|
|
The aim of the Master's program in Quantitative Decision Making in Economics and Management (QDEM) is to equip students with advanced skills in analyzing and interpreting data using a diverse range of quantitative approaches. Focusing on econometric methods, management science, and economic behavior, the program emphasizes the application of data-driven insights for strategic decision-making in complex economic environments. Graduates are well-prepared to meet the growing demand for professionals with comprehensive analytical skills and competencies in economics and management, making them valuable assets in the contemporary labor market.
After the first semester students are able to choose courses from three different topic fields. They can focus in one area or mix and match from all three.
- Econometric Methods: Master advanced statistical techniques and econometric modeling to analyze intricate economic relationships and derive meaningful insights from complex data sets.
- Management Science & Business Intelligence: Hone your skills in applying analytical tools and business intelligence, enabling you to optimize decision-making processes and extract strategic insights in management.
- Economic Behavior & Strategy: Explore the dynamic interplay between behavioral economics and strategic decision-making, gaining a profound understanding of how human behavior influences economic interactions and acquiring the ability to solve complex decision problems.
Testimonials
“The ubiquity of data and the need to take complex decisions in real time opens up tremendous opportunities for quantitatively trained microeconomists. The ability to drive model development and its implementation into software and processes is a key skill to enable data-based strategic decision-making at top management level. A skill we are actively looking for.”
Project Lead @MBMC Digital Accelerator,
Mercedes-Benz AG
“Combining economic theory and empirical analysis is a central building block of economic consulting. Understanding and analyzing data as well as selecting appropriate quantitative approaches that are suitable for a given market setting (and taking into account data availability) are critical to helping public institutions and companies to make better-informed decisions.”
Director Economic Consulting
Oxford Economics
“Forecasting volumes accurately and planning capacities along complex chains of processes accordingly are two fundamental challenges in operating logistics networks. Mastering a deep understanding of data analytics and quantitative methods to support efficient decision making can be key factors in facing those challenges successfully. The QDEM program familiarizes students with the theoretical foundations and provides hands-on training for evidence-based and successful decision making.”
Head of Sustainability Post & Paket Deutschland,
Deutsche Post AG
“Advanced skills in analyzing and interpreting data, combined with an understanding of economic theory and management, are important skills for decision-making in the insurance industry. Quantitative methods allow us to gain insight into insured risks from increasingly large and complex data sets, while economic theory provides an understanding of how insurance markets work and how consumer behavior changes under uncertainty. By combining these skills, insurance professionals can improve product design and pricing to provide consumers with long-term risk protection.”
Sr. Pricing Actuary, Gen Re
“Applying quantitative methods and mathematical optimization skills are essential drivers to support the business in making better decisions. In combination with data management and exploration the new Master’s program is a great preparation for a career in the intersection of business administration and mathematics, in particular Operations Research.”
Director Operations Research,
DB Schenker
“The Master’s program in Quantitative Decision Making in Economics and Management (QDEM) teaches fundamental knowledge and expertise in how to analyze, understand and process data. The combination of quantitative methods and economic decision-making will provide students with a broad and desirable range of skills for jobs in both academia and industry.”
Head of Digital Transformation,
Mercedes-Benz Cost Controlling
“Comprehensive analytical competencies are essential for Human Resources professionals, as the HR function has become a key strategic partner of top management across all industries. HR departments enable companies to execute their business strategy and secure competitive advantage through implementing efficient incentive systems and talent management strategies informed by people analytics and rigorous strategic analysis. A well-founded proficiency in microeconomic principles and empirical methods are therefore excellent preconditions for a successful career in Human Resources.”
Head of Compensation and Benefits,
HeidelbergCement
“Quantitative decision making and the ability of economic thinking is getting more and more important in the business world. Clients often ask for strategic HR models transforming HR functions from administration to value creation. The ability to think in best responses, to understand the existence of trade-offs and opportunity costs and to proof business models with actual data is extremely helpful in the process of identifying the right incentives for employees and creating sustainable high commitment HR strategies.”
Senior Manager,
EY – People Advisory Services – Reward
“By providing in-depth knowledge in empirical methods in econometrics and data analysis, graduates of the QDEM program are well prepared to work with official statistics at the German Federal Statistical Office. These skills are essential for the accurate statistic design, data process and analysis which is fundamental for our work. The German system of official statistics is crucial for democratic, fact-based decision-making. Well-trained employees ensure the high quality of our statistics that are created using sound and modern methodologies.”
Christopher Yanzuk, Consultant HR Recruitment and Development,
Federal Statistical Offices
The Master’s program in Quantitative Decision Making in Economics and Management is structured in three phases as outlined in the Module Handbook (HANDBOOK).
Source: Ricoh from computerworld
Phase 1: Core Modules (1st Semester)
The core modules in the first semester (winter term, 30 ECTS) provide basic methodological skills in math, statistics, economic decision making, operations research and programming. The first semester also offers an introduction to the three domains Econometrics, Management Science & Business Intelligence and Economic Behavior & Strategy.
Programming
Econometrics of Cross Section and Panel Data
Operations Research
Economic Decision Making & Strategic Interaction
Phase 2: Specializations (2nd & 3rd Semester)
Building upon the foundation established in the core modules, students have the opportunity to customize their education by selecting seven modules (totaling 42 ECTS) from a diverse array of options within the specialized phase, spanning semesters 2 and 3. They have the flexibility to choose any modules across all three domains. Furthermore, students can explore courses in related fields through the Free Part option.
Additionally, all students participate in an academic skills module (6 ECTS) designed to impart essential research fundamentals and personal development training. In two applied project seminars (12 ECTS), students gain hands-on experience applying their theoretical knowledge and acquiring valuable research insights.
Econometrics
- Adv. Time Series Analysis
- Data Governance
- Economic Analysis of Micro Data
- Informations- und Datenschutzrecht
- Introduction of Computational Statistics and Data Analysis
- Mehrebenen- und Panelanalyse
- Microeconometrics A
- Microeconometrics B
- Official Statistics and Survey Methods
- Systematic Reviews and Meta Analysis
Management Science & Business Intelligence
- Data Analytics
- Data Science und Maschinelles Lernen
- Datenbanken I
- Location Planning & Network Design
- Process Mining
- Programming Operations Research Models & Methods
- Transportation I
- Transportation II
- Web Mining und Datenvisualisierung
Economic Behaviour & Strategy
- Advanced Corporate Finance
- Advanced Digital Economics
- Behavioral & Experimental Economics
- Behavioral Finance
- Behavioral Measurement
- Economics of Education
- Environmental Economics
- Game Theory Models in Accouting
- Theoretical Labour Economics
Free Part (further modules in Management, Accounting and Finance, Epidemiology, Sociology)
Phase 3: Master Thesis (4th Semester)
The last semester is reserved for the master thesis (25 ECTS) and the research colloquium (5 ECTS), in which students participate in research seminars and present their own research findings.
Master Colloquium
All relevant files related to this program can be found in the Downloadcenter of the Study Office (DOWNLOADCENTER).
The Master's program in Quantitative Decision Making in Economics and Management equips graduates with a versatile skill set that opens up various career opportunities in both the public and private sectors. Graduates of this program can pursue a range of roles, including:
Source: Elnur from shutterschock
- Data Analyst or Data Scientist: With a strong foundation in quantitative methods and data analysis, graduates can work in industries such as finance, healthcare, marketing, and technology, where they collect and analyze data to make informed decisions.
- Economic Analyst: Graduates can apply their understanding of economic behavior and strategy to work for government agencies, think tanks, or research organizations, providing insights on economic trends and policy analysis.
- Management Consultant: The program's focus on management science and business intelligence prepares students for roles in consulting firms, where they can help businesses optimize their operations and make data-driven strategic decisions.
- Market Research Analyst: Graduates can work in marketing and research roles, where they analyze consumer behavior and market trends to inform marketing strategies and product development.
- Financial Analyst: The econometric skills acquired in the program can be valuable for financial analysis and risk assessment roles in the banking and investment sectors.
- Policy Analyst: Graduates can work in government or non-profit organizations, analyzing data to inform policy decisions and evaluate their impact.
- Business Intelligence Analyst: Those with expertise in management science and business intelligence can work to optimize decision-making processes in organizations by extracting insights from data.
- Entrepreneur or Business Owner: Some graduates may choose to apply their analytical skills to start and manage their own businesses, leveraging data-driven insights for success.
- Ph.D. Candidate or Researcher: Pursue a Ph.D. in a related field, contributing to academic research and becoming an expert in a specific area.
The program's emphasis on English as the language of instruction, small class sizes, and a strong support system enhances the learning experience. High flexibility in course options and unique topic coverage further prepares graduates for diverse career paths.
Admission Requirements
- Bachelor 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 of a 90-minute-long online 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), microeconomics (basic concepts, game theory and information economics) and basic knowledge in computer science (simple algorithms). The content is typically covered in obligatory courses of a bachelor’s degree in economics and management. A link to sample questions can be found here.
Application Procedure
- Foreign University Degree Recognized - Students with a foreign university degree or other proofs of qualification must have their certificate recognized by the Student Service before applying (link). Due to the processing time, we strongly advise doing this well in advance.
- Apply Online - With your certificates you can apply online for the Master’s program Quantitative Decision Making in Economics and Management on the JOGU-StINe website (link).
- Entrance Test - After the approval of the formal requirements, applicants will be invited for the online entrance test. See the sidebar for information about the next test. The applicants will be informed about the proceedings ahead of time.
Once the selection process is completed, the university will notify you about whether you have been accepted for the Master of Science in Quantitative Decision Making in Economics and Management.
If you have any questions, please contact either:
Maria Krysin (Program Manager)
Room: 00-332 (Rewi II)
Tel: +49 6131 39-29048
Fax: +49 6131 39-25531
Office Hours:
Mon. 14:00-16:00
Thu. 10:00-12:00
E-Mail: qdem@uni-mainz.de
Prof. Dr. Thorsten Schank (Head of the Program)
Room 00-356 (Rewi II)
Tel. : +49 (0) 6131 / 39 - 26007
Fax : +49 (0) 6131 / 39 - 26010
E-Mail: schank@uni-mainz.de
QDEM Information Event
Don't miss upcoming information events about the QDEM!
Sign up here for E-Mail notifications.