Graduate / Since my first economics lesson; Motivation Essay for MSc Econometrics [3]

Hi there!

I'm trying to write a motivation essay for entry to a graduate program in the Netherlands (coming from the UK with BSc Economics).

The instructions say "around 300 words", which is rather tight. I'm currently at 358.

Any tips/criticisms would be greatly appreciated!

Since my first economics lesson at A-level, an insatiable curiosity has resonated within me. Undergraduate study has furthered my understanding of the theoretical foundations of economics, and numerical methods that support them. When researching my thesis I was captivated by economic methods not covered by the syllabus. This led to the realization that undergraduate economics is a mere introduction to an ever-expanding discipline.

Through studying econometrics at an advanced level and interacting with lecturers and peers, I aim to become well versed in this field and apply that knowledge once I start work. I am applying to this programme specifically for its rigour. My motivation for postgraduate study is to develop my analytical skills in size and sophistication, not to simply obtain another qualification.

Captivated by its ability to predict the behaviour of interrelated variables, I chose every econometrics module available on my course. In doing so I have gained good experience using Stata and EViews, running regressions such as OLS, IV, Probit, Logit and ARMA models, on data sets of varying size. I am fascinated by time-series analysis and, in addition to ARDL models used in my thesis, have self-taught models commonly used for volatility such as ARCH and GARCH; these will be useful for the Financial Econometrics course.

My eventual career path once I complete my studies is of vital importance and I aspire to work as a quantitative analyst within a multinational corporation in Europe. The approach taken at the University of XXXXX with regards to the thesis is highly appealing as I will be able to engage with problems directly relevant to an organization's operations.

This course provides an opportunity to improve not only my education, but also myself as an individual. Learning in an international setting within a culturally diverse student body will facilitate an exchange of views and ideas beneficial to all parties.

I strive to be the best at what I do and the teaching approach at the University of XXXXX is conducive to the achievement of my goals. If accepted, I will be an active member of the programme and strive to add value through hard work and intellectual prowess.

Undergraduate / MSc Econometrics - studying in the Netherlands. [2]

Applying to Maastricht University. There's no set question for the motivation letter from SBE, but an example of what they expect at another faculty is:

"We are interested in hearing about your reasons for wanting to study abroad, what draws you to the programme and Maastricht University, or the Netherlands, being in Europe etc. You may want to highlight academics and certain courses, the culture, history, personal goals and so on. Please feel free to interpret it as you wish, we would like to hear about what inspired you to apple and what you hope to gain from the experience."

With that in mind, here's what I have so far. Criticism would be much appreciated! Personally I think it sounds a bit too waffle-y.

Thanks :)

My first economics lesson at school instilled a profound curiosity for uncovering the intricacies behind economic decision-making. Studying at undergraduate level has developed my understanding of the theoretical foundations of economics and the mathematical methods supporting them. It was here I was first introduced to econometrics and, captivated by its ability to draw causal inferences from data that may seem unrelated on the surface, opted for every module available in order to broaden my understanding as much as possible.

Whilst studying at undergraduate, I accumulated good experience with Stata and EViews, running regressions such as OLS, IV, Probit, Logit, and ARMA models, using small and large data sets (e.g. Labour Force Survey). These modules extensively covered model specification, sources of bias and strategies to overcome them, highlighting the natural limitations of data.

The modules in finance were highly quantitative and complemented the modules in Econometrics well. The Empirical Finance module explored the efficient market hypothesis in great detail, introducing expectation algebra (including the law of iterated expectations), testing for anomalies, back testing investment strategies, and calculating risk-adjusted returns in Excel using the CAPM and Multi-Factor models. I have also gained familiarity with stochastic processes (e.g. Wiener and Itô processes) through the Futures & Options module; this will be useful for the Time Series Methods and Dynamic Econometrics course, which I plan to take as an option.

Time-series analysis fascinates me. Consequently, I chose to conduct an empirical thesis in my final year, modelling the dynamic effects of a real devaluation on the bilateral trade balance between Brazil and the United States. This used an ARDL bounds-test approach for identifying cointegration that went beyond the scope of the syllabus. I have also self-taught models commonly used for volatility such as ARCH and GARCH. Having exposed myself to these methods independently, I will have a strong basis to perform well on the course, given I have already studied Unit Root Testing (for seasonal and non-seasonal orders), Cointegration, and VAR models to a high level of detail. As an undergraduate, I attended several elementary MATLAB workshops, where I learnt how to run numerical simulations of Macroeconomic models e.g. Lucas Model. I continue to supplement my learning through online courses on Coursera.

Many economic transactions today are mediated by computers and will become increasingly so in future. What's more, online social networks such as Twitter and Facebook passively collect information from its users around the world. The potential for extracting useful insight from this data is invigorating. Applications of machine learning techniques for conducting econometric analysis on high-frequency data interest me greatly; such as the Bayesian Structural Time Series system Hal Varian applied to Google Trends data, predicting initial claims for unemployment benefits in the U.S. 4-5 days before its official release.

I aspire to work in an international organisation as a quantitative analyst. This will require a highly sophisticated skillset that incorporates exceptional quantitative skills and an ability to present findings in a clear manner, able to be understood by the layman. The intensive and hands-on approach to learning at Maastricht University will enable me to achieve my ambitions and fulfil this role effectively.

Problem-Based Learning strongly motivates my decision to apply here and, having spoken with Maastricht graduates, I am confident that this approach is well suited to my learning style. Emphasising active discussion and applying the course material together with my peers will nurture a much deeper level of understanding than can be acquired from solving examples in a textbook. I enjoy engaging in intellectual debate with my peers and supervisors and challenging my opinions as I feel this is one of the best means of expanding my perspectives.

As vice captain for my university intra-mural rugby team, and a member of the Investment & Finance Society, I have experience organising large groups of people and contributing to panel discussions with industry experts. I believe these positions of responsibility have developed highly transferrable communication skills that will continue to thrive throughout the programme.

Whilst studying, it is important that I grow myself both academically and culturally. Learning in an environment surrounded by international students will facilitate an exchange of ideas that will benefit all parties. The semester abroad at a partner university is a valuable opportunity that I intend to take full advantage of. We live in an increasingly globalised economy that employs an international and mobile workforce. Exposing myself to a variety of cultures and people will help develop the robust global network that I seek to build during my time at Maastricht.

In closing, I believe the international focus and ethos of learning through collaboration at Maastricht University fosters a rich academic environment within in which I can flourish. If accepted, I will be an active member of the programme and strive to add value through hard work and intellectual prowess.