Quantitative Decision Making in Economics and Management (M.Sc.)

(English-language degree)

The most important facts at a glance:

 

Degree:

Master of Science (M.Sc.)

Standard period of studies:

4 semesters

Start:

Winter semester

Admission restrictions:

Restricted in semesters 1 to 3

Application:

Via the Studierendenservice (Student Services) of the JGU; see application process

Applicants with foreign certificates:

mainly English; all core modules and the master thesis are in English; some of the elective modules are held in German

Required language certificate: see "Admission Requirements"


Deadlines:

Winter semester: April 1 - May 15

Required Bachelor's degree at JGU:

Economics (B.Sc.)

depending on the courses chosen Economics (B.A., minor subject)

Computer Science (B.Sc.) if the minor subject is Economics

Mathematics (B.Sc.) if the minor subject is Economics

Physics (B.Sc.) if the minor subject is Economics

Homepage:

Master QDEM

Faculty:

Faculty 03: Department of Law, Management and Economics

Accreditation:

The accreditation of study programmes for Bachelor and Master Degrees constitutes as a precondition for the granting of state approval.

Subject Matter

The degree program “Quantitative Decision Making in Economics and Management” covers three subject fields that are complementary to each other. These are statistical and econometrical methods of data analysis, data-driven planning and optimization of business processes, and the scientific foundations of psychological, social and behavioural strategical interactions and economic decision-making. Through the combination of these course contents, students will be qualified to analyse and solve individual, social, and corporate strategic decision-making problems by employing a data-based approach and by utilizing different analytic methods.

During the program, students acquire a solid overview of the three subject fields in the core modules. Through the elective modules in the subsequent specialization phase, students obtain a deep theoretical and methodological understanding as well as practical skills, which qualifies them to employ relevant methods and to provide a critical interpretation of their results in a wide spectrum of decision-making situations.
Students will be able to work in groups and elaborate different problem-solving approaches. Besides, they will have the capabilities of presenting the knowledge obtained to a wide variety of audiences, such as experts and the general public.

The program is mainly taught in English, but a few elective modules are taught in German.

 

Course Structure

The Master of Science “Quantitative Decision Making in Economics and Management” (QDEM) is a modular program, comprising of 120 Credit Points (CP). These are divided into the following five parts:

  • Fundamentals (1. Semester; 30 CP)
    The methodological foundations are conveyed in five core modules, upon which the further phases of the program are built: Mathematics/Statistics, Programming, Advanced Econometrics, Operations Research, Economic Decision Making.
  • Academic Skills (2. Semester; 6 CP)
    Advanced methods of academic work will be taught in small groups. Besides that, students will attend two courses on personal development.
  • Specialization (2./3. Semester; 42 CP)
    Students can choose up to seven specialization modules from three subject fields (i) Econometrics, (ii) Management Science & Business Intelligence, and (iii) Economic Behaviour and Strategy. Also, two modules from the free part can be chosen.
  • Research module (2./3. Semester; 12 CP)
    Students attend two applied project seminars either in one of the three subject fields or in two different subject fields.
  • Master Thesis and Research Colloquium (4. Semester; 30 CP)

The lessons are held in the form lectures, tutorials, and seminaries.

 

Admission requirements

  • Bachelor’s degree:
    A completed bachelor-level degree with at least 6 semesters regular period of study.
    Candidates should have taken at least 18 ECTS in the field of management or economics and 19 ECTS in the field of mathematics, statistics, econometrics or quantitative empirical methods.
    Note that if you have not completed your degree yet, you can still be admitted if – by the time of application – you have already acquired at least 135 ECTS in a bachelor’s program that takes six semesters and awards a total of 180 ECTS according to the European credit point system.
  • Language Skills:
    English language skills at B2 level, proven by one of the following options:

    • Higher education entrance qualification acquired in an English-taught institution
    • Bachelor-level degree in a program entirely taught in English
    • First Certificate in English (University of Cambridge ESOL Examinations) or higher (Advanced (CAE) or Proficiency (CPE))
    • IELTS (International English Language Testing System), with a minimum of 5,5 Points
    • TOEFL (Test of English as a Foreign Language), 72 (Internet-based test, ITB), 47 (revised TOEFL Paper-delivered Test, PdT)
    • Telc English B2
    • OTE (Oxford Test of English): average score of 111 from 140
  • Entrance test:
    Comprises a 90-minute-long written test, where students are required to document sufficient prior knowledge in the field of mathematics (analysis, linear algebra, stochastic), statistics (descriptive statistics, estimation and hypothesis testing) and microeconomics (basic concepts, game theory and information economics). The content is typically covered in obligatory modules of a bachelor’s degree in economics and management.

 

Internships

Internships provide an important link between university and the professional career by helping you in your career and study plans. You have the opportunity to get to know new career fields and also apply the knowledge obtained during your studies. In an internship, you may be able to find out whether the everyday working life corresponds to your professional interests and ideas. Besides, internships serve as an important source of additional qualifications, first work experience and a tool of network-building with potential future employers.

General information on the topic “Internship” can be found in the Webpage of the Career Service. They are able to support and guide you on your career path as well as with the transition from university to professional career through a series of counselling and informational events.

Additionally, professors in the faculty may help students to find an adequate internship spot during the lecture-free time.

 

Information

The International Office offers counselling for international students about the application process and general information.

The Academic Advisory Office offers specific information on the subject (List available in German only).

The Student representatives give information from a student perspective (List available in German only).

 

Professional Fields

Typical fields of activity can be found in both research and professional practice. The program is designed to close the gap between tasks which require data to be analysed, and those in which data-based decisions must be met. Such tasks can often be found in private firms (for instance, in the industry- or in the consulting-sector), but also in public institutions (ministries or associations). Furthermore, the program provides students with the necessary skills to conduct independent quantitative and empirical economic research.

Through the focus on English as the instruction language, the contact with international students on the economics faculty, and the promotion of personal development, the graduates will be prepared for the international labour market.