TiasNimbas Business School, Tilburg

Transcription

TiasNimbas Business School, Tilburg
Initial Accreditation:
Executive Master in Finance;
Executive Master of Business Valuation
Delivery mode:
Part time
Site visit:
14th December 2009
© Netherlands Quality Agency (NQA)
Utrecht,februari 2010
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© NQA - TiasNimbas Business School, academic master programme EM Finance and EM BV
Contents
Contents
3
Part A:
Topics
1.
Preface
2.
Introduction
3.
Method
4.
Process to Final Assessment
5.
Conclusions by Topic
6.
Conclusions and Assessments at Aspect and Topic Level
7.
Overall conclusion
5
7
8
12
13
14
15
15
Part B:
Aspects
Topic 1
Topic 2
Topic 3
Topic 4
Topic 5
Topic 6
17
19
24
33
35
37
39
Part C:
Aims and objectives of the degree course
Programme
Deployment of staff
Facilities
Internal quality assurance
Conditions for continuity
Annexes
Appendix 1:
Appendix 2:
Appendix 3:
Appendix 4:
Appendix 5:
41
42
49
56
57
Declarations of Independence by the Audit Panel Members
Expertise of the Audit Panel Members
Audit Visit Programme
Overview of documents made available
Aims of the academic degree programmes Master in Finance
& Master of Business Valuation
58
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Part A:
Topics
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1.
Preface
This is the assessment report dealing with the academic programmes Executive Master in
Finance and Executive Master of Business Valuation. These two degree programmes are
offered by TiasNimbas Business School. In this report NQA gives account of its findings
and conclusions and of its working method. The audit was undertaken within the
accreditation framework for higher education programmes. The audit process started in
November 2009 when NQA received the Self-Evaluation Report. The site visit by the NQA
panel was on December 14th, 2009.
The audit panel consisted of the following experts:
Prof. Dr. F. Hartmann (chair)
Prof. Dr. M. De Ceuster
Drs. J.J. Snel RA
Dhr. J. Schueler (student member)
Drs. R. van Empel (NQA auditor).
This audit panel complies with the requirements set down in the NVAO** document entitled
Protocol ter beoordeling van de werkwijze van visiterende en beoordelende instanties
(October 2007). This document contains the protocol of the method organisations need to
adhere to when reviewing and assessing study programmes. The audit panel included
members with domain-specific expertise and teaching and assessing expertise (Appendix 2).
The report consists of three parts:
• Part A. The Topics Report. It contains the conclusions of the audit panel concerning
the basic quality of the degree programme at the level of the topics. It provides the
considerations on which the panel based its conclusions. The conclusions are either
positive or negative. The conclusion is also formulated in the Topics Report.
• Part B. The Aspects Report. This contains the assessments of the audit panel
concerning the basic quality of the degree programmes at aspect level. It states the
findings that underpin the assessments. The assessments are awarded a mark on a
two-point scale as prescribed by NVAO for initial accreditation: ‘unsatisfactory’
[onvoldoende] or ‘satisfactory’ [voldoende]. Additional instructions by NVAO resulted in
an adaptation for marking this Aspect: ’complied’/’not complied’ [voldaan / niet
voldaan].
• Part C: Appendices.
**
NVAO = Nederlands - Vlaamse Accreditatie Organisatie (Netherlands Flemish Accreditation
Organisation)
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2.
Introduction
TiasNimbas is the business school of Tilburg University and Eindhoven University of
Technology. The school originated in 2006 after a merger between Tias Business School
and Nimbas University. The aim of this merger was to create an international, all-round
management school.
Tias Business School was established in 1986. In April 2001, the school became a private
company with limited liability in which Tilburg University owned a hundred percent of the
shares. Since April 2004, Tilburg University owns eighty percent of the shares while the
remaining twenty percent are owned by Eindhoven University of Technology. At the same
time that Tias gained its independence, it also achieved the faculty status at Tilburg
University. This enabled the school to appoint professors within the university system. A
union of staff between the Dean of the business school and the Dean of the faculty serves
as a guarantee for continuity.
Nimbas Graduate School of Management was established in 1988 with a view to
introducing a British MBA programme in the Netherlands. In 1988, a partnership was
formed between Nimbas and Bradford University School of Management. To
acknowledge the bond between these two institutions Nimbas became an official partner
in 1998. In August 2005, Nimbas obtained university status as an aangewezen instelling
[i.e. an educational institution that is not subsidized by the government but that may award
diplomas and titles that are officially recognized]. TiasNimbas led to the coming into being
of an all-round business school with branches in Bonn, Eindhoven, Taipei, Tilburg, Utrecht
and Bremen. TiasNimbas’ vision is “to belong to the first division of European business
schools.” The mission of TiasNimbas is to create added value for managers and their
organizations: “TiasNimbas Business School strives to create added value for managers
and their organizations by offering first-class post-experience management education
through project-based learning at the frontiers of knowledge in a state-of-the-art learning
environment.”
TiasNimbas’ payroll counts nineteen lecturers with an appointment of 0.5 fte or more and
all together, including the teachers, there are 130 members of staff.
In 2009, the number of incoming students was 1,623 and the total student population
numbers 2,112.
TiasNimbas offers a range of programmes aimed at managers and professionals in
business, government and NGOs. The programmes are designed for individuals with a
number of years of relevant work experience who are looking to develop their expertise.
All TiasNimbas’ programmes are focussed on educating students to become
professionals in business, governmental and semi-governmental organisations.
TiasNimbas offers degree programmes and non-degree programmes.
Degree programmes are the Executive Master Programmes (14 programmes), the Master
in Business Administration Programmes (MBA), Doctor in Business Administration (DBA),
the MSc/MA Programme and in some cases the Company Specific Programmes (CSP).
The Executive Programmes and most Company Specific Programmes are non-degree
programmes.
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The table below gives the divisional structure of TiasNimbas:
The Divisional Structure of TiasNimbas
Supervisory Board
Executive Board
Staff Departments
Executive
Masters
MSc / MA
MBA
DBA
CSP
Executive
Programmes
Each division has a comparable structure of its responsibilities. An outline of this structure
of the division Executive Masters is given below.
The Academic Dean is responsible for the academic quality of the entire range of study
programmes, the academic staff, and for the research carried out by them. The Academic
Council assists the Academic Dean with regards to guaranteeing academic quality. When
Tias became independent in 2001, the Academic Council was set up by Tilburg University
to provide a base for guaranteeing the academic quality of the study programmes. This
Council consists of five professors of Tilburg University, Eindhoven University of
Technology, and TiasNimbas. The Academic Dean chairs, and is supported by, the
Academic Council. The Academic Dean submits new and existing degree courses for
review to the Academic Council every three years, on the basis of various criteria (cf
Aspect 5.1).
The Associate Dean Executive Master Programmes is responsible for the academic
quality of the programme portfolio within the division Executive Master Programmes. The
main responsibilities are:
- To guide and safeguard the implementation of academic standards;
- The development of the academic strategy of the division;
- To guide and lead the programmes in the portfolio of Executive Masters on an
academic level;
- To position the Executive Master Programmes relative to each other and to the
portfolio of TiasNimbas;
- To work together with the Director of the Division Executive Master Programmes.
The Associate Dean is responsible for safeguarding the academic quality within the
division Executive Master Programmes; he reports to the Academic Dean.
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The Director Executive Master Programmes is responsible for the business side of the
division, the entire product portfolio of the division. This entails safeguarding quality,
financial policy, marketing and product innovation. The director works in association with
the Associate Dean, the Academic Directors and Programme Directors of the
programmes and is supported by the programme managers.
The main responsibilities of the Academic Directors (one for each programme) are:
- Taking care of the leitmotiv and ensuring that the curriculum is structurally consistent;
- Monitoring the academic quality of the study programme in terms of its contents and
the way it is put across (lecturers’ performance);
- Taking care that the curriculum connects to the needs of the market and to
developments in the field;
- Briefing lecturers and senior lecturers;
- Selecting qualified and well-motivated students;
- Keeping in touch with the students;
- Putting the study programme in a strategic position within the range of TiasNimbas’
products.
These responsibilities find expression in various tasks; the Academic Director’s prime task
is to take care of the academic integration of the curriculum and the entire learning
process of the students. He also takes care of the selection, screening, instruction, and
coaching of the lecturers. The assessment of assignments(papers and exams) also falls
under the responsibility of the Academic Director, although this does not necessarily
belong to his actual tasks. Finally, the fact that the Academic Director himself is a lecturer
connected to the study programme contributes to the quality of the educational level. The
Academic Director reports to the Associate Dean once a year. During these annual
evaluations the study programme is evaluated (on the basis of evaluations by the
students), problems are addressed and suggestions are made to improve the programme.
In most TiasNimbas programmes the Academic Director is assisted by a team of senior
lecturers, each of whom is responsible for coordinating the contents of one or more
modules of study programmes. Apart from the Academic Director and, in some cases
senior lecturers, the lectures are delivered by lecturers from universities and businesses
from at home and abroad. They are chosen for their expertise in their academic field and
because they are in touch with day-to-day practice
Each degree programme has a Programme Manager who is the central contact person for
students and lecturers. The Programme Manager is solely responsible for the
administrative and the logistic route of the study programme. This route stretches from the
first contact with the prospective participant up to and including his or her finalizing the
course (as well as feedback). The department of Recruitment draws up the schedules,
collects and distributes study material, collects papers, the evaluations of the study
programme, lists of marks, organizes the examinations and interim examinations,
graduation. The Programme Manager reports to the Director and the Academic Director of
the degree programme.
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The programmes of TiasNimbas did not have a programme committee in the past. The
process was embedded in the structure and design of the programmes; by making the
Academic Dean approachable there were several moments of feedback by students.
TiasNimbas has decided to formalise this process by calling a programme committee into
existence. This committee consists of teachers (50%) and students (50%). The
programme committee of Master in Finance and Master of Business Valuation was
founded in autumn 2009.
Part time programmes Master in Finance and Business Valuation
Both part time programmes, with 60 EC, offer lectures on a monthly basis for some three
consecutive days. Students of these programmes must have at least academic bachelor’s
qualifications for the programmes to build upon, either through their previous education or
through their work experience. Applicants are permitted once they pass the intake
procedures. Working experience of some five years in a relevant working environment is
considered to make up the difference in approach between ‘HBO’ and ‘academic
university’. This is monitored during the intake procedures. The content of these
programmes is written up in the programmes’ profiles:
- The Executive Master in Finance (MiF) is a programme in finance, accounting,
strategy and economics. Students learn to build bridges between the fundamental
theoretical framework and their own daily practice. Fundamental courses cover key
concepts of finance; these courses include Quantitative Tools for Financial
Management, Principles of Business Valuation, Fiscal and Business Law, Financial
Reporting and Analysis and Strategy and Leadership. These core courses are
combined with advanced courses in financial management, such as Mergers,
Acquisitions and Corporate Restructuring, Risk and Investment Management,
Entrepreneurial Finance and Advanced Corporate Finance.
- The Executive Master of Business Valuation (MoBV) addresses both the theoretical
and practical approach to business valuation. It covers global trends and industry
strategies on business valuation and offers a perspective on financial management,
legal and fiscal aspects. The courses link financial theories to practical models of
valuation. The programme provides valuation tools for various constituents, including
shareholders, creditors and managers, and a framework for valuing different types of
firms. Students will gain an understanding of how general valuation theory and
methodologies are applied in several business valuation situations. Upon completion
of the programme, students understand the factors that determine the value of any
business. A valuation professional should be able to demonstrate knowledge and
competence in valuing business enterprises. Competence is achieved both through
education and work experience.
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Some basic information:
Since
MiF
1986/renewed
in 2001-2002
MoBV
2007
3.
Number of graduates
Cohort 2006: 11
Cohort 2007: 24
(1 dealyed)
Cohort 2008: 33
(2 delayed, 2 did not
graduate)
Cohort 2007: 14
Cohort 2008: 11
(1 delayed, 1 did not
graduate)
Number of students at
TN, several cohorts
2006: 28
2007: 35
2008: 61
2009: 59
Incoming students
2006: 11
2007: 25
2008: 37
2009: 24
2007: 14
2008: 27
2009: 34
2007: 14
2008: 13
2009: 22
Generic audit method - degree programme audit
Generic audit
Within the framework of the audit or assessment of the programmes at TiasNimbas
Business School that are to be accredited, a so-called generic degree programme audit
was undertaken on 7 April 2009. Through this generic audit the topics staff, facilities,
quality assurance and conditions for continuity were assessed. The generic audit was
performed by two NQA auditors: E.V. Schalkwijk, PhD. and Drs. L.S. van der Veen.
Programme audit
The audit of the degree programmes that this report deals with followed the procedures
set down in the assessment protocol of NQA as described below. The audit panel
considered the Self-Evaluation Report and the Appendices that had been submitted for
evaluation a solid basis for the audit. The audit took into account the domain-specific
frame of reference applicable to the study programme (Aspect 1.1). NQA distinguishes
three audit phases: a preparatory phase, a site visit and a reporting phase. A brief
elaboration by phase is given below.
Preparatory Phase
The NQA auditor first screened the Self-Evaluation Report for quality and
comprehensiveness and determined its usefulness for the audit. In November 2009, when
the Self-Evaluation Report and the Appendices had been found satisfactory, the panel
members started preparing for the site visit that was to be held on December 14 2009.
They read the Self-Evaluation Report, the Appendices and ten sets of papers for each of
the programmes. In the week before the site visit, the panel had a preparatory meeting in
which the main topics for review and the agenda for the site visit were drawn up.
In its Self-Evaluation Report, the institution had indicated what domain-specific frame of
reference they had chosen. Together the field experts on the audit panel and the NQA
auditor established whether the specific aims and objectives for the field of study were
adequate, or whether detailed supplementation or specification was needed (cf. Aspect 1.1).
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Site Visit
The NQA protocol prescribes a standard timetable for an audit site visit. This timetable
was adjusted to suit the specific situation at the institution (Appendix 3). Separate
interviews were held with the Management Team, teachers and students. A joint interview
was held with recent graduates and representatives of the professional and academic
field. At the beginning of the site visit and later in the day, time was allocated to study the
documents requested for scrutiny and for panel discussions on its findings. The panel
members substantiated their findings in writing. At the end of the site visit, during the final
interview with the Management Team, the chair gave some feedback on the findings of
the panel without yielding an explicit final conclusion.
Reporting Phase
Based on the findings of the panel NQA drafted a two-part report consisting of an Aspects
Report and a Topics Report. With this report in hand, an institution applies for
accreditation with the NVAO. In the Aspects Report NQA reports on the level of the
aspects. In the Topics Report NQA states its conclusions on the Topics and the study.
The institution received a draft report in January 2010 and checked it for factual errors.
The audit report was finally presented to the institution in February 2010. The institution
could submit it to the NVAO together with an application for accreditation.
4.
Process to Final Assessment
In this Chapter, a conclusion is formulated on each topic by weighing the aspects of that
topic. The Decision-Making Rules set by NQA in the review protocol
[Beoordelingsprotocol] and elaborated on in the NQA memorandum Guidelines for the
Formation of Assessment [Handreiking voor oordeelsvorming], had a major role in this
decision-making process. Moreover, any special emphasis the institution might have
placed on the programme, the domain-specific framework and a comparison with other
relevant study programmes on a number of aspects, were taken into account in the
assessment.
The conclusion is supplemented in case of weighing of assessments at aspect level;
benchmarking; generic findings that surpass the aspect level; a special emphasis or ‘best
practices’.
In the conclusion on the separate topics, the assessment of the aspects is repeated,
followed by a weighing that leads to the conclusion. Extensive substantiation is to be
found in the Aspects Report.
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5.
Conclusions by Topic
Topic/Aspect
1. Aims and Objectives of the Programme
Aspect 1.1 Domain-specific requirements
Aspect 1.2 Master’s level
Aspect 1.3 Orientation University of Professional Education (HBO )
Overall conclusion
2. Programme Contents and Structure
Aspect, 2.1 HBO requirements
Aspect, 2.2 Relationship between the aims and objectives
Aspect, 2.3 Coherence of Programme
Aspect, 2.4 Study Load
Aspect, 2.5 Intake
Aspect, 2.6 Duration
Overall conclusion
3. Deployment of Staff
Aspect 3.1 Requirements Academic Orientation
Aspect 3.2 Quantity of staff
Aspect 3.3 Quality of staff
Overall conclusion
4. Facilities
Aspect 4.1 Material Facilities
Aspect 4.2 Student support and guidance
Overall conclusion
5. Quality care
Aspect 5.1 Systematic approach
Aspect 5.2 Involving Staff, Students, Graduates and Professional Field
Topic conclusion
6. Results
Aspect 6.1 Level Achieved
Aspect 6.2 Educational Success Rate
Overall conclusion
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MiF
BV
satisfactory
satisfactory
satisfactory
satisfactory
satisfactory
satisfactory
positive
satisfactory
satisfactory
satisfactory
satisfactory
satisfactory
satisfactory
satisfactory
satisfactory
satisfactory
satisfactory
complied
complied
positive
satisfactory
satisfactory
satisfactory
satisfactory
satisfactory
satisfactory
positive
satisfactory
satisfactory
satisfactory
satisfactory
positive
satisfactory
satisfactory
satisfactory
satisfactory
positive
satisfactory
satisfactory
satisfactory
satisfactory
positive
6.
Conclusions and Assessments at Aspect and Topic Level
Topic 1, Aims and Objectives of the Programme
As the panel found all Aspects merit the assessment satisfactory, the concluding
assessment for Topic 1 is positive.
Topic 2, Programme Contents and Structure
Topic 3, Deployment of Staff
Topic 4, Facilities
Topic 5, Internal Quality Assurance
Topic 6: Conditions for continuity
7.
Overall conclusion
The summary of assessments in Section 5 and in the table on page 14 present the
findings elaborated in the Aspects Report. This results in a positive overall conclusion.
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Part B:
Aspects
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Topic 1
Aims and objectives of the degree course
Aspect 1.1
Domain specific requirements
satisfactory
Criterion:
- The final qualifications of the degree course correspond to the requirements set for a
degree course in the relevant domain (field of study/discipline and/or professional
practice) by colleagues in the Netherlands and abroad, and the professional practice.
The assessment is based on the following arguments:
• Both the Executive Master in Finance (MiF) and the Executive Master of Business
Valuation (MoBV) programmes have been designed as follow-up programmes for
academic bachelor’s or master’s degree programmes in finance and related
disciplines, e.g. Law. Both programmes aim to provide the students with theoretical
understanding of financial concepts and with the ability and skills to apply these in
practice. Based on this, learning outcomes and qualifications have been determined
(cf Appendix), a number of them separately for each programme and a number jointly
applicable to both programmes. These learning outcomes and qualifications were
determined on the basis of:
- Knowledge exchange between lecturers, but especially between fellowresearchers, both on a national and international level, both within TiasNimbas and
its partners and with academics from other institutions, such as BI (Oslo), Vlerick
(Be), INSEAD (PARIS).
- Knowledge needs from the financial industry; the Advisory Board (see below) as
well as the industry contacts.
• The External Advisory Board for the programmes periodically reviews the aims of both
programmes (cf 1.3).
• The panel finds that the aims of both programmes are appropriate in view of the
developments in their respective sectors in the financial world and that these aims are
adequately monitored. Therefore the panel assesses both programmes as satisfactory
in this Aspect.
Specifically MiF:
• The area of ‘Finance’ that the MiF aims at, deals with the financial decisions
corporations make and the tools and analysis used to make these decisions. This area
is also referred to as ‘Corporate Finance’, the primary goal of which is to maximize the
value of the corporation and managing the firm's financial risks. The main concepts
are applicable to general financial issues. Finance is considered as a scientific area in
its own, related to econometrics, statistics, accounting, monetary economics and
strategy.
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•
•
The competences in this discipline aim at long-term and short-term decisions and
techniques:
Long-term decisions would concern e.g. capital investment decisions (equity,
debt or hybrid financing, payment of dividends), mergers & acquisitions and
divestitures, risk-management (interest rate risk, currency risk, commodity price
risk e.g.).
Short-term decisions can be grouped under the heading ‘Working capital
management’, dealing with e.g. short-term balance current assets and short-term
liabilities. The focus here is on managing cash, inventories, and short-term
borrowing and lending (such as the terms on credit extended to customers).
TiasNimbas defines the Master in Finance programme offered by London Business
School as an international benchmark and therefore used this programme as an
example when designing its own MiF-programme. TiasNimbas defines the difference
between the two programmes as a difference in focus, since at TiasNimbas the focus
is mainly on financial management – e.g. Strategic Management and International
Economics-, whereas the LBS-programme offers a number of electives with a broader
focus.
Specifically MoBV:
• MoBV deals with methods and procedures to estimate the economic value of a project
or a business. This discipline is closely related to the area ‘Finance’, specializing in the
valuation part with less focus on the management of value. Business Valuation is also
a profession; therefore MoBV also focuses on professionalization, with elements like
ethics in professional Business Valuation and skills in writing Valuation Reports.
• The long-term and short-term decisions described in the domain of the Master in
Finance also apply to the Master of Business Valuation, with the emphasis always on
the value-part and less on the management part. In addition, in the domain of
Business Valuation the distinction between small and larger companies is of more
importance, often related to being (non)-listed.
•
On a national level, TiasNimbas defines the Business Valuation programme offered by
Rotterdam School of Management (RSM) as the relevant benchmark programme for
TiasNimbas’ MoBV. However, TiasNimbas positions this RSM-programme at the postbachelor’s level (as defined by the enty criteria of this programme) and TiasNimbas
therefore sees this programme as less intensive and positioned at a lower level than
its own programme in the academic arena. Another difference is that the programme
at TiasNimbas is mainly taught by lecturers from Tilburg University (except for the
practice courses) with a strong academic background, teaching programme content
based on academic evidence whereas the programme at RSM is mainly taught by
part-time lecturers (i.e. practitioners) with more emphasis on ‘best practices’ rather
than academic rigour. A second benchmark on a national level is the Executive Master
of Business Valuation offered by University of Groningen. The difference between
these two degree programmes is fundamental as the TiasNimbas programme builds
on the various academic disciplines (e.g. Finance, Fiscal law and Business law areas)
that are relevant for business valuation whereas the Groningen-programme takes deal
processes in mergers & acquisitions as a basis.
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Aspect 1.2
Master’s degree level
satisfactory
Criterion:
- The final qualifications of the degree course correspond to general, internationally
accepted descriptions of the qualifications of a Master.
• An elaboration of the match between the programmes’ objectives and the five Dublin
Descriptors was presented to the panel in the self evaluation report. The panel finds
that TiasNimbas has made sufficiently clear in this overview that the level as defined
by the learning outcomes meets the standards of internationally accepted description
of the qualifications of an academic Master as outlined in the five Dublin Descriptors.
Both programmes merit the assessment satisfactory for this Aspect. For two of these
standards this is substantiated below.
Knowledge and understanding:
• The entry requirements ensure that students in these programmes have at least
academic bachelor’s qualifications for the programmes to build upon, through their
previous education and through their work experience. In both programmes, students
will become familiar with an up-to-date set of tasks and responsibilities of a financial
manager such as the valuation of firms and investment projects, the determination of a
firm’s cost of capital, strategic decisions concerning mergers and acquisitions, and
raising debt and/or equity. Knowledge of regulations concerning financial reporting and
corporate governance is also dealt with.
• This is recognised in learning outcomes 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 14, 15, 16, 17, 18,
19, 22, 23, 24, 26, 27, 28, 29, 30 and 31 (cf Appendix 5).
Specifically for MiF:
• Students of the MiF- programme will become familiar with risk management. The basic
skills for a risk manager are dealt with, such as measuring and managing risks and
understanding financial instruments - both for firms and financial institutions. In this
respect it is important to provide students sufficient insight in recent developments in
risk management and the use of all kinds of derivatives. Also, related to this students
will obtain an understanding of the international macroeconomic environment that
drives exchange rates in interest rates.
Specifically for MoBV:
• Students of the MoBV-programme will become familiar with the valuation of non-listed
companies. They will get an understanding of the effects of being non-listed on the
discount rate. In addition, students will learn the specific Dutch fiscal and business law
issues related to business valuation and they will learn the ethics of being a
professional business valuator.
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Applying knowledge and understanding:
• In the course of the programmes, students are enabled to apply their newly acquired
knowledge and demonstrate how they can apply this new knowledge by means of
real-life case studies (such as commonly used at Harvard Business School and
INSEAD for example), Excel applications and simulations, and cases derived from
their own organization.
• Real-life case studies are used in all courses. In addition, the application of acquired
knowledge in an Excel environment is important in the course Principle of Business
Valuation (building valuation models), Risk Management & Investments (building
portfolio models e.g.) and Advanced Corporate Finance (for real option valuations and
simulations).
Specifically for MiF:
• In the final course of this programme, ‘Strategic Financial Management’, only real-life
cases studies are solved. Students are expected to apply all aspects of the
programme in the cases at hand in an integrated manner.
Specifically for MoBV:
• Students have to apply their knowledge in writing a Business Valuation Report. Such a
report is the key deliverable in the profession of business valuation and all aspects of
the programme are integrated in this report.
• Applying knowledge and understanding can be found in learning outcomes 1, 2, 3, 4,
5, 9, 11, 12, 14, 17, 18, 19, 20, 21, 24, 25, 26, 31 and 32.
Aspect 1.3
Academic orientation
satisfactory
Criteria:
- The intended learning outcomes are derived from requirements set by the scientific
discipline, the international scientific practice and, for programmes to which this
applies, the practice in the relevant professional field;
- An academic master (WO-master) has the qualifications to conduct independent
research or to solve multidisciplinary and interdisciplinary questions in a professional
field for which academic higher education is required or useful.
• As written up above (cf 1.1), the panel finds that the aims of both programmes comply
with aims of other academic degree programmes in these two areas within the
Economic discipline; both programmes satisfactorily incorporate the Dublin descriptors
that relate to the Masters level (cf 1.2).
• The aims of both programmes were discussed on a yearly basis with the External
Advisory Board. This Board consists of experts in both Finance and Business
Valuation, from the academic world and from the professional field. From earlier
minutes of their meetings and from the information by members of the Board whom
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•
•
the panel interviewed, the panel found that this Board has recently taken up its
activities after a break of some two years. Matters discussed between TiasNimbas and
the Board are e.g. the validity of the programmes’ aims. The members of the Board
stressed that in the discussions about the programmes’ aims input from academic
developments in the respective disciplines as well as from the respective professions,
is actively scrutinized.
TiasNimbas made the decision to start the MoBV-programme as a separate degree
programme rather than a specialization within MiF in close discussion with the Board.
A representative of the Dutch Register of Business Valuators is on the Board. This
organization does not formally validate the programme’s aims; MoBV-graduats need
to write an additional valuation report and pass an additional exam before they can
register as Business Valuators. Differences between the Registers’ terms and the
programmes aims are not fundamental however and generally all TiasNimbas’
applicants pass the test, as the representative from the Register stated.
The panel concluded that the aims of both programmes adequately aim at the abilities
to solve multidisciplinary and interdisciplinary questions and that both programmes
aim at a master’s qualification with an academic orientation.
MiF:
• The objectives of the MiF-programme aim at providing students with an understanding
of relevant and recent topics in financial management. The majority of the students are
employed by industrial, commercial and consultancy firms, with a slight emphasis on
financial institutions. The programme aims to help students to apply and understand
the theoretical concepts of corporate finance such as valuations of investment
projects, cost-of-capital, financial architecture of the firm (capital structure) and
derivative securities. A thorough understanding of international disclosure
requirements, corporate governance mechanisms and regulations is essential
knowledge, necessary for both their current and future positions. The programme
hands students these aspects.
• In their daily work, most students deal with practical financial and economic problems.
One of the competences they obtain in their studies is to be able to translate such
issues into clearly specified research questions that can be analyzed, solved and
presented in a scientific way. Therefore, the objectives of MiF include competences
such as being able to apply and understand scientific literature in financial
management, solve problems and being able to read, write and present reports.
MoBV:
• The objectives in the MoBV-programme aim at making students understand relevant
and recent topics on valuation from a financial point of view, including legal and fiscal
perspectives. Most students work in accounting and consultancy firms; most specialize
in valuation or in M&A transactions. Therefore, students must be able to apply and
understand theoretical concepts of corporate finance, such as valuations of investment
projects, cost of capital, and capital structure of the firm (similar to the MiFprogramme). In addition, they need to have a thorough understanding of fiscal issues
and be able to recognize and apply these in real life valuation problems. Similarly,
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•
students need a good understanding of business law, in particular in relation to
transactions.
In their daily work, students (may) deal with (complex) valuation problems. They have
to be able to recognize the relevant financial issues as well as fiscal and legal issues,
and translate the problem into a clearly specified research question that can be
analyzed, solved and presented in a scientific way. Therefore, the MoBV-objectives
include competences like being able to apply and understand scientific literature in
financial management, solve problems, and being able to read, write and present
reports.
Topic 2
Programme
Aspect 2.1
Requirements for academic orientation
satisfactory
Criteria:
- Students develop their knowledge through the interaction between education and
research within the relevant disciplines;
- The curriculum corresponds with current developments in the relevant discipline(s) by
verifiable links with current scientific theories;
- The programme ensures the development of competences in the field of research;
- Where appropriate, the curriculum has verifiable links with the current relevant
professional practice.
• The panel has studied the reading lists (both lists: required and recommended
literature) and found that these are up to standard from a theoretical and a practical
point of view for both programmes. The panel agrees that the reading lists support the
aims of the programmes to develop knowledge in an academic orientation as well as
in a practical, work oriented sense. The panel considers that through this reading
material students are in contact with recent developments in academic research in the
fields of finance and business valuation and their applications in practice.
• Students can access the online and offline resources of the library of Tilburg
University. The panel found that teaching staff have experience in international
contexts, have an academic background and contribute to the academic development
of their field by publishing in internationally known journals (cf Topic 3).
• Lecturers are central in bringing up-to-date thinking about theories and models into the
classroom. In a number of cases they use their own research and published materials
when teaching their modules and thus create a link between current scientific theories
and teaching.
• Academic practice and professional relevance are equally important in the curricula.
Besides their academic background and academic activities, teachers are selected by
their experience in executive education in the field of finance or business valuation.
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•
•
•
•
The link with work practice is guaranteed in the curricula by the experience of teaching
staff, supported by the work experiences of the students. Guest lecturers from the
professional field add to the application of theory and practice. Guest lecturers are
mostly ‘hands-on’ experts in their (sub)fields of finance or business valuation.
The connection between the academic knowledge and the professional field is clear in
the curricula. Theory and practice are offered simultaneously in the modules; the
integration through guest lecturers, cases and debate within the group of students
about their experiences in practice support the link between academic content and the
professional field. In the tasks that students work on in their assignments and papers
and the valuation report the focus is on the integration of theory and practice.
The group of students is generally heterogeneous: students are demographically
different, work in different types of companies and in different positions (cf 2.5). This
enables debate in which various viewpoints and experiences can be shared.
The Advisory Board shares experiences from the work field with the Academic
Director and brings up possible improvements to the programme. The Board also
advises on the professional relevance of the programmes.
In view of these supportive findings, the panel assesses both programmes as
satisfactory.
Aspect 2.2
Relationship between aims and objectives and
contents of the study programme
satisfactory
Criteria:
- The course contents adequately reflect the final qualifications, both with respect to level
and orientation, and with respect to domain-specific requirements;
- The final qualifications have been translated adequately into learning targets for the
programme or its components;
- The contents of the programme offer students the opportunity to obtain the final
qualifications that have been formulated.
• The panel studied an overview of the curricula for both programmes and a description
of all courses and is satisfied that the aims of the programmes are adequately
addressed in these curricula. The panel could judge how the learning targets for each
of the modules match with the aims of the degree programmes. The programme
management also supplied information as to where each of the five Dublin Descriptors
were evident in the learning targets for each module. The panel is convinced that the
curricula are adequately designed to serve their purpose as described in 1.1 and as
defined by the programmes’ aims (cf appendix 5).
• The curricula share the initial four modules. In these four fundamental modules
students will become acquainted with and learn how to apply the latest scientific
thinking in the fields that are covered by the courses. These courses are Quantitative
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tools for financial management; Principles of business valuation; Fiscal and business
law / Corporate governance; Financial reporting and analysis (cf the table below).
Overview modules Master in Finance and Master of Business Valuation
Master in Finance
Master of Business Valuation
Module 1
Quantitative tools for financial management
Module 2
Principles of business valuation
Module 3
Fiscal and business law / Corporate governance
Module 4
Financial reporting and analysis
Module 5
Strategy and leadership
Mergers, acquisitions and corporate
restructuring
Module 6
Mergers, acquisitions and corporate
Advanced corporate finance
restructuring
Module 7
International finance and economics
Entrepreneurial finance
Module 8
Advanced corporate finance
Valuation practice course I
Module 9
Risk and investment management
Valuation practice course II
Module 10
Entrepreneurial finance
Valuation practice course III
Module 11
Strategic financial management
Valuation report
Specifically MiF:
• The second part of the MiF-curriculum consists of seven advanced modules in which a
number of fundamental concepts, theories and ways of thinking are presented.
Through case studies these concepts are applied to the practice of the financial world.
• Project-based learning enables students to rapidly recognise the problems and issues
of their daily work. The assignments are designed to also provide the students with the
tools needed to analyse these issues and to identify and optimize solutions.
• In the final module, Strategic Financial Management, the relations between the
concepts presented in both the fundamental and advanced modules are dealt with in
seven integrated case studies. The combination of frontiers of knowledge and projectbased learning is designed so that upon completion of the curriculum, students can
recognise how their daily financial issues can be addressed through a conceptual
framework, on the basis of which optimal solutions can be worked out.
Specifically MoBV:
• The first part of the MoBV-curriculum consists of the four fundamental modules
mentioned above. The second part consists of three advanced modules dealing with
m&a, corporate finance and entrepreneurial finance. The programme also continues
with a practice-oriented module that is made up of three valuation courses (cf table
above). There is one written assignment and one sit-in class exam for fiscal law. The
curriculum ends with a business valuation report.
Instruction:
• The programmes enhance academic and intellectual growth by stimulating students’
self-motivation to study, through exercises (case studies, break-out sessions), writing
papers on each fundamental and advanced module and in the case of MoBV finally
through writing a valuation report. Furthermore there are debates among students and
between teachers and students, aimed to enhance exchange of knowledge.
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•
•
•
The interaction between theory and practice is promoted through a mixture of
didactical methods such as debate classes or tutorials, group reviews of exercises and
(guest)lectures.
With this didactical approach TiasNimbas aims at enhancing ‘cross-pollination’ and
stimulation by group interaction between professionals with different backgrounds. The
available knowledge and skills within the group of students are expected to contribute
to the depth of the programme; informal contacts between students and with lecturers
are meant to lead to improvement of personal skills and competences. The panel
discussed this with the students and alumni during the site visit and found that all
concerned do indeed experience that the diversity in each cohort serves as an extra
impulse for their studies as well as after graduation through the contacts between
alumni.
Students have access to the TiasNimbas Virtual Campus, the digital learning
environment in which all relevant information of the programme is available. Students
can hand in their papers via this Virtual Campus and they can download module
information. Students stated in the interview during the site visit that the Virtual
Campus facilitates communication.
Assessments
• The assessment of the programmes is written up in the Examination Regulation. The
panel discussed the validity of the assessments, as they found that teaching staff set
their own assignments and assess them theirselves; criteria and norms in assessing
and grading papers/assignments are generally defined by each teacher for their own
modules. There is no Examination Board, but the panel found that the Academic
Director oversees the assessments. Although the panel became convinced that in
daily practice the teachers do indeed discuss their assignments and their approach to
assessment amongst themselves, the panel found no evidence of regulations that
assessments are to be monitored by colleague-teachers. In the interviews with the
programme management, this matter was thoroughly discussed during the site visit.
As a result of these discussions the panel is satisfied that the Academic Director is
fully aware of how each teacher assesses the assignments and that he intervenes
should validity and reliability of assessments be compromised.
• Students write an assignment for each module. The panel studied a number of these
papers and found that these papers involve the content of the module, the literature,
debates (academic wise) and personal reflections. The panel is satisfied as to the
achieved level and the orientation shown in the work at the end of both programmes.
The panel finds the level of the work consistent with a master’s degree (subjects,
problem definition, use of theory, problem solving methods, applicability, use of
literature) and finds specifically that e.g. grasp of theory and critical approach comply
with what must be expected at the end of an academic master’s degree programme.
• All assignments and exams show a combination of theory and practice. All papers and
sit-in exams (see below) are individual.
• All assignments need to be passed. A retake is necessary when a student has a grade
below 5,0. An appeals procedure is laid down in the exam regulations. Besides
necessarily completing all assignments and exams with a pass grade, students are
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•
•
expected to attend all classes. Absence is allowed for a maximum of two day parts as
an exception, only with permission of the Academic Director. Students stated that
absence from classes is indeed virtually non-existent.
TiasNimbas requires lecturers to formalize the feedback on assignments after
assessments, choosing one or more from the following methods:
- Provide a ‘standard’ solution to the assignment, if applicable;
- Provide individual, written feedback to the assignment;
- Have a ‘one-hour’ feedback session in the next course in order to provide
feedback on the ‘main mistakes’ and ‘lessons learned’;
- Have an office hour where students can have individual feedback.
In scrutinizing the Exam Regulations (OER, in Dutch), the panel found that
assessments differ for the programmes:
- For the MiF-programme, assessment has two components: 1) ten
papers/assignments and 2) one sit-in exam.
- For the MoBV-programmes assessment has three components: 1) eight papers, 2)
one sit-in exam and 3) the final test through the Valuation Report.
MiF: Final module and assessment
• The final module in the MiF-curriculum is the integrative module on Strategic Financial
Management, which integrates the previous modules and introduces no new theories.
The module ends with a sit-in exam which consists of a case on which students need
to write an assignment/paper.
• The panel is satisfied that the validity and reliability of the assessments of the set of
final papers in the MiF-curriculum are adequately monitored by the Academic Director,
although there was no evidence of written up criteria and norms. Furthermore, the
panel did not see any proof of weighing of the grades per paper although the grades
of these eleven papers resulted in one overall (final) grade per student. This will be
addressed, as the programme management stated. The panel accepts this, as it saw a
draft for a revised format for assessment.
MoBV: Final assessment and the Business Valuation Report
• The final phase of the MoBV curriculum consists of executing a business valuation
and reporting about this valuation; three practice courses prior to this business
valuation prepare students for this final valuation. In their Business Valuation Report
students must demonstrate that they are able to apply the knowledge from the practice
courses to real life situations. Based on the project mentors’ assessment of the Report
a student will be invited to undertake an oral exam in which he will defend his Report.
The examination will test the ability to work as an independent valuator. During the
defence, a student can demonstrate his knowledge and clarify any issues raised by
the examination committee. The examiners will thoroughly examine the valuation
issues and the legal and fiscal section of the valuation report. The students must show
not only that they have a good command of the business and economic issues that
are discussed, but also that they have sufficient legal insight.
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•
•
The panel found that TiasNimbas had designed an assessment form for the Business
Evaluation Report, with 9 criteria. The panel could not find evidence of norms for the
assessment of these criteria nor of weighing of the criteria to arrive at the final
assessment of the Report. This was discussed with the lecturers and with the
programme management: the panel found that this form has been introduced recently
and that monitoring of its use is done by the Academic Director. The panel saw proof
of norms and weighting being further clarified in an instruction to the assessors, to be
implemented when the next cohort begins writing their valuation report proposals
(spring 2010).
The panel is satisfied that this exam at the end of the MoBV-curriculum is thorough,
but found no evidence of existing minutes from any of these exams nor of criteria or
norms for the assessment of this defence of the Report. This matter was discussed
with the programme management and the panel finds that validity and reliability are
sufficiently monitored even though written proof is lacking. This will be addressed, as
the Academic Director stated, for the next graduation sessions (2010). The panel
accepts this, as it saw proof of active measures to enhance monitoring of
assessments and as it took into consideration that this is a process for initial
accreditation.
Aspect 2.3
The coherence of programme contents and structure
satisfactory
Criterion:
- Students follow a programme of study that is coherent in its contents.
• The panel found that the structure of the curricula and sequence of the modules
support the target that students can reach the qualifications and goals of both
programmes.
• Module-activities start with a theoretical part, after which a case is discussed which
leads to a debate. This enhances the exchange of knowledge and experiences by
students and teachers. Guest teachers can connect the theory to a real life problem.
The panel found that the structure of the modules focuses on coherence between
theory and practice and that each module adequately addresses the intended course
content (horizontal coherence).
• The sequence of the modules is essential (vertical coherence). Every module takes
the knowledge, insights and skills of the previous modules as a foundation to start
from, which enhances the skills of transfer of knowledge. The panel found that the
sequence of the modules supports a logical build-up of the theory of finance and
business valuation.
• In the MiF-curriculum the vertical structure is enhanced by the final module Strategic
Financial Management, where students are supposed to work on real-life business
cases. All theory and concepts from previous modules are integrated in this final
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•
•
module. In the MoBV-curriculum the final valuation report integrates the previous
concepts in a real-life valuation case from the participant’s own practice.
The coherence in the programmes is monitored by the Academic Director of the
programmes: the Director briefs the teachers on the curriculum, module content and
the learning outcomes. The purpose of these annual meetings is to support continuous
feedback about the programmes, their delivery, content and coherence.
There is formal consultation between the Academic Director and the Advisory Board.
The Advisory Board gives advice on the curriculum and the developments in the
domain of employment. Students’ evaluations of coherence of the curricula are
structurally on the agenda in the deliberations between the Academic Director and the
Advisory Board and will be discussed in the next meeting which is scheduled for
January 2010.
Aspect 2.4
Study load
satisfactory
Criterion:
- The programme can be successfully completed within the set time as certain
programme-related factors that may be an impediment to study progress have been
removed where possible.
• The curricula are designed to enable students to combine their studies with a full-time
job. Lectures are once a month from either Wednesday or Thursday morning until
Saturday noon. On Wednesday, Thursday and Friday, evenings are included.
TiasNimbas calculates students’ time investment as:
- Approximate 300 contact hours
- Approximate 450 hours preparing the modules
- Approximate 450 hours for doing assignments
- Approximate 500 hours learning experience in students’ own working environment,
applying what they have learned at TiasNimbas and discussing this with
colleagues at work and fellow students.
• Both programmes have a cohort-structure, with a duration of 16 months (11
modules)•. In the cohort structure there is no variation in the completion timeframe,
which can be an impediment to study progress as modules can not be taken again
within the same year. Should a participant be absent for more than the regulatory two
half-days, an assignment in substitution for the absence will be discussed with the
participant; possibly a module needs to be retaken in the next cohort (next year), in
close consideration with the Academic Director.
• TiasNimbas provides extra guidance to students with problems concerning the study
load, e.g. if the quality of the assignments is low or if the student can not keep up with
the intensity of the curriculum. The size of the groups (some 20-30 students per
cohort) enable the academic and supportive staff to guide students personally as the
•
MoBv has 10 modules and a Valuation Report
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•
•
•
•
staff knows each student. The panel found that students do not often need to make
use of this extra guidance, with the exception of the first module
(Mathematics/statistics) that most students and alumni remember as being a tough
beginning of their studies. No students, however, drop out or fail in their studies
because of this module, as the panel could verify.
At the start of the programme all students receive an information folder with their
curriculum’s outline. At the end of each module, students receive a detailed moduleprogramme overview of the next module including the compulsory literature. Both the
module-programme and the literature are also digitally available through the Virtual
Campus, as is an overview of the teachers available, including ways to contact them.
During the monthly lectures at TiasNimbas, the Academic Director and the
Programme Manager are present to deal with questions or issues that students may
have.
The panel found that students agree with TiasNimbas that the intensity of the module
facilitates personal and intensive contact between students and lecturers. The
communication between students and programme management (Academic Director
and Programme Manager) is also intense, as the programme management is always
present on the premises during the monthly in-house teaching activities.
The drop-out rate is virtually non-existent, though some students need to postpone
graduation; generally because of personal matters. With the approval of the Academic
Director, such students can graduate within a year after their official graduation date.
In the last three cohorts of MiF (MiF-5, MiF-4 and MiF-3, which respectively started in
September 2008, 2007 and 2006) one participant has left without graduating. The
MoBV-programme has had two cohorts as yet (BV-1 and BV-2, which started in
September 2007 and 2008): two students have left without graduating, one of which
switched to Master in Finance and will leave TiasNimbas with a degree.
Aspect 2.5
Incoming students
satisfactory
Criterion:
The structure and contents of the programme are in line with the qualifications of the
students that embark on the degree course:
- Master’s programme (WO-master): a bachelor’s degree and possibly a selection (with
a view on the contents of the discipline)
• The intake procedures are designed to test the intellectual level and motivation of a
participant so as to ensure that he can complete the programme. Elements in the
selection procedure are e.g.:
- After review of the CV of a potential participant, there is an intake interview of at
least one hour with the Academic Director. In this interview the Academic Director
assesses whether the potential participant has the appropriate level, proper work
experience and motivation to complete the programme successfully.
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-
•
•
•
In the case that the educational background is lower or does not completely fit the
profile (accountants, tax specialists, financial consultants, lawyers, controllers or
financial managers), the intake focuses on the functional experiences in the field of
employment or the analytic (academic) skills, knowledge and insights.
- If the Academic Director has doubts about the background of an applicant, he
could consult the employer of this applicant for additional information or accept the
candidate conditionally.
- TiasNimbas has signed the Code of Conduct with respect to specific support to
non-EU-students.
TiasNimbas Executive Master programmes are open to all who have an academic
background with at least five years’ relevant work experience. The Academic Director
oversees the intake procedures.
The panel found however that some alumni and some current students had a previous
degree in professional education (hbo, in Dutch) which is not considered of an
academic orientation. The panel discussed this matter with students, alumni and with
the programme management and found that applicants are admitted once they pass
the intake procedures and that working experience of some five years in a relevant
working environment is considered to make up the difference in approach between
‘hbo’ and ‘academic university’. Students and alumni who had not had an academic
previous education, stated that in their case this was a correct premisse and that they
had not been met any specific impediments in their studies related to this different
previous education. No specific deficiency courses had been necessary, apart from
the already mentioned extra support for the first module in Mathematics/statistics (cf.
2.4).
The panel concludes that, although the programmes aim to be a follow-up for
academic studies in finance or related disciplines, in fact they provide a follow-up for
all relevant higher education studies, provided that an applicant passes the intake
procedures. These procedures prove to be adequate, in view of the students’
experiences and of the educational success rate.
Aspect 2.6
Duration
complied
Criterion:
The degree course complies with formal requirements regarding the range of credits:
- Academic master’s programme (WO-master): a minimum of 60 credits
• The total study load is 60 EC, evenly spread over the modules. The panel finds that
module content complies with the number of EC that they were designed to have.
Therefore both courses comply with the requirements.
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Topic 3
Deployment of staff
Aspect 3.1
Requirements for academic orientation (WO)
satisfactory
Criterion:
- Teaching is principally provided by researchers who contribute to the development of
the subject/discipline.
• Through scrutiny of the CVs the panel found the lecturers to be experts in their
disciplines. The majority of teachers undertake research or contribute to publications
in their field of specialisation of finance and business valuation. The international
teachers who teach and oversee the programmes are all experienced in teaching and
research in international Business Schools and Universities. The interaction with the
lecturers during classes requires that students reflect critically on their own work and
that they work according to scientific standards. The Academic Director of the MiFand MoBV-programmes is connected to Tilburg University.
• In addition to TiasNimbas-teachers, guest speakers are regularly invited to
TiasNimbas to give lectures on current topics in their field of expertise.
• Despite the diversity in background the teaching staff for both programmes is formed
around a stable group. Lecturers keep in contact with each other through e-mail and
professional contacts i.e. conferences.
• The panel found that the teaching staff can adequately address all relevant topics of
both curricula, at the required academic level.
Aspect 3.2
Quantity of staff
satisfactory
Criteria
- Sufficient capacity is made available to be able to start the new degree course.
- Sufficient capacity is made available to be able to continue the new degree course.
• The panel finds from the interviews with programme management, teachers, students
and alumni that all modules can be adequately taught by teachers who were allocated
sufficient time in their contracts to prepare for these modules, to teach them and to
assess the assignments. This also applies to members of the programme
management. Each study programme has a Programme Manager, who is given
enough time to deliver high-quality service.
• The aim at TiasNimbas is for a staff-student ratio of 1:30. With that only teaching time
is taken into account, including development time: time spent on research is not taken
into consideration. The panel found that the staff-student ratio is up to standard,
though measuring it can not be decisive as staff teaches in a number of degree
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programmes and as not all staff are fully employed. As students stated that their
teachers are always available to them – as they confirmed in the interview during the
site visit – and as lecturers stated they have sufficient time to prepare, deliver and
mark their modules, the panel finds no cause for alarm as to staff-student ratio.
Aspect 3.3
Quality of staff
satisfactory
Criterion:
-
The staff that is to be deployed is sufficiently qualified to ensure that the aims
regarding contents, didactics and organisation of the course programme are
achieved.
• The Academic Dean is responsible for recruiting new TiasNimbas faculty. The
Academic Director is responsible for the quality of the staff employed within the MiF
and MoBV programmes. TiasNimbas is not obliged to contract staff from the faculties
of its parent universities.
• New lecturers are selected according to three criteria: 1) they should have an
academic background and preferably a doctorate, and they should have a substantial
number of national and international research projects and publications, 2) they should
have ample teaching experience in Executive Education. They should be able to prove
this formally by submitting previous course evaluations and 3) they should have
practical experience in the business world or they should have consultancy experience
aimed at the world of business or public and semi-public institutions or both. The panel
saw in the cv’s that most faculty hold at least a doctorate/PhD.
• The Academic Director is responsible for preparing new lecturers for their teaching
tasks. This includes supplying them with the necessary information about the study
programme and the programme requirements, discussing the programme contents
and working methods with them, discussing the composition of the group of students
and their backgrounds; directing the development of course material, and attending
lectures should the need arise. TiasNimbas enables its staff to allocate time for
widening and deepening their knowledge and experience, e.g. through attending
conferences or through research. Such projects are discussed e.g. during the
performance interviews.
• The reviews of modules by students can result in a lecturer being dismissed if his
performance is consistently poor. This has indeed happened in the past; lecturers are
not employed on a permanent basis. The panel found that students and graduates
were in general most positive about their teachers, both concerning their command of
theory as concerning their teaching skills.
• Programme Managers are assessed by TiasNimbas on three core competencies:
quality-orientation, customer-orientation, and entrepreneurial skills.
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•
•
•
The Academic Director directs the professionalization policy. Although there is no
formal training course and no lecturers’ handbook, there is a socialization course
during which lecturers are familiarized with TiasNimbas and its didactic and academic
approach.
A suitable format is in place for performance interviews; these interviews are
scheduled in accordance with the Academic Dean’s strategic plan. Lecturers are
assessed via a review after each module they teach. In addition teachers on payroll at
TiasNimbas have yearly performance interviews.
The results of MTO 2008 indicated that TiasNimbas-teaching staff is satisfied with
their working conditions. This complies with the findings of the panel, in its interview
with teachers. The MTO 2008 showed less satisfaction for staff members in the
supporting positions. For TiasNimbas as a whole that was the reason for setting up
three working groups: personal development, internal communications between
divisions and thirdly entrepreneurship. The tasks of the working groups are to define
improvements.
Topic 4
Facilities
Aspect 4.1
Material facilities
satisfactory
Criterion:
- The intended accommodation and material facilities are sufficient to implement the
programme.
• Since 2001,TiasNimbas has been housed on Warandelaan in Tilburg. There are ten
lecture halls in the business school that seat between 35 to 75 people. The halls offer
good visibility and acoustics, and supportive audio-visual aids are available, including
a beamer, an overhead projector, a whiteboard, and CD and DVD apparatus. Each
student seat in the lecture halls is equipped with data connection, allowing students
access to the internet with their own laptops.
• A number of the larger lecture halls are equipped with video conferencing apparatus.
In these halls equipment is also available to video-record lectures thus enabling
interactive lectures.
• The building has 42 so-called break-out rooms that can be used for working
individually or in small groups or to take part in on-line discussions or business games.
Each break-out room is equipped with a multi-media computer that is linked to the
internet and to the TiasNimbas network.
• The TiasNimbas network enables the exchange of files between students, lecturers
and other staff members. It is also possible to print files. The break-out rooms are
situated conveniently close to the TiasNimbas staff offices, enabling adequate service.
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•
•
•
Students of the study programme have access to the library of Tilburg University and
can make use of all the services the library offers to all its students. In addition,
TiasNimbas supports a wireless LAN network on the campus of Tilburg University.
This enables students to send and receive email and to surf the internet from
anywhere on campus. Finally, they may use the other teaching facilities offered by the
university such as a reproduction and printing service, audio-visual support and
technical support.
Tilburg University has a language centre where TiasNimbas students and staff may
study a language. Language teaching can be followed either in small groups or
individually (on a self-teaching basis).
TiasNimbas has installed a Virtual Campus. This online application, that students may
access with a login name and password, offers possibilities to communicate with all
parties involved in the study programme (fellow-students, lecturers, staff). Any
developments and news concerning the curriculum and the various blocks are
exchanged on the Virtual Campus. Assignments, study material to be prepared and
other relevant information are made known to the students through the Virtual
Campus. Completed assignments can also be submitted through the university’s
website. All the assignments completed by the students are saved and stored on the
system.
Aspect 4.2
Student counselling
satisfactory
Criterion:
- The intended student support and guidance, as well as the information given to students
are adequate for the purpose of students’ progress.
• Ten to twenty percent of the applicants are refused admittance for reasons related to
previous education or the lack of necessary work experience. Prior to the beginning of
the degree programme, prospective students receive extensive information from the
Programme Advisers.
• Students receive regular information about their study progress. On the basis of this
information the students can work on their competencies, growth and development.
Feedback is given on an individual basis by the Academic Director or a specific
lecturer. On the basis of this feedback parties can decide jointly that extra study
guidance is called for. This may e.g. be in the form of extra individual tuition or by
supplying extra study material.
• The study programme has a Programme Manager, who is the students’ contact
person. The small-sized student-groups stimulates personal contact between the
Programme Manager and students. The relatively long completion time of the parttime course, the intensity of the block structure in combination with the relatively small
groups, creates the possibility for intense and personal contact between students and
lecturers.
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•
•
Students receive general counselling with regard to study skills such as academic
writing. Student counselling is offered by the Academic Director. Personal coaching is
offered by internal and external coaches. Group counselling is also offered. For nonurgent, administrative matters the Programme Manager has consulting hours, but for
urgent matters he is also accessible during office hours. For matters of an urgent
nature the Programme Director is accessible by telephone outside office hours. A
dyslexia protocol is in place.
The provision of information to students and lecturers is mainly through the Virtual
Campus (cf 4.1). Academic achievements are presented anonymously on the system.
Students can request an overview of their results.
Topic 5
Internal quality assurance
Aspect 5.1
Systematic approach
satisfactory
Criterion:
- A system of internal quality assurance is in place, which uses verifiable targets and
periodical reviews to take measures for improvement.
• TiasNimbas-programmes are assessed on their academic level, the curricula and
student satisfaction. This is done in various ways:
- Academic quality is reviewed once every three years by the Academic Council
which consist of five renowned professors of Tilburg University, Eindhoven
University of Technology, and TiasNimbas and chaired by the Academic Dean.
- The Academic Council structurally guarantees the academic quality of the
programmes. The tasks and authority of the Academic Council are laid down in the
Academic Convenant.
- The programme management has consultations with the External Advisory Board
twice a year. This Board consists of members from the research environment and
day-to-day practice. There is also at least one alumnus on the Board. They monitor
quality with regard to the connection with day-to-day practice.
- There are annual consultations with the Academic Director: all modules are
reviewed by the students. The students give their scores on a five-point scale and
afterwards supply written comments on the quantitative assessments. On average
the assessments should be higher than 4.0 on the five point scale. In case the
scores come out below 3.0 consistently, the Academic Director contacts the
lecturer to determine in what ways future performance levels can be improved. In
case of a repeatedly low score the lecturer will be replaced. The panel found that
this element in internal quality care is indeed in place in both MiF and MoBV, but
mostly in an informal setting as the panel, upon request, could not be presented
with minutes or protocols about the reviews (other than assessments of lecturers)
nor of any meetings between the students and the Academic Director. This matter
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•
•
•
was discussed during the site visit, after which the panel concluded that modulereviews do indeed take place and that the results are discussed with the Academic
Director. Measures will be taken to formalize the reviews, their analyses and the
follow-up actions such as discussions with students.
- Periodic consultation between the teachers of each module (senior lecturers,
lecturers and guest lecturers): the panel could not find proof of these consultations
per module, but is fully satisfied that they do take place. The panel states that
formalizing the decisions in these team-consultations would greatly enhance
follow-up of any improvements since modules are only taught once a year and the
members of module teams may change over that period.
Apart from module evaluations, the Academic Director has at least two information
and discussion sessions with the students, to obtain feedback on the curricula: a midterm review and a review at the end of the curricula. For MiF these sessions resulted
in a number of remarks (cohort 3 2006-2007), such as:
- Although the programme is positioned as an executive master programme, it was
experienced to be too technical and too specialised. E.g., there was too much
emphasis on (technical) bond valuation. On the other hand, there was too little
background on strategy and mergers & acquisitions.
- Related to the first comment, the link with daily practice was in some courses
perceived to be too weak.
Consequently, some changes were made in the MiF-curriculum, resulting in a
‘broader’ programme on Financial Management, with extra emphasis on non-financial
issues such as Strategy and Law.
The evaluations by the students, in the sessions with the Academic Director had also
indicated that the grading by the lecturers was frequently too late (cohort 2007/2008).
Measures were taken to improve the speed of grading, but on analysis it was found
that generally the assignments that were graded too late had been handed in too late
as well. The students that the panel interviewed stated that there is improvement in
this matter, as to their experience grading is now generally done on time.
The Academic Dean carries the ultimate responsibility for the internal quality care and
has the authority to carry through changes. Major changes are implemented after
consultation with the Management Team. The panel is satisfied that quality care is
adequately in place at both programmes, although formalization and reporting are not
at the highest possible levels. In the interviews the programme management
convinced the panel that formalization and reporting will be put in place as a
necessary element.
Aspect 5.2
Involving staff, students, alumni and professional
field
satisfactory
Criterion:
- Staff, students, alumni and the professional field in which graduates of the course are
to be employed will be actively involved in the internal quality assurance.
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• Periodically, the Academic Director consults with the lecturers and senior lecturers
attached to the programmes.
• Once every three years the Academic Council discusses a report presented by the
Associate Dean on the contents of the programmes.
• Based on the remarks, suggestions and recommendations by the students, the
lecturers are informed of their teaching performance. In addition, the student-reviews
of the modules are used to improve the set-up and contents of the programmes.
• Teachers convene regularly, e.g. to discuss case studies.
• An employee satisfaction survey is conducted annually at TiasNimbas. The results of
this survey are published. The average mark in 2008 was 8.5 out of ten.
• Graduates are encouraged to education permanente, through an invitation to take
part, amongst others, in the TiasNimbas Lifelong Learning programme. They can
maintain contact through the website and are invited to master classes and
Knowledge Updates.
• The programmes have an External Advisory Board, with members from the research
environment and day-to-day practice. This Board has re-started its activities at the end
of 2009, after a rest of some two years. Their formal task is to monitor the quality with
regards to the connection with day-to-day practice and topical matters. They meet
twice a year. Members of the Board stated that their advice had been followed up by
the Programme Management in the past, e.g. concerning programme content and
delivery.
• The programme committee of Master in Finance and Master of Business Valuation
was founded in autumn 2009. This committee consists of teachers (50%) and students
(50%). In the past, TiasNimbas did not have programme committees. The process
was embedded in the structure and the design of the programmes; by making the
Academic Dean approachable there were several moments of feedback by students.
TiasNimbas has decided to formalise this process by calling a programme committee
into existence.
Topic 6
Conditions for continuity
Aspect 6.1
Graduation guarantee
satisfactory
Criterion:
- The institute guarantees its students that the course programme can be fully
completed.
• The competent authority of TiasNimbas guarantees that students are able to complete
the course. TiasNimbas has laid down this guarantee in a letter from the Dean.
• The financial position of TiasNimbas supports this guarantee.
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Aspect 6.2
Investments
satisfactory
Criterion
- The intended investments are sufficient to implement the degree course (including
facilities and provisions).
• The MiF-programme started in 1986/2002 and the MoBV-programme started in 2007:
the development of their curricula is complete. Follow-up investments are aimed at
optimizing the programmes further, e.g. addressing matters like closer monitoring of
the validity of testing (cf. 2.2) and of internal quality care (cf. 5.1 and 5.2).
• The financial means allotted by TiasNimbas for these programmes will be sufficient to
make any adjustments, as the panel for the Generic Audit concluded.
Aspect 6.3
Financial provisions
satisfactory
Criterion:
- The financial provisions for the negative results that have been calculated are sufficient
to cover the start-up losses.
• The panel for the Generic Audit was presented with the annual accounts of
TiasNimbas of 2006, 2007 and 2008 and concluded that TiasNimbas is a financially
sound organization.
• The past five years the books could be closed with a profit. Embedding the business
school in the two parent universities contributes to the guarantee of continuity also for
MiF and MoBV, the two programmes that this report deals with.
• The development of the study programmes is completed. Therefore no (further) startup losses are to be expected.
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Deel C: Bijlagen
41/59
Bijlage 1:
42/59
statements of independence panel members
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44/59
45/59
46/59
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48/59
Bijlage 2:
Expertise of the panel members for the audit of the new courses
Executive master in Finance and Executive master of Business
Valuation, TiasNimbas Business School
Panellid
Mr drs. J.J. Snel RA
X
X
Work experience in the subject: Familiar with recent
developments in the professional field in this subject
X
X
X
Expertise in the subject: Experience in teaching and
examining and assessing on the level and in the type of
course under review:
X
X
X
X
X
X
Educational expertise
International expertise
X
Student related expertise
Audit Expertise
Panellid NQA:
Mrs drs. R. van Empel
Panellid:
Mr prof.dr. M.J.K. de Ceuster
X
Expertise in the relevant professional field
Panellid student:
Mr J. Schueler
Panellid
Mr prof.dr. F.G.H. Hartmann
Expertise conform Protocol VBI’s
X
X
X
X
X
X
Additional information about the panel members:
Prof.dr. F.G.H. Hartmann
Mr Hartmann is deployed as an audit panel member because of his expertise in the domain, his
educational expertise, his audit expertise and his international expertise. Mr Hartmann has an
outstanding international ability in the field of business economics, management and accountancy.
He is familiar with the latest developments and with teaching, testing and assessing accountancy,
business economics and international business and management studies on a university level.
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Education:
1978 – 1984
1984 – 1990
1990 – 1992
1992 – 1995
June 1997
Gymnasium, Gymnasium Erasmianum, Rotterdam.
MSc Business Economics (Major in Fiscal Economics), Erasmus University
Rotterdam
Post-graduate Chartered Controller Program (PDOC), Maastricht University,
(RC qualification)
PhD program in Auditing, Financial Accounting, Management Accounting and
Research Methods, Maastricht University, Free University Amsterdam, University
of Southern California, USA.
PhD, Maastricht University, Accounting for Performance Evaluation, Effects
of Uncertainty on the Appropriateness of Accounting Performance Measures,
Dissertation, Maastricht University, 1997 (Supervisors: K.A. Merchant,
University of Southern California, T. Groot, Free University Amsterdam, W.
Buijink, University of Tilburg).
Work experience
1989 – 1992
Assistant Controller, DSM NV, Heerlen, The Netherlands.
1992 – 1998
Maastricht University, Faculty of Economics and Business Administration:
Assistant Professor of Management Accounting; Associate Professor of
Management Accounting.
1998 – 2003
Universiteit van Amsterdam, Faculty of Economics and Econometrics:
Professor of Management Accounting (tenured).
2004 – 2005 Radboud University of Nijmegen, Nijmegen School of Management: Professor of
Management Accounting and Control (tenured)
2005 – present RSM Erasmus University: Professor of Management Accounting and
Management Control (tenured)
Visiting positions in university (research and PhD teaching)
1994 – present: University of Uppsala, Sweden;
University of Southern California, Los Angeles, USA;
Universidad de Sevilla, Seville, Spain;
Ca’ Foscari University, Venice, Italy;
Universidad Pablo de Olavide, Seville, Spain;
SDA Bocconi, Milan, Italy;
University of Örebro, Örebro, Sweden;
National University of Galway, Ireland;
Sydney University, Sydney, Australia,
Università degli Studi di Siena, Siena, Italy,
WHU Otto Beisheim School of Business, Vallendar, Germany.
Finished Phd Supervision as a promotor (selection)
2007 Maas, V., Role Ambiguity and Role Conflict in the Role of Controllers. (PhD
defence 16 February 2007)
2006 Rinsum, M. van, Performance Measures and Managerial Time Orientation
(PhD defence 20 October 2006)
2005 Perego, P., Environmental Performance Measurement and Environmental
Management Control (PhD-defence 5 July 2005).
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Research-based publications (selection)
• Hartmann, F.G.H. and S. Slapnicar (2008), How formal performance evaluation affects trust of
subordinate managers in their superior, Accounting, Organizations and Society (forthcoming)
• Naranjo-Gil, D., F.G.H. Hartmann, and V.S. Maas (2008), Explaining management accounting
innovation: The effects of strategy and historical performance and the role of the CFO.
European Accounting Review (forthcoming)
• F.G.H. Hartmann and Slapnicar, S. (2008), Management control in Banks, Studies in
Managerial and Financial Accounting, 127-146.
• Hartmann, F.G.H. (2005), The Effects of Tolerance for Ambiguity and Uncertainty on the
Appropriateness of Accounting Performance Measures, ABACUS.
• Hartmann, F.G.H. (2005), The Impact of Departmental Interdependencies and Management
Accounting System Use on Subunit Performance: A Comment. European Accounting Review.
• Hartmann, F.G.H. and F. Moers (2003), Testing Contingency Hypotheses in Budgetary
Research using Moderated Regression Analysis, a Second Look, Accounting, Organizations
and Society.
• Hartmann, F.G.H. (2000), The Appropriateness of RAPM: Toward the Further Development of
Theory, Accounting, Organizations and Society.
• Hartmann. F.G.H. (1998), Accounting for Performance Evaluation, Effects of Uncertainty on the
Appropriateness of Accounting Performance Measures, European Accounting Review.
Prof. dr. M.J.K. de Ceuster
Professor De Ceuster has been requested to serve on the panel because of his expertise in the
fields of auditing and education and his international experience. Professor De Ceuster has a
sound understanding of auditing through his work as a member of the KBC group’s audit
committee. He has educational competence in subjects within the domain of Financial Economy,
Financial Management, Financial Risk Management, Derivatives, Investment Theory and related
domains in which he has also acquired practical know-how. Through experience gained as
professor in Belgium (Antwerp), The Netherlands (Erasmus Rotterdam), South Africa (USB
Stellenbosch) and Australia (Griffith University Brisbane), Professor De Ceuster has developed an
international perspective. For this audit visit he has received additional, individual briefing
regarding the process of auditing and accreditation in higher education and NQA’s manner of
working.
Education:
1980 – 1984
1981 – 1983
1984 – 1987
1986 – 1992
Master Applied Economics (Toegepaste Economische Wetenschappen - UFSIA)
Bachelor of Law (Central Exam Committee)
Master of Law (UIA)
Doctor Applied Economics (Toegepaste Economische Wetenschappen - UA)
Work experience:
1985 – 1992 Assistant UFSIA (Universitaire Faculteiten Sint-Ignatius Antwerpen, after 2003
Antwerp University)
1992 – 1993
Doctor’s assistant UFSIA
1993 – 1997
Guest professor UFSIA
1997 – 1998
Lecturer UFSIA
1998 – 2002
Head lecturer UFSIA
2002 – to date Professor UA
2001 – 2005
Director Risk Management Deloitte
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2005 – 2008
Member Policy Committee UAMS (Antwerp University Management School)
2006 – to date Academic Responsible Master of Finance, Master of Real Estate, Master of
Personal Financial Planning within UAMS
2001 – to date Manager FINTRAC BVBA
2009 – to date Member Board of Directors KBC group (Acting member till next General Assembly)
Member Audit Committee KBC group
Various:
Important publications:
1. Annaert, Jan and Marc de Ceuster, "Modelling the risk premia in foreign exchange markets:
the Japanese point of view", in Bos, T. and T.A. Fetherston (Eds.), Studies in Financial
Markets of the Pacific Basin, Greenwhich, Jai Press, 1994, 59-89.
2. De Ceuster M., DHaene G. and T. Schatteman, On the hypothesis of psychological barriers in
stock markets and Benford’s Law, Journal of Empirical Finance, 1998, 263-279.
3. Annaert, J. and M. de Ceuster, The Big Mac : More than a junk asset allocator ?, International
Review of Financial Analysis, Vol. 6, nr 3, 179-192.
4. De Ceuster, M., E. Durinck, E. Laveren & J. Lodewyckx, A survey on the derivatives usage by
non-financial large firms operating in Belgium, European Financial Management, 2000/3, 301318.
5. Annaert, J., M.J.K. de Ceuster, R. Polfliet and G. van Campenhout, To be or not to be too late:
the case of the Belgian Semi-annual Earnings announcements, Journal of Business Finance
and Accounting, 29, 2002/3-4, 477-495..
6. Claes, A., M.J.K. de Ceuster and R. Polfliet, Anatomy of the Eurobond Market 1980-2000,
European Financial Management, 2002/3, 373-385.
7. De Ceuster, M.J.K.,. and N. Masschelein, 2003, Regulating Banks through Market Discipline:
A Survey of the Issues, Journal of Economic Surveys, 17/5, 749-766.
8. De Ceuster, M.J.K., L. Flanagan, A. Hodgson and M.I. Tahir, Determinants of Derivatives
Usage in the Life and General Industry: The Australian Evidence, Review of Pacific Basin
Financial Markets and Policies, 6, 2003, 405-431.
9. Annaert, J., M. de Ceuster and W. van Hyfte, 2005, The Value of Asset Allocation Advice:
Evidence from The Economist's Quarterly Portfolio Poll, Journal of Banking and Finance, 29,
661-680.
10. Annaert, J., G. BRYS and M. de Ceuster, 2005, A New Large Sample Test of Univariate
Symmetry: a Comparative Size-Power Study, Advances and Applications in Statistics, 5:3,
353-370.
11. Annaert, J., M. de Ceuster and A. Hodgson, 2005, Excluding Sum Stable Distributions as an
Explanation of Second Moment Condition Failure: the Australian Evidence, Investment
Management and Financial Innovations, 1, p. 30-38
12. Annaert, J., A. Claes and M.J.K. De Ceuster, 2006, Inter-temporal Stability of the European
Credit Spread Co-movement Structure, EuropeanJ of Finance, 12:123-32.
13. De Ceuster, M. and A. Claes, 2009, Financieel Rekenen met Microsoft Excel(c), Fintrac.
Drs. J.J. Snel M.A., RA
The panel is pleased to welcome Mr. Snel as a member because of his comprehensive
knowledge of accountancy and business economics. He is well-informed on the most recent
developments in this domain and possesses skills that are relevant to the professional field. In
addition Mr. Snel, in his position as auditor with Arthur Andersen, has an excellent grasp of
auditing, augmented by the experience he gained while implementing a number of internal Quality
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Reviews at Price Waterhouse Coopers. As valuation expert, Mr. Snel has acquired international
know-how by carrying out various foreign projects. For this audit visit, he has received additional
briefing on auditing and accreditation in higher education and NQA’s manner of working.
Education:
1977 – 1983
1985 - 1991
1984
Atheneum B, Christelijk Lyceum Alphen aan den Rijn
Erasmus University, Rotterdam, Business Economics, fields of study: Marketing
and Financial and Management Accounting
Erasmus University Rotterdam, Post doctorate Accountancy, Register Accountant
Michigan State University, East Lansing, Michigan, United States Of America
One semester exchange student Graduate Business School of Business
Administration,
Rijksuniversiteit Leiden, Dutch literature
Courses:
1999
2000
2001
2003
2004
2005
Financial Acquisition
Advanced Corporate Finance
Amsterdam Institute of Finance Valuation of Internet Companies
Strategy Course
Partner Development Training
PricewaterhouseCoopers Client Account Development workshop
1998
1988
Work experience:
1990 – 1991 DSM Polymers & Hydrocarbonates, Sittard, Business researcher Market research
and Feasibility study for animal food department
1991 – 1995
Arthur Andersen Rotterdam, senior consultant
1996 – to date PricewaterhouseCoopers Advisory N.V., Amsterdam, partner since July 2004
Various:
1997 – to date Internal and external PwC various presentations of different valuation courses
Mr. J. Schueler
Mr Schueler has agreed to take a seat on the panel as student panelmember. He is premaster
student Beleid, Communicatie en Organisatie (Policy, Communication and Organisation) at the
Vrije Universiteit Amsterdam. Before that Mr Schueler studied Accountancy bachelor’s at
Hogeschool Utrecht. In that time, Mr. Schueler was a boardmember for ISO (Interstedelijk
Studenten Overleg), where he represented the interests of student with the Ministery of Education,
political parties and the VSNU and HBO-raad. Within the Hogeschool Utrecht Mr. Schueler
participated in several programme-, institution- and university participation committees. Mr.
Schueler’s knowledge and first-hand experience on subjects like study load, educational approach,
study facilities and quality control make him a valuable asset to the panel. Mr. Schueler is also
familiar with audit visits; in this case he has been given additional individual briefing about audit
visit procedures and NQA’s manner of working.
Education:
1998 – 2004
2004 – 2009
HAVO, profile Economics and Society, Meerwegen College Farel in Amersfoort.
Obtained diploma (July 2004)
Bachelor Accountancy, Hogeschool Utrecht.
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2009 – to date (pre) master Administration (Bestuurskunde), Vrije Universiteit Amsterdam
Work experience:
2006
KPMG Accountants NV, Intern
2006 – 2008 Hogeschool Utrecht, Lecturer’s assistant
2008
PriceWaterhouseCoopers Accountants NV, internship
Various:
2005 – 2008
2005 – 2006
2006 - 2008
2006
2007 – 2008
2007 – 2009
2008
2008-2009
2009
Class representative, Hogeschool Utrecht
Vice-chairman Joint Study Programme Committee Economics, Hogeschool Utrecht
Chairman Joint Study Programme Committee Economics, Hogeschool Utrecht
Member advisory selection committee education manager business economics,
Institute for Business Economics, Hogeschool Utrecht
Ambassador Study Programme Committees, Hogeschool Utrecht
Member Faculty Participation Council, Economics and Management Faculty,
Hogeschool Utrecht
Member advisory selection committee Director Institute for Business Economics,
Hogeschool Utrecht
Board member Interstedelijk Studenten Overleg (ISO)
Member NVAO-panel, honours programme Hogeschool Windesheim
NQA panel member Mrs. Drs. R. van Empel.
Ms. van Empel’s role is that of NQA-auditor. Her experience with audit visits dates back to 1997.
Throughout the years she has dealt with practically all sectors of higher education. Her work
experience together with audit courses followed via Lloyd’s Register provide a basis for her
capabilities as auditor.
Education:
1969 – 1975
Master’s degree Sociology/Urban planning at the University of Utrecht
Study courses:
1975 en 1978 Post-docs public administration Erasmus University (Rosenthal en Van
Schendelen), Rotterdam
1975 – 1980 Various business courses Utrecht Municipality, among others, Participation and
Information, project management, policy advisor, Utrecht
1990
Urban environment, Informal Surveillance and Petty Crime, Geoplan
1985 – 1996 Various refresher courses within the domain of social housing, NCIV, NWR, Aedes
1998
Starter’s course own business, KvK Utrecht 1998
2001/2002
‘Personal Effectiveness’, De Baak
2003
Competence-orientated assessment, SBO
NQA/Lloyd’s training auditor study programmes higher education
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March 2003
Dec. 2003
Sept. 2004
May 2006
February 2007
January 2009
Thymos business course
Thymos Advisory skills
Training Auditor Higher Eduction, NQA in collaboration with Lloyd’s Register
Bureau Zuidema, Insight in Influence
Siena, Italian language course
Santiago de Compostella, Spanish language course
Work experience:
1972 – 1974 Student assistant to professor Sociology, Rijksuniversiteit Utrecht
1975 – 1976 Municipal clerk’s office Utrecht: Bureau for Housing/Urban renewal; staff member
Municipal Bureau for Statistics as rapporteur for investigation into urban renewal
for the district of Ondiep
1976 – 1980 Municipal office Utrecht: Policy officer/staff member, Bureau Public Works and City
Development
1980 – 1992 National consultant/external advisor Stichting Ruimte/LANS (Rotterdam/Utrecht):
municipal and regional policy for youth care- and services
1993 – 1998 Van Empel Advies, independent business; various private assignments for small
municipalities and (care)institutes, including advice on choice of location, planning
and management care accommodation, organisation study days/congresses, post
Higher Professional Education (post-HBO) courses
1997
Supporting role in assessment of education quality of academic personnel at the
Chemistry Department, Utrecht University (BKO, SKO, WP-flow ’97)
1997 – 1999 Panel secretary Dutch Validation Council: Higher Professional Education-masters
2001 – 2004 Secretary audit visit committee HBO-council
2004 – to date Policy officer and auditor NQA.
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Appendix 3: programme for site visit, 14 December 2009
Time
08.30 – 09.00
Activity
Welcome and document study
09.00 – 09.45
Interview with programme
management
09.45 – 11.00
11.00 – 11.45
Document study
Interview with students
11.45 – 12.30
Interview with teaching faculty
12.30 – 13.30
Lunch
Reading room
13.30 – 14.15
Interview with field of employment
and alumni
14.15 – 15.00
15.00 – 16.30
Panel deliberation
- Tour of the premises
- Possibly extra interviews
- Document study/Panel deliberation
Second interview with programme
management
Prof. dr. Jacques Sijben
Drs. Joost Groeneveld RA RV
Drs. Jan Engelen MiF
Drs. Gerben de Jong
Drs. Wilco de Haan MiF
Ing. Jan Jaap Benus MiF MBV
Drs. Edwin Busker MiF
Drs. Henry Verspeet RA MiF
panel
16.30 – 17.00*
17.00 – 17.30*
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Students
Prof. dr. F.G.H. Hartmann
Prof. dr. M. De Ceuster
Drs. J.J. Snel RA
Mr J. Schueler
Ms drs. R. van Empel
Prof. dr. ir. Ramon O’Callaghan
Prof. dr. Frans de Roon
Ms Marthy Herckenrath MA
Ms drs. Ilse Streng
Panel
Drs. Cornejo Bokslag
Drs. Thibaut de Wulf
Drs. Dave van Slijpe
Ms drs. Karin Govaert
Tobias Taminiau BA(Hons)
Ing. Erik Zuidmeer
Ing. Geert de Jonge
Mr. Herman Jan Faber
Dr. Lieven Baele
Prof. dr. Luc Renneboog
Prof. dr. Luc Soenen
Drs. Joy van der Veer MiF AA RV
Prof. dr. Bas Werker
Prof. dr. ir. Ramon O’Callaghan
Prof. dr. Frans de Roon
Ms Marthy Herckenrath MA
Ms drs. Ilse Streng
Closing panel deliberation and end of site visit
Appendix 4: Overview of documents made available
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Study programme and University policy documents that illustrate how the study
programme has been shaped during the past years and what policy the institute
has in mind for the coming years;
Teaching policy and testing policy;
A representative selection from the instructional material, like:
•
Course books,
•
Readers,
•
Text books,
•
Module books and manuals or study guides,
•
Study manuals, work placements manuals and graduation manuals
•
Reading list and bibliography
•
Project assignments
A representative set of assessed material (including the assessments):
•
Tests
•
Assignments
•
Portfolios and assessments
•
Work placement reports
•
Project reports;
Staff policy (amongst others, job and qualification profiles, documentation about
performance and professionalism, staff training programme);
Information about the internal system of quality assurance:
•
Policy, overview of evaluation tools, target figures;
•
Recent evaluation reports (both internal and external, including the measuring
instruments) of aspects of education, like reports by external examiners,
evaluations by students and lecturers, module evaluation, student satisfaction
surveys, outcomes and analyses of evaluations and measures for
improvements;
The composition of relevant consultative bodies (Study Programme Committee,
Professional Field Advisory Committee, Examination Committee, staff meetings,
and such like) and the minutes of the meetings of these consultative bodies;
Overview of external contacts and the nature of these contacts;
Graduation products, including assessments, insofar as these are supplementary to
the documents already submitted;
The educational success rate policy and key figures (target figures and achieved
figures);
Any other documents the institute refers to in the SER.
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Appendix 5
Aims of the academic degree programmes
Master in Finance & Master of Business Valuation
Master in Finance & Master of Business Valuation
1. Being able to apply the relevant mathematical and statistical techniques, such as
derivatives, normal distributions, and (multiple) regression models, and knowing
how to apply these to financial problems.
2. Understanding the relationships between Profit & Loss statements, Balance sheets
and Cash Flow statements, and being able create expected cash flows based on
these statements.
3. Understanding and analyzing in a critical way different valuation methods (such as
Discounted Cash Flow, Multiples, etc.).
4. Being able to make a Discounted Cash Flow (DCF) valuation of a project or
company, based on historical cash flow statements combined with relevant
managerial and market information.
5. Understanding the determinants of the discount rate and being able to derive this
in real-life valuation problems.
6. Understanding the effect of the financial structure (equity/debt) on the discount
rate and the value of the company.
7. Understanding how dividend policy affects company value and the value of equity.
8. Understanding how various financial risks affect the discount rate and company
value.
9. Understanding annual reports and being able to make a thorough financial
analysis of a company.
10. Understanding annual reports, both within US GAAP and IFRS.
11. Being able to calculate financial ratios based on annual reports.
12. Understanding the relevant fiscal issues for company valuation and being able to
recognize these in real-life situations.
13. Having knowledge about the most important fiscal frameworks within Europe.
14. Understanding and having knowledge about important issues in business law, in
particular those related to mergers & acquisitions.
15. Understanding problems related to corporate governance and being able to
recognize them in real-life situations.
16. Understanding the strategic reasons for doing mergers & acquisitions, as well as
other corporate restructurings.
17. Being able to analyze the impact of a corporate restructuring such as a merger or
acquisition on the market value of the companies involved.
18. Knowing and understanding different ways of financing, such as seed-capital,
venture capital and private equity and how to apply these in different stages of the
life cycle of a company.
19. Knowing and understanding the financial issues in an Initial Public Offering (IPO),
and how prices are set in an IPO.
20. Being able to apply Working Capital Management in a company.
21. Being able to apply Value Based Managed in actual companies.
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For both programmes there are also specific learning outcomes and qualifications that
apply to each them separately:
Specific qualifications for Master in Finance
22. Understanding strategic choices of an organization within a theoretical framework.
23. Understanding macro-economic developments and their effect on interest rates
and exchange rates, as well as the implications for company values.
24. Understanding and being able to value financial derivatives such as options,
futures and swaps.
25. Being able to analyze the most important financial risks a company is exposed to
and being able to manage those with financial instruments.
26. Understanding how managing financial risks can affect the credit risk (and rating)
of a company.
Specific qualifications Master of Business Valuation
27. Having a thorough understanding of the difference in valuing listed versus nonlisted companies.
28. Having a thorough understanding of the effect on the discount rate from being a
non-listed company.
29. Having knowledge of specific Dutch fiscal law issues in valuation.
30. Having knowledge of specific Dutch business law issues in transaction processes.
31. Understanding, knowing and applying ethical principles in business valuation.
32. Being able to write a sound business valuation report.
59/59

TiasNimbas Business School, Tilburg

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