Program Overview

Master of Science in Quantitative Decision Making in Economics and Management

The Master's program in Quantitative Decision Making in Economics and Management (QDEM) is designed 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.

Program Structure

The program is structured in three phases:

1. Core Modules (1st Semester): The core modules provide basic methodological skills in math, statistics, economic decision making, operations research, and programming.
2. Specializations (2nd & 3rd Semester): Students can customize their education by selecting modules from a diverse array of options within the specialized phase, spanning semesters 2 and 3.
3. Master Thesis (4th Semester): The last semester is reserved for the master thesis and the research colloquium.

Phase 1: Core Modules

The core modules in the first semester provide basic methodological skills in:

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

Phase 2: Specializations

Building upon the foundation established in the core modules, students have the opportunity to customize their education by selecting seven modules from a diverse array of options within the specialized phase. The modules are divided into three domains:

• 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 skills in applying analytical tools and business intelligence, enabling students 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.

Phase 3: Master Thesis

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.

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.
• 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 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).

Career Opportunities

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:

• Data Analyst or Data Scientist
• Economic Analyst
• Management Consultant
• Market Research Analyst
• Financial Analyst
• Policy Analyst
• Business Intelligence Analyst
• Entrepreneur or Business Owner
• Ph.D. Candidate or Researcher

Tuition Fee

The semester fee is € 343.80 (winter semester 2025/26).

Application Procedure

The application procedure involves the following steps:

1. Foreign University Degree Recognition: Students with a foreign university degree or other proofs of qualification must have their certificate recognized by the Student Service before applying.
2. Apply Online: With the recognized certificates, students can apply online for the Master's program Quantitative Decision Making in Economics and Management.
3. Entrance Test: After the approval of the formal requirements, applicants will be invited for the online entrance test.

Important Dates

• April 1, 2026: Application period opens
• May 15, 2026: Application period closes
• June 22, 2026: Online entrance exam
• October 19, 2026: Start of winter semester lectures