Master of Science in Economics: Master of Science in Advanced Studies in Economics potx

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

• Accountancy, Finance and Insurance
• Managerial Economics, Strategy and Innovation
• Decision Sciences and Information Management
One of the Faculty’s most important assets
is its vast national and international network.
It maintains strong links with the business
and financial community by organising regular
workshops with industry leaders and the European
Commission, situated only 30 minutes from the
campus. Many of the alumni work at European
institutions, and many staff members act as
advisers to various European bodies and inter -
national companies. The Faculty's alumni network
offers excellent communication channels and
networking opportunities with leading figures
in industry and politics.
External quality assessments prove the Faculty
of Economics and Business' teaching is
internationally respected and renowned.
This academic reputation attracts students and
scholars from across the globe, creating a vibrant, multicultural atmosphere. The faculty
has a truly international outlook, and its alumni can be found all over the world.
This international focus is also clear in its wide international student exchange network.
The Faculty of Economics and Business participates extensively in the (intra-EU) Erasmus
programme (with 65 partners) and has numerous agreements with leading universities
outside the EU, including: the Wharton School of Business (University of Pennsylvania),
the University of Illinois and Rochester University in the United States, the University of
British Columbia and Queen’s University in Canada, the Indian Institutes of Management
Calcutta and Bangalore in India, the Chinese University and the City
University of Hong

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.

Profile
By the end of this Master’s programme, you will have thoroughly mastered key economic
principles. You will learn to interpret individual, interpersonal and social phenomena from
a global economic perspective. You should therefore have broad interests in social and
scientific matters and demonstrate critical and creative thinking. You are eager to gain
in-depth knowledge of economic research, develop strategies for addressing economic
challenges and interpret existing research outcomes. You will be expected to develop
a high degree of autonomy with regard to knowledge, research and methodology.
Admission requirements
• For Flemish applicants, see www.econ.kuleuven.be/ond/studiekiezerdiploma.
• For all other applicants, the following requirements apply:
Degree requirements
Applicants should hold a university Bachelor's degree in Economics or Business
Economics
comparable to a Bachelor's degree in Economics, Applied Economics or
Business Engineering
from the Faculty of Business and Economics at KU Leuven.
By a degree in Business or
Economics we mean a broad-based academic education,
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not a technical training programme
(e.g. marketing or hotel management). Please note that
our faculty has a strong analytical/
mathematical approach. In order to verify whether you
have sufficient background knowledge
in this respect, see
www.econ.kuleuven.be/eng/edu/docs/me-prerequisites.pdf
Comparability is evaluated by the Admissions Board on the basis of information provided
by the applicant (see required documents).
Language requirement

• 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.

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MASTER OF SCIENCE IN ECONOMICS 60 ECTS
COURSE ECTS
Compulsory General Core 12
•
Advanced Macroeconomics I 6
• Advanced Microeconomics I 6
Majors 48
Major 1: General Economics
•
Core courses
- Econometric Methods & Models 6
- Master’s Thesis 18
Students choose 24 ECTS including at least 12 ECTS from the major courses
and a maximum of 12 ECTS in elective ECTS.
• Major courses
- Advanced Health Economics 6
- Trading and Exchanges 6
- Advanced Public Economics 6
- Economic Aspects of European Integration 6
- Environmental and Transportation Economics 6
- Macro Finance 6
- Advanced Labour Economics 6
- Welfare Economics 6
- Welfare, Inequality and Poverty 6
- Advanced International Trade Theory 6
- Advanced Development Economics 6
- Advanced Industrial Economics 6
• Electives

- 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

- Master’s Thesis Economics 18
- Advanced Time Series Analysis 6
• Electives (Students choose 12 ECTS)
GROUP 1: students choose at least one of these courses
- Advanced Microeconomics II 6
- Advanced Macroeconomics II 6
GROUP 2: students choose one course from this group
- Advanced Health Economics 6
- Trading and Exchanges 6
- Advanced Public Economics 6
- Economic Aspects of European Integration 6
- Environmental and Transportation Economics 6
- Macro-Finance 6
- Advanced Labour Economics 6
- Advanced Development Economics 6
- Advanced Industrial Economics 6
- Advanced Applied Econometrics 6
- Welfare Economics 6
- Welfare, Inequality and Poverty 6
- Advanced International Trade Theory 6
- Internship 6
- Research Project @FEB 6
- Capita Selecta Economics and Business 3 or 6
Major 3: Financial Economics
•
Core courses
- Econometric Methods & Models 6
- Macro Finance 6
- Master’s Thesis 18
• Electives (students choose 18 ECTS from the following list)

- 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

organisations, financial services, companies and social organisations.
•
Critical reflection on and transfer of knowledge in education and basic scientific research.
•
External communication, journalism and public relations in companies and social organisations.
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Immediately after graduating, I worked in the Student Guidance Centre for
six years. This meant I could put to good use what I had learned, primarily
looking at the world through an economic lens. This was more important
to me than course content, although I found most courses interesting. I have
similar experiences in my current job as an environmental economist with
the Flemish regional government. Most of my colleagues have a degree in
natural sciences. They have extensive knowledge of the measures and
techno logies that can be used in order to protect or regenerate the environ -
ment. However, the government budget to reach these targets is obviously
limited. So it’s important to single out those measures that yield the best
possible result within the given budget. And that’s a typical economic line
of reasoning.
(Graduate)
Master of Science
in Advanced Studies
in Economics (MASE)
The Master of Science in Advanced Studies in Economics is the second year of coursework
within the doctoral programme in Economics. After having successfully completed core
economics courses in the research track of the initial Master of Science in Economics
(or comparable programmes at other universities), the MASE programme aims to take
students closer to the research frontier. Students apply the tools they have acquired
during their first year to interesting problems in economics. The programme features a
choice of courses from different fields within economics, a doctoral workshop and weekly
seminars given by guest speakers. The goal of the programme is to enable you to find a

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)

- IELTS (minimum score 7)
No other proficiency tests will be accepted.
• 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 transcripts, degrees and, if available, a ranking indication;
• a GMAT or GRE score. A GRE or a GMAT test result above the 90th percentile on
the quantitative part (or on average) normally entails immediate admission, provided
all other requirements are met as well, but this is not an absolute minimum.
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• 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 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
of the student. Incomplete application files will not be evaluated.
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: 1,400 EUR

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

of a research paper on a specific problem in the student’s field of interest.
The student learns how to formulate and solve an economic problem and how to report his/her
findings. The thesis
should represent a contribution to the field and show that the student
has mastered the methodological tools used in economics and can apply them independently.
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MASTER OF SCIENCE IN ADVANCED STUDIES IN ECONOMICS 60 ECTS
COURSE ECTS
Core 18
•
Master’s Project 18
Electives at least 45
Students choose at least 45 ECTS worth of electives. UCL/ULB advanced
economics courses may also be taken as electives. If a student has not yet taken
the following courses, these courses are to be taken instead of the electives.
• Dynamic Methods 6
• Advanced Econometrics 6
• Advanced Microeconomics I or Advanced Microeconomics II 6
• Advanced Macroeconomics I or Advanced Macroeconomics II 6
Electives:
None of these courses can be followed by students who have already taken a
similar course and no exemptions can therefore be given for one of these courses
if it has been added to the individual study programme.
• Advanced Time Series Analysis 6
• Doctoral Workshop 6
• Advanced Health Economics 6
• Environmental and Transportation Economics 6
• Advanced International Trade Theory 6
Career prospects
A large majority of MASE graduates pursue careers in managerial and/or research

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

economics, economic history, international economics, development economics, monetary
and information
economics, energy, transportation and environment economics.
The programme aims to
develop and nurture young talent, and to prepare PhD graduates
for careers in both academia
and international business. Currently, about 50 students
with diverse backgrounds and nationalities are enrolled in the doctoral programme in
economics, creating an energetic
and stimulating work environment. PhD students obtain
the degree of Doctor of Economics
after successfully defending a doctoral dissertation.
Admission requirements
Prior education requirements
The programme targets highly motivated graduate students with a strong interest in pursuing
an academic career and/or in undertaking research in economics. The programme builds
on undergraduate studies in economics. To supplement their previous studies, students
may be required to undertake an individual “colloquium doctum” (entrance examination),
consisting of courses from the Master of Science in Advanced Studies in Economics
programme. Students who have obtained a Master of Science in Advanced Studies in
Economics degree from
KU Leuven with distinction (70%) or higher will be exempted from
this colloquium doctum.
To qualify for admission to the doctoral programme in economics, students must hold
a Master’s degree in economics (or an equivalent degree) and have demonstrated
the ability to conduct independent research. The Faculty Board will decide on degree
equivalence in consultation with the Programme Director.
Language requirement
Applicants who are non-native speakers of English must provide evidence of English
language proficiency.

• 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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15
•
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

of the student.
Profile
Students should have a keen interest in recent analytical developments in economics
and a desire to work in research positions at universities, businesses and national and
international institutions.
Application procedure
For more information on how to apply, please visit
www.econ.kuleuven.be/eng/edu/prospectivestudent
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Programme
Educational activities:
•
Colloquium doctum, consisting of a number of courses from the Master of Science in
Advanced Studies in Economics programme
• PhD courses
• Reading courses offered by the faculty as third-cycle courses
• Seminar series at the Department of Economics
•
PhD courses taught by guest professors and offered by the faculty within the
framework
of established interuniversity PhD networks
Research support activities:
Students are actively supported by their supervisor. In addition, they are fully integrated
into the department’s research environment. This involves:
• discussing the doctoral proposal and regularly reporting on progress;
• presenting preliminary results in research workshops;
• participating actively in international conferences and research seminars;
• publishing articles in international journals.
Career prospects
A large majority of graduates with a PhD in economics pursue careers in academia,

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

approved at any time. The study load of many Master’s programmes may increase from 60 to 120 ECTS
in the future. Consequently, KU Leuven is in no way legally bound by the information provided in this
brochure. The most recent information on all our academic programmes can be consulted at
www.kuleuven.be/coursecatalogue.
Last updated: February 2013
Copyright: D/2012/1082/93
DIENST COMMUNICATIE
Oude Markt 13 bus 5005
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tel. + 32 16 32 40 10 • fax + 32 16 32 40 14

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