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November 20th, 2014

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Career Ex perience 2014Explore your potential

VESTING is af�liated with the Economics and Business studentFaculty association

Lidewey van der Wal

Chairman of the Career Experience Committee 2014

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Dear VESTING Member,

The VESTING Career Experience is an annual organized event and will take place on November 20th this year. The day will start with Marcel Canoy who will talk about his new book. Four succesful Dutch companies and the Duisenberg school of finance will present themselves by giving presentations and businesscases. Moreover, PhD students of the field of Operations Research will tell more about the opportunities in an academic career and will elaborate on their research.

The Career Experience 2014 gives you the opportunity to explore the different fields of specialization of Actuarial Sciences, Econometrics, Operations Research, Finance and Consultancy. Hopefully, this day will help you find out what field suits you best and appeals most to you. The cases and presentations will help you gain more insight into what it is like to work at one of these companies. This day is about exploring your future and most importantly, about exploring your potential!

Since February 2014, the Career Experience Committee has put a lot of effort in organizing an interesting and exciting event for you. On behalf of the Career Experience Committee, I would like to invite you to this inspiring career event and to explore your potential. We hope to see you there!

You can subscribe on www.vestingcareerexperience.nl

With kind regards,

Lidewey van der WalChairman Career Experience Committee 2014

Career Ex perience 2014Explore your potential

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Table of contents

Preface by chairman 2

Table of contents 3

The committee 4

Preface by VESTING Chairman 5

Keynote speaker Marcel Canoy 6

Cases and business presentations

Drs. Marco Balk, RIA 7

Deloitte 8

Capgemini 12

Duisenberg school of finance and the Dutch Central Bank 14

PwC 17

Ward Romeijnders and Dennis Prak (RUG) 20

Sponsor: Actuarieel Instituut 10

Notes 22

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The committeeThe Career Experience 2014 will be organised by Lidewey van der Wal (chairman), Jorrit Visser (treasurer/secretary), Daniel Peters (external affairs), Jesper Slotboom (external affairs) and Lisanne van Brussel (day coordinator).

F.l.t.r.: Jorrit, Daniel, Lidewey, Lisanne, Jesper. Photo made by Marc Fleurke.

Career Ex perience 2014Explore your potential

Tessa van de Werve

Chairman of the VESTING Board 2014-2015

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Dear VESTING Member,

Whether you are in the first phase of your bachelor, already in your masters, or in between: it is never too early to orientate on your career. Studying is about so much more than just attending lectures and passing your exams. More importantly, it is about developing yourself, and investing in your future. It is important to find out what your potentials are, and in which way you can optimally benefit from them. In other words, you have to explore your potential, which is also the theme of the Career Experience. What are your career possibilities after graduation? Do you want to work for a multinational, a small company or do you prefer an academic career? Are you interested in the financial sector, in consultancy, or something completely different? The Career Experience offers you the opportunity to find answers to these questions. The day will consist of a variety of lectures, company presentations and cases. During these sessions, you will have the opportunity to get in touch with a company to discuss the possibilities of writing a thesis at that company or even to find an internship or a job. Therefore, this day is the perfect opportunity to explore your potential!

I want to wish you lots of fun at the Career Experience!

Tessa van de Werve Chairman VESTING Board 2014-2015

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Prof. Marcel Canoy

Opening keynote speaker VESTING Career Experience 2014

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Canoy is an original thinker, a broadly-oriented economist and an inspiring speaker. Moreover, he is a scientist, publicist, author and columnist. Canoy previously worked for the Dutch Bureau for Economic Policy Analysis “het Centraal Planbureau”, for BEPA where he was the think tank of EC President Barroso, and he worked as chief economist at the research institute Ecorys.

Canoy writes about the economy, where he invokes history, philosophy, theology and psychology. He wrote the book ‘de Triple-A econoom, voorbij cijfers en cynisme’, where he argues that the mindset about the current crisis got stuck into an unfruitful conflict between the number fetishists and the cynics. Present in his book are the thoughts of the great philosophers Aristotle, Thomas van Aquino and Adam Smith, who put the thinking of the economists into a broader social context and think solution-oriented.

Career Ex perience 2014Explore your potential

Drs. Marco Balk, RIA Afternoon program

Portfolio manager and Head investment funds Intereffektfunds

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In 1998, I graduated at the RUG (business economics, specialisation finance & investment) and immediately started working at Rabobank. It began with a traineeship at the head office and after that I started working as an investment advisor at Robeco. During that period, I learned a lot about risk management and in addition I studied for Register of Investment Analyst at the IBO in Zeist. In 2003, I was asked as a portfolio manager at Intereffektfunds. During my 11 years at Intereffekt, I have learned that investing according to the dividend strategy is one of the best methods to achieve returns with equity investments. Furthermore, I am convinced that emerging markets are the most promising regions. At Intereffektfunds we developed a model to apply the dividend strategy to emerging markets, which has led to three listed funds which are one of a kind and whose excellent returns are attracting more and more attention. Subject of the presentation:

High Dividend Strategies in Frontier Markets • Introduction;• The Case for Frontier Markets;• The Case for High Dividend Strategy;• The Intereffekt Frontier High Dividend Equity Funds;• Model, back testing and results.

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DeloitteMorning program

Deloitte Pension Advisory & Financial Risk Management

At Deloitte you will work together with large well-known multinational companies as well as fast-growing regional clients, governmental institutions and other public entities. Ambitious, well-educated colleagues are on your side in a multidisciplinary and sometimes international team. Together you will be searching for the best client-customized solutions in an open atmosphere where collegiality is an essential factor to succeed. Due to continuous feedback and a well-balanced learning program you will be able to face new challenges every day. If you manage to perform the best way you can, there are no limits to your growth!

Deloitte Pension Advisory

Do you want to consult private equity companies on pension risks during large transactions? Or negotiate with the board and work council of organizations about the harmonization of employee benefits? Do you think it is challenging to explain to large organizations the influence of regulatory changes on their pension schemes? Or helping pension funds creating an effective governance and risk management model while also assisting with the operational implementation? It is all possible when you work at Deloitte Pension Advisory.

Career Ex perience 2014Explore your potential

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Case Financial Risk Management and Pension Advisory

Do you possess the skills to become a good financial consultant? Find out by participating in a business case of Deloitte!

During this interactive case you will be responsible with your group members to support the liquidation of a pension fund and the transfer to an insurance company. Together you will perform a risk- and valuation analysis associated to this transaction to come up with the best price. During the case you will definitely need both your calculation and negotiation skills since your group needs to convince the company’s CFO and the CRO of the insurance firm that your thought-out price is the best. In the end, each group will perform a presentation and afterwards the best group will be chosen as winner of the case. Try to be the best since only then you will receive a price with your team! We will end the day with a lunch. Then you will have the possibility to talk to people from Deloitte in an informal setting and ask all your questions.

Deloitte Financial Risk Management

Are you the financial risk management expert who loves to consult the CRO of a bank, insurance company or pension fund about complex challenges? Then Deloitte’s Financial Risk Management department is the best place for you to work. You will be helping financial institutions how they can align their processes and portfolios with the needs of their clients while also complying with new regulatory requirements such as Basel 3, Solvency 2 and FTK. Or you will be working on model development and model validation projects where you might get the opportunity to value complex financial instruments and securities.

Interested? Please contact Lianne Hermans: lihermans@deloitte.nl, 06-10462161 or visit www.werkenbijdeloitte.nl.

EEN N I EUWE GENERAT I E ACTUAR I S S EN

Waarom starten met EMAS?2 Directe aansluiting op de opleiding MSc Econometrics

& Operations Research/Track Actuarial Science (UM)2 De volledige AAG-kwalificatie 2 Vergroot uw carrièremogelijkheden2 Tweejarig parttime programma (incl. scriptie)2 Docenten uit het bedrijfsleven en de wetenschap

EMAS is zodanig van opzet dat het past binnen jouwdrukke leven. De lesdoelen zijn praktisch te gebruiken injouw werk en versterken jouw professionele inzicht encompetenties door de unieke hands-on-benadering vande opleiding.

Ben jij geïnteresseerd in het vaardig en daadkrachtigmanagen van risico’s? Ga dan voor meer informatie naarwww.ag-ai.nl of www.tiasnimbas.edu of neem directcontact op met Leandra Pennartz,leandra.pennartz@ag-ai.nl of 030-6866190

EXECUT IVE MASTER OF ACTUAR IAL S C I ENCE

De Engelstalige Executive Master of Actuarial Science(EMAS) biedt studenten, op basis van kennis enpraktijkgerichte casuïstiek, de mogelijkheidantwoorden en oplossingen te vinden voor bestaandeen toekomstige maatschappelijke en economischeuitdagingen.

De vraag naar deskundige actuariële experts groeit.Onderscheid jezelf daarom met een actuariëlekwalificatie en een internationaal erkend MSc-diploma en groei uit tot een autoriteit die op effectieve wijze risico's beheerst.

Actuarieel Instituut®

E M A S

A C T U A R I S : B E S T E B E R O E P 2 0 1 0 , 2 0 1 1 , 2 0 1 2 , 2 0 1 3 E N 2 0 1 4 ( E L S E V I E R / S E O )

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CapgeminiMorning program

Welkom bij CapgeminiCapgemini is marktleider op het gebied van technology, outsourcing en consultancy. Onze overtuiging is dat duurzame resultaten alleen haalbaar zijn door intensieve en innovatieve vormen van samenwerking met toonaangevende klanten, business partners en collega’s. Werken bij Capgemini staat dan ook voor samenwerken in teams van ondernemende professionals, die resultaatgerichtheid combineren met onconventioneel denken. Een inspirerende omgeving met uitdagende opdrachten/projecten waarin je gewoon jezelf kunt zijn en waarin je jouw talenten optimaal kunt inzetten en ontwikkelen.

Interesse?Wil je werken op het snijvlak van business en ICT en daarmee een brug slaan tussen ‘klant en techniek’, of zoek je een leuke afstudeeropdracht, kijk dan op www.werkenbijcapgemini.nl voor de mogelijkheden die Capgemini heeft.

Case omschrijvingWe starten de workshop met een korte introductie over Capgemini. Daarna ga je in een team werken aan een uitdagende case. De case is gebaseerd op onderwerpen die betrekking hebben op Capgemini expertises, werkwijzen en methodieken. Met je team ga je aan de hand van één van Capgemini methodieken werken aan deze case. Tot slot presenteer je de resultaten aan de andere teams. Time-management, creativiteit en teamwork zijn belangrijke succesfactoren voor deze workshop!

Career Ex perience 2014Explore your potential

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Duisenberg school of finance Afternoon program

Financial expertise focused on the industryDuisenberg school of finance is THE finance school in the Netherlands, offering career oriented Master’s Programmes focused solely on highly ambitious students pursuing a career in finance. Based in the heart of the financial industry in Amsterdam, Duisenberg school of finance maintains strong ties with the financial sector by delivering top talent in the areas of corporate finance and banking, financial markets and regulations, risk management, and law.

Our Industry PartnersInitiated by the financial industry in 2008 to address the need for better-educated professionals within the finance industry, Duisenberg school of finance educates top financial talent for companies in both the Netherlands and abroad. And while the majority of Duisenberg school of finance students are recruited for challenging positions with one of our school’s partners, many students pursue their careers with other major financial institutions in and outside of the Netherlands with which Duisenberg school of finance upholds strong relationships. Our Industry Partners are: ABN AMRO, Aegon, APG, De Brauw Blackstone Westbroek, Deloitte, DNB, NYSE Euronext, Houthoff Buruma, ING Bank, NIBC, PGGM, The Royal Bank of Schotland, SNS Reaal, KPMG en PwC.

Career Ex perience 2014Explore your potential

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Small School, Big ImpactThe Master’s Programmes at Duisenberg school of finance were designed by leading thinkers in both the academic world and the finance industry to prepare students in pushing the edge of quality and innovation in their chosen field. The programmes are taught by a unique mix of the best national professors (RSM, University of Amsterdam, VU), international professors (Columbia, Yale and Cambridge) and professionals from the industry, creating a programme that perfectly bridges the gap between being a student and becoming a finance professional.

Small sized classes (max. 30 students per programme) enable students to work very closely with professors and academic staff and receive the attention he or she deserves. With personal career guidance from the Career Resource Centre the students are given all the tools they need to succeed in the job market.

Case descriptionAfter a short recap on credit risk modelling, DNB will present a case to show how the REAL model validation process goes. Based on the qualitative information regarding a model developed by a bank and a set of quantitative tests, the teams will identify the strengths and weaknesses of the model and present their conclusions. The way the findings should be presented will depend on whether a team represents a bank or a supervisor (such as DNB). As a result the supervisor team will decide on whether they can approve the model and make their verdict public. To conclude the case, DNB representative will disclose what the real DNB decision on a similar model was and why.

www.werkenbijpwc.nl The opportunity of a lifetime

© 2014 PricewaterhouseCoopers B.V. (KvK 3412089) Alle rechten voorbehouden.

Je studie zit erop en je zit vol ambitie. Met je frisse blik weet je hoe zakelijke en financiële dienstverlening beter kan. Bij PwC zijn we óók ambitieus. Daarom krijg je bij ons alle ruimte voor je initiatieven. De kwaliteit staat voorop, maar dan wel op jóuw manier. Het gaat ons niet alleen om wat je hebt gestudeerd, maar ook om jouw ideeën. We vinden het belangrijk dat iedereen bij PwC zijn visie, kennis en ervaring deelt met anderen. Daar worden niet alleen jij en je collega’s beter van, maar ook onze klanten.

Leren en inspirerenJe krijgt bij ons meer vrijheid dan je verwacht. De kansen liggen voor het oprapen. Om het beste uit jezelf te halen, werk je in multidisciplinaire teams met collega’s die elkaar inspireren. En daarom vind je bij PwC veel mensen met verschillende opleidingen en culturele achtergronden.

Verras jezelf en je klantenPwC onderscheidt zich door oprechte interesse in onze klanten. In een diepgaande relatie willen we hen verrassen met persoonlijke aandacht en advies op maat. Daarom blijven we zoeken naar nieuwe invalshoeken. Want alleen door onszelf uit te dagen, komen we tot de beste oplossingen op het gebied van Audit & Assurance, Tax & Human Resource Services en Advisory.

Ontdek je krachtWij helpen je graag verder bij het ontdekken van je sterke punten. Met coaching, inspirerende collega’s, diverse opleidingen en de mogelijkheid te switchen tussen sectoren en vestigingen. En daar hoort het buitenland ook bij. Want als het om jouw ontwikkeling gaat, kent PwC geen grenzen.

Alle ruimte omhet beste uit jezelf te halen. Ook dat is #werkenbijPwC

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PwCAfternoon program

Case description

Tension in pension land! In a time of declining asset portfolio returns and increasing life expectations risk management and governance are amongst the main priorities for pension funds. Pension fund GoudEerlijk, a company pension fund for mine working company GoudDelvers, is faced with these problems as well.

GoudEerlijk will investigate their investment risks internally, but sponsoring company GoudDelvers requested PwC to investigate the actuarial risks. Furthermore it requested PwC to examine the governance structure and more specifically any possible fraud risks for the pension fund. Bad tongues claim that both the actuarial and fraud risks may be more significant for the pension fund than expected... Will you be able to reveal the true identity of the management of the fund?

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Ward Romeijnders, MSc Morning program

PhD studentExpertise: Stochastic Programming

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Ward Romeijnders is a PhD student at the Department of Operations at the University of Groningen. In 2011, he graduated summa cum laude for both the MSc EORAS and the Research Master of the Faculty of Economics and Business. On the basis of his studies he won the `FEB-EBF thesis award 2011’, the `GUF-100 excellence award’, and the `Research Master Graduate 2011 Award’. His research focuses on convex approximations for integer recourse models, a class of models within the field of Stochastic Programming.

Dennis Prak is also a PhD student at the Department of Operations at the University of Groningen. In 2014 he graduated for the MSc EORAS (summa cum laude) and the Research Master of the Faculty of Economics and Business. He was awarded a `Slimstock study grant’ for his thesis and course work on Inventory Control, which is also the main topic of his current research.

The career of a PhD student

The most common career path of an econometrics student is to take a job in industry after graduating. There is however an exciting alternative: becoming a PhD student at the University of Groningen. As a PhD student you independently conduct scientific research and write a thesis to obtain a PhD degree. The results of your research are presented at international scientific conferences and published in international scientific journals. In this talk we will discuss how to become a PhD student and what the requirements of doing so are. Moreover, we will share our experiences to give an idea what the life of a PhD student looks like. Furthermore, we will sketch an academic career path for those of you interested in working in academia. Finally, we will discuss some of our own research.

Dennis Prak, MScMorning program

PhD studentExpertise: Inventory Control

Career Ex perience 2014Explore your potential

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Convex approximations for integer recourse models (Ward Romeijnders)

Recourse models are a class of models from the field of Stochastic Programming that deal with decision making under uncertainty. These models have many applications in for example logistics, engineering, finance, and the energy sector. However, because of the uncertainty involved, these problems are typically very hard to solve. Especially recourse models with integer variables (which are necessary to model many problems realistically) are challenging. We will discuss recent progress in solution methods for these integer recourse models. In particular, we will discuss several convex approximations of (special cases of) integer recourse models and we will derive error bounds for these convex approximations. The main idea behind these approximations is that the approximating models can be solved much more efficiently than the original models and the approximating solutions will be good or even (near-)optimal if the error bounds are small enough.

Bringing inventory theory closer to business practice (Dennis Prak)

A main objective of Inventory Control (and the entire field of Operations Research) is to provide companies with the models and tools to make the optimal decisions. The current Inventory Control literature, however, alienates itself from business practice in several ways. We will discuss two examples of such issues and their solutions. The first issue is that hardly any textbook (or software application) acknowledges that in practice neither the demand distribution, nor its parameters, are known with certainty. Parameter estimates have standard errors, and these errors have to be included in the decision model. We will discuss in general how to accomplish this.

The second issue is that inventory models are usually based on either continuous review and ordering, or periodic review and ordering. In practice, due to misplacement, perishability, or other reasons for incomplete information, it occurs that inventory information is only available periodically, whereas the manager can always place orders: periodic review and continuous ordering. We will discuss how to build such a model in a simple setting and show a typical inventory path.

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Career Ex perience 2014Explore your potential

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Program of the day

08:30 - 09:00 Reception09:00 - 10:00 Opening10:00 - 12:15 Cases12:15 - 13:00 Business presentations13:00 - 14:15 Lunch Business lunch with PwC14:15 - 15:00 Business presentations15:00 - 17:15 Cases17:15 - 18:15 Social

Participating companies Sponsor

in cooperation with

Keynote speaker:

Prof. Marcel Canoy - Economist, scientist, publicist- Inspiring speaker, columnist at ‘Het Financieele Dagblad’- Author of the book ‘De Triple-A econoom’