Course Overview

This programme is specifically designed with dedicated courses to deepen students’ understanding of the forces driving the global economy and the operations of the international financial markets. The programme provides both a rigorous foundation in the theory of international finance and necessary technical skills used in applied financial market analysis.


It provides an emphasis on current issues in international economic policy and on recent developments in the areas of multinational investment flows, dynamics of exchange rates, risk management and asset pricing. Students gain a deeper understanding of both the microstructure and macroeconomic implications of these issues, and necessary technical skills for analysing financial data using computer simulation based models.

The financial services industry, which is a part of the internationally traded services sector, has been identified by the Irish government as one of the key sectors for the delivery of high value-added jobs in Ireland and a crucial sector in the further development of Ireland’s knowledge-based economy.

The programme provides a special emphasis on current issues in international economic policy and on recent developments in the areas of multinational investment flows, dynamics of exchange rates, risk management and asset pricing.

Students gain a deeper understanding of both the microstructure and macroeconomic implications of these issues, and necessary technical skills for analysing financial data using computer simulation based models.

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Applications and Selections

Applications are made online via The Postgraduate Applications Centre (PAC). Relevant PAC application code(s) above.

Who Teaches this Course

Requirements and Assessment

Semester One exams: December. Semester Two exams: April/May. A range of assessment methods are integrated and applied throughout the programme. These include essays, projects, reports, presentations, and computer simulation-based assignments. Students also submit a minor dissertation.

Key Facts

Entry Requirements

Students admitted to the programme will normally hold a primary degree with Second Class Honours, Grade 1 or equivalent international qualification*, which will have included the study and understanding of economics to intermediate level.** Students who hold a Higher Diploma in Economics with Second Class Honours, Grade 1, or equivalent international qualification may also apply. IELTS scores of 6.5 or equivalent if applicable.

* In exceptional cases a person without a 2.1 primary degree may be admitted if economics is a major part of their undergraduate degree and if they have achieved a 2.1 average in the economics courses they have taken.

** By intermediate level economics we mean courses in microeconomics and macroeconomics at a level typically done in second or third year of an undergraduate programme. Accordingly people who have only studied one year of economics are not eligible for admission.


Additional Requirements

Duration

1 year, full-time

Next start date

September 2018

A Level Grades ()

Average intake

30

Closing Date

Please refer to the offer rounds/closing date webpage.

Next start date

September 2018

NFQ level

Mode of study

Taught

ECTS weighting

Award

CAO

PAC code

GYC10

Course Outline

The programme provides a special emphasis on current issues in international economic policy and on recent developments in the areas of multinational investment flows, dynamics of exchange rates, risk management and asset pricing.

Students gain a deeper understanding of both the microstructure and macroeconomic implications of these issues, and necessary technical skills for analysing financial data using computer simulation based models.

Graduates with these skills are highly valued by commercial banks, investment banks and other financial institutions, by public institutions such as Central Banks and by multinational corporations.The Financial Services industry, which is a part of Internationally Traded Services, has been identified by the Irish Government as one of the key sectors for the delivery of high value-added jobs in Ireland and a crucial sector in the further development of Ireland's knowledge-based economy.

The programme includes such modules as:

  • Macroeconomic Theory
  • International Finance
  • Financial Econometrics 1 (Time Series Analysis)
  • Seminar in Financial Economics 1 (Portfolio Theory)
  • Quantitative Methods in Finance
  • International Monetary Economics
  • Financial Econometrics 2 (Applied Portfolio Modelling)
  • Seminar in Financial Economics 2 (Derivatives and Risk Management)

 

Curriculum Information

Curriculum information relates to the current academic year (in most cases).
Course and module offerings and details may be subject to change.

Glossary of Terms

Credits
You must earn a defined number of credits (aka ECTS) to complete each year of your course. You do this by taking all of its required modules as well as the correct number of optional modules to obtain that year's total number of credits.
Module
An examinable portion of a subject or course, for which you attend lectures and/or tutorials and carry out assignments. E.g. Algebra and Calculus could be modules within the subject Mathematics. Each module has a unique module code eg. MA140.
Optional
A module you may choose to study.
Required
A module that you must study if you choose this course (or subject).
Semester
Most courses have 2 semesters (aka terms) per year.

Year 1 (90 Credits)

Required EC505: Dissertation


15 months long | Credits: 10

The thesis provides an opportunity for independent and original work. The aims of the dissertation is to enable the student to critically evaluate research in economics; to demonstrate independent research and to apply theoretical knowledge acquired; to demonstrate critical thinking skills and to produce a well written minor dissertation of approximately 10,000 words in length that contributes to existing knowledge; and where appropriate is normally linked to an internship. This module involves a series of discussions and meetings with supervisors, submission of research proposals, progress reporting to supervisors within agreed timeframes, and linked to the internship where appropriate.
(Language of instruction: English)

Learning Outcomes
  1. Formulate a valid research question and explain the rationale for this question
  2. Conduct a literature review
  3. Review secondary data, where appropriate
  4. Choose the appropriate method to address this question (theoretical, empirical or both)
  5. Present research findings at the standard appropriate
Assessments
  • Research (100%)
Teachers
The above information outlines module EC505: "Dissertation" and is valid from 2018 onwards.
Note: Module offerings and details may be subject to change.

Required EC564: Financial Econometrics 1


Semester 1 | Credits: 10

The aim of this course is to provide students with an accessible introduction to current models and techniques in time series analysis. This course is designed to provide students with the tools needed to carry out empirical research in international finance. Students will be given the opportunity to apply these tools in a financial econometrics research project. The project and course lab sessions will provide students with hands on experience in analysing time series data sets.
(Language of instruction: English)

Learning Outcomes
  1. provide students with the tools necessary to carry out empirical research in international finance
  2. apply these tools in a financial econometrics research project
Assessments
  • Written Assessment (60%)
  • Continuous Assessment (40%)
Teachers
Reading List
  1. "Applied Econometrics: A Modern Approach (An Introductory Text" by Asteriou, Dimitrios and Hall, Stephen
    Publisher: Palgrave
  2. "Introductory Econometrics for Finance" by Brooks, Chris
    Publisher: Cambridge University Press
  3. "An Introduction to Applied Econometrics" by Patterson, Kerry
    Publisher: MacMillan Press
  4. "Applied Econometric Time Series (A more advanced text)" by Enders, Walter
    Publisher: Wiley
The above information outlines module EC564: "Financial Econometrics 1" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Required EC565: Seminar in Financial Economics 1


Semester 1 | Credits: 10

The objective of this course is to analyze the economic theoretic underpinnings of the modern finance theory. The course will equip students in both theoretical understanding and applied policy analysis of some of the models of modern finance theory using historical and current financial data. Topics include: Part I Financial markets and policy analysis Part II Theoretical underpinning I Part III Theoretical underpinning 2
(Language of instruction: English)

Learning Outcomes
  1. To analyse economic theoretic underpinnings of the modern finance theory
  2. To equip students in both theoretical understanding and applied policy analysis of some of the models of modern finance theory using historical and current financial data
Assessments
  • Written Assessment (70%)
  • Continuous Assessment (30%)
Teachers
Reading List
  1. "Financial Theory and Corporate Policy" by Copeland, T.E., Weston, J.F and Shastri, K
    Publisher: Pearson Addison Wesley
  2. "Modern Portfolio Theory and Investment Analysis" by Edwin J. Elton, Martin J. Gruber, Stephen J. Brown and William N. Goetzmann
    Publisher: John Wiley & Sons, Inc.
  3. "Quantitative Financial Economics" by Keith Cuthbertson
    Publisher: John Wiley & Sons, Inc.
  4. "The R book" by Michael J. Crawley
    Publisher: John Wiley & Sons, Inc.
The above information outlines module EC565: "Seminar in Financial Economics 1" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Required EC5104: Applied Portfolio Management


Semester 1 | Credits: 10

Successful portfolio management requires the development of a broad array of quantitative and qualitative skills, involving an analysis of both the investment instruments available in the capital market and the objectives and constraints of the ultimate investor. In addition, we will explore the linkages between portfolio management and modern risk management. This involves some interaction with the Semester 2 module EC568 Derivatives & Risk Management. We will also explore how to perform some of the quantitative analysis using Excel. This will be integrated into your years work assignment. To facilitate your learning of Excel, a series of laboratory sessions will be scheduled later in the semester. Guest speakers from the financial services industry will give talks on aspects of portfolio management. Further details will be made available as the times and dates for these talks are confirmed.
(Language of instruction: English)

Learning Outcomes
  1. Explore how to perform some of the quantitative analysis using Excel
  2. On completion of the course, students should be in a position to understand these issues in quantitative financial economics from both an academic and practitioner perspective.
Assessments
  • Written Assessment (60%)
  • Continuous Assessment (40%)
Teachers
Reading List
  1. "Investments and Portfolio Management" by Bodie, Kane & Marcus,
    Publisher: McGraw-Hill
  2. "Running Money: Professional Portfolio Management" by Stewart, Piros & Heisler
    Publisher: McGraw-Hill
  3. "Quantitative Equity Portfolio Management" by Chincarini & Kim
    Publisher: McGraw-Hill
  4. "Investments" by Cuthbertson & Nitzsche
    Publisher: Wiley
  5. "Modern Porfolio Theory and Investment Analysis" by Elton, Gruber, Brown, Goetzmann
    Publisher: Wiley
  6. "Options, Futures and Other Derivatives" by Hull
The above information outlines module EC5104: "Applied Portfolio Management" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Required EC5109: Macroeconomic Theory and Policy


Semester 1 | Credits: 10

The objective of this module is to provide a masters-level introduction to macroeconomics organised under six topics: 1. Why are some countries so rich and others so poor? Introduction to growth and development; 2. Irish Economic Growth; 3. Understanding Unemployment: A medium-Run Perspective; 4. Understanding Business Cycles. 5. Macroeconomic Policy I - Monetary and Banking Policy; 6. Macroeconomic Policy II: Fiscal Policy. Policy-focused debates will be a key component of this course.
(Language of instruction: English)

Learning Outcomes
  1. Develop a modern tool-kit for macroeconomic modelling
  2. Develop an understanding of key papers in the literature on policy-relevant macroeconomic models
  3. Demonstrate a capacity to critically assess econometrics studies in macroeconomics
  4. Critically assess current developments in national and European macroeconomic policy
  5. Demonstrate a capacity to clearly present as part of a team an analysis on a policy-relevant macroeconomic topic
Assessments
  • Written Assessment (80%)
  • Continuous Assessment (20%)
Teachers
Reading List
  1. "Advanced Macroeconomics" by Romer, David.
    Publisher: McGraw-Hill
The above information outlines module EC5109: "Macroeconomic Theory and Policy" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Required EC5119: Derivatives and Risk Management


Semester 2 | Credits: 10

• This course is an introduction to modern derivatives and risk management. We begin by exploring the basic features of futures, swaps and options with an emphasis on economic intuition and understanding, although important quantitative techniques are developed. • We use the insights developed in these topics to examine some well-known examples of derivatives mishaps and recent applications of derivatives, including credit derivatives and weather derivatives.
(Language of instruction: English)

Learning Outcomes
  1. To understand key concepts, equations and terms
  2. Explore the basic features of futures, swaps and options
  3. To examine some well-known examples of derivatives mishaps and recent applications of derivatives, including credit derivatives and weather derivatives
Assessments
  • Written Assessment (60%)
  • Continuous Assessment (40%)
Teachers
Reading List
  1. "Options, Futures, & Other Derivatives" by John C. Hull
The above information outlines module EC5119: "Derivatives and Risk Management" and is valid from 2018 onwards.
Note: Module offerings and details may be subject to change.

Required EC563: International Finance


Semester 2 | Credits: 10

This module continues the development of macroeconomic tools begun in the Semester 1 module, Macroeconomic Theory and Policy. The focus shifts in this module to international financial and economic issues. Topics to be covered include: international capital flows and financial markets, the current account balance, real and nominal exchange rates, currency and financial crises, exchange rate regimes (including monetary union), monetary and financial policy in the Euro Zone, and sovereign debt and default. The global economic and financial crisis of 2007-08 and the Euro Zone crisis of 2010-2013 again provide the backdrop to much of the material covered. A novel feature of this module will be an ongoing discussion of these crises organised around the treatment in Martin Wolf’s recent book, The Shifts and the Shocks. This module aims to provide an accessible masters-level introduction to open economy macroeconomics and finance.
(Language of instruction: English)

Learning Outcomes
  1. Motivate each topic by reviewing key facts and policy issues
  2. Show how macroeconomic models can be used to think through the questions and to formulate hypotheses to bring to the data
  3. Demonstrate how econometric tools can be used to improve our empirical understanding of how the macro economy functions
  4. Return to the motivating questions to debate the appropriate policy course
Assessments
  • Written Assessment (80%)
  • Oral, Audio Visual or Practical Assessment (20%)
Teachers
Reading List
  1. "The Shifts and the Shocks" by Martin Wolf
    ISBN: 0718197976.
    Publisher: Penguin UK
  2. "Foundations of International Macroeconomics" by *Obstfeld, M. and K. Rogoff
    Chapters: 1
  3. "Sudden Stops in the euro area" by *Merler S. and J. Pisani-Ferry
    Publisher: Bruegal. Available at: http://www.bruegel.org/publications/publication-detail/publication/718-sudden-stops-in-the-euro-area/
  4. "World Economic Outlook" by International Monetary Fund
    Publisher: http://www.imf.org/external/pubs/ft/weo/2014/02/
    Chapters: 4
  5. "“The Breakup of the Euro Area,” In Europe and the Euro, Alberto Alesina and Francesco Giavazzi, editors" by Eichengreen, B.
    Publisher: The University of Chicago Press.
The above information outlines module EC563: "International Finance" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Required EC566: Quantitative Methods in Finance


Semester 2 | Credits: 10

This course is devised to provide a rigorous introduction to quantitative methods used in finance with special emphasis on statistical modeling, numerical methods, and simulation techniques to serve the following goals: • To expose students to frontier statistical methods applied in financial modeling: time series, modeling non-Gaussian distributions and non-parametric estimation techniques • To serve as a capstone course integrating financial theory, statistical modeling and simulation techniques • To help students appreciate the role of computational techniques used in quantitative finance and financial engineering • To train students to implement many of these computational techniques in R, or Eviews, or MATLAB
(Language of instruction: English)

Learning Outcomes
  1. Have exposure to frontier statistical methods applied in financial modelling
  2. appreciate the role of computational techniques used in quantitative finance and financial engineering
  3. to implement many of these computational techniques in R, or Eviews, or MATLAB
Assessments
  • Written Assessment (60%)
  • Continuous Assessment (40%)
Teachers
Reading List
  1. "Financial Modeling Under Non-Gaussian Distributions" by Jondeau, E., Ser-Huang Poon and Rockinger, M
    Publisher: Springer Finance
  2. "Nonlinear Dynamics and Chaos: With Applications to Physics, Biology, Chemistry and Engineering" by Strogatz, Steven
    Publisher: Perseus Books Publishing, LLC
  3. "Asset Price Dynamics, Volatility, and Prediction" by Taylor, Stephen
    Publisher: Princeton University Press, New York
  4. "Statistics and Finance: An Introduction" by Ruppert, David
    Publisher: Springer - Verlag, New York.
The above information outlines module EC566: "Quantitative Methods in Finance" and is valid from 2015 onwards.
Note: Module offerings and details may be subject to change.

Required EC576: International Monetary Economics


Semester 2 | Credits: 10

The aim of this course is to increase students’ understanding of how the international financial system operates, which an emphasis on the role of banks and central banks in the financial system. A key focus of the course will be the response of central bank to the financial crisis and the effect of these policies on asset markets. We will also consider recent moves to build a banking union in Europe.
(Language of instruction: English)

Learning Outcomes
  1. to increase their understanding of what banks do and how they work
  2. to increase their familiarity with causes of banking crises and policy responses
  3. understand the role of money and central banks in the financial system
  4. understand the role of central banks and control of interest rates
  5. increase their understanding of a Gold standard as a monetary system
Assessments
  • Written Assessment (70%)
  • Continuous Assessment (30%)
Teachers
Reading List
  1. "http://nuigalway.blackboard.com" by All materials are available on Blackboard
The above information outlines module EC576: "International Monetary Economics" and is valid from 2017 onwards.
Note: Module offerings and details may be subject to change.

Optional EC567: Financial Econometrics 2


Semester 1 | Credits: 10

Assessments
  • Written Assessment (100%)
Teachers
The above information outlines module EC567: "Financial Econometrics 2" and is valid from 2014 onwards.
Note: Module offerings and details may be subject to change.

Why Choose This Course?

Career Opportunities

Graduates with the skills taught in this programme are highly valued by commercial banks, investment banks and other financial institutions, by public institutions such as Central Banks and by multinational corporations. Employers of graduates of this programme include Goldman Sachs, J.P. Morgan, First Derivatives, European Central Bank, and Central Bank of Ireland. This
programme can also be a stepping stone to a PhD programme.

Special emphasis is given to current issues in international economic policy and to recent developments in cross-border investment, exchange rates, risk management and asset pricing. Graduates with these skills are highly valued by banks and other financial institutions, by public institutions such as central banks and by multinational corporations.

Develop a Career Path

The programme is your passport to the exciting and rewarding world of financial services. This postgraduate qualification opens up a wide variety of career opportunities in the financial services industry, both in Ireland and abroad. From Galway to Singapore, from New York to London, financial services businesses such as banks, insurance companies, stockbrokers and investment funds, as well as government agencies, central banks and multinational corporations all put enormous value on the skills taught in this programme

Education to the Highest International Standards

The programme aims to deepen students’ understanding of the forces driving the global economy and the operations of international financial markets. The programme is designed to provide students with a rigorous analysis of the theory of international finance and the essential technical skills for using frontier methods of applied financial analysis. The programme offers students’ hands-on training of computer-based simulation models for both business analytics and the analysis of financial data.

Who’s Suited to This Course

Learning Outcomes

 

Work Placement

Study Abroad

Related Student Organisations

Course Fees

Fees: EU

€7,000 p.a. 2018/19

Fees: Tuition

€6,776 p.a. 2018/19

Fees: Student levy

€224 p.a. 2018/19

Fees: Non EU

€14,250 p.a. 2018/19
Postgraduate students in receipt of a SUSI grant – please note an F4 grant is where SUSI will pay €2,000 towards your tuition.  You will be liable for the remainder of the total fee.  An F5 grant is where SUSI will pay TUITION up to a maximum of €6,270.  SUSI will not cover the student levy of €224.

Find out More


What Our Graduates Say

Anthony Patrick

Anthony Patrick Saoud |   3M Data Analyst, Canada

The MEconSc (International Finance) at NUI Galway equipped me with advanced quantitative tools and techniques, which allowed me to standout and work in a competitive Fortune 500 company. The program exposed me to several fields in finance and quantitative research that enabled me to think outside the box and adapt to a variety of sectors.
Mohit

Mohit Agrawal |   ‎Ph.D. Candidate in Economics, Yale University

As a Master’s student in Economics, I was impressed by NUI Galway’s students, faculty, and facilities. The program size was small, allowing me to learn from and become friends with my fellow students in a collegial atmosphere. The faculty were fully dedicated to students, easy to talk to, and well-versed in their fields. Meanwhile, the facilities at NUI Galway were top-notch, with great computer labs, libraries, and social spaces. Lastly, I enjoyed living in Galway, with its historic city center and scenic seaside promenade; Galway was a perfect launching pad for trips across Ireland and Europe. During my time in Galway, I gained a unique understanding of economic policy in the context of Ireland and the Eurozone. I strongly encourage international students to consider study at NUI Galway.