Study Tracks

Students who choose the track Data Science in Economics acquire theoretical knowledge of modern statistical and econometric methods and gain hands-on skills and experience in processing, analyzing and visualizing structured or unstructured data. Special emphasis is placed on methods of causal analysis, prediction of economic and financial data, Big Data and Statistical Learning, and the acquisition and application of programming skills in R, Stata, or Python. Students also learn to understand the economic value of data and how to interpret and effectively communicate the results of their analyses.

Data Scientists are highly sought after by companies in all industries as well as public institutions, especially when they combine technical skills with a sound knowledge of statistical principles and economic reasoning. In addition to excellent earning and career opportunities in the private sector, graduates with a specialization in Data Science in Economics have all the skills and knowledge necessary for a successful career in an empirically oriented field of academia such as an empirical dissertation in economics.

Master Thesis

A master thesis that counts for the data science track in IEM can be one of the following:

• Any master thesis supervised by Professors Yuanhua Feng, Oliver Müller or Hendrik Schmitz. Regardless of the specific topic.
• A master thesis that is supervised by any other professor in the departments 1 (Management) or 4 (Economics) in which you do an empirical analysis.

List of possible modules

• This list is complete. In case a module is offered at the faculty which sounds like a possible fit to data science, but which is not listed here: Unfortunately, this module does not count for the Data Science track
• This list includes modules that are not offered anymore. Yet, these modules are still in the list as some students may have taken them in the past and can use them for the Data Science track.
• The compulsory module M.184.4479 Econometrics ist not part of this list. 30 ECTS in addition to M.184.4479 Econometrics are needed.

Study Track Coordinator

Prof. Dr. Hendrik Schmitz - hendrik.schmitz(at)uni-paderborn(dot)de

Lying at the heart of social interaction, cooperation and competition represent two sides of the same coin. This holds true at various levels. Individuals compete for scarce opportunities such as well-paid jobs, excellent grades or mating opportunities. Recurring opportunities open the scope for cooperation and the formation of social networks. Firms compete for customers. Repeated competition induces incentives for cooperation, such as collusive behavior. Nations compete for raw materials, land, or a clean environment. Repeated interaction and the threat of permanent collapse open up opportunities for cooperative agreements that may ultimately rescue our planet.

The track “Cooperation and Competition” combines all modules that relate to these core problems of social interaction. Taking the perspectives of consumers, firms and the society, this track provides students with the knowledge and skills necessary to a deep and thorough analysis of cooperation and competition. Our graduates have found positions at strategic consulting firms, competition agencies, economic research institutes, and both healthcare and academic institutions.

List of available modules

• This list is complete. In case a module is offered at the faculty which sounds like a possible fit to Cooperation and Competition, but which is not listed here: Unfortunately, this module does not count for the Cooperation and Competition track
• This list includes modules that are not offered anymore. Yet, these modules are still in the list as some students may have taken them in the past and can use them for the Cooperation and Competition track.

Study Track Coordinator

Prof Dr. Burkhard Hehenkamp - wipo(at)wiwi.upb(dot)de

The primary objective of the elective module “Globalization and Global Markets” is to offer students a profounder insight into modern day globalization and the different notions of it carried by academics and the public. The focus of the module thereby deliberates on the future of globalization and how to attain balanced world-wide development as we confront today's global challenges in global trade, finance, and labor markets.

For decades, economists, politicians and business executives have written about globalization with widely divergent views and perspectives. While many have driven forward the cause of globalization in finance and trade, several others have posed their doubts about the merits of globalization, role of international trade organizations and the advantages of a global economy that fosters free trade and global markets.

However, globalization is here to stay. The result is a new commercial reality - the emergence of global markets for standardized consumer products and services on a previously unimagined scale. Corporations geared to this new reality benefit from enormous economies of scale, scope and governance in production, distribution, marketing and management. By translating these benefits into reduced world prices, they can decimate competitors that still live in the disabling grip of old assumptions about how the world works. Managing globalization calls for getting a right balance between markets and regulation and between the global economy and the nation-state.

Given the constantly changing state of the world, new skills and methodological core competencies, such as e.g. industrial ecology skills to achieve sustainable output levels in a circular economy business model, are required of future business managers and political representatives in a globalized world with global markets. The professional job opportunities offered for those who have acquired the vast catalogue of needed skills underlying this module provide not only a challenge to us all, but also will open up your mindset for an unyielding passion to make the world a better place for us all to be in. A “Win-Win” Situation for us all now and future generations to be.

List of available modules

• This list is complete. In case a module is offered at the faculty which sounds like a possible fit to Globalization and Global Markets, but which is not listed here: Unfortunately, this module does not count for the Globalization and Global Markets track
• This list includes modules that are not offered anymore. Yet, these modules are still in the list as some students may have taken them in the past and can use them for the Globalization and Global Markets track.

Study Track Coordinator

Prof. Dr. Thomas Gries - thomas.gries(at)notes.upb(dot)de 

It is not obligatory to choose a specific study track. The Master's program in International Economics and Management covers a broad spectrum of subjects and opens up the possibility of a wide variety of internationally oriented career paths. A study track offers you the opportunity to focus on a specific field of study and to make the corresponding profile within the program even more visible to the outside world.

You can choose a study track if you are enrolled in the master program “International Economics and Management”. If you are already enrolled please make sure that you have enough ECTS free to complete the study track. The 30 ECTS must be completed within the framework of the mandatory and elective modules.

You can decide to obtain a study track anytime during your master studies untill the registration of the thesis as long as you meet the requirements for the study track (you must have at least 30 ECTS open to complete modules assigned to the study track). You do not need to enroll or apply for the study track. In order to request the confirmation from the study program coordinator MSc. IEM you need to send a transcript of records from PAUL and the confirmation on the thesis  to the program coordinator (msc-iem[at]campus.uni-paderborn[dot]de). The approval will be sent to the Examination Office automatically so the completion of the study track will be mentioned on your graduation certificate.

Important: As soon as the modules assigned to the specialisation (Study Track) have been completed and the Master's thesis has been registered, confirmation of the successful completion of specialisation must be requested from the program coordinator. This request must be made before completion of the Master's thesis/ the respective module (as the last academic achievement), as designation cannot be carried out after completion of the degree program.

Module lists for the study tracks can be found in the section “Study tracks in details” above. You must complete courses totalling 30 ECTS from the module list assigned to the chosen study track.

Modules assigned to the study tracks are subject to the same regulations as all the other modules. Therefore, it is important that you register for limited-participant modules of the specific study track already in the first registration phase.

The assignment to final theses runs through the regular central procedure for final theses. Therefore, it is important that you select the most suitable supervisor for your chosen study track during the central thesis assignment process. If you are assigned a different supervisor, ask the supervisor for a topic that conforms to your study track. Have the confirmation form completed so that you can submit this with your application.

Basically, you can complete a study track together with other study programs such as the Double Degree with Tohoku University, ASBE, ISU or other exchange programs, as long as all requirements are fulfilled. Courses taken at other universities can be transferred and recognized as modules assigned to a study track, however you need to pay special attention when choosing courses.

For information regarding the general process of study tracks you can contact the program coordinator of the study program M.Sc. International Economics and Management (msc-iem[at]campus.uni-paderborn[dot]de).

For information regarding specific context related topics of a study track, you can contact the responsible coordinators for the individual study track. Contact information can be found in the section “Study tracks in details” above.