Faculty of Economics and Business
Master of Science
in Economics
Master of Science in Advanced
Studies in Economics
PhD in Economics
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Discover KU Leuven
Situated in the heart of Western Europe, KU Leuven has been a centre of learning
for nearly six centuries. Today, it is Belgium’s largest university. Founded in 1425,
it is one of the oldest and most renowned universities in Europe.
As a leading European research university and co-founder of the League of European
Research Universities (LERU), KU Leuven offers a wide variety of programmes in English,
all supported by high-quality, innovative, interdisciplinary research.
The university welcomes more than 40,000 students, of which 16% are international
students from more than 140 countries. KU Leuven’s doctoral schools organise inter -
nationally oriented PhD programmes for over 4,000 doctoral students.
The university is located in Flanders, the Dutch-speaking part of Belgium. Leuven is a
modern, bustling and safe student city with a long and rich history. Cultural and recreational
opportunities
abound. KU Leuven’s central location offers a truly international experience.
Major European
capitals such as Brussels, Paris, London and Amsterdam are only a
(very) short train journey away.
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Faculty of Economics and Business
As one of KU Leuven’s 15 faculties, the Faculty of Economics and Business carries out
education and research in five departments:
• Economics
• Marketing and Organisation Studies

Kong, Tsinghua University and Fudan University in China, the University
of Sydney and the
University of Adelaide in Australia, Stellenbosch University in South Africa, Insper in Brazil,
and the Singapore Management University.
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Why KU Leuven?
The faculty’s graduate-level and doctoral programmes aim to develop participants’
critical, conceptual, problem-solving and decision-making skills. A graduate degree from
KU Leuven’s Faculty of Economics and Business equips students with fundamental and
conceptual knowledge and analytical tools to cope effectively with the problems of the
current and constantly-changing business and economic environment. Adopting a research
based approach, focus is placed on the disciplines underlying business operations and
economic decisions. This enables graduates to acquire the necessary skills and tools for
coping with current and future challenges.
A variety of teaching methods (lectures, case discussions, exercises, computer-assisted
problem-solving and individual research) is used to enhance students’ educational experience.
Students are expected to participate actively. The faculty evaluates classroom work,
written assignments and examinations on a regular basis. The workload is demanding,
as to be expected from a high-quality graduate school. The faculty’s international
credentials and academic reputation guarantee the quality of the programme.
Master of Science
in Economics
As an economist, you will observe the various players (individuals, companies, domestic
and foreign governments) and their interactions within the global economy. You will be
able to interpret the general economic situation in a wider social and legal context.
The programme offers students with a Bachelor’s degree a theoretical framework,
allowing them to provide well-grounded answers to socio-economic questions.
Why KU Leuven?
KU Leuven offers a broad-based programme, which includes many courses that
stimulate reflection and critical thinking in a more general and social context.

• All applicants must submit a satisfactory score on one of the following internationally
recognised tests of English language proficiency:
-
TOEFL (minimum score 575 paper-based, 233 computer-based, 90 internet-based)
- IELTS (minimum score 7)
• An exemption from the TOEFL or IELTS is only possible for applicants with a
university degree or high school degree earned in Australia, Canada, Ireland, New
Zealand, United Kingdom or the United States. The certified diploma and transcripts
suffice, provided they confirm that the entire study was completed in English.
Required documents
All applicants should provide the following documents:
• certified copies of degrees, transcripts and, if available, a ranking indication;
• the comparability form with a course description of all relevant courses
(see www.econ.kuleuven.be/eng/edu/admissionrequirements);
• two recommendation forms (see www.econ.kuleuven.be/eng/edu/
admissionrequirements) completed, signed and posted in a sealed envelope signed
over the lid by the referee to the Faculty of Economics and Business. Forms not
provided in a sealed envelope signed across the lid by the referee will be regarded
as void. The recommendation forms can also be mailed directly by the referee to
;
These documents suffice for applicants with a non-Belgian degree from:
• universities which have an exchange agreement with the Faculty of Economics
and Business of KU Leuven
• universities in the global top 200 in the most recent Times Higher Education
or QS rankings
Additional information is required for applicants from other universities as it is impossible
for us to reliably assess degree comparability. In those cases a GMAT or GRE result
above the 75th percentile on the quantitative part is required.
The Admissions Board evaluates all applications and has the final say on the admissibility
of the student. Incomplete application files will not be evaluated.

- Advanced Macroeconomics II 6
- Advanced Microeconomics II 6
- Competitive Analysis and Strategy 6
- Political Business Strategy 6
- Strategic Financial Management 6
- The Economics of China 6
Programme
The programme
consists of a common core of two programme units and a Master’s thesis.
You select one of the three majors, which prepares you for an advanced Master.
General Economics major
Master of Science in Economics
Research in
Economics major
Master of Science in
Advanced Studies in
Economics
Master of Science
in Financial Economics
Financial Economics major
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COURSE ECTS
- Internship 6
- Research Project @FEB 6
- Capita Selecta Economics and Business 3 or 6
Major 2: Research in Economics
•
Core courses
- Dynamic Methods 6
- Advanced Econometrics 6

- Strategic Financial Management 6
- The Economics of Financial Intermediation 6
- Asset Prices: Basic Models and Tests 6
- Financial Statement Analysis 6
- Security Pricing and Portfolio Selection 6
- Advanced Industrial Economics 6
- Advanced International Trade Theory 6
- Internship 6
- Research Project @FEB 6
- Capita Selecta Economics and Business 3 or 6
For detailed descriptions of this programme’s courses and for the course
timetable, please consult www.kuleuven.be/ma/me
Application procedure
• Non-EEA citizens must submit a complete application file by 1 March. EEA citizens
(or non-EEA citizens with a residence permit for Belgium) are strongly advised to
submit their application file before 1 June but can apply until the end of August.
• Tuition fee: ±600 EUR
For more information on how to apply, please visit
www.econ.kuleuven.be/eng/edu/prospectivestudent
Career prospects
As a graduate of this Master’s programme, you will have a very informed perspective on
economics and society as a whole. Moreover, you will be equipped to address a variety
of social problems in an economically and socially sound way. This expertise and flexibility
qualifies you for employment in a variety of fields. The following career options are
well-suited to the skills developed in this programme:
• Policy development in sectors in which decision-making is highly dependent on the
external economic context: government research centres, professional associations,
large enterprises and international organisations.
• Problem solution and implementation in managerial positions involving external
communication, i.e. government departments, public institutions, international

promising research topic and to develop your own research on this topic. This research
leads to the MASE thesis, which for many will become the first chapter of their doctoral
dissertation. Each year, the programme brings together about 25-30 students from all
corners of the globe, providing a very stimulating and international atmosphere.
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Ad
mission requirements
Prior education requirements
• Students with a KU Leuven Master’s degree in Economics (major Research) awarded
with distinction (cum laude) by the Faculty of Economics and Business of KU Leuven
have direct access to the programme. Students who do not have distinction may still
apply for admission. The Admissions Board decides on admissibility.
• Other applicants should hold a diploma from one of the following two groupings:
- a university Master’s degree in Economics, Business Economics or Business
Engineering awarded by the Faculty Economics and Business at KU Leuven or
a degree comparable to a Master’s degree in Economics, Applied Economics or
Business Engineering from the Faculty of Economics and Business at KU Leuven;
- another university Master’s degree with a solid background in mathematics and
statistics (for example, a university Master’s degree obtained at the Faculty of
Engineering or at the Faculty of Bioscience Engineering) and with a strong interest
in economics.
Admissibility is evaluated by the Admissions Board on the basis of information provided
by the applicant (see required documents).
Applicants should be able to demonstrate above-average academic performance
(e.g. have obtained distinction in previous studies).
Language requirement
• All applicants must submit a satisfactory score on one of the following internationally
recognised test of English language proficiency:
-
TOEFL (minimum score 575 paper-based, 233 computer-based, 90 internet-based)

For more information on how to apply, please visit
www.econ.kuleuven.be/eng/edu/prospectivestudent
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The skills I developed while pursuing the Master of Science in Advanced
Studies in Economics degree at KU Leuven proved to be a valuable asset
for my professional career. The MASE programme provides rigorous training
in economics, helping students to develop a deep understanding of the field
and a powerful set of techniques. The MASE degree is excellent preparation
for a demanding professional career in leading private or public sector
insti tutions and for admission to doctoral programmes. The international
dimension given to the programme by the variety of nationalities represented
is also extremely enriching. Last but not least, the city of Leuven is a
paradise for students!
(Marie Donnay, graduate -
European Commission, financial sector analyst)
Profile
The programme is geared towards students with an adequate background in economics,
a keen interest in recent analytical developments in economics and the desire to work in
research positions in business, in national and international institutions and at universities,
or to pursue a PhD in economics.
Programme
All students are required to take the course Advanced Time Series Analysis, participate in
a doctoral workshop and attend the department’s weekly research seminar. In addition,
students must select five field courses and write a Master’s thesis. Subject to approval
by
the Programme Coordinator, students may select courses from the corresponding
advanced
economics programmes at the nearby economics department of the Université
Catholique de Louvain (UCL) and the Université Libre de Bruxelles (ULB). The Master’s
thesis consists

positions in business, national and international institutions and universities. Students
graduating with distinction can apply for the PhD Programme in Economics at KU Leuven.
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COURSE ECTS
• Welfare Economics 6
• Current Developments in European Integration 6
• Fixed Income Securities 6
• Advanced International Monetary Economics 6
• The Empirics of Financial Markets 6
• Advanced Development Economics 6
• Welfare, Inequality and Poverty 6
• Advanced Industrial Economics 6
• Advanced Corporate Finance 6
• Multivariate Statistics 6
• Asset Prices: Basic Models and Tests 6
• Advanced Applied Econometrics 6
• Statistical Modelling 6
• Advanced Macroeconomics I 6
• Advanced Macroeconomics II 6
• Advanced Microeconomics I 6
• Advanced Microeconomics II 6
• The Economics of Financial Intermediation 6
• Advanced Labour Economics 6
• Doctoral Workshop 6
For detailed descriptions of this programme's courses and for the course
timetable, please consult www.kuleuven.be/mase
PhD in Economics
The doctoral programme in Economics is an advanced three-year programme designed
to
train future researchers in one of the key fields of economics: econometrics, public

• Applicants with a KU Leuven degree: Applicants who have already successfully
completed an English-language programme at KU Leuven do not have to take an
English proficiency test.
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•
Applicants with a university degree obtained in Australia, Canada, Ireland, New Zealand,
the United Kingdom or the United States: the certified diploma and transcripts suffice,
provided they confirm that the entire university programme was completed in English.
No other degrees will be accepted as evidence even if the applicant has followed an
exclusively English-taught programme.
• Other applicants should submit a satisfactory score on an internationally recognised
test of English language proficiency: TOEFL (minimum score 575 paper-based,
233 computer-based, 90 internet-based) or IELTS (minimum score 7). No other
proficiency tests will be accepted, and no application will be considered without
a test certificate.
Additional credentials
In addition to certified copies of degrees and transcripts, all applicants must provide:
• a GRE or GMAT score. A GRE or GMAT test result above the 90th percentile on
the quantitative (or on average) normally entails immediate admission, provided all
other requirements are met as well, but this is not an absolute minimum.
• two recommendation forms (see www.econ.kuleuven.be/eng/edu/
admissionrequirements) completed, signed and posted in a sealed envelope signed
across the lid by the referee to the Faculty of Economics and Business. Forms not
provided in a sealed envelope signed across the lid by the referee will be regarded
as void. The recommendation forms can also be mailed directly by the referee to

• a letter of motivation written and signed by the applicant detailing the choice for
KU Leuven and for this particular programme.
The Admissions Board evaluates all applications and has the final say on the admissibility

international business or international institutions.
The PhD programme in economics at KU Leuven has been a great
opportunity for me to face the responsibility of developing my own
research, since doctoral students are free to follow their own interests.
This freedom is combined with pertinent support from the professors.
In fact, my supervisor is not the only person willing to offer me research
guidance – other professors have also spent time giving useful comments
on my work. Furthermore, the academic agreement among Belgian
economics departments has considerably enlarged the list of available
doctoral courses. Likewise, the facilities available to doctoral students
significantly contribute to the progress of my research.
(Blanca Zuluaga, PhD student)
For detailed descriptions of this programme's courses and for the course
timetable, please consult www.econ.kuleuven.be/phd
Learn more
www.econ.kuleuven.be/eng/edu/prospectivestudent
www.kuleuven.be/ma/me
www.kuleuven.be/ma/mase
www.econ.kuleuven.be/phd
General Information
International programmes: www.kuleuven.be/internationalprogrammes
International Office: www.kuleuven.be/english
Faculty of Economics and Business
tel. + 32 16 32 66 12
fax + 32 16 32 66 20
www.econ.kuleuven.be/onderwijshelpdesk
www.econ.kuleuven.be/eng
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This brochure provides the most complete and accurate information available concerning these Master’s
programmes offered at KU Leuven. However, amendments to the composition of this programme may be