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Brazil Fort Boyard Research Project 2018 2018 Business Profiler
Content Introduction
Introduction p.3 The FSA Research Project proudly presents its destination for 2018: Brazil. In July
and August, a team of eighteen highly talented and motivated students will conduct
Preface Han Peters p.4 international research for companies with aspirations towards emerging markets.
Advisory Board p.6 Extensive training and supervision by knowledgeable experts in the desk research
phase will prepare the team for departure.
Committee of Recommendation p.8
Brazil, being one of the four emerging BRIC countries, has the largest economy in Latin America and the ninth largest
Client Benefits p.9 economy in the world. Moreover, the country is expected to become the world’s fourth largest economy in the
coming decades. The Brazilian economy is characterized by a mixed economy that relies on its natural resources
What we Offer p.10 with developed agriculture, mining, industry and service sectors. The country is very rich in natural resources, as
their largest exports are industrial products such as iron ores, crude and refined oils and gold, and agricultural
Testimonials p.12 products such as soy beans and sugar. Especially the agriculture, food production and manufacturing industries
are large components of Brazil’s GDP. Brazil’s recent increase in competitiveness closes the competitiveness gap
Research Experience p.13 with India and China as main BRIC-competitors. Brazil trades mostly with the European Union, the United States,
Argentina and Japan. Dutch companies have invested in the country with a total of nearly 14 billion by 2016 and
Brazil p.16 Brazil is our largest sales market in Latin America. This makes Brazil a promising destination for successful and
valuable research conducted by the students of the FSA Research Project.
Committee p.18
The FSA Research project is an excellent opportunity to provide answers to your business questions. We
Participants p.19 deliver-tailor made professional consultancy services and research reports for organizations with international
aspirations. The FSA operates on a non-profit basis, therefore, company-specific research can be conducted at a
About FSA p.21 competitive price. The quality of the research project is guaranteed by years of experience and careful selection
of the researchers. In addition, seminars and language courses from acknowledged experts are provided for our
Research Project World Map p.22 researchers and they are guided by the best professors the Universities of Amsterdam has to offer. This brochure
is intended to inform you about the structure of the FSA Research Project and how we can add value to your
business. If you have any further questions, please do not hesitate to contact us. We are more than happy to
provide any additional information required.
Kind regards,
Committee FSA Research Project 2018 Brazil
Colophon FSA Research Project
Financial Study association Amsterdam (FSA) Committee 2017-2018
Roetersstraat 11 Chantal Raap (Chairman)
Room E 1.33/1.34 Sara van der Laan (Secretary)
1018 WB Amsterdam Sven Martens (Treasurer)
T: +31 (0)205256512 Floris Pigeaud (Head acquisition)
E: rp@fsa.nl Megan van den Broek (Coordinator)
I: www.fsaresearchproject.nl Koen Galjaard (Coordinator)
www.fsa.nl
2 3
Preface
Turning challenges into
opportunities in Brazil
“Brazil is not for beginners”. The great Brazilian composer Tom Jobim once uttered Why you need patience and perseverance
this phrase, and it still rings true. It is not always easy to understand what is actually Brazil is ranked 125 in the ease of doing business. It’s true that the stifling bureaucracy and the country’s tangled
happening in Brazil. A casual reader of the newspapers might easily be put off by the web of sometimes contradicting rules make doing business not exactly child’s play. The Dutch diplomatic network,
with offices in Belo Horizonte, Brasilia, Porto Alegre, Rio de Janeiro and Sao Paulo, is there to support and assist
steady stream of bad news about this tropical country, but you are not the average you. Many Dutch companies and knowledge institutes have a presence in Brazil. Having a Brazilian business
newspaper reader, right? So let’s try to establish a more complete and nuanced picture partner can help establishing yourself faster on the local market.
of the challenges and opportunities that Brazil is offering. The Brazilian market for goods and services is still heavily protected. Brazil imposes an average tariff of 8.8%
on all of its imports, compared to 0.6% in Chile. The country, however, is slowly opening up. Brazil’s role in the
negotiations about a trade agreement between the EU and Mercosur, is much more active than in the past. In
What Brazil has going for it addition, the country’s application to become a member of the OECD is another positive sign.
Brazil is feeding the world. 40 years ago the country had to import food, now it has become a tropical agricultural
giant. The world is looking to Brazil as one of the countries to feed the ever-growing population on our planet.
Why corporate social responsibility is vital
Dutch companies are already providing propagation material such as seeds and day-old chicks. Brazil is one of the
As a developing country, Brazil is still facing many challenges. Inequality in terms of income, education, health
world’s largest producers and exporters of commodities, especially minerals and food. Think about iron ore, crude
and security is huge. These factors, as well as corruption and deforestation, call for Dutch businesses, investors
oil, chicken and meat and beef, coffee beans, soy and maize.
and knowledge institutes to be alert and vigilant. The Dutch diplomatic network can help you identifying risks. It is
generally held that corporate social responsibility (CSR) could increase company profits and thus more and more
Logistical infrastructure is weak, however, leading to high transport and environmental costs. If one country
companies are actively engaged in it. I see growing opportunities in Brazil for Dutch stakeholders who are putting
knows about logistics, it’s the Netherlands. Our products, experience and knowledge can help finding sustainable
CSR into practice.
solutions here.
Brazil’s economy is in the world’s top ten. With a market of more than 200 million consumers Brazil is, by far, the So are you up to the challenge?
largest economy in South America with a GDP corresponding to 50% of the entire sub-continent’s GDP. After three Brazilians are not only warm, friendly and hospitable, they also have an amazing flexibility and talent for improvisation
years of recession, the country’s economy is growing again. For 2018 a growth rate of 2.5% is expected. when it comes to solving problems. In Brazil, each day can be an adventure and it’s important to remain flexible in
order to react to what might come your way. In Brazilian Portuguese, there’s a phrase for referring to such ease of
Brazil has enormous bio assets, such as 15% of the world’s sweet water reserves and one of the biggest tropical movement, or wiggle-room, as it were, and it’s called ‘jogo de cintura’.
forests. Brazil has the largest fauna and flora biodiversity of the world, due to its large territory and variety of
climate conditions. However, the many societal challenges Brazil faces put a constant pressure on these vital Someone who possesses this can face the unexpected rather easily, they can find their way through otherwise
resources. Smart Dutch solutions are more than ever welcome. difficult situations and adapt to unforeseen circumstances. ‘Jogo’, in this case, means game or play and ‘cintura’ is
waist. So you can think of it as a way of maneuvering through something, of not being rigid.
Brazil has an abundance of energy sources. The Brazilian energetic matrix is abundant and diversified. The country
has several renewable energy sources, like water, wind and ethanol. About 85% of Brazil’s energy needs come from If you are flexible, creative and persevering, opportunities abound in Brazil. The Dutch diplomatic network is here
renewable sources. It is also a giant in fossil energy such as oil and gas. The vast reserves in the pre-salt layer have to get you started. See you soon!
stimulated huge foreign investments in the industry.
Life Sciences offer vast opportunities. Brazilian biotechnology and health care industry are set to keep developing
for the next decades. The country is a fertile environment for research and manufacturing of new health care
products. In 2017, the Netherlands was invited to be the guest country at the biggest medical fair in South
America, Hospitalar. Dutch experiences in developing affordable health care systems, in particular with respect to
the impact of demographic change and ageing, led to valuable contacts and contracts.
Han Peters
Ambassador of the
Netherlands to Brazil
4 5
Advisory board
Prof. Dr. A. Lucas Prof. Dr. R.C.J. Zwinkels Prof. Dr. A.W.A. Boot Prof. Dr. S.J.G. baron van Wijnbergen
Finance Finance Corporate Finance Economics
André Lucas is an expert in Financial Risk Remco Zwinkels is Head of the Finance Master’s Arnoud Boot is professor of Corporate Finance and Professor Sweder van Wijnbergen is Professor
Management, Asset Pricing, and Financial programme at the VU Amsterdam. Prior to this, he Financial Markets at the University of Amsterdam of Economics at the Faculty of Economics and
Econometrics. His research focuses on empirical was Associate Professor at the VU Amsterdam and and codirector of the Amsterdam Center for Law & Econometrics at the University of Amsterdam (UvA).
modelling issues for market and credit risk, in Head of the Finance Group at the Erasmus School Economics (ACLE). He also directs the Amsterdam In 1997 Hans Wijers brought him to the Ministry of
particular at the portfolio level. He has published on of Economics. Mr. Zwinkels has an MSc in monetary Center for Corporate Finance (ACCF), a think tank that Economic Affairs, where he was Secretary-General
this topic in journals such as Journal of Econometrics, economics from the Erasmus University, an MPhil seeks to stimulate the dialoque between academics until 1999. Mr. van Wijnbergen studied physics at
Journal of Business and Economic Statistics, Applied from the Tinbergen Institute and a PhD from Radboud and practitioners. He is chairman and member of Utrecht University and econometrics at Erasmus
Mathematical Finance, and Journal of Banking and University Nijmegen. He has also worked as a guest various public bodies and committees that help University. He is an MIT (USA) alumnus, where he
Finance. researcher in Sydney and at the Auckland University shape policy and holds a number of non-executive studied economy. Between 1980 and 1992, Mr.
of Technology. His research focuses on behavioural directorships. Arnoud Boot is chairman of the Bank van Wijnbergen was affiliated with the World Bank,
finance and expectations formations in particular. of Council of the Dutch Central Bank (DNB), member the second half of which he held the position of
Mr. Zwinkels is a graduate teacher and has taught of the Scientific for Government Policy (WRR) and Chief Economist. His research focuses mainly
in various programmes and subjects, ranging from the Advisory Scientific Committee of the European on international economics, finance, balance of
international economics to empirical finance. Systemic Risk Board (ESRB) in Frankfurt. He is payments and financial crises.
Research Fellow at the Centre for Economic Policy
Research (CEPR) in London and at the Davidson
Institute of the University of Michigan.
Prof. Dr. Ir. H. Rijken Prof. Dr. B. van der Klaauw Prof. Dr. T.L.C.M. Groot Prof. Dr. P.J.P.M. Versijp
Corporate Finance Economics Management Accounting Asset Management
Herbert Rijken is attached to the VU University as Bas van der Klaauw is Professor of the Department Tom Groot is professor Management Accounting Dr. Philippe Versijp is a lecturer at the Finance
professor of corporate finance at the Faculty of of General Economics at the VU Amsterdam. In at the Faculty Economic Sciences and Business Department of the Amsterdam Business School
Economic Sciences and Business Administration. He addition, he is affiliated with the Tinbergen Institute. Administration at the VU University. He is also head (UvA), where he is coordinator of the Finance &
studied Applied Physics at the TU Delft and Business His research is mainly empirical and concerns of the department Accounting and director of the Organisation track. He is also an active freelancer
Administration at the University Nyenrode. He has the microeconomic analysis of the labour market, research institute Amsterdam Research Center in through his company, which has led him to become
obtained his doctorate at the faculty Applied Physics education and health. In 2008, he received an ERC Accounting (ARCA) and honorary member of the the Academic Director of the Master’s course Agri &
of the TU Eindhoven. Education- and research Starting Grant worth 550,000 euros for research into Association of Financial Controllers. He regularly Food at Wageningen Academy and hold lectures for
activities are mainly focused on corporate finance, in the evaluation of active labour market policy. As of publishes in national and international magazines the Erasmus University Rotterdam (top lecturer award
particular credit risk and corporate governance. 2009, he is co-editor of Labour Economics, the most about the performance measurement and -judgment, 2010), the University of Curacao and the Amsterdam
important European journal in the field of labour management control and financial management in School of Real Estate. His areas of interest include
market economics. He graduated with honours in commercial firms as well as non-profit organizations. asset pricing (application of Stochastic dominance
2000 from the VU Amsterdam. in this field was his promotional topic), methodology,
commodities and derivatives.
6 7
Committee of Client Benefits
Recommendation
Prof. Dr. D.C. van den Boom For over 23 years, the FSA Research Project has conducted research in a variety of
Rector magnificus University of emerging markets. This has resulted in an extensive network and the accumulation
Amsterdam of valuable knowledge concerning this field of research. It enables us to continue
delivering outstanding work and to end up with satisfied Research Project clients year
Prof. dr. V. Subramaniam
after year. Each individual research project will be customized to the requirements of
the participating organization with the objective to completely satisfy the client. This
Rector magnificus VU University
way, we can offer:
Mr. D.R. Hooft Graafland RA Prof. Dr. A.H.G. Rinnooy Kan
High Quality
Member Executive Board / CFO at Ex-chairman Social Economic Students conducting the research are selected based on both personal and professional
Heineken N.V. Counsil (SER) and professor at the performances. First and foremost, these students are in the final stage of their education.
Prior to departure, the students carry out extensive desk research and study the sector and
University of Amsterdam industry specific characteristics of their particular research subject. Due to this, the time
spent in Brazil can be fully dedicated to field research. Field research in Brazil will last five
weeks. In order to guarantee quality research it will be conducted under the supervision of
Dr. M. van Straalen professors connected to the VU University and the University of Amsterdam.
Chairman MKB-Nederland
Mr. G.T. Vinig Confidentiality
Associate professor for It is possible to perform discrete research. This means the company name and/or the results
of the research will not be published or discussed publicly. Clients named in the subsequent
Entrepreneurship at the University section have given their explicit authorization.
of Amsterdam
Drs. F.W. Weisglas
Ex-chairman of “de Tweede Kamer
Competitive Price
der Staten-Generaal” Since the FSA is a non-profit organization, we are able to offer specialized research at a price
of 10.000 EUR (excluding VAT), based on research to be carried out by two students. The
costs will rise accordingly in case the assignment requires more students.
Clarification Expenses are based on the participation of eighteen students for a stay of five weeks in Brazil.
• Travel and accommodation expenses include airline tickets, insurance costs and transportation in Brazil.
• The organizational expenses consist of correspondence, telephone bills and brochures.
• The academic supervision and the final report, which will be presented, are included in the research expenses.
• Each participating student will contribute 750 EUR.
8 9
What we Offer
We conduct high quality, specified research in emerging markets on a non-profit base How?
Before going abroad, thorough desk research will be performed to ensure maximum preparation. Researchers
for companies with international aspirations. are offered intensive training about conducting research, Brazil, and relations with clients. The acquisition period
starts in January and as soon as a client has given the final assignment desk research will start. During the entire
process we will be supported by our advisory board. They can be contacted by the committee in case of questions
What? and will act as our consultants.
The main objective of the project is to conduct research in Brazil, which can be fully customized to the wishes of
the company. Research can be conducted in several areas. Examples of such areas are: The field research will take place in Brazil and will last five weeks. Once the participants have returned to the
Netherlands, the gathered data will be processed and the final report will be written. The company will constantly
be updated on the project’s progress. The research results will be presented to the company and, upon request,
the report will be published.
• Market analysis
• Competitor analysis Student Selection
• Industry entrance analysis Each year around 70 students apply for the FSA Research Project. These students are active in the field of Finance,
Accountancy, Management Accounting (Controlling), International Financial Economics, Marketing, Fiscal
• Sector analysis Economics and other related disciplines such as Law and Social Science. We have selected twelve of the most
• Growth strategy analysis promising students. The selection criteria guarantee excellent students:
• Feasibility analysis
• In the final stage of study (150 ECTS prerequisite)
• Highly motivated and ambitious
• Internationally oriented
• Organizationally experienced
• Good academic results
• Identification of possible business partners • Team playing skills
• Background research and competitive market analysis Note: participating companies are able to express their preference for participating students.
• Distribution and logistics research
Desk Research
Desk research covers a period of approximately six months. The first half of this period will be used to learn about
the local economy, politics, culture and language. The students acquire this knowledge through lectures given by
guest speakers, i.e. people from business practice. During the second half of the desk research students will start
the research for their individual business assignments.
• Finance or investment opportunities
• Outsourcing and offshoring
• Import and export analysis Field Research
• Market expanding opportunities During the Research Project, approximately five weeks of field research will be carried out in Brazil. The information
needed for these assignments will be obtained by means of interviews as well as visits to companies and
institutions. The way the field research is conducted can be adjusted according to the specific preferences of the
participating companies.
Reporting
After our visit to Brazil each participating student will analyze and process the information gathered during the
previous phases of the Research Project. The individual contributions of the participating students to the general
survey will then be compiled to a customized report covering the research question proposed by the client. The
students will present their individual research reports to the participating companies.
10 11
Testimonials Research
Experience
The destinations of the previous editions are displayed in the ‘FSA Research Project –
World Map’ at the end of this brochure. In each of these projects, research assignments
have played an important role. As mentioned before, the research can be conducted in
a variety of fields. Examples of participating companies in the past:
ABN AMRO // AEGON // DHL // ING Group // Royal Philips //
Shell // Unilever // Greenpeace // Heineken // Rabobank
ROCKWOOL South Asia De Heus
Indonesia, 2016 Vietnam, 2015
by See Chun Kwok, by Gabor Fluit,
Marketing & Public Affairs Director General Director
The researchers in this project did some desk-based
research and also face-to-face interviews across different
De Heus always keeps the customers’ needs or those
of the sector in mind whilst constantly investing in
Vietnam 2015 South Africa 2011
stakeholders in Indonesia. The research brought additional knowledge,innovation and quality and by knowing what
clarity for us in terms of market information and dynamics is important to them. In light of this philosophy we were
across the distribution channels. The researchers have happy to give young, intelligent and highly motivated
also provided us some recommendations in terms of students the opportunity to conduct a market research for
possible route to market to gain market share. It has De Heus Vietnam. Even though the De Heus’ environment Dietal FMCG Supply Chain
facilitated us to take further decisions for our approach (animal nutrition) is completely different than what they
in Indonesia. This project has not only helped to provide were familiar with, the students were flexible, eager to The FSA conducted a research assignment for The goal of this research was to find out what the
our company some valuable insights to Indonesia, it learn and quickly managed to understand what the world Dietal Lighting Innovator, a manufacturer of indoor most important players were in the FMCG Supply
has also given the student researchers an opportunity of a farmer looks like in order to understand their needs. lighting based in France. The specific research was Chain from producer through packager to retailers.
to participate in a practical real-life corporate situation. After five weeks of intensive field research they managed focused on expansion to the Far East by analyzing The mission was to find out how technologically
I believe that this experience gained will definitely be to deliver a profound structured and detailed report. the potential of Vietnam and setting up a specific advanced each industry link was, where decision
valuable for them as well in the future. Their research has confirmed some of our expectations, action plan. power and autonomy lies, how the market is evolving
but also has given us new insights. New insights that and which industry and consumer trends in South
will be of great value for the further development and Africa are noticeable. Shortly put, the interviews, that
implementation of De Heus’ digital strategy! took the researchers from Johannesburg through
Durban to wonderful Cape Town, were designed to
help a Dutch player gain foothold if they were to start
conducting any type of operations in the country.
12 13
China 2010 Argentina 2009 India 2006 Brazil 2005
Green Technology Synclair Packaging B.V. Dutch Trade Board DHL
This research identified the opportunities for Green The research included a market-scan of the flexible The research in India was performed for the Dutch The scope of this research assignment was the
Technology in the Chinese market. The focus was food packaging industry in Argentina, specifying Trade Board (DTB), which is an agency related to Brazilian express market and the interaction with the
on Shanghai, Beijing and the province of Shandong. the meat industry, and the identification of possible the Dutch ministry of foreign affairs. This research Benelux express-market in particular. Furthermore,
The research consisted of two parts. On one hand, distributors. This was done in order to give was focused on the trade relations between they explored the possibility of expanding their
the aim was to find out possibilities for doing recommendations about entering the Argentinean Dutch and Indian SME’s in the biotech, medical, business. Rabobank (Russia, 2004) The FSA
business in China (including the legal aspects). On food packaging market. automotive, ICT and agricultural sector. The final conducted research within the agricultural sector
the other hand, it was focused on sustainability and report is now used by to provide information about and provided Rabobank with a qualitative industry
agriculture. To highlight the reciprocal investment India to Dutch companies. entrance analysis of the Russian agricultural market.
possibilities, a blueprint was also made of both
these sectors in the Dutch market.
Indonesia 2008 South Africa 2007 India 2003 Mexico 2002
Strawberindo Lestari NEC Philips ING Group Dialight corporation
This research represents a study on the logistical This particular research was about finding The FSA provided ING Vysya Life Insurance with a Dialight Corporation is an American lighting firm that
process of PT Strawberindo Lestari’s export appropriate business partners for the joint-venture quantitative analysis of their investment portfolio in produces and develops the LED Technology. LED
activities to Singapore and Malaysia. The goal of NEC Philips in Mozambique, Tanzania, and Kenya to India. A decreasing interest rate was the reason to (Light Emitting Diode) is a new technology based
this project was to find a more cost efficient method distribute one of their products. In order to realize assess whether, next to bonds, investments should on semi-conductors. The FSA Research Project
of transportation, while preserving the quality of the this the researchers had to plan and arrange a be expanded to stocks. ING used the report to was asked to extensively research the Mexican LED
products. large variety of business meetings with potential rebalance its investment portfolio. Traffic Light market. In the three largest cities of the
distributors in each of these countries. The outcome country (Mexico City, Guadalajara and Monterrey)
of this research assignment was an advisory report three students interviewed government officials, the
concerning the distributors that were best suited for competition representatives, as well as other related
the job. NEC Philips used this advice to select one of third parties.
the potential partners.
14 15
Brazil
Each year the FSA Research Project visits a country that’s interesting for Dutch Brazil belongs to the 25 largest export countries in the world. Due to the extensive amount of natural resources,
their largest exports are iron ores, crude and refined oils, soy beans, sugar and gold. Especially the agriculture, food
companies in order to explore investment opportunities for companies with production and manufacturing industries are large components of Brazil’s GDP. The country trades mostly with the
international aspirations. Destination of choice for 2018 is Brazil. European Union, the United States, Argentina and Japan. In particular, the Netherlands is the fourth most important
export country for Brazil and Brazil is one of the thirty largest export markets of the Netherlands. In addition, Brazil
Following more than three centuries under Portuguese rule, Brazil gained its independence in 1822, maintaining is our largest sales market in Latin America. Dutch companies have invested in the country with a total of nearly
a monarchical system of government until the abolition of slavery in 1888 and the subsequent proclamation 14 billion by 2016, which provides the Brazilian market with great opportunities for Dutch Companies.
of a republic by the military in 1889. Brazilian coffee exporters politically dominated the country until populist
leader Getulio VARGAS rose to power in 1930. By far the largest and most populous country in South America, The large diversified economy is not the only appealing aspect for investors. The 5th largest population of the
Brazil underwent more than a half century of populist and military government until 1985, when the military world, with over 200 million inhabitants offers many opportunities for Dutch entrepreneurs, as it represents nearly
regime peacefully ceded power to civilian rulers. Brazil continues to pursue industrial and agricultural growth 3 percent of the global consumers. An example is the growing E-commerce in the country. This sector has grown
and development of its interior. Having successfully weathered a period of global financial difficulty in the late by more than 20% in the last three years and it is expected to grow over 10 percent in the next years.
20th century, Brazil is seen as one of the world’s strongest emerging markets and a contributor to global growth.
The awarding of the 2014 FIFA World Cup and 2016 Summer Olympic Games, the first ever to be held in South Also, poverty and inequality have declined in Brazil, which generated a larger middle class. However, the income
America, was seen as a symbol for the country’s rise. per capita is still relatively low due to a low productivity. To increase the income per capita, it is crucial that the
productivity increases. Large parts of the population have already gained access to better education, which will have
Brazil, being one of the four emerging BRIC countries, has the largest economy in Latin America and the ninth a positive effect on productivity. The Brazilian Government is actively cultivating relationships with international
largest economy in the world. Moreover, the country is expected to be the world’s fourth largest economy in companies and prioritizing macroeconomic stability. Institutions have strengthened, as reflected by changes in
the coming decades. The Brazilian economy is characterized by a mixed economy that relies on their natural the judicial system following recent corruption allegations. Therefore, the competitiveness will also increase. In
resources with developed agriculture, mining, industry and service sectors. There are various reasons for the fact, the most recent years, Brazil’s increase in competitiveness closes the competitiveness gap with India and
recent economic growth: China as their main BRIC competitors.
In conclusion, due to Brazil’s growth potential and the fact that it is the largest economy in Latin America, Brazil is a
very promising country for the FSA Research Project 2018. And it offers us, the Netherlands, a lot of opportunities.
Brazil is increasingly Increased consumer Increased competitive
present in foreign confidence advantage in high value-
financial markets added manufacturing and
other service industries
16 17
Committee Participants
Chantal Raap Sara van der Laan Veronique Ackerman Ian van Aerschot
Chairman Secretary MSc Quantitative Finance MSc Accountancy & Control
Msc Corporate Finance Msc Corporate Finance
Sven Martens Floris Pigeaud Anouk Albers Marius Birkenhäger
Treasurer Head of Acquisition MSc Behavioural Economics MSc Quantitative Finance
MSc Finance & Real Estate MSc Finance & Real Estate
Koen Galjaard Megan van den Broek Fleur Boogaart Olivier Garos
Coordinator Coordinator BSc Economics & Business BSc Economics & Business
Msc Corporate Finance BSc Economics & Business Economics
18 19Participants About FSA
The FSA Research Project is one of several recurring projects organized by the
Financial Study association Amsterdam (FSA). The FSA is the largest financial
study association in the Netherlands with over 4.500 members and a project
portfolio consisting of sixteen yearly events in the areas Consultancy, Finance,
Accountancy, Economics and Business. The board of the FSA consists of
students from both the UvA and the VU, allowing it to maintain a wide range of
stakeholders.
The FSA aspires to perform a “magnet” function; enabling financially orientated
students to meet the largest parties in the financial sector and vice versa.
Moreover, by participating in one of our projects, whether national or international,
we hope to instill a sense of the practical importance of the theoretical concepts
Yannick Hiensch Julie Loyson learned during a university course in our members and help them identify
MSc Business Administration MSc Global Business & Sustainability future employers. As the FSA wants students to meet their future employer,
the association supports students in making the step from university to the
labor market. Students are informed about of opportunities via various online
channels, but primarily and more importantly, we facilitate face to face contact
between students and employers.
All activities of the FSA are organized by students with an interest in finance
from both universities of Amsterdam and other Dutch universities. Also, the
FSA cooperates with a multitude of companies as well as other financial
study associations in Groningen, Maastricht, Rotterdam and Tilburg within the
Financial Association Netherlands (FAN).
Our slogan is “The urge to improve is what makes the difference” and we
would like to characterize our members as being professional, ambitious and
enthusiastic. The combination of motivated students and a well-defined goal
has made us what we are today and continues to stimulate us in being innovative
Anneline Mendes de Leon Menno Moerkamp in every aspect of our association.
MSc Business Information Management MSc Social Psychology,
MSc Philosophy
Lotte Slim Max Wibaut
MSc Physics & Astronomy MSc Finance & Investments
20 21Russia 2004
Central Europe 1995
Israel 1994
China 2010/2014
India 2001/2003/2006/2012/2017
Mexico 1998/2002
Vietnam 2015
Singapore and Malaysia 2013
Indonesia 2008/2016
Brazil 1997/1999/2005/2018
South Africa 2000/2007/2011
Argentina 1996/2009
22 23FSA - Financial Study association University of Amsterdam Postal address: Amsterdam Roetersstraat 11 Valckenierstraat 59 020 5256357 Room E1.33/1.34 1018 XE Amsterdam rp@fsa.nl 1018 WB Amsterdam www.fsa.nl www.fsaresearchproject.nl
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