Master of Science in Quantitative Decision Making in Economics and Management

Starting in October 2022, the GSME offers a Master of Science program in Quantitative Decision Making in Economics and Management (QDEM).


The aim of the Master’s program in Quantitative Decision Making in Economics and Management (QDEM) is to train students to acquire, understand and analyze data and to select appropriate analysis methods from a broad toolkit of up-to-date quantitative approaches. Students learn how to use the obtained results for decision making in the context of economics and management.

Profound knowledge in the fields of decision making and data analysis will provide our students to gain a new perspective on complex economic interactions and to fulfill a rapidly-growing demand for professionals with comprehensive analytical skills as well as with competencies in economics and management.

Desk with charts and diagramms


A detailed description of the program can be found in at the pages of the Study Office (LINK).

The Master’s program in Quantitative Decision Making in Economics and Management is structured in three phases.

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.

Equipped with the foundations laid out in the core modules, students can choose 7 modules (42 ECTS) from a wide range of modules offered across the three domains in the specialization phase (semesters 2 and 3). Depending on interests, they can select modules from two or three domains or focus on one domain. It is also possible to select courses from related fields (Free Part). All students take part in the academic skills module (6 ECTS), which covers foundations of academic research as well as training courses of personal skills. In two applied project seminars (12 ECTS), students apply their theoretical knowledge and obtain first research experience.

Group of Students

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.

1st Semester: Core Modules

Mathematics/Statistics
Programming
Econometrics of Cross Section and Panel Data
Operations Research
Economic Decision Making & Strategic Interaction

2nd & 3rd Semester: Specialisation

Econometrics

Microeconometrics A
Microeconometrics B
Time Series
Computational Statistics
Analysis of Micro Data
Data Governance
Official Statistics and Survey Methods
Mehrebenen/Panelanalyse
Informations-/Datenschutzrecht

Management Science & Business Intelligence

Intelligent Information Systems
Data Analytics
Database Systems/Information Systems
Process Mining
Standortplanung & Netzwerkdesign
Transport Logistics I
Transport Logistics II
Revenue Management

Economic Behaviour & Strategy

Advanced Digital Economics
Behavioral & Experimental Economics
Behavioral Measurement
Behavioral Theory
Corporate Finance Theory
Inequality and Social Mobility
Survey Methods/Subjective Beliefs
Economics of Education

Academic Skills, 2 Applied Project Seminars
Free Part (further modules in Management, Accounting and Finance, Epidemiology, Sociology)

4th Semester: Thesis

Master Thesis
Master Colloquium

Please note that a small number of elective modules are held in German.


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 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 courses of a bachelor’s degree in economics and management.

Application Procedure

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.

With your certificates you can apply online for the Master’s program Quantitative Decision Making.

After the approval of the formal requirements, applicants will be invited for the entrance test which takes place on the campus of our university. The next test will be on Monday, 20.06.2022, from 09:30 to 15:30 o'clock. The applicants will be assigned to a time slot and informed accordingly.

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 Prof. Dr. Thorsten Schank or M.Sc. Daniela Maier (program manager)