by class discussions and/or by student presentations in class. The class size of
around 20 to 25 students is small enough to facilitate interactive teaching and student
involvement. In that way, tutorials and classes not only contribute to achieving the learning
outcomes concerning knowledge, but also those for skills and attitudes.
Bachelor’s programme in Actuarial Science & bachelor’s programme in Econometrics and Operational
Research
In the first year of the bachelor’s programmes in Actuarial Science and in Econometrics and
Operational Research, students spend almost 500 hours in classes, which is 30% of the
nominal work load of 1680 hours per year. More than half of these contact hours consist of
tutorials and computer practice. A number of courses use assignments along with a written
exam. The general pattern is the same in the second year, although the overall number of
contact hours is lower.
In the third year, a substantial part of the curriculum is devoted to elective courses and to the
bachelor’s thesis. A course of 5 EC generally implies 32 contact hours. This leads to an
overall total of 384 contact hours in the third year. The remaining 1296 hours, according to
the norm, are reserved for self-study, assignments, preparation of cases and presentations,
and exams. The number of class contact hours for the bachelor’s thesis equals 16-18 hours;
yet the actual number of contact hours, and also the intensity of this contact, account for
much more time, due to the weekly personal consultations with the supervisor.
Master’s programme in Actuarial Science
The self-evaluation report provides an overview of the number of hours for the courses
offered within the master’s programme in Actuarial Science. For each course, the
programmed study load is divided into different categories: lectures, tutorials, total contact
hours, exam preparation, assignments and self-study/literature. Except for the master’s thesis,
140 hours are calculated for each course. For all courses, contact hours or tutorials are
scheduled. A module of 5 EC implies about 30 contact hours, on average. The remaining 110
hours (according to the norm) are reserved for self-study, assignments, preparation of cases
and presentations, and the exam.
Master’s programme in Operations Research and Management
The self-evaluation report provides an overview of numbers of hours related to the courses
offered within the master’s programme in Operations Research and Management. For each
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course, the programmed study load is divided into different categories: lectures, tutorials, total
contact hours, exam preparation, assignments and self-study/literature. Except for the
master’s thesis, 140 hours of study load are estimated for each course. The four ‘theoretical’
courses all include at least one large assignment and a final written exam. The two case
courses have no written exam, but require extensive reporting on the research that was
carried out. Supervision is scheduled for all courses, and lectures are scheduled for four out of
seven courses. The remaining hours are reserved for self-study, assignments, preparation of
cases and presentations, and the exam.
Master’s programme in Econometrics
The self-evaluation report provides an overview of numbers of hours related to the courses
offered in the master’s programme in Econometrics. For each course, the programmed study
load is divided into different categories: lectures, tutorials, total contact hours, exam
preparation, assignments and self-study/literature. Except for the master’s thesis, 140 hours
of study load are estimated for each course. Contact hours are scheduled for all courses, and
tutorials are scheduled for almost all courses. A module of 5 EC consists of about 35 contact
hours, on average. The remaining 105 hours are reserved for self-study, assignments,
preparation of cases and presentations, and the exam.
During the site visit, students said that the group size within the master’s programme in
Econometrics is quite small, on average. This guarantees that students have the opportunity
to discuss the material with the lecturers and can question them. As a consequence, the
students consider the level of their education as quite high.
Assessment
The committee studied the coherence of the structure and contents of programmes within
the FEB. It concludes that all the assessed programmes meet the criteria concerning this
standard. During the site visit, the committee noted no explicit didactical concept practiced
throughout the FEB. Nevertheless, the committee finds that the FEB has opted, rather by
design, to allow students much choice, autonomy and responsibility. As stated earlier (see
Standard 6), the committee appreciates the benefits that this freedom brings, which allows
students to compose their own programme and place their own emphasis on depth and/or
breadth. Exposure to this freedom, also forces them to assume responsibility for their own
curriculum and for progress therein. Provided that the management ensures the coherence of
the curriculum, the committee feels that this approach can work out well. The committee
therefore advises all programmes to define this “freedom-within-constraints” didactical
concept explicitly, taking care of striking a happy medium between coherence and freedom.
The committee has established that the study approach fostered by the programme enables
students to achieve the learning outcomes. It appreciates the emphasis on active education,
for example through discussion of case studies and of relevant article, through paper
presentations and by participation in experiments within the courses. The committee advises
the management to pay attention to the way lecturers have to deal with large student numbers
in classes. Splitting up the classes into smaller groups may allow maintaining the desirable
active approach, but does not dispense the lecturer from having to provide feedback to a
large number of students and being overloaded with teaching duties.
The committee concludes that, at the course level, there is a link between the learning
outcomes, the implicit educational concept and the teaching methods. The committee notes
that lecturers are very focused on their own course and its intended learning outcomes, but
that, for this very fact, there is a risk that courses will overlap and that their content and
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didactical approach will not be well-aligned. On the whole, the FEB could devote more
attention to elaborating an explicit educational concept and to the associated range of
methods used at the level of the curriculum.
Master’s programme in Operations Research and Management
The committee appreciates the fact that the master’s programme in Operations Research and
Management pays explicit attention to its didactical concept and that a clear link is made
between theory and practice. In the programme, different practical assignments and cases are
included. As noted before (see Standards 5 and 6), the committee has doubts concerning the
large number of credits (30 EC) allocated to the internship and the master’s thesis. The
committee advises to reduce the number of EC dedicated to the internship or to ensure that
students are regularly in contact with the university and follow courses related to their
internship.
Master’s programme in Econometrics
The committee appreciates the small group sizes in this programme, enabling students to ask
questions and to discuss course materials with the lecturers. The committee advises to put
more emphasis on the relation between theory and practice – e.g., by fostering contact
between students and companies, and by letting students practice with data before they have
to write their thesis.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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 learning outcomes of the programme or parts thereof.
Description
According to the self-evaluation report, all exams of the FEB are scheduled after each course,
with re-sits spread over the year. At least three exam opportunities are scheduled for each
course within a year after the course. Some courses offer mid-terms so as to spread the study
load more evenly (see Standard 7). Exams are composed by the course coordinator in
consultation with other lecturers in the course or the department. From the total set of
examination materials, random samples are taken and are re-graded by another lecturer in
order to identify potntial sources of limited accuracy. The exam correction process is
monitored by the course coordinator, who signs off the final results list. Students can inspect
their graded exams and discuss the grading. Detailed rules regarding written exams have been
laid down in the Teaching and Examination Regulations. Exact assessment regulations for
every course are specified in the individual course descriptions. These regulations include the
rules for student assessment, are updated annually by the course coordinator and presented to
the programme committees for review approval, before they are published on/in the digital
course catalogue.
According to the self-evaluation report, grading of theses (see Standard 20) is somewhat
subjective by definition. Students typically meet their supervisor five to ten times during the
thesis process, giving the supervisor ample opportunity to evaluate the quality of the thesis as
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well as the process leading to the end product. Further, a number of standard criteria to
evaluate the thesis itself as well as the student’s work progress and attitude are specified ex
ante and listed on the official thesis evaluation form. The thesis supervisor discusses these
criteria with the students and informs them about how the separate criteria are measured.
Besides by the supervisor, the thesis is graded by a second independent reader. Moreover, the
lecturer in academic writing involved in the thesis seminars and the coordinator of the thesis
seminar serve as additional readers. This process guarantees more impartiality, and
contributes to grading consistency and uniformity in the programme and throughout the
FEB. The theses are digitally checked for plagiarism as a standard procedure.
Formally, the FEB has one Examination Board (EB) for each programme. The EB is an
independent body that monitors the implementation of the Teaching and Examination
Regulations. It verifies whether the students’ study programmes are in line with the formal
requirements and acts as the instance where complaints can be filed with respect to exams.
The EB approves individual study programmes, grants exemptions or extends the validity of
examination results when appropriate; it rules on alternative examination methods.
Furthermore, the EB investigates cases of potential fraud and plagiarism, and imposes
sanctions on students whom it finds guilty. The EB is advised by the examiners and the
programme coordinators. The executive tasks are carried out by the Student Administration
and the official secretary. Apart from occasional delays in the processing and approval of
study programmes, the EB in general operates well, according to the self-evaluation report.
The 2008 survey among third-year bachelor’s students indicates that 60% of the FEB
students is satisfied with the mix of evaluation methods used in the FEB bachelor’s
programmes (19% is not satisfied, and 21% is neutral). In addition, 79% is satisfied about the
connection between the exam and the compulsory study material (required literature, et
cetera) of the courses. The 2008 survey among master’s students indicates that 73% of the
FEB students is satisfied with the diversity of evaluation methods used in the FEB’s master’s
programmes (only 9 percent is not satisfied and 19% is neutral); 78% of these students is
satisfied with the connection between the exam and the compulsory study material of the
courses.
Bachelor’s programme in Actuarial Science & bachelor’s programme in Econometrics and Operational
Research
In these programmes first-year courses, including “Micro-economics” and “Macroeconomics”, are evaluated by means of written exams only. The first year “Finance” course
combines a written exam with an evaluation of class participation. Examination of the more
mathematically oriented courses takes place through a combination of written exams,
computer exercises and homework assignments. These courses make use of a bonus
arrangement, in order to stimulate students to participate actively in the course. Courses in
the second and third year typically use a final written exam, but may include other methods as
well. The “Econometrics 2” course, for instance, is partly evaluated on the basis of a small
empirical project that the students have to submit. In the bachelor’s Thesis Seminar,
evaluation partly takes place on the basis of the student’s oral presentation.
During the site visit, students said that they like the combination of written examinations and
assignments. Students mentioned that, for each course, practice examinations are available for
consultation.
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Master’s programme in Actuarial Science
In this programme, each course carries a specific weight. The examination for the courses
“ALM 1”, “Caput Derivatives” and “Market-consistent Pricing & EV” consists of both group
assignments and a written exam. The assignment counts, on average, for 30%, and the written
exams for 70%. The other courses, “Non-life: Statistical Techniques”, “Caput Financing of
Pensions”, “Market-consistent Valuation Seminar” and “ALM 2”, are assessed by means of a
written exam of three hours. For the “Caput Financing of Pensions” course, participation in
the practicum also counts (5%). For the “Market-consistent Valuation Seminar” and the
“ALM 2” course, presentations and homework assignments also count towards the final
grade.
Master’s programme in Operations Research and Management
In the master’s programme in Operations Research and Management, all courses contain
assignments for practical implementation. The assignments in the four ‘theoretical’ courses in
the first semester and the “OR Cases 2” course are particularly concentrated on the learning
aspects and learning outcomes of knowledge and understanding, modelling and analysis. The
assignments in “OM Cases 2” course also pay considerable attention to the learning outcome
of communication. The case courses and internship include one or more presentations. Both
types of objectives, modelling and analysis, as well as communication are covered in the
internship and in the master’s thesis. In the two case courses as well as in the internship,
intensive supervision is given by the responsible lecturer/supervisor.
Master’s programme in Econometrics
In the master’s programme in Econometrics, several assessment methods are used: written
exams, assignments, written essays, oral presentations and class participations. The “Caput
Mathematical Economics 1” course is assessed by assignments, written essays, oral
presentations and class participations, each counting for 25%. All other courses are assessed
by a written exam, mostly in combination with assignments.
Assessment
The committee examined the learning assessment procedure of the FEB. From the Teaching
and Examination Regulations and from information gained during the site visit, it concludes
that students are assessed adequately. A reasoned mix of evaluations, tests and examinations
is used. The committee appreciates the fact that the programme also assesses on the basis of
(inter)active methods, such as presentations and research assignments. The committee also
notes that within many courses the programme uses a combination of different forms of
evaluation, such as individual essays and written (midterm) exams. This was confirmed by a
survey among master’s students in 2008, which assessed the level of satisfaction of students
with the mix of evaluation methods. The survey also found that the students were satisfied
with the connection between the exam and the content of courses and course materials.
Nevertheless, there are indications that this aspect could be further improved.
During the site visit, the committee found that students complain about insufficient and tardy
feedback, (see Standard 10), probably also due to the large number of students. Students are
expected to participate actively, e.g. by conducting investigations, but the feedback by the
lecturers, if not very concise, is given rather late. It will pay to heed the advice to improve the
practice on this point. A positive point is that students feel that their feedback to the lecturers
is listened to by the lecturers.
The committee notices that the EB is functioning as a team and that it deals effectively with
complaints received from lecturers or from students. The EB has FEB-wide composition,
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implying that it often cannot deal adequately with programme-specific issues. The EB stated
that it implements the Teaching and Examination Regulations mainly in a reactive manner
and that is does not take initiatives autonomously. Indeed, the committee notes that the EB
mainly reacts to complaints concerning exams. The committee applauds the intentions of the
EB to become more proactive in the future by initiating decisions. The committee wishes to
point out to the EB that its role will be changing in the future as a result of changes in the
law, making it formally responsible for the quality of the contents of the examinations. The
committee advises the EB to consider the consequences of this development for its role and
functioning, also in the short term.
The committee’s advice is to better coordinate activities concerning exams. In the FEB, many
parties are involved in examinations, such as the Educational Institute (OWI), the Student
Administration, the programme director and the programme coordinator. The committee
recommends closer interaction between these parties, for example by developing a common
policy around examinations, e.g. concerning the number of re-sits and the way the FEB
guarantees that examinations will be valid and reliable. Although exam information is
mentioned on the cover of an exam, all this seems to be rather ad hoc, not following from a
shared policy. The site visit made it clear that the development of an examination policy is on
the FEB’s agenda; the committee welcomes this. The committee is also positive about the
decision to place more emphasis on the quality of examinations by providing training to
lecturers (see Standard 14) and by requiring two reviewers for every exam.
Bachelor’s programme in Actuarial Science & bachelor’s programme in Econometrics and Operational
Research
The committee reacts positively to the Seminar in the third year of the bachelor’s
programmes, which prepares students to conduct research and guides them in writing their
own research proposal. During the site visit, students said that both lecturers and students are
positive about the Seminar, especially the amount of feedback that is provided. The
committee confirms that this course provides students with research skills at an early stage,
and thereby reduces the time spent on writing the thesis (see Standard 20). The committee
also appreciates the availability of practice examinations for every course.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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 Actuarial Science, it assesses this theme as satisfactory. In the case of
the bachelor’s programme in Econometrics and Operational Research, it assesses this theme as satisfactory. In the case of
the master’s programme in Actuarial Science, it assesses this theme as satisfactory. In the case of the master’s programme in
Operations Research and Management, it assesses this theme as satisfactory. In the case of the master’s programme in
Econometrics, it assesses this theme as satisfactory.
6.1.3. 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.
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Description
The self-evaluation report states that highly-qualified and well-motivated staff is the main
asset of any teaching and research institution, and hence are essential to its success. The
FEB’s current personnel policy for academic staff is designed with this aim in mind. It
specifies the formal procedures regarding recruitment, tenure, promotion and retirement. The
common guidelines follow the national UFO (‘Universitair Functie Ordenen’) system for
evaluating university staff based on the Hay criteria, although the FEB attaches more weight
to publications, with special reference to quality, than UFO does.
Lectures are sometimes taught by PhD students and by post-docs. PhD students mainly teach
tutorials, work groups and computer practices of first and second-year modules in the
bachelor’s programmes, but their contribution to the programmes is limited, and so is their
individual teaching load. In the first year of some of the bachelor’s programmes, student
assistants are used to assist in teaching, for instance in introductory academic skills courses. In
the master’s programmes, education is provided exclusively by lecturers who hold a PhD and
are active researchers; this makes that the lectures are kept up-do-date with contemporary
developments in the lecturers’ field. According to the self-evaluation report, the FEB scores
exceptionally well in the field of research. In European research rankings, the FEB regularly
ranks among the top ten. The percentage of staff members holding a PhD is high for most
departments. Subsequent to critical comments by the Assessment committee 2003, the
personnel policy was adapted and now generally requires all newly hired academic staff to be
active researchers.
The academic staff originates from both the Netherlands and from abroad. The market from
which the FEB recruits its academic personnel is increasingly international. As a result, most
programmes now work with a substantial and increasing number of researchers and
professors with an international status. Many of the tenured academic staff is also fellow of
the Tinbergen Institute (TI), the accredited research institute in Economics of the UvA, the
VU Amsterdam and the Erasmus University Rotterdam.
During the site visit, the FEB’s dean and management team explained the mechanisms for
allocation time and means between teaching and research, as well as into the principles of
funding of faculties at the university level. In principle, and as a starting point, lecturers spend
equal time on research and on education. The programme management stated that despite the
lecturers' interest in research, a change towards more interest in education is apparent at the
FEB. This has repercussions for the annual formal evaluation meeting between the academic
staff members and the head of the department (see Standard 14). Formerly, these focused
almost exclusively on research; at present, the staff member’s contribution and performance
in education are also considered, e.g. through using the course and lecturer evaluations (see
Standard 17).
Bachelor’s programme in Actuarial Science & master’s programme in Actuarial Science
According to the self-evaluation report, these programmes are principally taught by
researchers who contribute to the development of the actuarial discipline. The link with the
professional field is maintained by several academic staff members holding part-time
positions in practice. Actuarial lecturers cooperate with the AG in organizing an annual
actuarial congress, at which many employers are willing to present and clarify cases and
topical issues from actuarial practice to students.
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Bachelor’s programme in Econometrics and Operational Research
According to the self-evaluation report, the bachelor’s programme in Econometrics and
Operational Research is principally taught by researchers who contribute to the development
of the discipline of econometrics and/or operational research. The programme works with a
large number of researchers and professors with an international research status. The
academic staff originates both from the Netherlands and from abroad. Virtually all lecturers
hold a PhD and publish widely in various top journals. They are in touch with the most
recent academic research and can integrate this into the programme where appropriate,
through academic papers, assignments and adoption of new textbooks.
Master’s programme in Operations Research and Management
According to the self-evaluation report, the master’s programme in Operations Research and
Management is principally taught by researchers who contribute to the development of the
discipline of operations research and operations management. All teaching staff but one hold
a PhD, and all members are active in scientific research, publishing in international journals.
As mentioned earlier, recent academic research is strongly integrated in the programme. The
topics and materials within each of the courses are taught by staff with a strong scientific
background, as apparent from their recent publications; they may be considered as state-ofthe-art research documents taken from previous and ongoing research. Several of the
teaching staff are member of the worldwide OR/MS Society (currently called the Institute for
Operations Research and Management Sciences).
Master’s programme in Econometrics
According to the self-evaluation report, the master’s programme in Econometrics is
principally taught by researchers who contribute to the development of the discipline of
econometrics. Many staff members have international experience, have taught abroad and
have discussed educational and research matters with international colleagues at conferences,
networks, et cetera. The staff are active members of the Quantitative Economics Doctorate
(QED, an educational network among eight European universities that allows PhD students
and advanced master’s students to study abroad). Academic staff members have ample
opportunity, and are encouraged to use, where appropriate, their own research and other
current developments in scientific research in their courses.
Assessment
The committee studied the requirements for the academic orientation of staff members. The
academic staff originates from both the Netherlands and abroad. The committee recognises
the staff's scientific quality and its national and international academic reputation. The
majority of the teaching staff holds a PhD; the content of the courses is the specific
responsibility of permanent staff members. The comparable emphasis placed on research and
education guarantees that lecturers are actively involved in both teaching and investigation.
The committee notices that recent developments from scientific research as well as those
from the professional field are brought into the courses. The committee appreciates the fact
that education receives an increasingly stronger role in the annual performance reviews.
Bachelor’s programme in Actuarial Science & master’s programme in Actuarial Science
The committee has examined the academic orientation of the staff members of the
programmes against the standards. The committee concludes that these programmes are
primarily taught by researchers who contribute to the development of the discipline, hence
meeting the criteria for this standard. The committee has established that the link with the
professional field is maintained by several academic staff members who hold part-time
positions in practice. The committee notes that academic staff members participate in
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international seminars and conferences. In spite of the narrower focus and the part-time
function of the researchers, the committee assesses the lecturers as experts within their
professional field, with many publications to their names. There is emphasis on conducting
research in the field of Actuarial Science within the FEB. The benefits of relying on such
highly qualified lecturers are especially evident for the master’s programme (the bachelor’s
programme, being common with other programmes, does not lend itself to expose the
students to specialized researchers). Based on these observations, the committee concludes
that the programmes meet the criteria expected of a scientific degree programme.
Bachelor’s programme in Econometrics and Operational Research, master’s programme in Operations
Research and Management and master’s programme in Econometrics
The committee has examined the academic orientation of the staff members against the
standards. The committee concludes that the programmes are primarily taught by researchers
who contribute to the development of the discipline, hence meeting the criteria for this
standard. The academic staff of the programmes consists of international members and of
Dutch members with international teaching experience. The committee notes that academic
staff members actively participate in international research, publishing in leading journals. The
committee has established that the link with the professional field is maintained by several
academic staff members who hold part-time positions in practice. The committee assesses the
group of lecturers in the bachelor’s programme Econometrics and Operational Research as
excellent; the other two groups are assessed as moderate.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as good.
Master’s programme in Actuarial Science: the committee assesses this standard as good.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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 states that the total number of officially registered students at the
FEB (2008) is 3,493, while the budgeted amount of teaching staff for the academic year 20082009 is 75 full-time equivalents (fte). This implies a student-staff ratio of 46.5. This ratio
cannot be taken at face value, however, because it ignores the fact that many students follow
substantially less than 60 EC of courses each year. If this ratio is corrected for the lower
actual teaching demand per individual student by assuming that studen ts only follow 35 EC
of courses in a year, which is roughly in line with the actual average number of EC enrolled
students obtain per year, an ‘adjusted’ student-staff ratio of 27 results. The norms used
regarding contact hours, group sizes and lecturers’ teaching loads affect the student-staff
ratio. If the system were in perfect equilibrium with all teaching groups at capacity, a studentstaff ratio of about 31 would result.
Because many staff members teach multiple modules, which are part of different
programmes, individual lecturers cannot be matched with just a single programme. Some of
the programme’s also are part of several disciplines, for example the bachelor’s and master’s
programmes in Fiscal Economics. To keep the system flexible, a staff member is appointed to
a department instead of to a programme. A one-to-one relationship of staff to programme is
thus generally non-existent, making it difficult to calculate the student-staff ratio for
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individual programmes. During the site visit, the allocation model was discussed. The
departments receive their annual funding based on the number of students registered, not
taking into account elements such as number of contact hours and class sizes of the courses.
The FEB’s management team indicates that at the moment there are programmes that are
understaffed. New lecturers will be hired soon and so this situation should improve. The FEB
is also trying to achieve a good balance between junior and senior lecturers by attracting more
senior lecturers.
Assessment
The committee studied the quantity of staff members at the FEB. It concludes that in the
bachelor’s and master’s programmes of the FEB, a sufficient number of staff members are
present to assure the desired quality of the programmes. For both the committee and the
FEB, it is hard to judge the adequacy of the student-staff ratio. According to the selfevaluation report, the basic student-staff ratio is 46, but when taking the attendance of
students into account, this drops to 27. During the site visit, the committee noted that, in
general, both students and staff members affirm that there is an adequate student-staff ratio,
especially for small programmes. The size of the groups seems quite acceptable indeed, but
some larger programmes have more difficulties. The committee is positive about the fact that
in some programmes lecturers split up their class into smaller groups in order to provide
interactive lectures (see Standard 10). The involvement of PhD students in teaching is
appreciated by the committee.
Bachelor’s programme in Actuarial Science
The committee has established that the number of lecturers in the bachelor’s programme in
Actuarial Science is modest, as one may expect for a programme of this small size. It has
nevertheless been able to ascertain that the students are satisfied with the attention they
receive. The committee is of the opinion that the limited number of lecturers does not pose a
problem at this moment. In order to maintain the quality of the programme in the long run,
however, the programme management is well advised to pay close attention to the numbers,
age distribution and effective presence (full-time members) of the staff of lecturers. At
present, only one lecturer holds a full-time position; as a consequence, the capacity for
supervision is low.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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
The self-evaluation report states that the FEB ensures that all lecturers have a clear academic
orientation, as well as adequate didactic and educational competencies. Since September 2008,
the UvA requires all new academic staff members to obtain (or have competencies equivalent
to) the Learning & Teaching in Higher Education certificate (in Dutch: Basiskwalificatie
Onderwijs, or BKO certificaat). For present staff members who do not hold this, the FEB
offers appropriate training opportunities.
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Course evaluations show that students are generally satisfied with the quality of the lecturers,
their educational competencies and the content of the courses. the FEB students are in
general quite satisfied with the academic and professional expertise of their lecturers, and with
their educational competencies. Another form of evaluation is conducted by the head of the
department, who formally meets with each academic staff member once a year. For this
annual assessment, a standard review form is used. As stated before (see Standard 12),
educational course evaluations are discussed during these meetings, as well as personal targets
and career perspectives. If necessary, the lecturer is urged or even required to attend a course
to improve her or his educational skills (see Standard 17). Over the past years, lecturers have
been offered training in presentation techniques and in the utilisation of modern ICT in
teaching. Each year, they also are offered the opportunity to attend courses in English
proficiency.
Assessment
The committee assessed the quality of the staff at the FEB, and concludes that, within all
programmes of the FEB, the staff deployed is adequately qualified to ensure that learning
outcomes regarding content, didactical quality and the organisation of the programme are
achieved. The committee could verify that the didactical quality of the staff members is an
important matter at UvA and that facilities are present within the FEB to foster the didactical
quality of staff members. The committee also notes that students are generally positive about
the quality and the educational competencies of their lecturers, as well as about the content of
the courses. This was confirmed by the course evaluations.
The didactical skills of new teaching staff is trained and the staff must obtain (or demonstrate
competencies equivalent to) the Learning & Teaching in Higher Education certificate. For
new staff members who do not hold this certificate, the FEB offers the opportunity to obtain
it. The committee advises the FEB to consider making the Learning & Teaching in Higher
Education certificate mandatory for established staff members as well. The committee would
also like to advise to strengthen the expected teaching proficiency for the FEB lecturers. At
present, teaching training courses are followed on a voluntary basis. The committee
recommends more active stimulation of acquisition of didactical qualities by lecturers, e.g.
concerning examination practice.
Course evaluations and evaluation meetings of staff with department heads are means by
which the quality of the lecturers is verified and subject to improvement effort. The
committee observes that these evaluation activities may have a clear impact on the training,
coaching and courses provided to lecturers. Though, these forms of didactical development
are not optimally used at the moment because they are often used on a voluntary basis,. The
use of course evaluations to stimulate didactical development is currently being improved.
The committee wishes to encourage these efforts (see Standard 17). In that way, deciding on
appropriate measures concerning the quality of staff can be made more easily.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: the committee assesses this standard as satisfactory.
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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 Actuarial Science, it assesses this theme as satisfactory. In the case of the
bachelor’s programme in Econometrics and Operational Research, it assesses this theme as satisfactory. In the case of the
master’s programme in Actuarial Science, it assesses this theme as satisfactory. In the case of the master’s programme in
Operations Research and Management, it assesses this theme as satisfactory. In the case of the master’s programme in
Econometrics, it assesses this theme as satisfactory.
6.1.4. Services
S15: Facilities
Housing and facilities are adequate to achieve the learning outcomes.
Description
The facilities of the FEB are not specifically linked to one programme. All the FEB teaching
and research activities are concentrated in two buildings, the M-building and the E-building.
The central hall of the E-building provides direct access to the major facilities such as the
library, the computer rooms, the student counsellors’ department, the student associations
and the student cafeteria. Furthermore, the central hall houses the FEB student information
desk.
According to the self-evaluation report, both buildings are equipped with fully wireless
network facilities. All classrooms are equipped with audiovisual equipment for the projection
of presentations. Standard equipment consists of a facility for overhead projection, a
projector with a portal for a laptop, a projection screen and a whiteboard. The largest lecture
room in the M-building will be suitable for recording lectures as well as for video
conferencing. Everyday practice has shown that the number of classrooms available is
sufficient to meet the current demands of the programmes. Only on rare occasions does the
FEB have to move to alternative UvA venues.
The UvA offers students a number of standard ICT facilities, which are available through ‘My
UvA portal’. Through this portal, students can access ‘UvA email’, the Blackboard electronic
learning environment, the digital course catalogue, the digital library and their study results.
The three educational computer practicum classrooms each contain 25 computers and a
printer. As an extra facility, the FEB also manages what is called a mobile classroom,
consisting of 16 notebook computers that can be used flexibly in classrooms and seminar
rooms through wireless network connections. Students of the FEB also are free to use
workstations at other UvA buildings with ICT facilities. Most the FEB students use the Study
Centre, which contains 250 computers. Apart from a wide range of general software, extra
software that is relevant for the FEB degree programmes is available to the FEB students.
Furthermore, there are a limited number of rooms (with computer connections) where
students can work together in small groups.
The number of available reading rooms is sufficient, although students sometimes experience
difficulties to find a place during peak hours. The number of small rooms where students can
work together and confer with one another has been increased. In the library, the number of
places where discussions are allowed has been increased. The Pierson Révész Library now
contains 200 workplaces of various designs. The library has a target group of over 7,000
students. Every other year, a survey is held amongst users. The outcomes are used as input
for improvements. Over 90% of the users are satisfied or very satisfied with the library.
Assessment
The committee inspected the FEB facilities. It concludes that the buildings and facilities of
the FEB are adequate to achieve the learning outcomes and that the FEB pays sufficient
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attention to the facilities to be made available to its students. Based on the description in the
self-evaluation report, the committee concludes that there are currently enough classrooms,
computer rooms and study places available. The committee would like to point out that if the
number of students increases, the facilities might become inadequate.
The committee confirms that there are adequate ICT facilities, including an electronic work
environment. During the site visit, it became clear that the students are satisfied with the
facilities and the number of computers. The committee notes that the digital course catalogue
provided on the internet contains ample information for students. The use of the electronic
environment Blackboard is not optimal yet; some courses are better described than others
within that environment, leaving room for improvement.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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
The FEB system for tutoring and information provision for students is not specifically linked
to one of the programmes. The educational institute (OWI) has an Academic Counselling
Department (ACD, 4.3 fte), an Internship Office (part of the ACD, 0.7 fte) and an
International Office (5.6 fte). The ACD employs seven student counsellors: five of them are
responsible for the 3,000 students in the regular FEB programmes; the other two advise the
approximately 900 students in the intensive accountancy, control and business administration
programmes. The student counsellors are also responsible for the FEB Internship Office.
The International Office employs nine staff members. The office is headed by a
coordinator/policy adviser (0.8 fte). Three people are responsible for the student
exchange programmes (1.3 fte). Five staff members (3.5 fte) are in charge of the application
procedures for the intake of foreign students for the bachelor’s and the master’s programmes.
The main channels for communication and providing information (in Dutch and English) to
the students are the FEB course catalogue and the FEB website. In addition, student
counsellors also organise information meetings and workshops for students in all phases of
their studies. The student counsellors are available by phone and in person for brief questions
or emergencies each day during office hours. Students can also make an appointment. The
Internship Office and the Internationalisation Department hold office hours twice per week,
and students can also make appointments for consultations. The student counsellors can take
initiative when they notice structural problems. Heading the list of top-ten topics most
frequently discussed with students counsellors is the study programme schedule, followed
closely by the binding recommendation (BSA) and curriculum planning.
Starting in the first year of the bachelor’s programme students are given an introductory
interview and, where necessary, an introduction to the quantitative study programmes, a
tutorship, a meeting with counsellors, an invitation to join the honours programme,
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information about opportunities for internships or studying abroad (also in the second and
third year), and information for students with a negative BSA.
During the site visit, the student counsellors stated their concern that the active approach in
the first year may be too intensive, although they are convinced of the importance of
guidance for freshmen. After one month, all students are interviewed by their tutors, focusing
the students' progress. In addition, there is an examination in which the focus lies on the
initial mathematical knowledge of the student (see Standard 8). After five weeks, the students'
progress is evaluated. At that point, there may be an explicit feedback moment for
problematic students. If a student does not seem motivated to continue with the programme,
the counsellors will offer guidance in order to find a suitable alternative. If it appears, within
the first year, that a student has difficulties with studying, a second option is available, namely
to follow study skills courses at the central UvA level. The Practical Academic Skills course
offered during the first year should in principle be sufficient to impart the necessary study
skills and attitudes.
In the second and third year of the programmes, activities are planned to inform bachelor
students and to support them in their (timely) study progress. These activities include:
informational meetings about graduating and about the master’s programmes at the FEB,
information about the transfer-master’s programme integrated into third-year courses, and a
workshop about starting with the bachelor thesis. One current concern is the progress of
second and third-year bachelor students. The supervision of their progress is not
computerized, which makes effective follow-up difficult. The UvA has purchased software
that will allow such follow-up in the future. Bachelor students expressed a wish for more
guidance concerning curriculum planning, including finding an internship and opportunities
for study abroad.
For master’s students, the offices plan regular activities to which they encourage students to
attend. These activities include: an interview covering the planning of the programme for
curricula with choice options, inviting students with poor grades to discuss their study
progress, a workshop about starting the master’s thesis, an Internship & Career conference
and, for foreign students, a workshop on the Dutch labour market.
Assessment
The committee studied the ways in which the FEB takes care of tutoring and information
provision for students. It concludes that the tutoring and information provision for students
are adequate in view of study progress, corresponding with the students’ needs. The
committee is positive about the digital information provision concerning courses through the
study guide. It appreciates the FEB's effort to provide information to students by means of
information meetings, individual interviews and workshops during all years of the bachelor’s
programmes and during the master year. This ensures that students are well prepared to enter
the master’s programmes or for graduating
The committee views favourably the efforts of student counsellors to put in effort to meet
with students to discuss their study progress – discussing whether or not to continue with
their studies in case of problems (e.g., in the context of a negative BSA). It also appreciates
the intensive guidance offered to students in the course of their first year; this helps ensure
that students make right choices, finding their way in the labyrinth of options seen. The
committee advises the FEB to follow through with the provision of guidance to students
concerning their study progress and their curriculum planning after the first year of the
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programme. This could have positive effects on the study completion success of students,
particularly in the FEB context that emphasises the freedom of choice (see Standard 21).
On the one hand, the committee notes that students feel free to contact the student
counsellors at any time. On the other hand, there are indications that it may take too much
time before students can actually meet the counsellor. The committee advises to expand
student counselling capacity to facilitate the contact between students and counsellors.
During the site visit, it became apparent that student counsellors have many other
responsibilities. With more counselling capacity, more attention could be paid to the problem
of student drop-out (see Standard 21), and more advice could be given concerning study
progress. Further, the wide freedom of choice given to the FEB students (see Standard 10)
results in a commensurate workload increase for the counsellors. This may hinder the attempt
to provide the FEB all students with adequate information concerning the composition of
their curriculum and the implications thereof.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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 Actuarial Science, it assesses this theme as satisfactory. In the case of
the bachelor’s programme in Econometrics and Operational Research, it assesses this theme as satisfactory. In the case of
the master’s programme in Actuarial Science, it assesses this theme as satisfactory. In the case of the master’s programme in
Operations Research and Management, it assesses this theme as satisfactory. In the case of the master’s programme in
Econometrics, it assesses this theme as satisfactory.
6.1.5. Internal quality assurance system
S17: Periodical evaluations
The curriculum is periodically evaluated in the light of verifiable objectives and other measures.
Description
The self-evaluation report states that the FEB utilises the Plan, Do, Check, Act cycle for
educational quality assurance recommended by UvA. Within this cycle, all educational
activities are evaluated periodically, and changes and improvements are initiated if required. A
course evaluation takes place at least once every two years for each course, according to the
procedure described in the evaluation handbook.
The evaluation method has changed in the course of the later years. Evaluations are now
carried out by means of course evaluation forms, of panel discussions, of consultative group
interviews and of comprehensive programme evaluations.
As of September 2008, course evaluations are conducted using a new standardised evaluation
form, featuring approximately 20 questions. The questions on the standardised evaluation
form address various topics, such as course quality, the lecturer, the learning environment and
the testing, as well as questions on study effort, time spent on study, grades assigned to
lecturers, strong and weak points of the course, et cetera. Most questions ask for a score from
1 (very dissatisfied) to 5 (very satisfied). If the evaluation on a specific topic is low, this is
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noted as a point for concern (scores between 3 and 3.5) or for improvement (below 3) on the
report form. The Educational Quality Assurance Office draws up a concise report containing
results for every course evaluation processed via Evasys. The report is then sent to the
lecturer, to the programme director (or the track coordinator), to the department chair, and to
the programme committee. If the report contains points for improvement, the lecturer is
asked to submit an improvement plan. Programme directors are responsible for following up
the implementation of such improvement plans.
Panel discussions complement the course evaluation. They provide a more in-depth
evaluation of the course and allow improvement plans to be drawn up in consultation with
students, lecturers and programme committees. Panel discussions are always organised for
courses for which an improvement plan has been drawn up. Two or more students who
participated in the relevant course, the lecturer and an employee from the Educational Quality
Assurance Office always participate in a panel discussion. A report of the panel discussion is
drawn up and sent to the relevant lecturers, programme director, track coordinator, director
of college or school, department chair and programme committee. The programme director
will then use the report to decide whether or not an improvement plan is needed.
The consultative group comprises approximately six students, the student counsellor, all
lecturers for the relevant time period and the foundation-year coordinator. The group meets
at least once every semester. The consultative group focuses on the overall quality of
education and that of the separate courses. Over the past few years, these group discussions
have only been held for the Econometrics & Operational Research and the Actuarial Science
(AEO) programmes. The experience with consultative groups is very positive. A consultative
group will be created for the 2009-2010 academic year for every programme within the FEB.
There are three programme committees within the FEB: the programme committee for
Actuarial Science, Econometrics and Operational Research, the programme committee for
Economics and Business, and the programme committee for Fiscal Economics. These
programme committees are responsible for the evaluation both at the course level and at the
curriculum level. During the site visit, the programme committees stated that their task
included monitoring the state of education, the application of the relevant regulation, and
giving advice, as requested or on their own initiative. When a new course is instituted, the
programme committee evaluates its fit with the curriculum in order to prevent gaps or
content overlaps. Once a year, the coherence of the structure and contents are discussed The
main issues discussed by the programme committees concern bottlenecks in curricula, such as
mathematics, and the inflow of students the FEB programme committees do not conduct
research on their own, as this is the task of OWI, e.g. the study by the OWI concerning the
impact of BSA. When the programme committee is of the opinion that research is needed,
use is made of the services and expertise of OWI. Still, the programme committees consider
themselves as an active, even pro-active, partner in the cycle for educational quality assurance.
The Actuarial Science, Econometrics and Operational Research Programme Committee
oversees the bachelor’s programmes in Actuarial Science and in Econometrics and
Operational Research, and the master’s programmes in Actuarial Science, in Econometrics
and in Operations Research and Management. It is composed of six students and six
lecturers, meeting once every six weeks. It generally provides advice on the teaching and
examination regulations, course evaluations, the course catalogue and educational reforms. It
recently made recommendations, for example, about the 8-8-4 system, about study progress
and about the entire curriculum of a programme. The last curricular recommendation
concerned a change in the number of EC attributed to courses. For the current year, the
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programme committee is focused on improving the evaluation at the curriculum level within
FEB. Besides, the programme committee wants to increase their own active involvement.
During the site visit, the committee learned that programme evaluations (or audit mid-way), in
which an entire programme or specialisation is evaluated, take place every six years, being
planned at least two years before the following site visit. According to the FEB, plans are
being made concerning programme evaluation between two site visits.
Assessment
The committee studied the periodic evaluations conducted at the FEB and the system that
leads to these. It concludes that curricula are evaluated periodically in the light of verifiable
objectives, also reflecting on past measures. The FEB makes sure that both courses and the
curriculum are on a regular basis evaluated according to set guidelines. Though the committee
is aware of the fact that the FEB made headway concerning the systematic evaluation of
courses, the committee advises developing the system of quality care further, and making it
more productive and comprehensive. It encourages the FEB to conduct more investigations
on their own educational approach and outcomes. The committee is of the opinion that the
FEB can develop the present system into one based on systematic educational research.
The committee notes that course evaluations take place and that the FEB takes charge of
designing the evaluation system. It deems the decision to change from digital to written
evaluation forms sensible in view of the increased response rate thus secured. This allowed
more frequently reaching the 50% response rate needed for online publication of the results
of course evaluations, taking into account the fact that the FEB lecturers hand out and collect
the evaluation forms themselves makes the procedure vulnerable to criticism, however. The
evaluation at curriculum level, during which an entire programme or specialisation is
evaluated, could be improved, since it is at present not frequent (only once every six years).
Results are often discussed only separately for every specific course. The commmittee advises
to more often evaluate the curriculum as a whole and, in this way, make sure that the contents
of the curriculum are internally consistent.
Despite the fact that the FEB was not able to keep up the high level of quality assurance in
the past few years, the committee appreciates the fact that the FEB now pays considerable
attention to the quality of education again. This is shown, for example, by the renewed
commitment of the Educational Quality Assurance Office and by the OWI.
The committee notes that programme committees are established, with responsibility for
evaluation at both the course level and the curriculum level. These programme committees
are apparently active, feeling involved in the quality assurance system. Nevertheless, the
committee deems it desirable that programme committees become more influential, both by
improving their composition and their attitude; that is, programme committees would benefit
from greater participation of chairs, and a more pro-active attitude. Their current
composition does not radiate authority. Courses are separately evaluated in a valid way by the
programme committees, but these could better also devote attention to evaluating whole
curricula
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
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Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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 mentions several changes brought about in courses and
programmes as a result of the outcomes of the evaluation process. As a first example there
are the evaluation procedures themselves. A new evaluation policy was implemented in the
2008-2009 academic year; it will become a permanent component of the FEB’s evaluation
system in the years ahead, and will be further developed. It is already a standard procedure to
discuss course evaluations in the annual meeting between the department heads/section
heads (see Standard 14). At this moment, course evaluations also provide information about
the assessment of lecturers by students, which may be one of the considerations in faculty
promotion decisions and which has resulted in actions to improve courses. Another change
triggered by the new methods of evaluation is a shift in culture and responsibilities. The
initiative for educational quality control now lies with the programme directors instead of
with OWI. It is primarily the programme director who must feel responsible for the study
programme and who must take initiatives for improvements, in cooperation with department
and section heads. Finally, a new handbook has been created (the Quality Assurance Manual),
for conducting and processing course evaluations, for conducting and processing panel
discussions, and for supervising the progress of improvement plans.
In addition to the changes to the evaluation methods mentioned above, change will also result
from applying those improved methods. How this takes place was discussed under Standard
17, where the use of the evaluation methods is described. For example, when a score on the
course evaluation is too low, this will be noted as a point of concern (between 3 and 3.5) or
for improvement (below 3) in the report.
During the site visit, a few changes resulting from efforts made by the programme
committees were mentioned. One example is the postponement of implementing the 8-8-4
period system, which would involve a rescheduling of all courses. Another example involves
the improvement of course evaluations, a topic that has been on the programme committees'
agenda for several years. During the site visit, the programme committees stated that the
implementation of improvement measures deserves attention. Plans for improvement exist,
but the programme committees do not receive adequate feedback on the implementation.
The programme committees indicate that after every meeting they produce a checklist
pertaining to improvement plans, so that cases where feedback is lacking can be identified.
Assessment
The committee studied the way in which measures for improvement are dealt with by the
FEB. It concludes that the FEB evaluation procedures are the basis for verifiable measures
for improvement, contributing to the achievement of the learning outcomes.
During the site visit, it became clear that the programme committees could cite examples of
several improvements, both at the course level and the curriculum level. The committee also
ascertained that the results of some evaluations gave rise to improvement measures. The
committee notes that improvements regarding evaluation are just becoming to be initiated.
Nevertheless, the committee is convinced that the FEB improvements are implemented as a
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consequence of the evaluation process and the FEB will work on further improving the
evaluation system.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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
The self-evaluation report states that staff, students, alumni and the relevant professional field
are actively involved in the internal quality assurance system. There are different ways for
students to be involved. For example, through the UvA Monitor for employees and students,
which in 2008 was administered to 3000 third-year bachelor’s students and 7000 master’s
students. The FEB student council (FSR) is the official body through which students have an
influence on the FEB. The FSR represents every student of the FEB and meets with the FEB
management team the FEB every six weeks. Advice is given about subjects that are important
to students. The main objectives currently are to further enhance education and quality care,
as well as to improve the facilities and to foster sustainability at the FEB. The goals are to
protect the rights of students and to advise the FEB’s management in several areas, such as
examination rules, BSA, feedback from lecturers and evaluation of exams. Students can also
exert influence through the student counsellors, who report new problems to the programme
director, responsible for finding a solution.
Students as well as lecturers are involved in the internal quality assurance system through the
programme committees. During the site visit, it became clear that the programme committees
are in general satisfied with the way they function, and feel they are taken seriously, despite
the fact that their task is in principle only of an advisory nature. Both students and lecturers
point out that they are satisfied with their close cooperation in the programme committees.
The programme committees stated that they do have contact with the programme directors
on a regular basis, but not at set times. Often, the programme director joins the programme
committees’ meetings in the months of April and October. The programme committees
stated that contacts between the programme committees and their constituencies (particularly
students and staff) run primarily through the informal contact network. Formal
communication on changes achieved by the programme committees is placed on the internet
site, which is quite hard to find, and in the FEB newsletter.
Alumni are involved with the internal quality control of the FEB through the central UvA
Alumni Association. The relevant umbrella organisation for the FEB is the FEB Alumni
Office. It maintains a database of some 8,000 alumni. It actively organises lectures and
seminars throughout the academic year on various economics and business topics. The FEB
also has two alumni associations: The Circle of Amsterdam Economists and Tempo Doeloe.
Two other student unions at the FEB maintain contact with former members: the
Association for International and General Economics (Vereniging voor Internationale en
Algemene Economie - VIAE) and the Association for Actuarial and Econometric Students
(Vereniging voor Studenten Actuariaat en Econometrie - VSAE). The alumni provide the
FEB with information on how they perform in labour market. They also provide formal and
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informal feedback on the programme. The alumni are monitored in what is known as the
Scientific Education Monitor, a questionnaire sent to graduates on of two years after
graduation.
The professional field is clearly involved in the internal quality assurance of the FEB.
According to the self-evaluation report, the FEB features a sizeable and influential body of
part-time staff with their main job in practice, many of whom hold senior positions in the
corporate world. Further, input from the corporate world is evident across all programmes
by guest lectures and conferences, adjunct professors and the provision of internships. This
clearly brings practical relevance into the educational programmes (see Standard 4).
Assessment
The committee studied how staff, students, alumni and the professional field are involved
within the FEB and its quality assurance system. It concludes that staff and students are
actively involved in the internal quality assurance system. The involvement of alumni and the
professional field is indirect.
The committee notes that students have different ways to influence the quality of their
education, for example through the UvA Monitor, the FEB student council, the programme
committees and course evaluations. The committee appreciates the commitment of both
students and lecturers to the programme committee. The committee can confirm that the
programme committees’ recommendations are taken seriously and enjoy sufficient support
with e.g. programme directors and students. The committee notes that the contacts between
the programme committees and their student constituency runs primarily through their
informal contact network. During the site visit, it became apparent that students are not well
aware of who represents them on the programme committees. The committee advises to
better structure the contacts with and information provision to the students at large. This will
make it clearer to the student body what measures are taken in response to the course
evaluations completed by the students. This will in turn improve the provision of information
to the programme committees, because students will know by which channels to convey their
problems and concerns.
During the site visit, alumni indicated that they are being approached on a regular basis,
through lectures and seminars. Still, the committee observes that alumni are not overly
enthusiastic about maintaining contact with the FEB to contribute to its quality. The
committee appreciates that the FEB tries to stay in touch with its alumni, but feels that this
effort could be better structured.
The professional field is involved with the internal quality assurance system of the FEB,
mostly in an indirect way. The committee notes that an input from the professional field takes
place through guest speakers, part-time professors with their main job in practice, and
internships across all programmes
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: the committee assesses this standard as satisfactory.
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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 in Actuarial Science, it assesses this theme
is satisfactory. In the case of the bachelor’s programme in Econometrics and Operational Research, it assesses this theme is
satisfactory. In the case of the master’s programme in Actuarial Science, it assesses this theme as satisfactory. In the case of
the master’s programme in Operations Research and Management, it assesses this theme as satisfactory. In the case of the
master’s programme in Econometrics, it assesses this theme as satisfactory.
6.1.6. Results
S20: Achieved learning outcomes
The achieved learning outcomes correspond with the aims and objectives regarding level, orientation and subject/discipline-specific requirements.
Description
Bachelor’s programme in Actuarial Science
According to the self-evaluation report, students write a bachelor’s thesis to complete their
programme. This activity is part of a 10 EC Thesis Seminar. Students are allowed to start with
the Thesis Seminar only after having completed most of the curriculum – i.e., at least 120 EC.
The thesis subject must be approved by the programme director and is normally related
directly to the domain of a course in the programme. The programme director also formally
assigns a thesis supervisor. Students need to base their theses on data, either from public data
sources, proprietary databases, questionnaires, interviews or observations. Both quantitative
and qualitative research methods are accepted. In grading the thesis, content as well as the
skills and attitude of the student are taken into consideration (see standard 11). Theses are
typically written based on a study of the international literature on the subject, and hence
build on an academic basis. According to the self-evaluation report, the content and style of
the theses is generally of good quality, though marked differences exist between individual
works, depending on the subject and on the student's individual capacities and motivation.
The self-evaluation report states that, to date, most graduates do not consider the bachelor’s
degree the final stage of their academic education. The great majority of bachelor graduates
continue their education with the corresponding follow-on master’s programme – i.e., most
graduates of the bachelor’s programme in Actuarial Science continue their studies with the
master’s programme in Actuarial Science.
Bachelor’s programme in Econometrics and Operational Research
According to the self-evaluation report, to complete their programme, students write a small
research thesis (accounting for 10 EC) to demonstrate the extent to which they are able to
apply their knowledge and skills in a fairly independent way by means of a piece of original
research. Students write their bachelor’s thesis as part of a concluding Thesis Seminar. Entry
requirements ensure that students can only start if they have completed most of the
curriculum (at least 120 EC). Thesis subjects must be approved by the programme director
and are preferably related to a course in the programme. The programme director also
formally assigns a thesis supervisor. The thesis requires the construction of appropriate
mathematical, economic or econometric models, depending on the chosen specialization
track. Always, the thesis should be based on, and appropriately embedded in, the relevant
academic literature. Besides the content, the student's skills and work attitude are taken into
account for grading the thesis (see standard 11).
The self-evaluation report states that most bachelor graduates do not consider the bachelor’s
degree as the final stage of their academic education. Even though the ORM track in
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particular is more practically oriented and aims to qualify bachelor students for direct
employment upon graduation, bachelor graduates of both tracks are strongly motivated to
continue their education with the corresponding master’s programme.
Master’s programme in Actuarial Science
According to the self-evaluation report, students write a master’s thesis of 15 EC to complete
their programme. The thesis subject needs to relate to a master’s course in the programme.
Theses are written based on international literature on the subject, and hence on academic
research. Students need to base their theses on data from public data sources, proprietary
databases, questionnaires, interviews or observations. Besides the content, the student's skills
and work attitude are taken into account for grading the thesis (see standard 11). Suitable
theses may be published in periodicals such as De Actuaris (for AG members), Rostra (for
FEB students and staff) and AENORM (for all students/staff members of the Quantitative
Economics Departments at UvA and VU).
The self-evaluation report states that after graduating, most students enter a post-master’s
programme offered by the AG in order to become a member of this professional association.
Graduates generally find a job immediately upon graduation; a large share of the students
hold part-time jobs in industry even before graduation. Most master graduates pursue a career
within a pension fund, an insurance company or an actuarial consultancy firm. In spite of the
fact that the UvA-graduate actuary is fully qualified for other professional careers, for instance
in education or research, few resist the pull of industry. Many students, especially those with a
quantitatively oriented master’s degree (for example, in econometrics) follow the programme
on a part-time basis alongside a job in an actuarial practice.
Master’s programme in Operations Research and Management
According to the self-evaluation report, the master’s thesis is linked to an internship and to a
‘real-world’ research problem as an important learning component of the programme. The
duration of this research project is six months (30 EC). The master’s thesis is comprised of
three phases: a conceptual modelling phase, a phase for development and execution of OR
techniques, and a phase for reporting and communication, including conclusions and
recommendations specific to the project case and situation.
The self-evaluation report states that ORM graduates are highly appreciated; they are much
demanded by a large variety of institutions and companies within industry, consultancy and
the public sector. This is supported by the results of the most recent ‘WO-monitor’ (2007).
The latter study focuses on three areas: the opinion of the graduates about their job, and
about their education and labour market position. In exceptional cases (five over the past five
years), ORM graduates have pursued a PhD.
Master’s programme in Econometrics
According to the self-evaluation report, students are required to write a master’s thesis in
order to complete their degree, and demonstrate the extent to which they are able to apply
their knowledge and skills in a largely independent and original piece of research. The
master’s thesis accounts for 15 EC, and requires the construction of appropriate
mathematical economic or econometric models related to the specialization track. The
master’s thesis should be based on, and appropriately embedded in, the academic literature.
Besides the content, the student's skills and work attitude are taken into account for grading
the thesis (see standard 11).
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The self-evaluation report states that in general the graduates find a job immediately upon
graduation. A large share of the students hold a part-time job in industry even before
graduation.
Assessment
The committee assessed the achieved learning outcomes by inspecting a selection of the
master theses from all the programmes. It made a random selection of three from the list of
the 25 most recently completed theses from each programme; it received the associated
assessment forms. Consideration was given to the grading (low, average and high grade) and
the supervisor (the selected theses had different supervisors). The committee members read
the theses, and assessed their presentation of the problem and review of the literature;
methods and their justification; conclusion and discussion, structure, legibility and
verification. It found that these works meet the aims and objectives regarding level,
orientation and subject/discipline-specific requirements.
The overall conclusion is that the quality and level of the theses are satisfactory. By and large,
the committee agreed with the grades awarded by the supervisors. However, theses with low
grades tend to be quoted too generously according to the committee. In contrast, some theses
with high grades are of such quality that, according to the committee, they could be of
publishable quality. The committee notices that bachelor’s and master’s theses both use the
same assessment form. It is of the opinion that these two assignments are not sufficiently
different to warrant separate assessment criteria and forms. Designing different sets of criteria
for both types of theses would force the programme management to clarify the standards,
and give the students a better guideline for what is expected.
Bachelor’s programme in Actuarial Science
As stated above, the committee randomly selected three from a list of the 25 most recently
completed theses (including the associated assessment forms) from the bachelor’s programme
in Actuarial Science. It read and assessed these. On average, the committee felt that the
quality and level of the theses was satisfactory. It agreed with the grades awarded by the
supervisors.
The committee examined one thesis that was graded with a low score (6). According to the
committee, this work is based on a weak theoretical analysis and on very limited scientific
references. Its conclusions are of poor quality. The committee finds itself in agreement with
the low mark awarded. The second thesis was considered well written and formulated, and
supported with adequate literature. The committee finds itself in agreement with the average
grade awarded by the supervisor. The thesis with a high grade was considered adequate, well
written and structured, and with a clear problem formulation. The committee even
considered the work to be equal to the level of a master’s thesis in logical structure and
exposition, with a good conclusion and discussion section. The committee agrees with the
high mark awarded.
The committee reacts positively to the Thesis Seminar, which prepares students for writing
their thesis. The committee heard that students feel well prepared for writing their bachelor’s
thesis.
Bachelor’s programme in Econometrics and Operational Research
As stated above, the committee randomly selected three theses from a list of the 25 most
recently completed theses and associated assessment forms from the bachelor’s programme
in Econometrics and Operational Research. The committee members read and assessed the
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theses. The committee feels that the quality and level of the theses, on average, are
satisfactory, and that the grades awarded by the supervisors are justified.
The thesis which received a low mark lacks an explanation for the chosen methods and/or
models, even thought these might have been adequate. The underlying reasoning is of a very
moderate level. The committee finds itself in agreement with the low mark. For the second
thesis, the student engaged in independent and original research, which must be strongly
appreciated. Unfortunately, this thesis lacks clear hypotheses and is based on a rather limited
literature search. The committee therefore agrees with the average mark awarded. The thesis
with a high mark was well written. The thesis contains a clear definition of the problem. The
committee is of the opinion that this work is potentially at the level of a master’s thesis. It
would even consider a higher mark for this thesis than that awarded by the supervisor.
The committee reacts positively to the Thesis Seminar, which prepares the students for
writing their thesis. The committee has established that students feel well prepared for writing
their bachelor’s thesis. The committee also appreciates the fact that students need to base
their theses on appropriate mathematical, economic or econometric models related to the
student’s specialization track, and that these must be investigated theoretically or
implemented empirically, or both.
Master’s programme in Actuarial Science
As stated above, the committee randomly selected three theses from a list of the 25 most
recently completed theses and associated assessment forms. The committee read and assessed
the theses. On average, the committee feels that the quality and level of the theses are
satisfactory. The committee felt that the grades awarded by the supervisors are justified.
For the thesis with a low grade, the committee concurs with the low overall evaluation of its
quality and agrees with the mark awarded. The second thesis contains a clear problem
formulated clearly and a correctly applied methodology, but is based on weak data
(incomplete and flawed in selection). The committee agrees with the average grade awarded
by the supervisor. The thesis with a high mark is written in a comprehensive and detailed way.
The committee considers this as a well-founded thesis of scientific quality. The committee
agrees with the high mark awarded.
The students voiced the opinion that thesis writing skills are adequately dealt with in the
course of the bachelor’s phase and that it is not necessary to repeat this training in the
master’s programme. The committee has established that students feel well prepared for
writing their master’s thesis, and appreciates this.
Master’s programme in Operations Research and Management
As stated above, the committee made a random selection of three theses from the list of the
25 most recently completed theses and the associated assessment forms of the master’s
programme in Operations Research and Management. It read and assessed the theses. On
average, the committee felt that the quality and level of the theses are satisfactory. The
committee agreed with the grades awarded by the supervisors.
The thesis with a low grade was well written, but lacked the application of a model and was
rather descriptive. The committee therefore agrees with the low mark. The second thesis was
considered well written, with correct application of mathematical techniques. Overall, the
committee considered this thesis as adequate and concurs with the average mark. The
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committee was impressed by the thesis receiving a high mark. This well-written work covers
both research and management issues. It contains an excellent summary and extensive
supplements. The research process is minutely described. The thesis is at par with the
master’s programme’s depth and breadth. The committee would be prepared to mark it even
higher.
Master’s programme in Econometrics
As stated above, the committee made a random selection of three theses from the list of the
25 most recently completed theses and the associated assessment forms of the master’s
programme in Econometrics. It read and assessed the theses. The committee felt that, on
average, the quality and level of the theses are satisfactory, and agrees with the grades awarded
by the supervisors.
The committee feels that the thesis with the lower grade is well written and contains a clear
description of the research. Nevertheless, the committee feels that the overall quality of the
research is rather average, and therefore agrees with the mark. The second thesis was
considered well written and well structured. The committee found that insights gained from
the literature were applied correctly. The conclusions and discussion flow logically from the
presented material. The committee agrees with the mark awarded. The thesis with the high
mark was considered written in an appropriate way for an econometric work. Still, the
problem definition was not very original, nor was the data analysis. The committee would
have awarded a somewhat lower grade in this case.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: 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 states that the FEB aims for success rates that are more than
satisfactory. However, low and late completion rates have been a persistent problem plaguing
the FEB over the years. In the last decade, a variety of measures has been implemented in
order to improve the success rates, while maintaining high academic standards. The FEB is
aware that the success rates are not satisfactory but at the same time recognizes that this is a
difficult problem for which no easy or obvious solutions exist. As long as the success rates are
below target, the FEB will continue searching actively for solutions.
The FEB does not aim for a 100% success rate, which would imply that admission guarantees
graduation, for even after careful assessment of the prospective students’ academic
background, it sometimes turns out they are not suitable for the programme or do not have a
sufficient level of knowledge. Furthermore, the quality of students, especially if from abroad,
is sometimes difficult to establish beforehand, as is their motivation for participating in the
programme.
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For the bachelor’s programmes, two types of success rates are tracked. First, target rates are
formulated for the average number of EC obtained in the first year. The average across the
FEB in 2007 was 36 EC (excluding ‘no-show’ students), substantially below the target of 45
EC. The second type of success rate concerns the completion rate, this gives the percentage
of students that finish their three-year bachelor’s programme within four years. In 2007, this
rate equaled 27% across the FEB. The ambition is to increase this to 45% in 2012. The FEB
seeks ways to increase the percentage of full-time students who complete a one-year master’s
programme within two years to 75%, and thinks that achieving this depends mainly on the
entrance selection.
According to the self-evaluation report, the poor figures found in the report are not a valid
reflection of the actual success rates. One factor lowering the success rate is that students are
offered suitable jobs before completing their studies and that, not surprisingly, most students
accept such jobs offers. Another significant factor is that part-time students are included in
the statistics, and that part-timers understandably take longer to graduate. The figures are also
distorted by the present absence of a clear ‘cut’ between the bachelor’s and the master’s
programmes, allowing FEB bachelor’s students to enrol in master’s courses before fully
completing their bachelor courses. The hard-cut ‘bachelor-before-master’-rule was introduced
at the UvA in September 2009.
During the site visit, another reason for low the success rate became apparent. It seems that
the programmes in economics attract many students with vague motivation, with deleterious
effects on their effort. This explains the substantial dropout rate at the start of the first
bachelor’s year. Since last year, the FEB offers an introduction meeting where attitude and
motivation are discussed (see Standard 16); one month, later, all students are interviewed by
their tutors about their progress. Unfortunately, this approach does not seem to be effective,
so that the FEB searches for other avenues to improve the performance.
Bachelor’s programme in Actuarial Science
According to the self-evaluation report, around 10% of the overall inflow of first year
students in this programme never takes an exam, and an additional 15-20% does not follow
the entire first-year curriculum. The BSA influences the number of students passing the first
year (see standard 8). The percentage of students who finish their bachelor’s programme
within four years, conditional on being admitted to the second year, can be calculated for the
cohorts 2002 to 2004 only, showing success rates of 27%, 38% and 18%, respectively. These
numbers are clearly below the target of 45%. The majority of students who finally graduate
take more than four years to complete the bachelor’s programme; over 25% need more than
five years.
According to the figures in the self-evaluation report, of the 14 bachelor’s students who
started in 2005, nine enrolled in the second year, of which four obtained their bachelor’s
degree after three years. Three students are still enrolled, whilst two students quit the
programme.
Bachelor’s programme in Econometrics and Operational Research
According to the self-evaluation report, about 6% of the overall inflow of first-year students
never takes an exam, and about an additional 6% does not follow the entire first-year
curriculum. The BSA influences the number of students who pass the first year (see standard
8). The percentage of students who finish their bachelor’s programme within four years,
conditional on being admitted to the second year, can be calculated for the cohorts 2002 to
2004 only. The programme then shows success rates of 36%, 32% and 26%, respectively,
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169
which all are below the target of 45%. It takes the majority of students more than four years
to complete the bachelor’s programme; over 25% need more than five years.
According to the figures in the self-evaluation report, of the 48 bachelor’s students who
started in 2005, 26 students enrolled in the second year, of which only two obtained their
bachelor’s degree after three years. 17 students are still enrolled and seven quit the
programme.
Master’s programme in Actuarial Science
According to the self-evaluation report, of the 21 students of this programme who started in
2007, nine (43%) graduated after their first year. After two years, twelve students (57%)
graduated. The self-evaluation report states that many actuarial students follow the
programme while holding a job in industry, often after having completed a master’s
programme in another discipline (mostly econometrics). These students usually progress at
their own speed.
Master’s programme in Operations Research and Management
According to the self-evaluation report, of the eight students who started in 2007, three
(38%) graduated after their first year. After two years, five students (63%) had graduated.
Master’s programme in Econometrics
According to the self-evaluation report, it turns out that of the ten students of this
programme who started in 2007, three (30%) graduated after their first year.
Assessment
The committee studied the study progress at the FEB. It concludes that comparable targets
are formulated as for other relevant programmes elsewhere in the Netherlands. The
committee finds that the FEB’s programmes fail to achieve these targets. The committee
finds that the success rates are low, but has observed the same for comparable programmes in
the Netherlands.
The committee advises the programme management to further scrutinize the figures
regarding study programmes, completion and success rates, and study delays. The committee
is of the opinion that providing students with preliminary study advice at the start of the first
year and a more proactive supervision of the students could be beneficial for the success rate.
The committee understands that the FEB is about to implement such study advice and
proactive supervision, and that it is fully aware of the need to achieve improvement in this
area. Considering the latter points, the committee is willing to state that the programmes are
adequately at work to meet the criteria for this standard.
Bachelor’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Bachelor’s programme in Econometrics and Operational Research: the committee assesses this standard
as satisfactory.
Master’s programme in Actuarial Science: the committee assesses this standard as satisfactory.
Master’s programme in Operations Research and Management: the committee assesses this standard as
satisfactory.
Master’s programme in Econometrics: the committee assesses this standard as satisfactory.
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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 Actuarial Science, it assesses this theme as satisfactory. In the case of
the bachelor’s programme in Econometrics and Operational Research, it assesses this theme as satisfactory. In the case of
the master’s programme in Actuarial Science, it assesses this theme as satisfactory. In the case of the master’s programme in
Operations Research and Management, it assesses this theme as satisfactory. In the case of the master’s programme in
Econometrics, it assesses this theme as satisfactory.
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Overview of the committee’s assessment
Bachelor’s programme in Actuarial Science:
Theme
1. Aims
objectives
Assessment
and Satisfactory
2. Curriculum
3. Staff
4. Services
Satisfactory
Satisfactory
Satisfactory
5.
Internal Satisfactory
quality
assurance
system
6. Results
172
Satisfactory
Standard
1.
Subject-/discipline-specific
requirements
2. Bachelor and master level
3. Academic orientation
4. Requirements for academic
orientation
5. Correspondence between the aims
and objectives and the curriculum
6. Consistency of the curriculum
7. Workload
8. Admission requirements
9. Credits
10. Coherence of structure and
contents
11. Learning assessment
12. Requirements for academic
orientation
13. Quantity of staff
14. Quality of staff
15. Facilities
16. Tutoring
17. Periodical evaluations
18. Measures for improvement
19. Involvement of staff, students,
alumni and the professional field
20. Achieved learning outcomes
21. Study progress
Assessment
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Complies
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
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Bachelor’s programme in Econometrics and Operational Research:
Theme
1. Aims
objectives
Assessment
and Satisfactory
2. Curriculum
3. Staff
4. Services
Satisfactory
Satisfactory
Satisfactory
5.
Internal Satisfactory
quality
assurance
system
6. Results
Satisfactory
Standard
1.
Subject-/discipline-specific
requirements
2. Bachelor and master level
3. Academic orientation
4. Requirements for academic
orientation
5. Correspondence between the aims
and objectives and the curriculum
6. Consistency of the curriculum
7. Workload
8. Admission requirements
9. Credits
10. Coherence of structure and
contents
11. Learning assessment
12. Requirements for academic
orientation
13. Quantity of staff
14. Quality of staff
15. Facilities
16. Tutoring
17. Periodical evaluations
18. Measures for improvement
19. Involvement of staff, students,
alumni and the professional field
20. Achieved learning outcomes
21. Study progress
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Assessment
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Complies
Satisfactory
Satisfactory
Good
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
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Master’s programme in Actuarial Science:
Theme
1. Aims
objectives
Assessment
and Satisfactory
2. Curriculum
3. Staff
4. Services
Satisfactory
Satisfactory
Satisfactory
5.
Internal Satisfactory
quality
assurance
system
6. Results
174
Satisfactory
Standard
1.
Subject-/discipline-specific
requirements
2. Bachelor and master level
3. Academic orientation
4. Requirements for academic
orientation
5. Correspondence between the aims
and objectives and the curriculum
6. Consistency of the curriculum
7. Workload
8. Admission requirements
9. Credits
10. Coherence of structure and
contents
11. Learning assessment
12. Requirements for academic
orientation
13. Quantity of staff
14. Quality of staff
15. Facilities
16. Tutoring
17. Periodical evaluations
18. Measures for improvement
19. Involvement of staff, students,
alumni and the professional field
20. Achieved learning outcomes
21. Study progress
Assessment
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Complies
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
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Master’s programme in Operations Research and Management:
Theme
1. Aims
objectives
Assessment
and Satisfactory
2. Curriculum
3. Staff
4. Services
Satisfactory
Satisfactory
Satisfactory
5.
Internal Satisfactory
quality
assurance
system
6. Results
Satisfactory
Standard
1.
Subject-/discipline-specific
requirements
2. Bachelor and master level
3. Academic orientation
4. Requirements for academic
orientation
5. Correspondence between the aims
and objectives and the curriculum
6. Consistency of the curriculum
7. Workload
8. Admission requirements
9. Credits
10. Coherence of structure and
contents
11. Learning assessment
12. Requirements for academic
orientation
13. Quantity of staff
14. Quality of staff
15. Facilities
16. Tutoring
17. Periodical evaluations
18. Measures for improvement
19. Involvement of staff, students,
alumni and the professional field
20. Achieved learning outcomes
21. Study progress
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Assessment
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Complies
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
175
Master’s programme in Econometrics:
Theme
1. Aims
objectives
Assessment
and Satisfactory
2. Curriculum
3. Staff
4. Services
Satisfactory
Satisfactory
Satisfactory
5.
Internal Satisfactory
quality
assurance
system
6. Results
Satisfactory
Standard
1.
Subject-/discipline-specific
requirements
2. Bachelor and master level
3. Academic orientation
4. Requirements for academic
orientation
5. Correspondence between the aims
and objectives and the curriculum
6. Consistency of the curriculum
7. Workload
8. Admission requirements
9. Credits
10. Coherence of structure and
contents
11. Learning assessment
12. Requirements for academic
orientation
13. Quantity of staff
14. Quality of staff
15. Facilities
16. Tutoring
17. Periodical evaluations
18. Measures for improvement
19. Involvement of staff, students,
alumni and the professional field
20. Achieved learning outcomes
21. Study progress
Assessment
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Complies
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
The committee’s overall assessment of the bachelor’s programmes in Actuarial
Science and in Econometrics and Operational Research, and the master’s
programmes in Actuarial Science, in Operations Research and Management and in
Econometrics
The committee concludes on the basis of its assessments of the themes and standards from
the assessment framework:
•
•
•
•
176
that the bachelor’s programme in Actuarial Science fulfils the formal requirements which
are a prerequisite for accreditation,
that the bachelor’s programme in Econometrics and Operational Research fulfils the
formal requirements which are a prerequisite for accreditation,
that the master’s programme in Actuarial Science fulfils the formal requirements which
are a prerequisite for accreditation, and
that the master’s programme in Operations Research and Management fulfils the formal
requirements which are a prerequisite for accreditation, and
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•
that the master’s programme in Econometrics fulfils the formal requirements which are a
prerequisite for accreditation.
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7.
Report on the bachelor’s programme in Fiscal Economics and the
master’s programme in Fiscal Economics offered by the University
of Amsterdam
Administrative data
Bachelor’s programme in Fiscal Economics:
Name of the programme:
CROHO number:
Level:
Orientation:
Number of credits:
Degree:
Mode(s) of study:
Location(s):
Expiration of accreditation:
Fiscal Economics
56402
bachelor
academic
180 EC
Bachelor of Science
full-time
Amsterdam
11 April 2011
Master’s programme in Fiscal Economics:
Name of the programme:
CROHO number:
Level:
Orientation:
Number of credits:
Degree:
Mode(s) of study:
Location(s):
Expiration of accreditation:
Fiscal Economics
66402
master
academic
60 EC
Master of Science
full-time, part-time
Amsterdam
11 April 2011
The site visit of the Economics review committee to the Faculty of Economics and Business
of the University of Amsterdam took place on 23-26 November 2009.
7.0.
Structure and organization of the FEB
The Faculty of Economics and Business (FEB) of the University of Amsterdam (UvA) offers
four bachelor’s programmes and eight master’s programmes. All of these programmes
originate from four doctoraal programmes that were offered before the introduction of the
Bachelor-Master structure in September 2002. In 2005, the FEB was divided into the
Amsterdam School of Economics (ASE) and the Amsterdam Business School (ABS). All
general economics and quantitative economics curricula and research programmes are now
offered by the ASE. The ABS houses all educational and research programmes in business
economics and business administration.
In 2008, the Board of Governors of the UvA decided, in accordance with their Strategic Plan,
that all educational programmes should be organised within colleges, which offer the
bachelor’s programmes, and graduate schools, which offer the master’s and PhD
programmes. In line with these developments, the FEB set up a College of Economics and
Business in which all four the FEB bachelor’s programmes are taught. Following the
previously established school structures of the ASE and ABS, the FEB also set up two
graduate schools: one for the ASE and one for the ABS. The former includes all master’s
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179
programmes in general economics and quantitative economics, and the latter the master’s
programmes in business.
The joint bachelor’s programme in Economics and Business is part of both ASE and ABS.
This programme was accredited in 2007, together with the master’s programme in Business
Studies. Both accreditations expire in January 2014. All other regular, initial programmes
offered (three bachelor’s and seven master’s programmes) are included in the current
accreditation round. The committee assessed both full-time and part-time programmes. Only
when differences between those variants are noticed, a remark on this will be made in the
report.
This report covers the following programmes: the bachelor’s programme in Fiscal Economics
and the master’s programme in Fiscal Economics. For these programmes, most standards are
individually described and assessed. Some descriptions and assessments apply to both
programmes, and are therefore combined.
7.1.
The assessment framework
7.1.1. Aims and objectives
S1: Subject-/discipline-specific requirements
The 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
Bachelor’s programme in Fiscal Economics
According to the self-evaluation report, the bachelor’s programme in Fiscal Economics deals
with the study of taxation from an economic perspective. This differs from fiscal law, which
studies taxation from a legal perspective. The broad economics basis of the bachelor’s
programme in Fiscal Economics is achieved by deliberately making the first year of the
programme identical to that of the bachelor’s programme in Economics and Business. In
their second and third years, students follow courses provided by both the Faculty of
Economics and Business (FEB) and the Law Faculty (Faculteit der Rechten, or FdR). As the
programme progresses, more subjects of a purely fiscal nature are incorporated. The
programme management meets once or twice a year with subject chairpersons in Utrecht or
Leiden as part of consultations on (Post-)Academic Taxation Education (PAOB) to discuss
any important changes or national developments.
With regard to content, three levels of knowledge are distinguished:
•
•
•
180
A-level: introductory knowledge
This concerns knowledge of the basic concepts, standard theories and general insights of
the subject as well as an awareness of the subjects’ relevance to the programme as a
whole.
B-level: basic or core knowledge
This concerns a solid knowledge of the most important streams of thought in the subject
area. This will often involve a closer study of practical examples.
C-level: advanced knowledge
At this level, core knowledge is further developed and supplemented by knowledge of
alternative perspectives within the subject area. The student is also taught how to apply
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this knowledge at an academic level.
According to the self-evaluation report, the learning outcomes for the bachelor’s programme
in Fiscal Economics are:
Knowledge – The student has acquired:
•
•
•
•
•
A-level knowledge of consumer and producer theory, the operation of market forces,
macroeconomic processes and relationships, economics of the public sector, financial and
management accounting, organisation theory, internal organisation, marketing,
information management and finance, property law and business law (K1);
knowledge of the necessary mathematical and statistical principles related to each separate
area of economics (K2);
A-level knowledge of general philosophical and theoretical principles and theories relating
to the practice of economic science (K3);
B-level knowledge of the relationship between economics and law in general, and of
accounting, finance and financial accounting and VAT in particular (K4);
C-level knowledge of the relationship between government and taxation, external
reporting and income tax (K5).
Skills – The student has acquired:
•
•
•
•
•
the ability to critically assess and analyse fiscal economic issues (S1);
the ability to report clearly and concisely, both orally and in writing (S2);
the ability to communicate effectively with people working in organisations and in other
disciplines (S3);
the ability to communicate with lawyers and economists in a way that highlights the link
between the two disciplines (S4);
the ability to work independently (S5).
Attitude – The student has acquired:
•
•
•
a multidisciplinary attitude (A1);
the ability both to function independently and to cooperate constructively within a team
(A2);
an understanding of the social context within which Fiscal Economics is practiced (A3).
Master’s programme in Fiscal Economics
According to the self-evaluation report, the master’s programme in Fiscal Economics is a
programme on the interface between economic and judicial scholarship. The programme has
a regular track and a tax-compliance track. The regular track graduate is a broadly oriented
fiscalist, while the tax-compliance graduate is a fiscal specialist more specifically oriented
towards tax declaration practice. Through comparison and discussion with comparable
university programmes in the Netherlands, it is ensured that the learning outcomes meet the
specific standards set for the field.
The two tracks have their separate learning outcomes in terms of knowledge. Along with
general learning outcomes in terms of knowledge, skills and attitude, outcomes in terms of
knowledge are therefore specified for both the Fiscal Economics track and the Tax-
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compliance track. According to the self-evaluation report, the learning outcomes for the
master’s programme in Fiscal Economics are:
Knowledge – The student has acquired:
•
•
•
knowledge of the relationship between the treasury and the enterprise (K1);
knowledge of corporation tax (K2);
knowledge of financial reporting (K3);
Fiscal Economics track – The student has acquired:
•
•
knowledge of formal tax law (K4);
knowledge of international tax law and dividend tax (K5);
Tax-compliance track – The student has acquired:
•
•
knowledge of responsible processing of tax in declarations with national elements (K6);
knowledge of responsible processing of tax in declarations with international elements
(K7);
Skills – The student has acquired:
•
•
the ability to conduct research with an abstract, academic character, including the
formulation of a hypothesis and the search for the necessary sources (S1);
the ability to clearly and concisely report, both orally and in writing, on research at an
academic level (S2).
Attitude – The student has acquired:
•
•
•
a multidisciplinary attitude (A1);
the ability both to function independently and to cooperate constructively within a team
(A2);
an understanding of the social context within which Fiscal Economics is practiced (A3).
Assessment
The committee studied the learning outcomes defined for the programmes. The committee
has established that the learning outcomes correspond to the requirements set by professional
colleagues, both nationally and internationally, and by the concerned field (subject/discipline
and/or professional practice). The committee observes that the programmes have the
ambition to train high-level graduates, both academically and professionally, by combining
academic knowledge with the demands of professional practice, and using insights derived
from national/international professional and legal standards.
The committee also compared the programmes with similar academic programmes in the
Netherlands and with domain-specific requirements formulated for the evaluation of
Economic programmes. The committee notes that the learning outcomes of these
programmes are in line with nationally/internationally accepted domain-specific standards.
The committee concludes that the programmes meet the criteria concerning this standard.
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Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
The committee appreciates the systematic and transparent formulation of the learning
outcomes for the bachelor’s programme as well as for the master’s programme. Nevertheless,
the formulated learning outcomes could be more specific on some points, such as the
learning outcome concerning ‘a multidisciplinary attitude (A1)’ or the learning outcome for
the master’s programme regarding ‘knowledge of corporation tax (K2)’. The committee
advises to further elaborate the stated learning outcomes.
The committee appreciates the fact that both programmes ensure that the learning outcomes
match the usual field-specific standards through comparison and discussion with comparable
programmes, as well as discussions concerning important changes and national developments.
The committee advises to continue to monitor this aspect, but taking care to avoid the
influence of the field becoming too dominant, since these are academic university
programmes.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
S2: Bachelor and master level
The learning outcomes of the programme correspond with the general, internationally accepted descriptions of a Bachelor’s
qualification or a Master’s qualification.
Description
According to the self-evaluation report, both programmes in Fiscal Economics meet
internationally accepted requirements for an academic bachelor’s programme, respectively an
academic master’s programme, as specified by the Dublin descriptors. Both programmes are
aimed at educating students so that they possess solid academic knowledge of the fiscal
economics literature as well as the ability to apply this knowledge adequately. Detailed
knowledge at a high academic level is combined with practical examples and applications.
Although orientation towards a career is important, academic education takes precedence.
Both programmes offer knowledge of and insight into national as well as international fiscal
economic conditions and opinions. At the bachelor’s level, such insight implies that the
graduate is able to analyse the issues using theoretical concepts and to critically examine the
solutions chosen for problems in theory and in practice. At the master’s level, such insight
into issues means that the graduate is able to analyse them, based on theoretical concepts, is
able to critically examine the solutions chosen for problems in theory and in practice and, in
addition, to independently develop alternative solutions.
The first year of the bachelor’s programme in Fiscal Economics is shared with the Dutchlanguage bachelor’s programme in Economics and Business. As a result, students acquire
introductory knowledge across a wide range of economic subjects. The second and third years
mainly include core and advanced courses. The learning outcomes for the master’s
programme in Fiscal Economics provide for a deepening and broadening of the knowledge
and skills developed at the bachelor level. With regard to substantive knowledge, the level that
is required should make the student a specialist in the field or in a part of the field.
Assessment
The committee verified the relation between the learning outcomes of the programmes and
the Dublin descriptors, which are considered general, internationally accepted descriptions of
a bachelor’s and a master’s programme. The committee observes that all Dublin descriptors
are reflected in the learning outcomes. The committee concludes that the learning outcomes
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correspond with general, internationally accepted descriptions of a bachelor’s or a master’s
programme.
In addition the committee established that the various learning outcomes clearly reveal that
graduates of the programmes acquire knowledge, understanding, skills and attitudes at an
advanced level that is typical for a bachelor’ or a master’s programme. Nevertheless, the
committee states that the learning outcomes are insufficiently specific for the programmes at
hand (see Standard 1). The committee advises to reformulate the often very general and
unspecified learning outcomes in more concrete terms, tailored at what these programmes
aim to achieve.
Bachelor’s programme in Fiscal Economics
The committee has established that, for the bachelor’s programme in Fiscal Economics, the
Dublin descriptor for knowledge and understanding is reflected, for example, in learning
outcome K3 (“the student has introductory knowledge of the general philosophical and
theoretical principles and theories relating to the practice of economic science”). The Dublin
descriptor for applying knowledge and understanding is implied by learning outcome S4 (“the
ability to communicate with lawyers and economists in a way that highlights the link between
the two disciplines”). The Dublin descriptor for making judgements is partly captured by
learning outcome S1, where students are expected to have the ability to critically assess and
analyse fiscal economic issues. The fourth Dublin descriptor, communication, is reflected in,
for example, learning outcome S2 (“the ability to report clearly and concisely, both orally and
in writing”). The fifth Dublin descriptor, learning skills, is reflected in the intended learning
outcome A2, which states that students have the ability to function independently as well as
to cooperate constructively in a team.
Master’s programme in Fiscal Economics
The committee has established that for the master’s programme in Fiscal Economics, the
Dublin descriptor for knowledge and understanding is reflected in, for instance, learning
outcome K1 (“the student has knowledge of the relationship between the treasury and the
enterprise”). The Dublin descriptor for applying knowledge and understanding is captured by
learning outcome A3 (“the student understands the social context within which Fiscal
Economics is practiced”). The Dublin descriptor for making judgements is partly mirrored in
learning outcome S1, where students are expected to have the ability to conduct research with
an abstract, academic character, including the formulation of a hypothesis and the search for
the necessary sources. The fourth Dublin descriptor, communication, is implied by, for
example, learning outcome S2 (“the ability to clearly and concisely report, both orally and in
writing, on research at an academic level”). The fifth Dublin descriptor, learning skills, is
reflected in the intended learning outcome A2, where students are expected to have the ability
to function independently as well as to cooperate constructively in a team.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
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S3: Academic orientation
The learning outcomes of the programme correspond with the following descriptions of a Bachelor’s and a Master’s
qualification:
• The 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
Bachelor’s programme in Fiscal Economics
According to the self-evaluation report, graduates of the bachelor’s programme in Fiscal
Economics attain the general qualifications expected of an academic training. The learning
outcomes not only define professional qualifications, but also describe the general academic
skills and the mastery of research techniques, such as the ability to critically assess and analyse
fiscal economic issues (S1). Completion of the bachelor’s programme in Fiscal Economics
entitles students to enter at least one academic programme at the master’s level. Graduates
from the bachelor’s programme in Fiscal Economics gain unconditional admittance to the
master’s programme in Fiscal Economics. This applies both to the regular track and the taxcompliance track of the master’s programme in Fiscal Economics. Because of their unique
combination of legal and economic subjects, the second and third years of the bachelor’s
programme have less in common with other bachelor’s programmes offered by the FEB. For
this reason, admission to a master’s programme different from the master’s programme in
Fiscal Economics within the FEB is only possible after a substantial number of deficiencies
have been remedied. The fact that the bachelor’s programme in Fiscal Economics offers only
a limited choice of options is another reason.
For talented students, however, the opportunity exists to pursue what is known as a ‘fiscal
double degree’ (formerly referred to as the ‘Mr.-Drs.’ programme). These students follow an
integrated programme of both fiscal economics and fiscal law courses, leading to two master
certificates: one in Fiscal Economics (at the FEB) and one in Fiscal Law (at the FdR). To
complete this double degree programme of 360 EC in four years, students have to take about
90 EC of courses per year. Since the introduction of the bachelor-master structure, only
limited experience has been gained concerning the initial competencies of bachelor’s
graduates on the labour market. Almost all bachelor graduates in Fiscal Economics transfer to
a master’s programme in the same subject area. Other, newly graduated fiscal economists
usually start working in two main sectors: in the consultancy world as tax adviser or with the
government as tax inspector. After several years of practical experience, they may also find
employment with large companies or multinationals as corporate tax specialists.
Master’s programme in Fiscal Economics
According to the self-evaluation report, graduates of the master’s programme in Fiscal
Economics have attained the general qualifications required for an academic training course.
The learning outcomes not only define the professional qualifications, but also describe the
general academic skills and the mastery of research techniques. The learning outcomes for
skills require that graduates are able to independently perform research of an abstract,
academic nature. This implies that students should be able to come up with a research
question relevant to the field of fiscal economics, formulate hypotheses and provide a wellmotivated answer to the question after having consulted relevant academic information
sources. Moreover, graduates should have the ability to report clearly about research
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conducted at an academic level, both orally and in writing. Both learning outcomes in terms
of skills (S1 and S2) are linked to the master’s thesis. According to the self-evaluation report,
completion of the master’s thesis thereby guarantees that graduates have the qualifications to
conduct research independently.
The self-evaluation report states that graduates from the master’s programme in Fiscal
Economics are qualified to enter professional practice. The programme aims at providing an
academic education, in which specialist knowledge at a high academic level is combined with
real-world examples and practical applications. In doing so, graduates obtain a good
orientation towards their future career. Because fiscal economists operate at the interface of
fiscal law and business economics, graduates should have a solid background in both fields.
Graduates from the master’s programme in Fiscal Economics are unconditionally admitted to
the Dutch Association of Tax Advisers (NOB). The labour market prospects of the graduates
are excellent, as fiscal economists are in high demand in industry (see standard 20).
Assessment
The committee has examined the stated learning outcomes from the perspective of the
required academic orientation. The committee notices that the learning outcomes of the
programmes correspond sufficiently to the requirements of the academic discipline (and of its
practitioners) and of professional communities (see Standard 1).
Bachelor’s programme in Fiscal Economics
The committee concludes that the learning outcomes for the bachelor’s programme in Fiscal
Economics explicitly aim for an academic orientation. This is evident primarily from the
described learning outcomes in terms of skills. The committee has established that the
learning outcomes state that graduates have the ability to critically assess and analyse fiscal
economic issues (S1). The committee confirms that graduates can unconditionally enter both
tracks of the master’s programme in Fiscal Economics. For talented students, the opportunity
exists to pursue a ‘double degree’; the committee appreciates the availability of this option.
This and the aforementioned findings, lead the committee to conclude that the programme
meets the criteria specified for this standard.
Master’s programme in Fiscal Economics
The committee concludes that the learning outcomes stated for the master’s programme in
Fiscal Economics explicitly aim for an academic orientation. This is primarily evident from
the described learning outcomes in terms of skills. The committee has established that the
learning outcomes state that graduates have the ability to conduct research of an abstract,
academic character, including the formulation of a hypothesis and the search for the
necessary sources (S1). The committee feels that the combination of economics with the legal
field prevents the graduates from achieving only a restricted set of learning outcomes.
The committee observes that graduates from the master’s programme in Fiscal Economics
have unconditional entry to the Dutch Association of Tax Advisers (NOB) and that the
learning outcomes of the programme meet the requirements of the professional field. The
committee advises to protect the academic orientation of the programme and to shelter it
against undue influence from the professional field, in order to keep the set of intended
learning outcomes sufficiently broad and academic. The committee appreciates the fact that
graduates are in high demand in the industry (see standard 20). This and the aforementioned
findings lead the committee to conclude that the programme meets the criteria specified for
this standard.
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Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 bachelor’s programme
in Fiscal Economics, it assesses this theme as satisfactory. In the case of the master’s
programme in Fiscal Economics, it assesses this theme as satisfactory.
7.1.2. Curriculum
Description of the curriculum of the programmes
At the FEB, an academic year consists of two semesters, each subdivided into two teaching
blocks of 9 weeks (effectively) and one smaller block of two weeks for re-sit examinations.
The four major teaching periods are referred to as blocks I to IV. In each teaching block,
courses are scheduled for a total of 15 EC. Each block comprises seven weeks of courses,
one week for exam preparation and one exam week.
The current semester subdivision is not fully in line with the uniform 8-8-4 system that the
UvA wants to implement. From September 2011, the system will therefore be adapted in
such a way that the large blocks will consist of exactly 8 weeks (6 weeks of courses, one
preparation week and one exam week). To secure a workload that is evenly spread, the small
block of 4 weeks will then also be used for scheduling courses. Courses are divided into four
levels; A, B and C are undergraduate levels, with level C subjects mainly offered in the final
year of a bachelor’s programme; level D courses are taught in the master’s programme.
Bachelor’s programme in Fiscal Economics
The bachelor’s programme in Fiscal Economics is offered in Dutch. The first year of the
programme is shared with the Dutch-language bachelor’s programme in Economics and
Business. According to the self evaluation report, this is a deliberate choice, designed to offer
students the opportunity to gain a wide perspective and to enable them to make an informed
and well-considered choice from the various programmes and specialisations offered. Table
7.1 shows the first-year curriculum, indicating the number of credits (EC) for each module.
Bachelor’s programme in Fiscal Economics, first year
First Semester
Second Semester
block I
EC block II
EC block III
EC block IV
EC
Organisation and
5
Management
4
Statistics 1
5
Finance
5
Environment
Accounting
Financial
5
Micro7
Organisation & 6
Macro7
Accounting
economics
Management
economics
Fiscal Economics 2
Orientation
Mathematics 1
5
Mathematics 2
4
Practicum Academic Skills 1
2
Practicum Academic Skills 2
3
Table 7.1: Overview of the courses of the first year of the bachelor’s programme in Fiscal
Economics
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The first year offers a general orientation in economics, business economics and business
studies. The programme also includes support courses such as “Statistics 1” and
“Mathematics 1 and 2”, which provide students the tools and techniques required to practice
economics and business studies. The “Practicum Academic Skills” courses focus on academic
presentation skills, both written and oral. Finally, the first year also includes a module in
which students become acquainted with the general issues relating to important topics and
issues in the domain of Fiscal Economics.
The second and third years of the curriculum comprise support courses (knowledge level B),
core courses (level B) and advanced courses (level C). Furthermore, there are optional and/or
elective courses. Tables 7.2 and 7.3 present the curriculum of the second and third year. The
programme for the second half of the third year includes the “Fiscal Economics Thesis
Seminar”, which provides students with guidance for designing and writing their bachelor’s
thesis. In order to qualify for this seminar, the student must have completed at least 120 EC.
The actual bachelor’s thesis cannot be started until this course has been completed.
Bachelor’s programme in Fiscal Economics, second year
First Semester
block I
EC block II
EC
Statistics 2
5
Economic
5
Methodology
Introduction to Taxation
10
Second Semester
block III
EC
block IV
EC
Property
5
Corporate
5
Law
Law
Research
5
Elective
5
Practicum
Economics and Law
10
External Reporting
10
Table 7.2: Overview of the courses of the second year of the bachelor’s programme in Fiscal
Economics
Bachelor’s programme in Fiscal Economics, third year
First Semester
block I
EC block II
EC
Company
5
Finance
5
Taxation
Second Semester
block III
EC
block IV
Income Tax
Management 5
dga
Accounting:
Intermediate
level
Business
Fiscal Profit
10
Thesis
5
Bachelor’s
Administration
Determination
Seminar
thesis
Government and Taxation
10
VAT and Transfer Tax
Table 7.3: Overview of the courses of the third year of the bachelor’s programme in
Economics
EC
5
5
10
Fiscal
In terms of content, the second and third years primarily cover economics, business
economics, taxation, law and integration courses. This last category includes two 10 EC
courses “Economics and Law” and “Government and Taxation”. These courses link the
content of the economics and law subjects, ensuring integrated knowledge of fiscal
economics. Any course may be chosen as an elective, provided that it is beyond the first-year
level and does not overlap with another course in the curriculum. Four courses (for a total of
25 EC) are taught by the FdR.
Education in the fiscal law courses, in particular, takes the form of shared teaching
(“aanschuifonderwijs”), since students follow these courses together with the fiscal law
students at the FdR. Since the FdR practices shared teaching, the programme director for the
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Fiscal Economics programme (and hence the FEB) has less influence on its organisation or
quality. However, in both faculties, much of the work in the courses that are specifically
related to fiscal economics involves or is based on case studies.
Master’s programme in Fiscal Economics
The master’s programme in Fiscal Economics is offered in Dutch. The programme starts in
September of each year. There are two tracks: Fiscal Economics and Tax Compliance. For
both tracks, it is possible to choose the subject “Europees belastingrecht: direct” (5 EC)
instead of the course “Europees belastingrecht: beginselen” (5 EC). Tables 7.4 and 7.5
provide an overview of the curriculum in these tracks. Courses offered by the Faculty of Law
are indicated by ‘FdR’.
Fiscal economics track
First Semester
block I
EC
Financiële
5
verslaggeving
Second Semester
block III
EC
Belastingheffing 5
van concerns
(FdR)
Fiscus en onderneming
10
block II
Elective
EC
5
block IV
Master’s
thesis
Europees
5
belastingrecht
(FdR)
Formeel belastingrecht (FdR)
10
Internationaal belastingrecht (FdR)
Table 7.4: Overview of the courses of the Fiscal Economics track
Tax compliance track
First Semester
block I
EC
Financiële
5
verslaggeving
Second Semester
block III
EC
Belastingheffing 5
van concerns
(FdR)
Fiscus en onderneming
10
block II
EC
National Tax 10
compliance
block IV
Master’s
thesis
5
Europees
belastingrecht
(FdR)
Elective
5
Internationaal belastingrecht (FdR)
Table 7.5: Overview of the courses of the Tax Compliance track
EC
10
10
EC
10
10
The elective course should be of at least advanced level, and should not overlap with the
compulsory courses in the programme. As the tables indicate, a number of courses are taught
by the FdR. The students attend these courses together with the FdR’s Fiscal Law students.
As the FdR provides these courses on an auditing basis, the FEB has less influence on the
organisation and quality of these courses. The FEB course titled “Fiscus en onderneming”
occupies a unique position in the curriculum: this integrative course links the economics and
the law courses, to provide truly integrated fiscal-economic knowledge.
The curriculum for full-time and part-time students is identical. Full-time and part-time
students study together and participate in the same tutorial groups. This allows them to
integrate into the academic community and exchange knowledge with fellow students. Parttime students take fewer credits per year than full-time students (30-40 as opposed to 60 EC),
which means they spread the master’s courses over a longer period of time.
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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 majority of the lecturers in the bachelor’s and
master’s programmes holds a PhD and is actively publishing in national journals. The
academic research is integrated in the programmes through the discussion of academic papers
as well as by the thesis, which contains the results of individual scientific investigations of an
academic level by the student. In the process of writing their thesis, students develop
knowledge through interaction between the courses and their research within their discipline.
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
The self-evaluation report states that, although the career orientation is important, academic
education takes precedence in the bachelor’s programme and in the master’s programme in
Fiscal Economics. Interaction between education and academic research takes place in
various ways. Some lecturers are in touch with current developments in their field. Results of
recent research, some of it their own, are incorporated in the teaching material in various
courses. Readers with recent academic articles from journals relating to fiscal economics are
used particularly in the advanced courses in the last phase of the study, sometimes along with
a basic textbook.
In addition to learning about the results of academic research, the support courses enable
students to become acquainted with the relevant research methods used in this subject area.
The support courses of the bachelor’s programme in Fiscal Economics includes “Economic
Methodology for Business Economics”, which teaches students general methods of business
economics research, with a particular emphasis on qualitative research methods. The
“Research Practicum Fiscal Economics” support course takes a closer look at research skills
that are specifically required within the fiscal economics discipline. Students evaluate a topical
issue within the subject area and write a number of papers on the subject which must meet
the requirements for academic writing. The “Statistics 2” support course provides orientation
in the more quantitative research methods by teaching a series of standard statistical
techniques. Within the master’s programme, attention is systematically paid to academic skills.
Based on case studies, students learn throughout their programme how to seek and find
solutions based on questions from practice in the discipline, and how to write reports, based
on the academic knowledge acquired in the programme.
In both programmes, all skills teaching is offered in small groups, whenever possible (see
standard 10). This promotes interaction, depth of study, active involvement with the subject
matter and quality of feedback. Finally, projects and case studies in the various advanced
courses provide experience with the conduct of independent academic research. In the thesis,
which rounds off the programme, students demonstrate their ability to independently
conduct research of an academic nature, focused on a subject related to a relevant area (see
standard 20).
The self-evaluation report states that the modern knowledge society requires graduates who
can combine an academic mode of thought with practical experience, who are creative and
have a wide range of competencies. A number of courses make intensive use of case studies
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and of practical assignments in order to teach students to transfer the acquired knowledge to
problem situations as they occur in practice. The elective component of the programmes
allows for an internship.
The influence of professional practice is significant. Due to the professional entry standards
imposed by the Dutch Association of Tax Advisers (NOB, see Standard 3), the programme
must comply with several requirements. The NOB therefore has its own Academic Council,
which includes a number of Dutch professors in Fiscal Economics and Fiscal Law. The
Acadmic Council provides the tax-related programmes with a concrete interpretation of
requirements of knowledge and skills, and assesses them to ensure the programmes offer
adequate fiscal content.
Assessment
The committee was able to assess that the programmes of the FEB meet the requirements for
an academic level and orientation. It finds that the interaction between teaching and research
is adequately ensured. The programmes combine the transfer of academic knowledge through
teaching and research in the relevant disciplines of the field. The committee established that
the majority of lecturers holds a PhD and that tenured faculty are strongly involved in
teaching the courses. The lecturers are actively engaged in research and publish in national
journals; the committee notes and appreciates the fact that in this way current scientific
developments and theories and research permeate the curriculum. Overall, the committee is
of the opinion that the programmes adequately meet the criteria for the standard.
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
Given the emphasis on the interaction between teaching and research, the committee
concludes that the development of skills in the field of scientific research is addressed
adequately in the bachelor’s programme and the master’s programme in Fiscal Economics.
The committee observes that the programmes provide support courses that enable students
to become acquainted with the relevant research methods for this subject area. The
committee ascertains that students develop skills to conduct research independently. It
appreciates that skills are taught in small groups where possible. It recommends to continue
paying attention to the realisation of such small groups (see standard 10). The committee
furthermore appreciates the fact that scientific skills are incorporated within the curriculum
from the first year on.
Although research is incorporated within the curriculum, the committee notes that the fiscal
programme is still mostly practice-oriented. Students do not conduct much empirical
research. For now, scientific skills are addressed sufficiently because of the shared first year
with the bachelor’s programme in Economics and Business. The committee advises to put
more emphasis on scientific skills within all years, to maintain balance between scientific
analysis and requirements from the professional field.
The committee also notes that the programme ensures contact with the professional field. It
appreciates the fact that a number of courses make intensive use of case studies and of
practical assignments, so as to link the acquired conceptual knowledge to relevant practical
situations. Nevertheless, the programme should mostly focus on the development of skills in
the area of scientific research.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
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S5: Correspondence between the aims and objectives and the curriculum
The curriculum is an adequate realisation of the learning outcomes of the programme and this regards the level, the
orientation and the subject-/discipline-specific requirements.
The 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 learning outcomes.
Description
Bachelor’s programme in Fiscal Economics
As stated before, courses are offered at three levels: foundation courses (introductory
knowledge), core courses (basic or core knowledge) and advanced courses (extended
knowledge). According to the self-evaluation report, first-year students acquire introductory
knowledge (K1 and K2), but because the first year has a very broad disciplinary scoped, more
introductory knowledge in fiscal economics must be offered in the ensuing years. The same
applies for the required core knowledge, as stipulated in the stated learning outcomes for the
programme. Because of the broad base required for both areas of fiscal economics and fiscal
law, core courses are spread over the second and third years. During the site visit, students
mentioned that they felt that the “Fiscal Economics Orientation” course (2 EC) gave them
sufficient insight into what to expect of the overall bachelor’s programme. They appreciated
the broad scoped of the first year of the bachelor’s programme.
The self-evaluation report provides a table in which individual courses are systematically
cross-matched to the learning outcomes in terms of skills. The table demonstrates that the
academic competencies are developed from the very first year. The focus on the learning
outcomes with regard to skills is spread evenly across the curriculum, starting immediately in
the first year and increasing in subsequent years. The learning outcomes in terms of attitudes
follow from the overall composition of the curriculum (A1, A2 and A3). In the second year,
learning outcomes K1, K2, K3, K4 and K5 are covered; in the third year, learning outcomes
K4 and K5 receive attention.
All advanced courses, 25 EC in total, are in the third-year programme. These advanced
courses ensure that students acquire extensive knowledge in all relevant areas. In their
bachelor’s thesis, students must demonstrate that they are able to conduct independent and
original research of an academic nature based on the knowledge and research skills acquired
in the programme. The “Thesis Seminar” and the bachelor’s thesis are related to the skillsrelated learning outcomes: S1, S2, S3, S4 and S5.
Master’s programme in Fiscal Economics
The self-evaluation report cross-matches the learning outcomes with the individual courses.
The attitude-related learning outcomes follow from the overall composition of the curriculum
(A1, A2 and A3). The “Fiscus en onderneming” course cross-matches with learning
outcomes K1, K2 and K3. The “International Tax Compliance” and the “National Tax
Compliance” courses are also cross-matched to learning outcomes K1 and K2. All other
learning outcomes in terms of knowledge are systematically cross-matched to one or more
courses. Depending on the exact topic of the thesis, also the thesis contributes in a substantial
way to the acquisition of academic knowledge. Learning outcomes in terms of skills are
reflected in the courses “Fiscus en onderneming” (S1 and S2) , “International belastingrecht”
(S2) and in the master’s thesis (S1 and S2).
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Assessment
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
The committee, having studied the correspondence between the learning outcomes and the
curricula, comes to the conclusion that the bachelor’s programme as well ,as the master’s
programme in Fiscal Economics are well conceived and ensure that the students achieve the
learning outcomes. As already stated under standard 1, the learning outcomes stated at the
course level provide a clear overview of the knowledge, skills and attitudes that students are
to attain. The committee finds that the tables in the self-evaluation reports show how the
individual courses are systematically cross-matched with the learning outcomes.
The learning outcomes in terms of attitude follow from the overall composition of the
curricula. The learning outcomes in terms of knowledge and skills cross-match with several
courses. For the bachelor’s programme, learning outcome K1 is reflected in almost all courses
of the first year. In the second year, all learning outcomes in terms of knowledge are covered,
evenly spread out over the courses. In the third year, learning outcomes K5 and K6 are
reflected in almost all courses. Learning outcomes in terms of skills are covered in all years of
the bachelor’s programme: outcomes S1, S2 and S5 in all years, learning outcome S3 in the
“Organisation and Management” course and the “Practicum Academic Skills 1 and 2” of the
first year. Learning outcome S4 is reflected in the “Economics and Law” and the
“Introduction to Taxation” courses in the second year. Both learning outcomes (S3 and S4)
are reflected in most third-year courses. All learning outcomes in terms of skills are reflected
in the bachelor’s thesis and the “Thesis Seminar”.
With regard to the master’s programme, learning outcomes in terms of knowledge are evenly
spread over the courses. The “Fiscus en onderneming” course reflects learning outcomes K1,
K2 and K3. This course also contributes to learning outcomes S1 and S2. The “Internationaal
belastingrecht” course reflects learning outcomes K2 and K5, and also contributes to learning
outcome S2. Learning outcome K5 is reflected in the “International Tax Compliance course”
as well, which is also cross-matched to K1, K2 and K7. The “National Tax Compliance”
course reflects learning outcomes K2, K3 and K6. The four other courses, “Formeel
belastingrecht”, “Belastingheffing van concerns”, “Europees belastingrecht” and “Financiële
verslaggeving”, contribute to the learning outcomes K4, K2, K5 and K3, respectively. Finally,
the master’s thesis is cross-matched to learning outcomes S1 and S2.
The committee observes that the only first-year course specifically devoted to Fiscal
Economics is “Fiscal Economics Orientation” (2 EC). It learned that the students, having
taken this course, feel sufficiently informed in order to make choices concerning their further
curriculum. Nevertheless, the committee advises to make sure students feel already
committed to the master’s programme in the bachelor’s programme. This could be done by
placing students who already know they will follow the master’s programme together during
group assignments, or by organising separate meetings for those students.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
S6: Consistency of the curriculum
The contents of the curriculum are internally consistent.
Description
For each programme, the director or track coordinators are responsible for periodically
checking if the contents of the different courses making up the programme are well-aligned.
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The programme committees (see Standard 19) also perform a monitoring function, and can
suggest improvements to the curriculum.
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
As described above, all FEB bachelor’s programmes have the same general structure. The
first year consists of courses at the introductory level, the second year mainly of core and
support courses, and the final year predominantly of advanced courses. This general structure
guarantees a gradual build-up of the acquired level and depth of knowledge. An outline of the
bachelor curriculum in Fiscal Economics is presented above (tables 7.1, 7.2 and 7.3). The
broad foundation in economics is achieved by deliberately making the first-year study
programme identical to that of the bachelor’s programme in Economics and Business. This
first year therefore enables students to orient themselves broadly. As stated above (see
standard 5), students feel that the “Fiscal Economics Orientation” course (2 EC) gives
sufficient insight into what they may further expect from the bachelor’s programme in Fiscal
Economics. They appreciate that the first year provides them with this broad view.
Students follow core and advanced courses offered by both the FEB and the FdR. Because
fiscal economists require thorough knowledge of both the economic and legal aspects of
taxation, the second and third years of the bachelor’s programme and the master’s
programme cover two disciplines, and are also relatively broad in this sense. Another
consequence of the combination of the economic and legal aspects of taxation is that
students have rather little freedom of choice within the bachelor’s programme. While this
might be regarded as a disadvantage, this curriculum exposes students to courses at two
different faculties, bringing them into contact with several disciplines and giving their study a
multidisciplinary nature: students largely benefit from this cross-fertilisation between the FdR
and FEB. Integration courses occupy a special place within the bachelor’s programme in
Fiscal Economics; they bridge the disciplines of Economics and Law, and they teach students
how to connect the economic and legal aspects of taxation. The programme includes 10 EC
of integration courses, both in the second year (“Economics and Law”) and in the third year
(“Government and Taxation”).
The curriculum of the master’s programme in Fiscal Economics was presented earlier (tables
7.4 and 7.5). The programme has a logical build-up, in which courses in fiscal law are
followed at the FdR and business-economics-oriented courses at the FEB. The course
“Fiscus en onderneming” functions as an ‘integration course’ within the master’s programme.
These integration courses bridge fiscal economics and fiscal law, and teach students how to
link the economic and legal aspects of taxation. Through its multidisciplinary and integrated
concept, the programme makes the students all-round tax specialists. The master’s
programme in Fiscal Economics has limited room for electives (5 EC); only electives at a
sufficiently high level and that do not conflict with the compulsory elements in the
programme can be taken. During the site visit, students mentioned their satisfaction with the
cooperation between the FEB and the FdR. While there are, understandably, sometimes
problems, such as with the scheduling of classes or exams, the students are generally
motivated, obtaining assistance in case of such problems.
Assessment
The committee has studied the internal coherence of the bachelor and master’s programme.
It found that there is substantive and logical consistency in the programmes. The committee
has ascertained that the programme directors are responsible for periodically checking the
contents of the courses. The programme committees (see standard 19) have a monitoring
function and can propose suggestions for improving the curriculum. The committee remarks
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that there could be a more systematic inspection of possible overlaps of topics and materials
in the programmes. Nevertheless, the committee has verified that the programmes are
adequately planned and found that their coherence is adequate. The committee therefore
assesses that the programmes meet the criteria concerning this standard.
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
The committee observes that the programmes leave only little room for electives (only 5 EC
each for the bachelor’s and the master’s programme). This limitation is needed to ensure that
the students are offered an adequate and coherent curriculum. The committee confirms that
the programmes are adequately coherent. The committee notes that students of the bachelor’s
programme and of the master’s programme in Fiscal Economics are in touch with both the
FEB and the FdR. It found that the students are satisfied with the integration of the courses
of both faculties. Moreover, the students indicate that they are able to deal with the eventual
practical problems that arise in the organization of such ‘joint’ programmes.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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
Aggregate information about the actual number of study hours the full programme takes is as
yet unavailable. The course evaluations generally reveal that students on average put in
around 60% of the nominal workload of about 1600 hours for 60 EC. The percentage of
students mentioning that they spend more hours than this nominal workload is very limited,
typically below 10% for any course. The self-evaluation report states that for all the FEB
programmes, exams are scheduled after each course and spread over the year. Some courses
offer mid-terms, so as to distribute the study load more evenly (see Standard 11). This allows
students to plan their studies and stimulates them to finish the programme within the set
time. During the site visit, the committee learned the FEB offers guidance to their students
from their first year on so as to prevent delays in the completion of the studies. Measures are,
for example, an interview between student and tutor after one month, remedying problems in
mathematics, and using a binding recommendation for the next step in the study (’BSA’) (see
Standard 16).
According to the university-wide survey of 2008, the FEB master’s students on average spend
25 hours per week on their studies and 21 hours on a side job. This shows that the actual
workload required from students is not too excessive. Only 11% of the master’s students at
the FEB find the workload too high, and 16% as too low. During the site visit, students also
said that they do not experience the workload as excessive; further, they did not mention
specific obstacles during the programme that hinder their progress.
According to the university-wide survey among third-year bachelor students, students at FEB
spend on average 23 hours per week on their studies. For students of the Faculty of Law
(FdR), the average is approximately the same (22 hours). This is an insufficient study effort,
which results in success and progress rates that are too low (see standard 21). At the same
time, these figures indicate that the actual workload required from students is not excessive at
all. On average, third-year students spend 15 hours per week on side jobs. In the survey, only
a small minority of 12% indicates that the workload is too demanding, whereas 18% judges it
to be too low. The same picture emerges for first-year students. A university-wide survey
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among freshmen held in December 2006 reveals that first-year students at FEB spend on
average 24 hours per week studying. The vast majority (65%) has a paid job alongside their
studies, and spends on average 11 hours on this job. Compared to their pre-university
education, a majority of 54% considers the effort requested appropriate, whereas 10% feels
that it is too low. Finally, the student counsellors, who have frequent (daily) contact with
students, hardly ever signal problems concerning the students’ workload or receive
complaints in that regard.
Bachelor’s programme in Fiscal Economics
The self-evaluation report mentions that the study load of the bachelor’s programme in Fiscal
Economics is evenly spread over the year, as outlined in tables 7.1, 7.2 and 7.3. The first year
consists of two semesters of seven courses each. Block I contains three courses, two of 5 EC
and one of 2 EC. Block II contains two courses, one of 4 EC and one of 7 EC. Within the
first semester, two other courses are taught through the entire semester, one of 5 EC and one
of 7 EC. Block III contains two courses of 5 EC and 6 EC. Block IV has two courses of 5
EC and 7 EC. Within the second semester, two other courses are taught through the entire
period, one of 4 EC and one of 3 EC. On average, each block contains 15 EC. The second
and third years of the bachelor’s programme are arranged similarly. In both the first semester
and the second semester, two courses of 5 EC and two courses of 10 EC are taught.
Master’s programme in Fiscal Economics
The self-evaluation report mentions that the study load of the master’s programme in Fiscal
Economics is evenly spread over the year, as outlined in tables 7.4 and 7.5. For both the
Fiscal Economics track and the Tax-compliance track, each block contains 15 EC and is
spread over two or three courses. Some courses contain 10 EC and continue for two blocks.
According to the self-evaluation report, the “Fiscus en onderneming” course, for instance,
requires the student to do assignments, to induce the student to spread the study load evenly.
Assessment
The committee studied whether the curricula can be successfully completed within the time
nominally set and whether, where possible, programme-related factors that may impede study
progress are eliminated. The committee concludes that the curricula can be successfully
completed within the set time, that the students evaluate the academic standards of their
programme positively and that they do not identify any specific obstacle to curriculum
progress. The committee concludes that the programmes meet the criteria concerning
workload.
During the site visit, it became clear that, even though the workload is deemed far from
excessive, delays in the studies are very probable. When students do not pass for one
individual course, this tends to delay their progress, for the remainder of the programme. The
committee is rather inclined to accept this state of affairs, as it feels that this places the
student squarely before the responsibility for avoiding or remedying such delays. From the
interviews with students of the bachelor’s programme and the master’s programme in Fiscal
Economics, it appeared that students spend less than the nominal weekly 40 hours on their
study. Students should, in general, easily be able to complete the bachelor’s programme
within three years, and the master’s programme within one year. The committee heard that
the students mention that the sometimes insufficient coordination between the FEB and the
FdR could be an obstacle to study progress, even though students feel motivated and
adequately supported to deal with these obstacles (see standard 6). The committee appreciates
that the “Research Practicum” course in the second year and the “Thesis Seminar” course in
the third year prepare students for writing their bachelor’s thesis by acquiring and applying
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research skills. The committee welcomes the efforts to spread the study load more evenly by
requiring students to do assignments in several courses.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 describes how the FEB provides information to prospective
students about the requirements for admission and for study success. Various information
meetings are organised for the master’s programmes. For students following a bachelor’s
programmes at the FEB, information meetings are organised in the course of the third year.
Dedicated information meetings are organised for students who successfully complete higher
vocational training curriculum (hbo) and subsequently wish to take a preparatory programme.
For Dutch and foreign students with a bachelor degree from another university, information
meetings are organised twice a year.
Bachelor’s programme in Fiscal Economics
According to the self-evaluation report, prospective students should have included
Mathematics A1 and A2 and/or Mathematics B1 in their pre-university education programme
(vwo) in order to be admitted to the bachelor’s programme in Fiscal Economics. These
formal entry requirements are verified by the Central Student Administration (CSA). If
applicants do not meet the entry requirements, they are not admitted. It is possible to enter
the programme after having completed the first year of a professional programme at a school
of Higher Vocational Education (hbo), but this does not occur often. The formal requirement
in that case is that students have knowledge of mathematics at a level equivalent to the vwo
requirements described above. Formally, it is also possible to enter on the basis of a special
entrance examination, but this option is hardly ever used.
The inflow of students has been variable over the last seven years, with an average intake of
27. After a dip in the year 2003-2004, the enrolment has steadily increased. The vast majority
of freshmen enter on the basis of a vwo certificate. In terms of ‘cohort’ size – i.e., counting
only students starting their studies for the first time (see standard 21) – the average cohort
size is approximately 22 students per year.
Master’s programme in Fiscal Economics
According to the self-evaluation report, graduates of the bachelor’s programme in Fiscal
Economics at the UvA can unconditionally enter the UvA master’s programme in Fiscal
Economics. These graduates see the master’s programme as the natural continuation and
crucial completion of their education. Almost all students continue their studies at the UvA.
Bachelor’s students from other Dutch universities are welcomed if they have completed a
bachelor’s programme in Fiscal Economics that meets the exit qualifications of the UvA
bachelor’s programme. For students with a different bachelor’s degree, special programmes
are available to remedy their deficiencies.
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It is possible to enter the master’s programme in Fiscal Economics on the basis of a
bachelor’s certificate from a school for higher vocational education (hbo) when the
prospective students have sufficient knowledge of mathematics at a level equivalent to the
vwo requirements described above. These students have to complete a preparatory
programme of almost one year to bridge the gaps between the learning outcomes of the
higher professional education programme and the admission requirements for the master’s
programme. Standard preparatory programmes are defined and offered for students with a
professional “heao” bachelor’s degree in either the “fe/mer or ac/ra/aa/be” direction. The
fixed programmes consist of 55 EC of courses, both from the FEB and the FdR, taken from
the second and third years of the bachelor’s programme. To guarantee that hbo graduates
obtain sufficient academic skills before they enter the master’s programme, the preparatory
programme includes two courses in which explicit attention is given to academic research
skills. The preparatory programme also includes one or two of the bachelor’s programme
integration courses, ensuring that hbo graduates obtain their preparatory knowledge in a
coherent and multidisciplinary way. The average inflow of such students is 26 per year,
though with much variability. Overall, just over 30% of the master’s students enter on the
basis of a professional bachelor’s degree (including the preparatory programme). During the
site visit, several lecturers stated that hbo graduates have more difficulties in the master’s
programme than UvA bachelor graduates, due both to their prior studies and general learning
attitude.
During the site visit, the volatility of the student inflow of students was discussed. The
master’s programme management attributes this to the introduction of the fixed separation
(‘harde knip’) between bachelor’s and master’s programme. Lecturers were positive about this
development, stating that is would eliminate overlap between courses in the bachelor’s and
the master’s programmes. Still, the lecturers feel that the bachelor’s programme makes less
sense without the ensuing master’s degree, e.g., in order to secure a satisfactory professional
position. Many graduates of the bachelor’s programme in Fiscal Economics stay at the UvA
to follow the master’s programme; many students from the Rijksuniversiteit Groningen also
pursue the master’s programme in Fiscal Economics at the UvA. This may be a consequence
of the favourable labour market for fiscal economics in and around the city of Amsterdam.
Assessment
The committee examined whether the qualifications of the incoming students match the
contents of the programmes of the FEB. The committee concludes that all programmes of
the FEB meet the criteria for this standard. The committee appreciates the fact that students,
who are not directly admitted to the master’s programmes, receive an overview of the
deficiencies in their knowledge and are provided with an opportunity to remedy this lack.
The committee notices that most of the programmes still tend to think in terms of a four-year
curriculum, with a strong UvA-biased anchor. The committee advises to mark more clearly
the structure of the studies in independent bachelor and master curricula, removing
unnecessary references to entry requirements related to the UvA bachelor’s programmes. Not
only is this the logical consequence of the ‘Bologna process’, but this will also benefit the
mobility, outward for the UvA students and inward for other students.
The committee wishes to comment on the observed volatility of the number of students
enrolling at the FEB. For many of the programmes, the number of entering students tends to
fluctuate markedly. In addition, a few programmes have a subcritical number of students. The
committee recommends the FEB to first gain insight into the causes of this phenomenon and
next to devise a remedial strategy.
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Bachelor’s programme in Fiscal Economics
The committee has examined the admission requirements for the bachelor’s programme in
Fiscal Economics and concludes that the qualifications of the incoming students are in line
with the structure and contents of the intended curriculum. Students with a pre-university
education programme (vwo) are admitted unconditionally if their vwo programme includes
Mathematics A1 and A2 and/or Mathematics B1. Entry is possible with a professional
bachelor’s degree from School of Higher Vocational Education (“hbo”), provided that the
applicant has sufficient knowledge of mathematics. The committee is satisfied with the
average annual inflow of 27 students into the bachelor’s programme, and appreciates the fact
that the number of students has steadily increased over the last seven years.
Master’s programme in Fiscal Economics
The committee has examined the admission requirements for the master’s programme in
Fiscal Economics and concludes that the qualifications of incoming students are in line with
the structure and contents of the intended curriculum. The committee finds that at least one
bachelor’s degree gives direct access to the master’s programme in Fiscal Economics. The
committee is satisfied with the average annual inflow of 26 students in the master’s
programme, but less pleased with the variability and decreasing trend of this intake over the
years.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 Fiscal Economics comprises 180 EC and
complies with the formal requirements with respect to the size of the curriculum.
The curriculum of the master’s programme in Fiscal Economics comprises 60 EC and
complies with the formal requirements with respect to the size of the curriculum.
Assessment
The bachelor’s programme in Fiscal Economics complies with the formal requirements with respect
to the range of credits.
The master’s programme in Fiscal Economics 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 FEB does not explicitly opt for one didactical
concept, applied uniformly to all programmes. Instead, the FEB has formulated a number of
general teaching principles, for example that learning outcomes must be defined for each
course. For the bachelor curricula, these must evolve from obtaining basic knowledge and
insight towards developing an analytical and problem-solving way of thinking, being able to
devise solutions to problems in practice and to individually and critically study and evaluate
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the academic literature. The independent search, study and analysis of relevant academic
papers from prominent academic publications is a core component of many of the courses,
especially in the later stages of the curricula. Students conclude their bachelor’s programme
with an individually written thesis, thus proving that they are able to conduct small-scale
academic research independently.
In the master’s programmes, the learning goals mostly aim at developing an analytical and
problem-solving way of thinking, being able to come up with solutions and being able to
study and analyse the academic literature individually and critically. As such, independently
searching, studying and analysing relevant academic papers from high-ranking academic
publications form an important part of most of the courses. Students conclude their master’s
programmes with an individually written thesis, with which they prove they are able to
conduct independent academic research in the accounting and control field.
As to the study methods, most courses of the bachelor’s and master’s programmes make use
of a plenary lecture (typically 2 to 3 hours a week) with one subsequent tutorial (2 to 4 hours a
week) scheduled later in the same week. A large number of courses make use of computer
practice as well. One of the goals of the tutorials and of computer practices is to stimulate
active participation by students, which is encouraged by the preparation of exercises and
other tasks, by class discussions and/or by student presentations in class. The class size of
around 20 to 25 students is small enough to facilitate interactive teaching and student
involvement. In that way, tutorials and classes not only contribute to achieving the learning
outcomes concerning knowledge, but also those for skills and attitudes.
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
The bachelor’s programme and master’s programme in Fiscal Economics operate at the
interface of economic and legal scholarship (see standard 6). The integration courses are
characteristic of and specific to the Fiscal Economics programme. During the site visit,
students mentioned that the fields of economics and law are combined satisfactorily in the
bachelor’s and master programme in Fiscal Economics (see standard 6). Students appreciate
the fact that they follow courses together with students of the FdR. According to the
students, the questions asked derive from two perspectives, which make them more
informative. Nevertheless, students also mentioned that mixing of students originating from
the FdR and FEB leads to some problems. On the one hand, in the contact hours of courses
provided by the FdR, more emphasis is laid on introducing the basics of economics, while
Fiscal Economics students already are very familiar with these basics. On the other hand, the
basics of law are not discussed, which makes it more difficult for Fiscal Economics students
to master the subject material. Nevertheless, students do prefer the mixed classes. They also
feel that after the integration courses, they are able to approach subjects from both the
economic and the legal perspective. Because of the economic perspective, they approach
subjects more analytically than they would have done otherwise.
The teaching at the FdR takes the form of either overview lectures or a combination of
lectures and intensive workgroups. Students opt to follow either overview lectures or a
combination of lectures and intensive workgroups. The workgroups have a limited number of
participants and require intensive input from the students. Any student who opts for the
intensive workgroup will have four contact hours on a weekly basis: two hours of lectures and
two hours of tutorials. The overview lectures involve three contact hours each week, and are
generally offered in the evenings.
The self-evaluation report provides an overview of numbers of hours related to the courses
offered within the bachelor’s programme. In the first year, students spend approximately 420
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hours in class, which is 25% of the nominal work load of 1680 hours per year. Level A
courses make use of assignments in addition to a written exam. The general pattern is the
same in the second and third years. The overall number of contact hours decreases in the
second and third years. However, according to the self-evaluation report, the number of class
hours and their intensity is significantly higher then as a result of individual meetings with the
supervising lecturer. The number of class hours for the bachelor’s thesis is 21 hours in the
form of an intensive tutorial, provided via the “Fiscal Economics Thesis Seminar”.
The self-evaluation report also provides an overview of numbers of hours related to the
courses offered in the master’s programme. Assuming that the 5 EC elective involves 28
hours in class, the overall number of contact hours equals 266 for the regular track and 210
for the tax-compliance track, excluding contact hours connected to the master’s thesis. The
number of hours devoted to self-study is somewhat smaller than in the bachelor’s programme
in Fiscal Economics, where it equals 270 contact hours in the third year.
According to the self evaluation report, more than half of the contact hours are tutorials and
other classes in small groups (such as those in academic skills: see standard 5). In the first year
of the bachelor’s programme, students are placed in groups of about 40 students. Since some
students fail to show up, the actual group size reduces to 30-35 students. Depending on the
module, education takes the form of lectures and/or tutorials. In the “Practicum Academic
Skills 1 and 2” modules, first-year groups are half the normal size. Nevertheless, students
indicated that some courses (for example, the orientation courses on economics) do have
group sizes of 750 students. According to the students, this influences the educational
approach in such a way that interactive teaching becomes impossible.
During the site visit, students also said that despite of the small number of students in Fiscal
Economics, they do not get to know each other in the first two years. In the first two years,
the programme is much broader and offers a general orientation in economics, business
economics and business studies. Students said that it becomes clear what the field of fiscal
economics implies by the third year. Still, as stated above (see standard 5), students feel that
the “Fiscal Economics Orientation” course (2 EC) gives sufficient insight into what they may
further expect from the bachelor’s programme in Fiscal Economics.
Assessment
The committee studied the coherence of the structure and contents of programmes within
the FEB. It concludes that all the assessed programmes meet the criteria concerning this
standard. During the site visit, the committee noted no explicit didactical concept practiced
throughout the FEB. Nevertheless, the committee finds that the FEB has opted, rather by
design, to allow students much choice, autonomy and responsibility. As stated earlier (see
Standard 6), the committee appreciates the benefits that this freedom brings, which allows
students to compose their own programme and place their own emphasis on depth and/or
breadth. Exposure to this freedom, also forces them to assume responsibility for their own
curriculum and for progress therein. Provided that the management ensures the coherence of
the curriculum, the committee feels that this approach can work out well. The committee
therefore advises all programmes to define this “freedom-within-constraints” didactical
concept explicitly, taking care of striking a happy medium between coherence and freedom.
The committee has established that the study approach fostered by the programme enables
students to achieve the learning outcomes. It appreciates the emphasis on active education,
for example through discussion of case studies and of relevant article, through paper
presentations and by participation in experiments within the courses. The committee advises
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the management to pay attention to the way lecturers have to deal with large student numbers
in classes. Splitting up the classes into smaller groups may allow maintaining the desirable
active approach, but does not dispense the lecturer from having to provide feedback to a
large number of students and being overloaded with teaching duties.
The committee concludes that, at the course level, there is a link between the learning
outcomes, the implicit educational concept and the teaching methods. The committee notes
that lecturers are very focused on their own course and its intended learning outcomes, but
that, for this very fact, there is a risk that courses will overlap and that their content and
didactical approach will not be well-aligned. On the whole, the FEB could devote more
attention to elaborating an explicit educational concept and to the associated range of
methods used at the level of the curriculum.
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
The committee has established that, because of the joint first year with the bachelor’s
programme in Economics and Business, students of the bachelor’s programme in Fiscal
Economics might not get to know each other until well in the second year. The committee
advises the programme to think about the option that bachelor’s students who already chose
Fiscal Economics and will continue with the master’s programme in Fiscal Economics, meet
each other from the first year on. This could provide students with more solidarity with the
bachelor’s programme (and master’s programme) they originally selected.
The committee has also established that, in general, students of the FEB are expected to
adapt to the level of students of the FdR more than vice versa. It could be that course aspects
related to law are too difficult and aspects related to economics are too easy for the students
in Fiscal Economics. The committee advises the programmes to be aware of this and to
prevent the development of a situation in which students experience a gap between the
faculties.
The committee advises the management to pay attention to how lecturers deal with the large
number of students in a class. Splitting up the classes into smaller groups may enable to retain
the desired active approach, but teachers will still have to provide feedback to a large number
of students. The programme management should prevent the larger number of students to
affect the quality of education and the amount of feedback. Merely splitting up the groups
could still cause an overload of work for the lecturers.
Despite this, the committee is positive about the way in which the learning outcomes
correspond with the educational concept, as well as about the way in which the FEB and the
FdR coordinate the multidisciplinary study and integrate the law and economics fields.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 learning outcomes of the programme or parts thereof.
Description
According to the self-evaluation report, all exams of the FEB are scheduled after each course,
with re-sits spread over the year. At least three exam opportunities are scheduled for each
course within a year after the course. Some courses offer mid-terms so as to spread the study
load more evenly (see Standard 7). Exams are composed by the course coordinator in
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consultation with other lecturers in the course or the department. From the total set of
examination materials, random samples are taken and are re-graded by another lecturer in
order to identify potential sources of limited accuracy. The exam correction process is
monitored by the course coordinator, who signs off the final results list. Students can inspect
their graded exams and discuss the grading. Detailed rules regarding written exams have been
laid down in the Teaching and Examination Regulations. Exact assessment regulations for
every course are specified in the individual course descriptions. These regulations include the
rules for student assessment, are updated annually by the course coordinator and presented to
the programme committees for review approval, before they are published on/in the digital
course catalogue.
According to the self-evaluation report, grading of theses (see Standard 20) is somewhat
subjective by definition. Students typically meet their supervisor five to ten times during the
thesis process, giving the supervisor ample opportunity to evaluate the quality of the thesis as
well as the process leading to the end product. Further, a number of standard criteria to
evaluate the thesis itself as well as the student’s work progress and attitude are specified ex
ante and listed on the official thesis evaluation form. The thesis supervisor discusses these
criteria with the students and informs them about how the separate criteria are measured.
Besides by the supervisor, the thesis is graded by a second independent reader. Moreover, the
lecturer in academic writing involved in the thesis seminars and the coordinator of the thesis
seminar serve as additional readers. This process guarantees more impartiality, and
contributes to grading consistency and uniformity in the programme and throughout the
FEB. The theses are digitally checked for plagiarism as a standard procedure.
Formally, the FEB has one Examination Board (EB) for each programme. The EB is an
independent body that monitors the implementation of the Teaching and Examination
Regulations. It verifies whether the students’ study programmes are in line with the formal
requirements and acts as the instance where complaints can be filed with respect to exams.
The EB approves individual study programmes, grants exemptions or extends the validity of
examination results when appropriate; it rules on alternative examination methods.
Furthermore, the EB investigates cases of potential fraud and plagiarism, and imposes
sanctions on students whom it finds guilty. The EB is advised by the examiners and the
programme coordinators. The executive tasks are carried out by the Student Administration
and the official secretary. Apart from occasional delays in the processing and approval of
study programmes, the EB in general operates well, according to the self-evaluation report.
The 2008 survey among third-year bachelor’s students indicates that 60% of the FEB
students is satisfied with the mix of evaluation methods used in the FEB bachelor’s
programmes (19% is not satisfied, and 21% is neutral). In addition, 79% is satisfied about the
connection between the exam and the compulsory study material (required literature, et
cetera) of the courses. The 2008 survey among master’s students indicates that 73% of the
FEB students is satisfied with the diversity of evaluation methods used in the FEB’s master’s
programmes (only 9 percent is not satisfied and 19% is neutral); 78% of these students is
satisfied with the connection between the exam and the compulsory study material of the
courses.
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
Several first-year courses in the bachelor’s programme, such as ‘Micro-economics” and
“Macro-economics”, are evaluated by means of written exams only. The first-year course
“Organisation and Environment” combines a written exam with an individual case study,
whereas the “Organisation and Management” course has a written exam in combination with
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an oral presentation. The first-year courses in mathematics make use of voluntary computerbased progress tests. For each test passed, students can obtain a bonus towards the grade of
the final written exam; the purpose of this arrangement is to stimulate students to actively
study and participate during the course.
Courses in the second and third years typically use a final written exam as means of
evaluation. They may furthermore include other methods. The second-year integration course
“Economics and Law”, for instance, is evaluated on the basis of a paper submitted by
students and an oral presentation of this paper in class, as well as of a written exam. The
integrative course “Government and Taxation”, scheduled in the third year, is graded on the
basis of both a written exam and an oral presentation. In the bachelor’s “Thesis Seminar” that
precedes the bachelor’s thesis, students have to hand in a number of writing assignments.
All courses in the master’s programme are concluded with an individual exam, either written
or oral. These exams test the student’s knowledge and understanding as formulated in the
learning outcomes for the course. Further, a number of courses make use of additional
examination methods. For both the integrative course “Fiscus en onderneming” and the
“Internationaal belastingrecht” course, an essay counts for one-third of the grade. In the
"Formeel belastingrecht" course, students are partly evaluated on their participation in a roleplaying game. For the “Financiële verslaggeving” course, 20% of the final grade is determined
by case reports to be handed in during the course, while the final written exam counts for
80%. Overall, a wide variety of assessment methods is used throughout the curriculum.
For the bachelor’s as well as for the master’s programme, students are in contact with both
the FEB and the FdR (see standard 6). The credits for courses in taxation law are offered and
examined by the FdR. The examination regulations of the FdR apply to these courses and are
supervised by the FdR Examination Board. The courses offered by the FdR are frequently
evaluated by means of an oral exam. Thesis supervision can be done by a staff member of
either the FEB or the FdR.
During the site visit, lecturers of the bachelor’s programme as well as of the master’s
programme stated that, because of the number of students (see standard 10), multiple-choice
exams are used for some courses. ‘Open exams’ were used previously, but took too much
time for lecturers to correct.
Assessment
The committee examined the learning assessment procedure of the FEB. From the Teaching
and Examination Regulations and from information gained during the site visit, it concludes
that students are assessed adequately. A reasoned mix of evaluations, tests and examinations
is used. The committee appreciates the fact that the programme also assesses on the basis of
(inter)active methods, such as presentations and research assignments. The committee also
notes that within many courses the programme uses a combination of different forms of
evaluation, such as individual essays and written (midterm) exams. This was confirmed by a
survey among master’s students in 2008, which assessed the level of satisfaction of students
with the mix of evaluation methods. The survey also found that the students were satisfied
with the connection between the exam and the content of courses and course materials.
Nevertheless, there are indications that this aspect could be further improved.
During the site visit, the committee found that students complain about insufficient and tardy
feedback, (see Standard 10), probably also due to the large number of students. Students are
expected to participate actively, e.g. by conducting investigations, but the feedback by the
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lecturers, if not very concise, is given rather late. It will pay to heed the advice to improve the
practice on this point. A positive point is that students feel that their feedback to the lecturers
is listened to by the lecturers.
The committee notices that the EB is functioning as a team and that it deals effectively with
complaints received from lecturers or from students. The EB has FEB-wide composition,
implying that it often cannot deal adequately with programme-specific issues. The EB stated
that it implements the Teaching and Examination Regulations mainly in a reactive manner
and that is does not take initiatives autonomously. Indeed, the committee notes that the EB
mainly reacts to complaints concerning exams. The committee applauds the intentions of the
EB to become more proactive in the future by initiating decisions. The committee wishes to
point out to the EB that its role will be changing in the future as a result of changes in the
law, making it formally responsible for the quality of the contents of the examinations. The
committee advises the EB to consider the consequences of this development for its role and
functioning, also in the short term.
The committee’s advice is to better coordinate activities concerning exams. In the FEB, many
parties are involved in examinations, such as the Educational Institute (OWI), the Student
Administration, the programme director and the programme coordinator. The committee
recommends closer interaction between these parties, for example by developing a common
policy around examinations, e.g. concerning the number of re-sits and the way the FEB
guarantees that examinations will be valid and reliable. Although exam information is
mentioned on the cover of an exam, all this seems to be rather ad hoc, not following from a
shared policy. The site visit made it clear that the development of an examination policy is on
the FEB’s agenda; the committee welcomes this. The committee is also positive about the
decision to place more emphasis on the quality of examinations by providing training to
lecturers (see Standard 14) and by requiring two reviewers for every exam.
General remark on master’s programmes
The committee welcomes the idea of a Seminar or Research Practicum, which prepares
students to conduct research and guides them in writing their research proposal. During the
site visit, both lecturers and students were positive about this course offering, especially
because of the extensive feedback that is provided. The committee agrees that this provides
students with a research skills training, and shortens the time spent on writing the thesis (see
Standard 20).
The committee is of the opinion that, because of large number of students in some of the
classes (see standard 10), lecturers are not always able to use open questions exams. The
committee advises not to let the form of the examination depend on the number of students,
but rather on the intended learning outcomes and the didactical approach. The committee
appreciates the organisation of a “Thesis Seminar” to prepare bachelor’s students to conduct
research and to guide them in the drafting of their research proposal (see standard 20).
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 Fiscal
Economics, it assesses this theme as satisfactory. In the case of the master’s programme in
Fiscal Economics, it assesses this theme as satisfactory.
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7.1.2. 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 self-evaluation report states that highly-qualified and well-motivated staff is the main
asset of any teaching and research institution, and hence are essential to its success. The
FEB’s current personnel policy for academic staff is designed with this aim in mind. It
specifies the formal procedures regarding recruitment, tenure, promotion and retirement. The
common guidelines follow the national UFO (‘Universitair Functie Ordenen’) system for
evaluating university staff based on the Hay criteria, although the FEB attaches more weight
to publications, with special reference to quality, than UFO does.
Lectures are sometimes taught by PhD students and by post-docs. PhD students mainly teach
tutorials, work groups and computer practices of first and second-year modules in the
bachelor’s programmes, but their contribution to the programmes is limited, and so is their
individual teaching load. In the first year of some of the bachelor’s programmes, student
assistants are used to assist in teaching, for instance in introductory academic skills courses. In
the master’s programmes, education is provided exclusively by lecturers who hold a PhD and
are active researchers; this makes that the lectures are kept up-do-date with contemporary
developments in the lecturers’ field. According to the self-evaluation report, the FEB scores
exceptionally well in the field of research. In European research rankings, the FEB regularly
ranks among the top ten. The percentage of staff members holding a PhD is high for most
departments. Subsequent to critical comments by the Assessment committee 2003, the
personnel policy was adapted and now generally requires all newly hired academic staff to be
active researchers.
The academic staff originates from both the Netherlands and from abroad. The market from
which the FEB recruits its academic personnel is increasingly international. As a result, most
programmes now work with a substantial and increasing number of researchers and
professors with an international status. Many of the tenured academic staff is also fellow of
the Tinbergen Institute (TI), the accredited research institute in Economics of the UvA, the
VU Amsterdam and the Erasmus University Rotterdam.
During the site visit, the FEB’s dean and management team explained the mechanisms for
allocation time and means between teaching and research, as well as into the principles of
funding of faculties at the university level. In principle, and as a starting point, lecturers spend
equal time on research and on education. The programme management stated that despite the
lecturers' interest in research, a change towards more interest in education is apparent at the
FEB. This has repercussions for the annual formal evaluation meeting between the academic
staff members and the head of the department (see Standard 14). Formerly, these focused
almost exclusively on research; at present, the staff member’s contribution and performance
in education are also considered, e.g. through using the course and lecturer evaluations (see
Standard 17).
The self-evaluation report states that education is principally provided by researchers who
contribute to the development of both the economics and law fields. Many staff members are
members of the professional association of tax consultants NOB (see standard 1). Several
academic staff members also hold part-time positions in practice. Theses are always
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supervised by a lecturer who is a member of the permanent academic staff of the FEB
and/or the FdR. Nearly all lecturers have studied both economics and law.
Assessment
The committee studied the requirements for the academic orientation of staff members. The
academic staff originates from both the Netherlands and abroad. The committee recognises
the staff's scientific quality and its national and international academic reputation. The
majority of the teaching staff holds a PhD; the content of the courses is the specific
responsibility of permanent staff members. The comparable emphasis placed on research and
education guarantees that lecturers are actively involved in both teaching and investigation.
The committee notices that recent developments from scientific research as well as those
from the professional field are brought into the courses. The committee appreciates the fact
that education receives an increasingly stronger role in the annual performance reviews.
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
The committee has examined the academic orientation requirements for staff members of the
bachelor’s programme and of the master’s programme in Fiscal Economics. It concludes that
the programmes are primarily taught by researchers who contribute to the development of
the discipline, and hence meet the criteria concerning this standard. The committee notes that
more emphasis could be placed on the lecturers’ (multidisciplinary) academic research
experience within the field of fiscal economics. Currently, staff is quite specialistic in
orientation. However, the committee highly appreciates the practical orientation of this group
of staff members. Contact with the professional field is maintained by several academic staff
members holding part-time positions in practice.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 states that the total number of officially registered students at the
FEB (2008) is 3,493, while the budgeted amount of teaching staff for the academic year 20082009 is 75 full-time equivalents (fte). This implies a student-staff ratio of 46.5. This ratio
cannot be taken at face value, however, because it ignores the fact that many students follow
substantially less than 60 EC of courses each year. If this ratio is corrected for the lower
actual teaching demand per individual student by assuming that students only follow 35 EC
of courses in a year, which is roughly in line with the actual average number of EC enrolled
students obtain per year, an ‘adjusted’ student-staff ratio of 27 results. The norms used
regarding contact hours, group sizes and lecturers’ teaching loads affect the student-staff
ratio. If the system were in perfect equilibrium with all teaching groups at capacity, a studentstaff ratio of about 31 would result.
Because many staff members teach multiple modules, which are part of different
programmes, individual lecturers cannot be matched with just a single programme. Some of
the programmes also are part of several disciplines, for example the bachelor’s and master’s
programmes in Fiscal Economics. To keep the system flexible, a staff member is appointed to
a department instead of to a programme. A one-to-one relationship of staff to programme is
thus generally non-existent, making it difficult to calculate the student-staff ratio for
individual programmes.
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During the site visit, the allocation model was discussed. The departments receive their
annual funding based on the number of students registered, not taking into account elements
such as number of contact hours and class sizes of the courses. The FEB’s management team
indicates that at the moment there are programmes that are understaffed. New lecturers will
be hired soon and so this situation should improve. The FEB is also trying to achieve a good
balance between junior and senior lecturers by attracting more senior lecturers.
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
During the site visit, it became clear that, both in the bachelor’s and the master’s programme,
most lecturers hold a part-time appointment. Together, they only amount to one fte for both
research and teaching. Since fiscal economists are in high demand outside university, it is less
attractive for professionals to work at the university, with the consequence that there are not
many PhD students. The result is that there is insufficient capacity to supervise all the theses,
implying that students often have to seek supervision at the FdR instead of at FEB.
Assessment
The committee studied the quantity of staff members at the FEB. It concludes that in the
bachelor’s and master’s programmes of the FEB, a sufficient number of staff members are
present to assure the desired quality of the programmes.
For both the committee and the FEB, it is hard to judge the adequacy of the student-staff
ratio. According to the self-evaluation report, the basic student-staff ratio is 46, but when
taking the attendance of students into account, this drops to 27. During the site visit, the
committee noted that, in general, both students and staff members affirm that there is an
adequate student-staff ratio, especially for small programmes. The size of the groups seems
quite acceptable indeed, but some larger programmes have more difficulties. The committee
is positive about the fact that in some programmes lecturers split up their class into smaller
groups in order to provide interactive lectures (see Standard 10). The involvement of PhD
students in teaching is appreciated by the committee.
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
The committee has noted that the group of lecturers of the bachelor’s and master‘s
programmes in Fiscal Economics is quite small, making this staff vulnerable to unexpected
turnover. For the bachelor’s programme, these risks are relatively low, because of the
common courses with other programmes. For the master’s programme, the risks are
excessive in the opinion of the committee. There are a subcritical number of lecturers, none
of which hold a full-time appointment, threatening the stability of the staff and of the
programme. Lecturers lack the necessary capacity to supervise students writing their thesis,
and face limited time to conduct research. The committee advises to increase the number of
lecturers, especially those with a full-time appointment: although the programme can rely on
the lecturers of the Law Faculty, it still remains important to have lecturers of the FEB that
have a full-time appointment. They can provide teaching in fiscal courses and support fiscal
research.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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.
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Description
The self-evaluation report states that the FEB ensures that all lecturers have a clear academic
orientation, as well as adequate didactic and educational competencies. Since September 2008,
the UvA requires all new academic staff members to obtain (or have competencies equivalent
to) the Learning & Teaching in Higher Education certificate (in Dutch: Basiskwalificatie
Onderwijs, or BKO certificaat). For present staff members who do not hold this, the FEB
offers appropriate training opportunities.
Course evaluations show that students are generally satisfied with the quality of the lecturers,
their educational competencies and the content of the courses. the FEB students are in
general quite satisfied with the academic and professional expertise of their lecturers, and with
their educational competencies. Another form of evaluation is conducted by the head of the
department, who formally meets with each academic staff member once a year. For this
annual assessment, a standard review form is used. As stated before (see Standard 12),
educational course evaluations are discussed during these meetings, as well as personal targets
and career perspectives. If necessary, the lecturer is urged or even required to attend a course
to improve her or his educational skills (see Standard 17). Over the past years, lecturers have
been offered training in presentation techniques and in the utilisation of modern ICT in
teaching. Each year, they also are offered the opportunity to attend courses in English
proficiency.
Assessment
The committee assessed the quality of the staff at the FEB, and concludes that, within all
programmes of the FEB, the staff deployed is adequately qualified to ensure that learning
outcomes regarding content, didactical quality and the organisation of the programme are
achieved. The committee could verify that the didactical quality of the staff members is an
important matter at UvA and that facilities are present within the FEB to foster the didactical
quality of staff members. The committee also notes that students are generally positive about
the quality and the educational competencies of their lecturers, as well as about the content of
the courses. This was confirmed by the course evaluations.
The didactical skills of new teaching staff is trained and the staff must obtain (or demonstrate
competencies equivalent to) the Learning & Teaching in Higher Education certificate. For
new staff members who do not hold this certificate, the FEB offers the opportunity to obtain
it. The committee advises the FEB to consider making the Learning & Teaching in Higher
Education certificate mandatory for established staff members as well. The committee would
also like to advise to strengthen the expected teaching proficiency for the FEB lecturers. At
present, teaching training courses are followed on a voluntary basis. The committee
recommends more active stimulation of acquisition of didactical qualities by lecturers, e.g.
concerning examination practice.
Course evaluations and evaluation meetings of staff with department heads are means by
which the quality of the lecturers is verified and subject to improvement effort. The
committee observes that these evaluation activities may have a clear impact on the training,
coaching and courses provided to lecturers. Though, these forms of didactical development
are not optimally used at the moment because they are often used on a voluntary basis. The
use of course evaluations to stimulate didactical development is currently being improved.
The committee wishes to encourage these efforts (see Standard 17). In that way, deciding on
appropriate measures concerning the quality of staff can be made more easily.
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Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 Fiscal
Economics, it assesses this theme as satisfactory. In the case of the master’s programme in
Fiscal Economics, it assesses this theme as satisfactory.
The committee has assessed standard 13, related to the quantity of staff, as unsatisfactory for
the master’s programme in Fiscal Economics. The committee is of the opinion, however,
that the staff within the programme on a whole is adequate, taking into consideration the
fact that the programme meets the requirements for academic orientation and quality of the
staff. Besides, the committee feels that the programme did not suffer as a result of the
quantity of staff up to now. The committee considers the quantity of staff unsatisfactory
because of the risks that exist for the future as a consequence of a quite small group of
lecturers with no full-time appointment.
7.1.3. Services
S15: Facilities
Housing and facilities are adequate to achieve the learning outcomes.
Description
The facilities of the FEB are not specifically linked to one programme. All the FEB teaching
and research activities are concentrated in two buildings, the M-building and the E-building.
The central hall of the E-building provides direct access to the major facilities such as the
library, the computer rooms, the student counsellors’ department, the student associations
and the student cafeteria. Furthermore, the central hall houses the FEB student information
desk.
According to the self-evaluation report, both buildings are equipped with fully wireless
network facilities. All classrooms are equipped with audiovisual equipment for the projection
of presentations. Standard equipment consists of a facility for overhead projection, a
projector with a portal for a laptop, a projection screen and a whiteboard. The largest lecture
room in the M-building will be suitable for recording lectures as well as for video
conferencing. Everyday practice has shown that the number of classrooms available is
sufficient to meet the current demands of the programmes. Only on rare occasions does the
FEB have to move to alternative UvA venues.
The UvA offers students a number of standard ICT facilities, which are available through ‘My
UvA portal’. Through this portal, students can access ‘UvA email’, the Blackboard electronic
learning environment, the digital course catalogue, the digital library and their study results.
The three educational computer practicum classrooms each contain 25 computers and a
printer. As an extra facility, the FEB also manages what is called a mobile classroom,
consisting of 16 notebook computers that can be used flexibly in classrooms and seminar
rooms through wireless network connections. Students of the FEB also are free to use
workstations at other UvA buildings with ICT facilities. Most the FEB students use the Study
Centre, which contains 250 computers. Apart from a wide range of general software, extra
software that is relevant for the FEB degree programmes is available to the FEB students.
Furthermore, there are a limited number of rooms (with computer connections) where
students can work together in small groups.
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The number of available reading rooms is sufficient, although students sometimes experience
difficulties to find a place during peak hours. The number of small rooms where students can
work together and confer with one another has been increased. In the library, the number of
places where discussions are allowed has been increased. The Pierson Révész Library now
contains 200 workplaces of various designs. The library has a target group of over 7,000
students. Every other year, a survey is held amongst users. The outcomes are used as input
for improvements. Over 90% of the users are satisfied or very satisfied with the library.
Assessment
The committee inspected the FEB facilities. It concludes that the buildings and facilities of
the FEB are adequate to achieve the learning outcomes and that the FEB pays sufficient
attention to the facilities to be made available to its students. Based on the description in the
self-evaluation report, the committee concludes that there are currently enough classrooms,
computer rooms and study places available. The committee would like to point out that if the
number of students increases, the facilities might become inadequate.
The committee confirms that there are adequate ICT facilities, including an electronic work
environment. During the site visit, it became clear that the students are satisfied with the
facilities and the number of computers. The committee notes that the digital course catalogue
provided on the internet contains ample information for students. The use of the electronic
environment Blackboard is not optimal yet; some courses are better described than others
within that environment, leaving room for improvement.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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
The FEB system for tutoring and information provision for students is not specifically linked
to one of the programmes. The educational institute (OWI) has an Academic Counselling
Department (ACD, 4.3 fte), an Internship Office (part of the ACD, 0.7 fte) and an
International Office (5.6 fte). The ACD employs seven student counsellors: five of them are
responsible for the 3,000 students in the regular FEB programmes; the other two advise the
approximately 900 students in the intensive accountancy, control and business administration
programmes. The student counsellors are also responsible for the FEB Internship Office.
The International Office employs nine staff members. The office is headed by a
coordinator/policy adviser (0.8 fte). Three people are responsible for the student
exchange programmes (1.3 fte). Five staff members (3.5 fte) are in charge of the application
procedures for the intake of foreign students for the bachelor’s and the master’s programmes.
The main channels for communication and providing information (in Dutch and English) to
the students are the FEB course catalogue and the FEB website. In addition, student
counsellors also organise information meetings and workshops for students in all phases of
their studies. The student counsellors are available by phone and in person for brief questions
or emergencies each day during office hours. Students can also make an appointment. The
Internship Office and the Internationalisation Department hold office hours twice per week,
and students can also make appointments for consultations. The student counsellors can take
initiative when they notice structural problems. Heading the list of top-ten topics most
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frequently discussed with students counsellors is the study programme schedule, followed
closely by the binding recommendation (BSA) and curriculum planning.
Starting in the first year of the bachelor’s programme students are given an introductory
interview and, where necessary, an introduction to the quantitative study programmes, a
tutorship, a meeting with counsellors, an invitation to join the honours programme,
information about opportunities for internships or studying abroad (also in the second and
third year), and information for students with a negative BSA.
During the site visit, the student counsellors stated their concern that the active approach in
the first year may be too intensive, although they are convinced of the importance of
guidance for freshmen. After one month, all students are interviewed by their tutors, focusing
the students' progress. In addition, there is an examination in which the focus lies on the
initial mathematical knowledge of the student (see Standard 8). After five weeks, the students'
progress is evaluated. At that point, there may be an explicit feedback moment for
problematic students. If a student does not seem motivated to continue with the programme,
the counsellors will offer guidance in order to find a suitable alternative. If it appears, within
the first year, that a student has difficulties with studying, a second option is available, namely
to follow study skills courses at the central UvA level. The Practical Academic Skills course
offered during the first year should in principle be sufficient to impart the necessary study
skills and attitudes.
In the second and third year of the programmes, activities are planned to inform bachelor
students and to support them in their (timely) study progress. These activities include:
informational meetings about graduating and about the master’s programmes at the FEB,
information about the transfer-master’s programme integrated into third-year courses, and a
workshop about starting with the bachelor thesis. One current concern is the progress of
second and third-year bachelor students. The supervision of their progress is not
computerized, which makes effective follow-up difficult. The UvA has purchased software
that will allow such follow-up in the future. Bachelor students expressed a wish for more
guidance concerning curriculum planning, including finding an internship and opportunities
for study abroad.
For master’s students, the offices plan regular activities to which they encourage students to
attend. These activities include: an interview covering the planning of the programme for
curricula with choice options, inviting students with poor grades to discuss their study
progress, a workshop about starting the master’s thesis, an Internship & Career conference
and, for foreign students, a workshop on the Dutch labour market.
Assessment
The committee studied the ways in which the FEB takes care of tutoring and information
provision for students. It concludes that the tutoring and information provision for students
are adequate in view of study progress, corresponding with the students’ needs. The
committee is positive about the digital information provision concerning courses through the
study guide. It appreciates the FEB's effort to provide information to students by means of
information meetings, individual interviews and workshops during all years of the bachelor’s
programmes and during the master year. This ensures that students are well prepared to enter
the master’s programmes or for graduating
The committee views favourably the efforts of student counsellors to put in effort to meet
with students to discuss their study progress – discussing whether or not to continue with
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their studies in case of problems (e.g., in the context of a negative BSA). It also appreciates
the intensive guidance offered to students in the course of their first year; this helps ensure
that students make right choices, finding their way in the labyrinth of options seen. The
committee advises the FEB to follow through with the provision of guidance to students
concerning their study progress and their curriculum planning after the first year of the
programme. This could have positive effects on the study completion success of students,
particularly in the FEB context that emphasises the freedom of choice (see Standard 21).
On the one hand, the committee notes that students feel free to contact the student
counsellors at any time. On the other hand, there are indications that it may take too much
time before students can actually meet the counsellor. The committee advises to expand
student counselling capacity to facilitate the contact between students and counsellors.
During the site visit, it became apparent that student counsellors have many other
responsibilities. With more counselling capacity, more attention could be paid to the problem
of student drop-out (see Standard 21), and more advice could be given concerning study
progress. Further, the wide freedom of choice given to the FEB students (see Standard 10)
results in a commensurate workload increase for the counsellors. This may hinder the attempt
to provide the FEB all students with adequate information concerning the composition of
their curriculum and the implications thereof.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 Fiscal
Economics, it assesses this theme as satisfactory. In the case of the master’s programme in
Fiscal Economics, it assesses this theme as satisfactory.
7.1.4. Internal quality assurance system
S17: Periodical evaluations
The curriculum is periodically evaluated in the light of verifiable objectives and other measures.
Description
The self-evaluation report states that the FEB utilises the Plan, Do, Check, Act cycle for
educational quality assurance recommended by UvA. Within this cycle, all educational
activities are evaluated periodically, and changes and improvements are initiated if required. A
course evaluation takes place at least once every two years for each course, according to the
procedure described in the evaluation handbook.
The evaluation method has changed in the course of the later years. Evaluations are now
carried out by means of course evaluation forms, of panel discussions, of consultative group
interviews and of comprehensive programme evaluations.
As of September 2008, course evaluations are conducted using a new standardised evaluation
form, featuring approximately 20 questions. The questions on the standardised evaluation
form address various topics, such as course quality, the lecturer, the learning environment and
the testing, as well as questions on study effort, time spent on study, grades assigned to
lecturers, strong and weak points of the course, et cetera. Most questions ask for a scores
from 1 (very dissatisfied) to 5 (very satisfied). If the evaluation on a specific topic is low, this
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is noted as a point for concern (scores between 3 and 3.5) or for improvement (below 3) on
the report form. The Educational Quality Assurance Office draws up a concise report
containing results for every course evaluation processed via Evasys. The report is then sent to
the lecturer, to the programme director (or the track coordinator), to the department chair,
and to the programme committee. If the report contains points for improvement, the lecturer
is asked to submit an improvement plan. Programme directors are responsible for following
up the implementation of such improvement plans.
Panel discussions complement the course evaluation. They provide a more in-depth
evaluation of the course and allow improvement plans to be drawn up in consultation with
students, lecturers and programme committees. Panel discussions are always organised for
courses for which an improvement plan has been drawn up. Two or more students who
participated in the relevant course, the lecturer and an employee from the Educational Quality
Assurance Office always participate in a panel discussion. A report of the panel discussion is
drawn up and sent to the relevant lecturers, programme director, track coordinator, director
of college or school, department chair and programme committee. The programme director
will then use the report to decide whether or not an improvement plan is needed.
The consultative group comprises approximately six students, the student counsellor, all
lecturers for the relevant time period and the foundation-year coordinator. The group meets
at least once every semester. The consultative group focuses on the overall quality of
education and that of the separate courses. Over the past few years, these group discussions
have only been held for the Econometrics & Operational Research and the Actuarial Science
(AEO) programmes. The experience with consultative groups is very positive. A consultative
group will be created for the 2009-2010 academic year for every programme within the FEB.
There are three programme committees within the FEB: the programme committee for
Actuarial Science, Econometrics and Operational Research, the programme committee for
Economics and Business, and the programme committee for Fiscal Economics. These
programme committees are responsible for the evaluation both at the course level and at the
curriculum level. During the site visit, the programme committees stated that their task
included monitoring the state of education, the application of the relevant regulation, and
giving advice, as requested or on their own initiative. When a new course is instituted, the
programme committee evaluates its fit with the curriculum in order to prevent gaps or
content overlaps. Once a year, the coherence of the structure and contents are discussed The
main issues discussed by the programme committees concern bottlenecks in curricula, such as
mathematics, and the inflow of students the FEB programme committees do not conduct
research on their own, as this is the task of OWI, e.g. the study by the OWI concerning the
impact of BSA. When the programme committee is of the opinion that research is needed,
use is made of the services and expertise of OWI. Still, the programme committees consider
themselves as an active, even pro-active, partner in the cycle for educational quality assurance.
The Fiscal Economics programme committee monitors the bachelor’s and the master’s
programme. It consists of three students, three lecturers and three advisers from the FdR. The
programme committee is in charge of a relative small programme and only meets twice a year.
Other staff members are invited to participate to its meetings, such as the student counsellors
and the programme director. According to the self-evaluation report, the programme
committee is very active and regularly provides advice autonomously. During the site visit, it
became apparent that the programme committee gives advice concerning the communication
between the FEB and the FdR. Discrepancies between those faculties are often discussed by
the programme committee – for example, in the context of the exam regulations or the mutual
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adaptation of the programmes. The programme committee signals that the contacts between
the faculties could be improved. Both a lecturer and a student of the FdR are present in the
programme committee of Fiscal Economics, but no students or lecturers represent the FEB in
the FdR. The programme committee has already succeeded in improving the
communication/coordination between the faculties on some points such as the ordering of the
courses in order to prevent subjects taught at the FdR being unfamiliar for the Fiscal
Economics students.
During the site visit, the committee learned that programme evaluations (or audit mid-way), in
which an entire programme or specialisation is evaluated, take place every six years, being
planned at least two years before the following site visit. According to the FEB, plans are
being made concerning programme evaluation between two site visits.
Assessment
The committee studied the periodic evaluations conducted at the FEB and the system that
leads to these. It concludes that curricula are evaluated periodically in the light of verifiable
objectives, also reflecting on past measures. The FEB makes sure that both courses and the
curriculum are on a regular basis evaluated according to set guidelines. Though the committee
is aware of the fact that the FEB made headway concerning the systematic evaluation of
courses, the committee advises developing the system of quality care further, and making it
more productive and comprehensive. It encourages the FEB to conduct more investigations
on their own educational approach and outcomes. The committee is of the opinion that the
FEB can develop the present system into one based on systematic educational research.
The committee notes that course evaluations take place and that the FEB takes charge of
designing the evaluation system. It deems the decision to change from digital to written
evaluation forms sensible in view of the increased response rate thus secured. This allowed
more frequently reaching the 50% response rate needed for online publication of the results
of course evaluations, taking into account the fact that the FEB lecturers hand out and collect
the evaluation forms themselves makes the procedure vulnerable to criticism, however. The
evaluation at curriculum level, during which an entire programme or specialisation is
evaluated, could be improved, since it is at present not frequent (only once every six years).
Results are often discussed only separately for every specific course. The commmittee advises
to more often evaluate the curriculum as a whole and, in this way, make sure that the contents
of the curriculum are internally consistent.
Despite the fact that the FEB was not able to keep up the high level of quality assurance in
the past few years, the committee appreciates the fact that the FEB now pays considerable
attention to the quality of education again. This is shown, for example, by the renewed
commitment of the Educational Quality Assurance Office and by the OWI.
The committee notes that programme committees are established, with responsibility for
evaluation at both the course level and the curriculum level. These programme committees
are apparently active, feeling involved in the quality assurance system. Nevertheless, the
committee deems it desirable that programme committees become more influential, both by
improving their composition and their attitude; that is, programme committees would benefit
from greater participation of chairs, and a more pro-active attitude. Their current
composition does not radiate authority. Courses are separately evaluated in a valid way by the
programme committees, but these could better also devote attention to evaluating whole
curricula
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Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 mentions several changes brought about in courses and
programmes as a result of the outcomes of the evaluation process. As a first example there
are the evaluation procedures themselves. A new evaluation policy was implemented in the
2008-2009 academic year; it will become a permanent component of the FEB’s evaluation
system in the years ahead, and will be further developed. It is already a standard procedure to
discuss course evaluations in the annual meeting between the department heads/section
heads (see Standard 14). At this moment, course evaluations also provide information about
the assessment of lecturers by students, which may be one of the considerations in faculty
promotion decisions and which has resulted in actions to improve courses. Another change
triggered by the new methods of evaluation is a shift in culture and responsibilities. The
initiative for educational quality control now lies with the programme directors instead of
with OWI. It is primarily the programme director who must feel responsible for the study
programme and who must take initiatives for improvements, in cooperation with department
and section heads. Finally, a new handbook has been created (the Quality Assurance Manual),
for conducting and processing course evaluations, for conducting and processing panel
discussions, and for supervising the progress of improvement plans.
In addition to the changes to the evaluation methods mentioned above, change will also result
from applying those improved methods. How this takes place was discussed under Standard
17, where the use of the evaluation methods is described. For example, when a score on the
course evaluation is too low, this will be noted as a point of concern (between 3 and 3.5) or
for improvement (below 3) in the report.
During the site visit, a few changes resulting from efforts made by the programme
committees were mentioned. One example is the postponement of implementing the 8-8-4
period system, which would involve a rescheduling of all courses. Another example involves
the improvement of course evaluations, a topic that has been on the programme committees'
agenda for several years. During the site visit, the programme committees stated that the
implementation of improvement measures deserves attention. Plans for improvement exist,
but the programme committees do not receive adequate feedback on the implementation.
The programme committees indicate that after every meeting they produce a checklist
pertaining to improvement plans, so that cases where feedback is lacking can be identified.
Assessment
The committee studied the way in which measures for improvement are dealt with by the
FEB. It concludes that the FEB evaluation procedures are the basis for verifiable measures
for improvement, contributing to the achievement of the learning outcomes.
During the site visit, it became clear that the programme committees could cite examples of
several improvements, both at the course level and the curriculum level. The committee also
ascertained that the results of some evaluations gave rise to improvement measures. The
committee notes that improvements regarding evaluation are just becoming to be initiated.
Nevertheless, the committee is convinced that the FEB improvements are implemented as a
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consequence of the evaluation process and the FEB will work on further improving the
evaluation system.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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
The self-evaluation report states that staff, students, alumni and the relevant professional field
are actively involved in the internal quality assurance system. There are different ways for
students to be involved. For example, through the UvA Monitor for employees and students,
which in 2008 was administered to 3000 third-year bachelor’s students and 7000 master’s
students. The FEB student council (FSR) is the official body through which students have an
influence on the FEB. The FSR represents every student of the FEB and meets with the FEB
management team the FEB every six weeks. Advice is given about subjects that are important
to students. The main objectives currently are to further enhance education and quality care,
as well as to improve the facilities and to foster sustainability at the FEB. The goals are to
protect the rights of students and to advise the FEB’s management in several areas, such as
examination rules, BSA, feedback from lecturers and evaluation of exams. Students can also
exert influence through the student counsellors, who report new problems to the programme
director, responsible for finding a solution.
Students as well as lecturers are involved in the internal quality assurance system through the
programme committees. During the site visit, it became clear that the programme committees
are in general satisfied with the way they function, and feel they are taken seriously, despite
the fact that their task is in principle only of an advisory nature. Both students and lecturers
point out that they are satisfied with their close cooperation in the programme committees.
The programme committees stated that they do have contact with the programme directors
on a regular basis, but not at set times. Often, the programme director joins the programme
committees’ meetings in the months of April and October. The programme committees
stated that contacts between the programme committees and their constituencies (particularly
students and staff) run primarily through the informal contact network. Formal
communication on changes achieved by the programme committees is placed on the internet
site, which is quite hard to find, and in the FEB newsletter.
Alumni are involved with the internal quality control of the FEB through the central UvA
Alumni Association. The relevant umbrella organisation for the FEB is the FEB Alumni
Office. It maintains a database of some 8,000 alumni. It actively organises lectures and
seminars throughout the academic year on various economics and business topics. The FEB
also has two alumni associations: The Circle of Amsterdam Economists and Tempo Doeloe.
Two other student unions at the FEB maintain contact with former members: the
Association for International and General Economics (Vereniging voor Internationale en
Algemene Economie - VIAE) and the Association for Actuarial and Econometric Students
(Vereniging voor Studenten Actuariaat en Econometrie - VSAE). The alumni provide the
FEB with information on how they perform in labour market. They also provide formal and
informal feedback on the programme. The alumni are monitored in what is known as the
Scientific Education Monitor, a questionnaire sent to graduates on of two years after
graduation.
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The professional field is clearly involved in the internal quality assurance of the FEB.
According to the self-evaluation report, the FEB features a sizeable and influential body of
part-time staff with their main job in practice, many of whom hold senior positions in the
corporate world. Further, input from the corporate world is evident across all programmes by
guest lectures and conferences, adjunct professors and the provision of internships. This
clearly brings practical relevance into the educational programmes (see Standard 4).
Assessment
The committee studied how staff, students, alumni and the professional field are involved
within the FEB and its quality assurance system. It concludes that staff and students are
actively involved in the internal quality assurance system. The involvement of alumni and the
professional field is indirect.
The committee notes that students have different ways to influence the quality of their
education, for example through the UvA Monitor, the FEB student council, the programme
committees and course evaluations. The committee appreciates the commitment of both
students and lecturers to the programme committee. The committee can confirm that the
programme committees’ recommendations are taken seriously and enjoy sufficient support
with e.g. programme directors and students. The committee notes that the contacts between
the programme committees and their student constituency runs primarily through their
informal contact network. During the site visit, it became apparent that students are not well
aware of who represents them on the programme committees. The committee advises to
better structure the contacts with and information provision to the students at large. This will
make it clearer to the student body what measures are taken in response to the course
evaluations completed by the students. This will in turn improve the provision of information
to the programme committees, because students will know by which channels to convey their
problems and concerns.
During the site visit, alumni indicated that they are being approached on a regular basis,
through lectures and seminars. Still, the committee observes that alumni are not overly
enthusiastic about maintaining contact with the FEB to contribute to its quality. The
committee appreciates that the FEB tries to stay in touch with its alumni, but feels that this
effort could be better structured.
The professional field is involved with the internal quality assurance system of the FEB,
mostly in an indirect way. The committee notes that an input from the professional field takes
place through guest speakers, part-time professors with their main job in practice, and
internships across all programmes.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 in Fiscal Economics, it assesses this theme is satisfactory. In the case of the
master’s programme in Fiscal Economics, it assesses this theme as satisfactory.
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7.1.6. Results
S20: Achieved learning outcomes
The achieved learning outcomes correspond with the aims and objectives regarding level, orientation and subject/discipline-specific requirements.
Description
Bachelor’s programme in Fiscal Economics
The self-evaluation report states that, to complete the programme, students must write a
bachelor’s thesis accounting for 5 EC. They must have completed the “Fiscal Economics
Thesis Seminar” before starting to write the thesis. The “Thesis Seminar” also accounts for 5
EC, and aims to support students in designing and writing their bachelor’s thesis. In the
“Thesis Seminar”, students write a series of different texts that prepares them for, and relates
to, their bachelor thesis. The subject of the bachelor’s thesis should be related to a focal
subject area in the programme and preferably build on an advanced subject covered in the
courses. The subject and design of the thesis must receive the explicit approval of the
programme director, who is also formally responsible for designating the supervisor. The
latter may be a lecturer in fiscal economics based at the FEB, or a lecturer in fiscal law from
the FdR. In the latter case, the subject and design must also be approved by the Fiscal
Economics programme director.
In the bachelor’s thesis, the student reports on a personal academic research project. The
content required for a bachelor’s thesis must consist of independent work specifically carried
out for the thesis and giving evidence of the student’s creative thinking. It must be academic
in nature and it has to provide a response to a research question, involving evaluation or
recommendations. This may be based on a study of the literature or on the student’s own
theoretical or empirical research. Furthermore, the thesis must meet the general requirements
for the content and layout of academic texts, including proper referencing to sources. For
grading the thesis, besides the content, also the student’s skills and work attitude are taken
into account (see standard 11). The thesis supervisor is responsible for the academic content
and level of the thesis.
According to the self-evaluation report, most bachelor graduates do not consider the
bachelor’s degree the final stage of their academic education. The vast majority of graduates
continue their education with the corresponding master’s programme. A major reason for this
is that students expect much better labour market opportunities if they hold a master’s degree
rather than only a bachelor’s degree.
Master’s programme in Fiscal Economics
The self-evaluation report states that students have to write a master’s thesis to demonstrate
the extent to which they are able to apply their knowledge and skills in a largely independent
and original piece of research. Thesis supervision is laid down formally in the FEB thesis
rules and regulations. The master’s thesis accounts for 10 EC and should be based on and
appropriately embedded in the relevant fiscal economics literature. Thesis subjects must be
approved by the programme director and are preferably related to the subject of a specific
course. The thesis is supervised by a member of either the FEB or the FdR. The student
reports the results of an independently conducted, small-scale research project with an
academic character. The FEB’s thesis rules and regulations contain more detailed
requirements concerning the content and size of the thesis. For grading the thesis, besides the
content, the student’s skills and work attitude are taken into account (see standard 11).
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According to the self-evaluation report, the labour market prospects for graduate masters are
excellent, as evidenced by the most recent ‘WO-monitor’ (2007). Graduates immediately find
a job upon graduation (typically because they are already working in the field in their studies)
and earn above-average wages. Graduates typically start working as a fiscal economist in two
main sectors: the consultancy world as tax adviser, or with the government as a tax inspector.
After having gained some years of practical experience, transition to a position as business tax
expert in a large company, possibly a multinational, becomes possible.
Assessment
The committee assessed the achieved learning outcomes by inspecting a selection of the
master theses from all the programmes. It made a random selection of three from the list of
the 25 most recently completed theses from each programme; it received the associated
assessment forms. Consideration was given to the grading (low, average and high grade) and
the supervisor (the selected theses had different supervisors). The committee members read
the theses, and assessed their presentation of the problem and review of the literature;
methods and their justification; conclusion and discussion, structure, legibility and
verification. It found that these works meet the aims and objectives regarding level,
orientation and subject/discipline-specific requirements.
The overall conclusion is that the quality and level of the theses are satisfactory. By and large,
the committee agreed with the grades awarded by the supervisors. However, theses with low
grades tend to be quoted too generously according to the committee. In contrast, some theses
with high grades are of such quality that, according to the committee, they could be of
publishable quality.
The committee notices that bachelor’s and master’s theses both use the same assessment
form. It is of the opinion that these two assignments are not sufficiently different to warrant
separate assessment criteria and forms. Designing different sets of criteria for both types of
theses would force the programme management to clarify the standards, and give the students
a better guideline for what is expected.
Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
The committee randomly selected three from a list of the 25 most recently completed theses
and associated assessment forms from the bachelor’s programme and master’s programme in
Fiscal Economics. It read and assessed the theses. On average, the committee felt that the
quality and level of the theses was satisfactory and it agreed with the grades awarded by the
supervisors. The subjects of the theses represent the breadth that one would aspect of a
multidisciplinary programme.
The bachelor’s thesis with the lowest grade is deemed well written and to contain discussions
of different points of view. The committee notes that the thesis does not contain much
scientific literature and considers it not very original. The committee agrees with the low
grade awarded. The second bachelor’s thesis is considered to be well written and structured,
offering a clear formulation of the problem. The thesis places a predominant emphasis on the
legal perspective, rather neglecting the economics angle. The committee therefore finds itself
in agreement with the average grade awarded by the programme. The bachelor’s thesis with a
high mark is considered adequate, especially concerning the style and language. The
introduction and the problem formulation are clear, and a step-by-step approach to deal with
most issues is described adequately. The last section presents the results in an orderly way,
summarizing them in a conclusion. The committee agrees with the high grade awarded to this
thesis.
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The master’s thesis with the low grade is reasonably well written and covers a contemporary
subject. The problem formulation is very specific, and the thesis contains little theory or
empirical material. The committee observes that only the legal domain is discussed in this
thesis, while the economics perspective is missing. The committee agrees with the low grade
awarded. The second thesis is considered well elaborated, with a clear problem definition that
pervades the logical structure of the work. There is a good bibliography with many relevant
references, applicable to both the field of economics and of law. Nevertheless, the committee
finds this thesis to be rather descriptive in nature, lacking a presentation of the student’s own
opinion. The committee agrees with the average grade awarded by the supervisor. The
master’s thesis with a high mark is considered adequate by the committee: well structured,
well written, and with a relevant and well-formulated problem definition. The committee
finds that the emphasis lies on the legal side. Still, it agrees with the mark awarded.
The committee is positive concerning the “Thesis Seminar” in the bachelor’s programme,
which prepares students for writing their thesis. It is of the opinion that this seminar provides
students with research skills at an early stage, and thereby reduces the time spent on the
thesis. The committee notes that the inclusion of both fiscal and economic elements in the
theses is not mandatory. It advises to systematically make sure that both elements are present
in all theses, so that these will match more closely the domain of fiscal economics.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 states that the FEB aims for success rates that are more than
satisfactory. However, low and late completion rates have been a persistent problem plaguing
the FEB over the years. In the last decade, a variety of measures has been implemented in
order to improve the success rates, while maintaining high academic standards. The FEB is
aware that the success rates are not satisfactory but at the same time recognizes that this is a
difficult problem for which no easy or obvious solutions exist. As long as the success rates are
below target, the FEB will continue searching actively for solutions.
The FEB does not aim for a 100% success rate, which would imply that admission guarantees
graduation, for even after careful assessment of the prospective students’ academic
background, it sometimes turns out they are not suitable for the programme or do not have a
sufficient level of knowledge. Furthermore, the quality of students, especially if from abroad,
is sometimes difficult to establish beforehand, as is their motivation for participating in the
programme.
For the bachelor’s programmes, two types of success rates are tracked. First, target rates are
formulated for the average number of EC obtained in the first year. The average across the
FEB in 2007 was 36 EC (excluding ‘no-show’ students), substantially below the target of 45
EC. The second type of success rate concerns the completion rate, this gives the percentage
of students that finish their three-year bachelor’s programme within four years. In 2007, this
rate equaled 27% across the FEB. The ambition is to increase this to 45% in 2012. The FEB
seeks ways to increase the percentage of full-time students who complete a one-year master’s
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programme within two years to 75%, and thinks that achieving this depends mainly on the
entrance selection.
According to the self-evaluation report, the poor figures found in the report are not a valid
reflection of the actual success rates. One factor lowering the success rate is that students are
offered suitable jobs before completing their studies and that, not surprisingly, most students
accept such jobs offers. Another significant factor is that part-time students are included in
the statistics, and that part-timers understandably take longer to graduate. The figures are also
distorted by the present absence of a clear ‘cut’ between the bachelor’s and the master’s
programmes, allowing FEB bachelor’s students to enrol in master’s courses before fully
completing their bachelor courses. The hard-cut ‘bachelor-before-master’-rule was introduced
at the UvA in September 2009.
During the site visit, another reason for low the success rate became apparent. It seems that
the programmes in economics attract many students with vague motivation, with deleterious
effects on their effort. This explains the substantial dropout rate at the start of the first
bachelor’s year. Since last year, the FEB offers an introduction meeting where attitude and
motivation are discussed (see Standard 16); one month, later, all students are interviewed by
their tutors about their progress. Unfortunately, this approach does not seem to be effective,
so that the FEB searches for other avenues to improve the performance.
Bachelor’s programme in Fiscal Economics
The percentage of students finishing their bachelor programme in four years can be
calculated for the cohorts 2002 to 2004 only. The success rates are 29%, 13% and 18%,
respectively. These numbers are below the target of 45%. The majority of students took more
than four years to complete the bachelor’s programme and to graduate; over 50% needed
more than five years. According to the figures in the self-evaluation report, out of the 22
bachelor students who started in 2005, 17 enrolled in the second year, of whom 2 obtained
their bachelor after three years and 3 after four to five years. Finally, 6 students are still in
progress and 6 quit.
Master’s programme in Fiscal Economics
According to the figures presented in the self-evaluation report, of the 31 students who
started in 2007, 4 (13%) graduated after one year. After two years, 7 students (23%)
graduated. Currently, 24 students (77%) are still in progress.
Assessment
The committee studied the study progress at the FEB. It concludes that comparable targets
are formulated as for other relevant programmes elsewhere in the Netherlands. The
committee finds that the FEB’s programmes fail to achieve these targets. The committee
finds that the success rates are low, but has observed the same for comparable programmes in
the Netherlands.
The committee advises the programme management to further scrutinize the figures
regarding study programmes, completion and success rates, and study delays. The committee
is of the opinion that providing students with preliminary study advice at the start of the first
year and a more proactive supervision of the students could be beneficial for the success rate.
The committee understands that the FEB is about to implement such study advice and
proactive supervision, and that it is fully aware of the need to achieve improvement in this
area. Considering the latter points, the committee is willing to state that the programmes are
adequately at work to meet the criteria for this standard.
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Bachelor’s programme in Fiscal Economics & Master’s programme in Fiscal Economics
The committee, having examined the study progress of the bachelor’s programme and
master’s programme in Fiscal Economics, concludes that the programmes meet the criteria
for this standard. The committee nevertheless finds that the completion rates for this
programmes lie below that of comparable programmes. It remains difficult to make such
comparisons, however, as the success rates for each programme are influenced by a host of
different and specific factors. The committee advises the programme management to try to
gain better insight into figures for success and completion. One factor influencing the
completion rates and duration is that Fiscal Economics is regarded as a practical degree,
preparing for a profession. Therefore, students are inclined to already start working during
their studies. For the master’s programme, the committee therefore advises to consider the
introduction of a dual programme of two years in duration, during which students can both
study and work.
Bachelor’s programme in Fiscal Economics: the committee assesses this standard as satisfactory.
Master’s programme in Fiscal Economics: 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 Fiscal
Economics, it assesses this theme as satisfactory. In the case of the master’s programme in
Fiscal Economics, it assesses this theme as satisfactory.
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Overview of the committee’s assessment
Bachelor’s programme in Fiscal Economics:
Theme
1. Aims
objectives
2. Curriculum
Assessment
and Satisfactory
Satisfactory
3. Staff
Satisfactory
4. Services
Satisfactory
5. Internal quality Satisfactory
assurance system
6. Results
224
Satisfactory
Standard
1.
Subject-/discipline-specific
requirements
2. Bachelor and master level
3. Academic orientation
4. Requirements for academic orientation
5. Correspondence between the aims and
objectives and the curriculum
6. Consistency of the curriculum
7. Workload
8. Admission requirements
9. Credits
10. Coherence of structure and contents
11. Learning assessment
12. Requirements for academic orientation
13. Quantity of staff
14. Quality of staff
15. Facilities
16. Tutoring
17. Periodical evaluations
18. Measures for improvement
19. Involvement of staff, students, alumni
and the professional field
20. Achieved learning outcomes
21. Study progress
Assessment
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Complies
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
QANU / Economics, University of Amsterdam
Master’s programme in Fiscal Economics:
Theme
1. Aims
objectives
2. Curriculum
Assessment
and Satisfactory
Satisfactory
3. Staff
Satisfactory
4. Services
Satisfactory
5. Internal quality Satisfactory
assurance system
6. Results
Satisfactory
Standard
1.
Subject-/discipline-specific
requirements
2. Bachelor and master level
3. Academic orientation
4. Requirements for academic orientation
5. Correspondence between the aims and
objectives and the curriculum
6. Consistency of the curriculum
7. Workload
8. Admission requirements
9. Credits
10. Coherence of structure and contents
11. Learning assessment
12. Requirements for academic orientation
13. Quantity of staff
14. Quality of staff
15. Facilities
16. Tutoring
17. Periodical evaluations
18. Measures for improvement
19. Involvement of staff, students, alumni
and the professional field
20. Achieved learning outcomes
21. Study progress
Assessment
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Complies
Satisfactory
Satisfactory
Satisfactory
Unsatisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
Satisfactory
The committee’s overall assessment of the bachelor’s programme in Fiscal
Economics and the master’s programme in Fiscal Economics
The committee concludes on the basis of its assessments of the themes and standards from
the assessment framework:
•
•
that the bachelor’s programme in Fiscal Economics fulfils the formal requirements which
are a prerequisite for accreditation,
that the master’s programme in Fiscal Economics fulfils the formal requirements which
are a prerequisite for accreditation.
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APPENDICES
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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 (1988-1991) 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 2003.
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 1975. 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 2009. 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
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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 1982. 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; 2003-2009). 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
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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 2008. 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
2009. 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 2011. 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 CO2 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 CO2 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
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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.
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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:
16 – 19 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:
28-30 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:
12-14 October 2009 and 21 – 22 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
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Mr. E.A. de Kok
Prof.dr. H.C. Tijms (advising member)
University of Amsterdam
Site visit:
23 – 26 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 2009 – 2 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
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Appendix C: Programme of the site visit at University of
Amsterdam
Faculty of Economics and Business
University of Amsterdam
Visiting schedule visitation QANU, 23– 26 November 2009
Day 1 Monday, 23rd November
18.00
Preparatory meeting
20.00
Dinner
Day 2 Tuesday, 24th November
9.00 – 10.15 Introductory meeting formally responsible people:
10.15 – 11.00 Break
11.00 – 11.30 Students MSc. Business Economics (BE)
11.30 – 12.15
(BE)
12.15 - 13.00
13.00 - 13.30
13.30 - 14.00
14.00 - 14.30
BE, Ec)
14.30 - 15.00
BE, Ec)
15.00 - 15.15
15.15 - 15.45
15.45 - 16.30
16.30 - 17.00
17.00 - 17.30
17.30 - 18.15
19.30 -21.30
Lecturers MSc. Accountancy and Control (AC) and MSc. Business Economics
Lunch
Students MSc. Economics (Ec)
Lecturers MSc. Economics (Ec)
Programme Committee Economics and Business Economics students (AC,
Programme Committee Economics and Business Economics lecturers (AC,
Break
Student MSc Accountancy and Control
Break
Students BSc. Econometrics & Operational Research (EOR)
Consultation hour
Review Accountancy and Control, Business Economics and Economics (AC,
BE, Ec) by committee
Dinner with representatives of the Faculty
Day 3 Wednesday, 25th November
9.00 – 9.45
Lecturers BSc. Actuarial Science (BSc.-AS) and BSc Econometrics &
Operational Research (EOR)
9.45 – 10.15 Students BSc Actuarial Science (BSc-Act) and MSc Actuarial Science (MSc.AS)
10.15 – 10.45 Lecturers MSc. Actuarial Science (MSc.-AS)
10.45 – 11.00 Break
11.00 – 11.45 Students MSc. Econometrics (Er) and MSc Operations Research &
Management (ORM)
11.45 – 12.30 Lecturers MSc. Econometrics (Er) and MSc Operations Research &
Management (ORM)
12.30 - 13.30 Lunch
13.30 – 14.00 Programme Committee Actuarial Science, Econometrics & Operational
Research – Students (BSc.-AS, MSc.-AS, EOR, Er, ORM)
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14.00 – 14.30 Programme Committee Actuarial Science, Econometrics & Operational
Research - lecturers
14.30 – 14.45 Break
14.45 – 15.45 Review Actuarial Science, Econometrics & Operational Research (BSc.-AS,
MSc.-AS, EOR, Er, ORM) by committee
15.45 – 16.30 Exam committee
16.30 – 17.00 Supporting staff
17.00 – 18.00 Alumni
19.30
Dinner
Day 4 Thursday, 26th November
9.00 – 9.30
Students BSc. Fiscal Economics (BSc.-FE)
9.30 – 10.00 Students MSc. Fiscal Economics (MSc.-FE)
10.00 - 10.45 Lecturers BSc. Fiscal Economics (BSc.-FE) and MSc. Fiscal Economics
(MSc.-FE)
10.45 – 11.00 Break
11.00 - 11.30 Programme Committee Fiscal Economics students (BSc.-FE, MSc.-FE)
11.30 - 12.00 Programme Committee Fiscal Economics lecturers (BSc.-FE, MSc.-FE)
12.00 – 12.30 Review Fiscal Economics by Committee (BSc.-FE, MSc.-FE)
12.30 - 14.00 Lunch and Preparation for concluding meeting (Committee)
14.00 - 15.00 Concluding meeting with formally responsible people
15.00 - 17.00 Review meeting committee, draft of preliminary results
17.00
Oral Presentation of results 17.30 E-0.20 English
17.30
End of visit (drinks)
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