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International Finance (MEconSc)

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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, with a particular emphasis on fundamental tools for financial analysis such as R, Python, and Excel. 

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.

New Internship Option Available from September 2023

International Finance students have the option to pursue a work placement opportunity incorporating an applied International Finance Project. Work placements are competitive and subject to the availability of suitable positions. We will source as many work placement opportunities as possible, but it is at the discretion of employers as to whether they shortlist and offer a position to applicants. Students may also self-source their own work placement subject to the approval of the Placement Office.

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Applications and Selections

Applications are made online via the University of Galway Postgraduate Applications System. 

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

Normally a H2.1 degree (NFQ Level 8 or equivalent) with Economics to intermediate level.* Candidates with a significantly high H2.2 honours degree and who have achieved a 2.1 average in relevant Economics modules as their major, may also be considered. * 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. IELTS score of 6.5 or equivalent, if applicable.


Additional Requirements

Duration

1 year, full-time

Next start date

September 2023

A Level Grades ()

Average intake

30

QQI/FET FETAC Entry Routes

Closing Date

Please refer to the offer rounds/closing date webpage.

NFQ level

Mode of study

ECTS weighting

Award

CAO

Course code

MECS-IF

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 and Policy
  • Microeconomic Theory
  • Applied Portfolio Management
  • Derivatives and Risk Management
  • Economics and the Global Economy
  • Financial and Macroeconomic History
  • Financial Data Analytics
  • Financial Econometrics
  • Global Financial Economics
  • International Finance
  • Green and Sustainable Finance

New Module: Green and Sustainable Finance

Transforming the global economy to make it more sustainable requires large investments, especially for enabling a green and low-carbon transition. The aim of this module is to introduce students to the important role of financial markets in the transition to a climate-neutral, green, competitive and inclusive economy. The module explores the requirements to mobilise financial markets to align with environmental and climate targets, and focuses on the different financial products and instruments that can power the transition. Overall, the module will consider how to embed green and sustainable finance principles and practice into financial decision-making.

International Finance Project

The International Finance Project is intended to give students the opportunity to consolidate knowledge and skills acquired during the International Finance Masters programme and undertake an applied research project. The aims of the project are to enable the student to critically evaluate research in finance and/or economics; to demonstrate independent research; to apply theoretical knowledge and applied techniques acquired; to demonstrate critical thinking skills; and, to produce a well written final project that contributes to existing knowledge. Where appropriate, the project can be linked to employment or work placement. This module involves a series of discussions and meetings with assigned supervisors, the submission of a research proposal, the reporting of progress to supervisors within agreed timeframes, and the submission of the final applied research project.

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 EC5138: International Finance Project


12 months long | Credits: 10

The International Finance Project is intended to give students the opportunity to consolidate knowledge and skills acquired during the International Finance Masters programme and undertake an applied research project. The aims of the project are to enable the student to critically evaluate research in finance and/or economics; to demonstrate independent research; to apply theoretical knowledge and applied techniques acquired; to demonstrate critical thinking skills; and, to produce a well written final project that contributes to existing knowledge. Where appropriate, the project can be linked to employment or work placement. This module involves a series of discussions and meetings with assigned supervisors, the submission of a research proposal, the reporting of progress to supervisors within agreed timeframes, and the submission of the final applied research project.
(Language of instruction: English)

Learning Outcomes
  1. Formulate a valid applied research question in finance and/or economics and explain the rationale for this question
  2. Critically analyse, evaluate and synthesise the body of knowledge pertaining to the question under investigation i.e. conduct a literature review or company/industry analysis.
  3. Review secondary data, where appropriate.
  4. Choose and apply a suitable methodology to address this question (theoretical, empirical or both).
  5. Present results and/or findings at the standard appropriate with emphasis on how the results/findings add to the current body of knowledge.
Assessments

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Continuous Assessment (100%)
Module Director
Lecturers / Tutors
The above information outlines module EC5138: "International Finance Project" and is valid from 2022 onwards.
Note: Module offerings and details may be subject to change.

Required EC501: Microeconomic Theory


Semester 1 | Credits: 10

The course will cover the core topics in microeconomic theory at the Masters level.
(Language of instruction: English)

Learning Outcomes
  1. Understand the properties of binary relations
  2. Prove the utility representation theorem
  3. Understand how to derive Marshallian and Hicksian demands using the method of Lagrange multipliers
  4. Derive the Slutsky Equation and understand the principle of duality in consumer theory
  5. Understand the central tenets of producer theory; Debreu's representation of production, profit maximisation, Hotelling's Lemma
  6. Derive a “Law of Supply”.
  7. Understand general equilibrium theory and prove existence of equilibrium using Brouwer's fixed point theorem
  8. Understand the principles of social choice and understand the reasoning behind Arrow’s Impossibility Theorem.
  9. Understand the principles of non-cooperative game theory and Nash's proof of the existence of equilibrium in these games
Assessments

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Written Assessment (70%)
  • Continuous Assessment (30%)
Module Director
Lecturers / Tutors
Reading List
  1. "Advanced Microeconomic Theory" by Geoffrey A. Jehle & Philip J. Reny
    Publisher: F.T. Prentice-Hall
  2. "Microeconomic Analysis" by Hal R. Varian
    Publisher: W. W. Norton and Co.
  3. "Microeconomic Theory" by A. Mas-Colell, M.D. Whinston & J. R. Green
    Publisher: Oxford University Press
  4. "A Course in Microeconomic Theory" by D. Kreps
    Publisher: FT Prentice Hall
  5. "Mathematics for Economists" by C.P. Simon & L. E. Blume
    Publisher: WW Norton
The above information outlines module EC501: "Microeconomic Theory" and is valid from 2020 onwards.
Note: Module offerings and details may be subject to change.

Required EC5128: Financial Econometrics


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. Develop an understanding of the principles underlying the Ordinary Least Squares (OLS)
  2. Understand the implications of assumptions underlying OLS
  3. Conduct hypothesis tests
  4. Test for the presence of Unit Roots
  5. Model univariate time-series using the ARIMA methodology
  6. Model multivariate time-series using the VAR methodology and test for causation between variables
  7. Explore co-integration between series
  8. Model volatility using ARCH/GARCH Models
Assessments

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Written Assessment (70%)
  • Continuous Assessment (30%)
Module Director
Lecturers / Tutors
Reading List
  1. "Applied Econometrics: A Modern Approach (An Introductory Text)" by Asteriou, Dimities and Hall, Stephen
    Publisher: Palgrave: London
  2. "Introductory Econometrics for Finance" by Brooks,Chris
    Publisher: Cambridge University Press
  3. "An Introduction to Applied Econometrics" by Patterson, Kerry
    Publisher: Macmillan Press: London
  4. "Applied Econometric Time Series (A more advanced text)" by Enders, Walter
    Publisher: Wiley: New York
The above information outlines module EC5128: "Financial Econometrics" and is valid from 2020 onwards.
Note: Module offerings and details may be subject to change.

Required EC505: Dissertation


12 months long | Credits: 10

The dissertation module provides an opportunity for independent and original work, either via the completion of an applied research project. The aims of the module are to enable the student to critically engage in applied economics work; to demonstrate independent research and to apply theoretical knowledge acquired; to demonstrate critical thinking skills; and to produce a minor research dissertation that contributes to existing knowledge. This module involves a series of discussions and meetings with supervisors, submission of proposals, progress reporting to supervisors within agreed timeframes.
(Language of instruction: English)

Learning Outcomes
  1. Formulate a valid research question and explain the rationale for this question
  2. Choose the appropriate method to address this question (theoretical, empirical or both)
  3. Critically analyse, evaluate and synthesise the body of knowledge pertaining to the question under investigation
  4. Present results and/or findings at the standard appropriate with emphasis on how the results/findings add to the current body of knowledge
Assessments

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Research (100%)
Module Director
Lecturers / Tutors
The above information outlines module EC505: "Dissertation" and is valid from 2022 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

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Written Assessment (60%)
  • Continuous Assessment (40%)
Module Director
Lecturers / Tutors
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

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Written Assessment (80%)
  • Continuous Assessment (20%)
Module Director
Lecturers / Tutors
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 EC5127: Financial Data Analytics


Semester 2 | Credits: 10

The aim of this module is to introduce students to financial data analytics and empirical methods used in finance. The module focuses on quantitative techniques that are used in asset valuation, portfolio management, derivative valuation, risk management and financial decision making. Different core financial models are estimated and discussed. In addition, students are introduced to machine learning techniques in finance. Overall, the module has an applied focus and students will get hands-on experience with financial data analytics based on real data. Students will also be introduced to computer programming in Python, where these financial techniques are implemented.
(Language of instruction: English)

Learning Outcomes
  1. Demonstrate an understanding of the role of different computational and analytical techniques used in quantitative finance
  2. Explain stochastic processes and their importance for quantitative finance
  3. Conduct approriate risk management analytical techniques
  4. Use machine learning methods to help analyse and prepare investment strategies
  5. Implement financial data analytics in the Python programming language
Assessments

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Continuous Assessment (100%)
Module Director
Lecturers / Tutors
The above information outlines module EC5127: "Financial Data Analytics" and is valid from 2021 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

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Written Assessment (60%)
  • Continuous Assessment (40%)
Module Director
Lecturers / Tutors
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.

Optional EC505: Dissertation


12 months long | Credits: 10

The dissertation module provides an opportunity for independent and original work, either via the completion of an applied research project. The aims of the module are to enable the student to critically engage in applied economics work; to demonstrate independent research and to apply theoretical knowledge acquired; to demonstrate critical thinking skills; and to produce a minor research dissertation that contributes to existing knowledge. This module involves a series of discussions and meetings with supervisors, submission of proposals, progress reporting to supervisors within agreed timeframes.
(Language of instruction: English)

Learning Outcomes
  1. Formulate a valid research question and explain the rationale for this question
  2. Choose the appropriate method to address this question (theoretical, empirical or both)
  3. Critically analyse, evaluate and synthesise the body of knowledge pertaining to the question under investigation
  4. Present results and/or findings at the standard appropriate with emphasis on how the results/findings add to the current body of knowledge
Assessments

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Research (100%)
Module Director
Lecturers / Tutors
The above information outlines module EC505: "Dissertation" and is valid from 2022 onwards.
Note: Module offerings and details may be subject to change.

Optional EC5129: Global Financial Economics


Semester 1 | Credits: 10

This module surveys developments in global financial markets and institutions, providing an overview of challenges for industry, policy and society. A key focus is on sourcing high quality data and analysis on industry developments, and on framing interpretations in the light of evolving theoretical approaches, and societal concerns. Particular attention is paid to developments in banking systems and securities markets in a post-global financial crisis environment, and to challenges for regulators and for industry in respect of rapid technological and political change.
(Language of instruction: English)

Learning Outcomes
  1. Identify and assess significant developments in financial market structures and institutional forms
  2. Access and analyse relevant quantitative indicators of financial market developments
  3. Relate empirical industry data to influential theoretical frameworks in financial economics
  4. Relate developments in the financial sector to policy goals and instruments
Assessments

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Written Assessment (70%)
  • Continuous Assessment (30%)
Module Director
Lecturers / Tutors
The above information outlines module EC5129: "Global Financial Economics" and is valid from 2020 onwards.
Note: Module offerings and details may be subject to change.

Optional EC5126: Financial and Macroeconomic History


Semester 2 | Credits: 10

Economists and financial market participants increasingly value the perspectives and insights offered by historical approaches. This module surveys the evolution of financial markets and institutions, and their relationships to the evolving global macroeconomic environment. Focussing initially on Europe and Atlantic economies, we survey the development of equity, foreign exchange, and government debt markets over historical time, exploring the availability of empirical evidence from diverse sources. There is a particular emphasis on how modern finance theory and time series econometrics are both useful in, and challenged by, historical financial data.
(Language of instruction: English)

Learning Outcomes
  1. Identify and use a range of historical financial data from diverse sources
  2. Relate the evolution of key financial markets and institutions to historical and contemporary macroeconomic environments
  3. Apply a range of empirical techniques (including core time-series econometrics methods) to the analysis of historical financial data
  4. Assess the usefulness of contemporary theoretical models in interpreting historical financial data in a variety of contexts
Assessments

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Written Assessment (70%)
  • Continuous Assessment (30%)
Module Director
Lecturers / Tutors
The above information outlines module EC5126: "Financial and Macroeconomic History" and is valid from 2020 onwards.
Note: Module offerings and details may be subject to change.

Optional 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

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Written Assessment (70%)
  • Continuous Assessment (30%)
Module Director
Lecturers / Tutors
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 2020 onwards.
Note: Module offerings and details may be subject to change.

Optional EC5124: Economics and the Global Economy


Semester 2 | Credits: 10

The aim of this module is to increase students’ understanding of economics and economic issues in the global economy. Topics include the scope of economics, global economic issues, methodology and economic models, role of economic policy and policymakers, economic performance: measurement and analysis, and the economic and business environment.
(Language of instruction: English)

Learning Outcomes
  1. Understand the scope of economics
  2. Assess global economic issues
  3. Knowledge and application of methodologies and economic modelling
  4. Appraise economic policy and the role of policymakers
  5. Interpret and analyse economic performance
  6. Evaluate the economic and business environment
Assessments

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Written Assessment (80%)
  • Continuous Assessment (20%)
Module Director
Lecturers / Tutors
Reading List
  1. "Principles of Economics" by Turley, G., Maloney, M. and O'Toole, F.
    Publisher: Gill and Macmillan
The above information outlines module EC5124: "Economics and the Global Economy" and is valid from 2020 onwards.
Note: Module offerings and details may be subject to change.

Optional 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

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Written Assessment (70%)
  • Continuous Assessment (30%)
Module Director
Lecturers / Tutors
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 EC5137: Green and Sustainable Finance


Semester 2 | Credits: 10

Transforming the global economy to make it more sustainable requires large investments, especially for enabling a green and low-carbon transition. The aim of this module is to introduce students to the important role of financial markets in the transition to a climate-neutral, green, competitive and inclusive economy. The module explores the requirements to mobilise financial markets to align with environmental and climate targets, and focuses on the different financial products and instruments that can power the transition. Overall, the module will consider how to embed green and sustainable finance principles and practice into financial decision-making.
(Language of instruction: English)

Learning Outcomes
  1. Demonstrate an understanding of the ways in which financial markets can support the transition to a sustainable, low-carbon economy.
  2. Identify the key policy and regulatory frameworks supporting green and sustainable finance.
  3. Explain the tools of how capital can be raised for green and sustainable projects.
  4. Assess the importance of climate related and environmental risks and their impact on the finance sector.
  5. Integrate responsible and sustainable factors into investment decision-making.
  6. Evaluate the role of financial technology in supporting green and sustainable finance.
Assessments

This module's usual assessment procedures, outlined below, may be affected by COVID-19 countermeasures. Current students should check Blackboard for up-to-date assessment information.

  • Written Assessment (70%)
  • Continuous Assessment (30%)
Module Director
Lecturers / Tutors
The above information outlines module EC5137: "Green and Sustainable Finance" and is valid from 2022 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. 

As a graduate of this programme, you will combine your knowledge, skills and competences to evaluate investment opportunities, carry out research to develop financial solutions, and leverage your numerical and analytical skills to communicate technical information in a simple format to your clients, employers, and public sector agencies. 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.

New Internship Option Available from September 2023

International Finance students have the option to pursue a work placement opportunity incorporating an applied International Finance Project. Work placements are competitive and subject to the availability of suitable positions. We will source as many work placement opportunities as possible, but it is at the discretion of employers as to whether they shortlist and offer a position to applicants. Students may also self-source their own work placement subject to the approval of the Placement Office.

New Partnership with GARP (Global Association of Risk Professionals)

GARP's Academic Partnership Program was created to help colleges and universities improve their risk management course offerings. The program offers a wide range of benefits for academic institutions, and combines rigorous instruction with practitioner-driven insight to ensure that students are prepared for the demands of the global financial industry. By aligning with GARP, our programme joins a network of the world’s top risk practitioners and academics, allowing them to create better curriculums that reflect the latest international standards.

New Module: Green and Sustainable Finance

Transforming the global economy to make it more sustainable requires large investments, especially for enabling a green and low-carbon transition. The aim of this module is to introduce students to the important role of financial markets in the transition to a climate-neutral, green, competitive and inclusive economy. The module explores the requirements to mobilise financial markets to align with environmental and climate targets, and focuses on the different financial products and instruments that can power the transition. Overall, the module will consider how to embed green and sustainable finance principles and practice into financial decision-making.

International Finance Project

The International Finance Project is intended to give students the opportunity to consolidate knowledge and skills acquired during the International Finance Masters programme and undertake an applied research project. The aims of the project are to enable the student to critically evaluate research in finance and/or economics; to demonstrate independent research; to apply theoretical knowledge and applied techniques acquired; to demonstrate critical thinking skills; and, to produce a well written final project that contributes to existing knowledge. Where appropriate, the project can be linked to employment or work placement. This module involves a series of discussions and meetings with assigned supervisors, the submission of a research proposal, the reporting of progress to supervisors within agreed timeframes, and the submission of the final applied research project.

Who’s Suited to This Course

Learning Outcomes

Transferable Skills Employers Value

Work Placement

Study Abroad

Related Student Organisations

Course Fees

Fees: EU

€10,290 p.a. 2023/24

Fees: Tuition

€10,150 p.a. 2023/24

Fees: Student levy

€140 p.a. 2023/24

Fees: Non EU

€17,990 p.a. 2023/24


Postgraduate students in receipt of a SUSI grant – please note an F4 grant is where SUSI will pay €4,000 towards your tuition (2023/24).  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 €140.

Postgraduate fee breakdown = Tuition (EU or NON EU) + Student levy as outlined above.

Note to non-EU students: learn about the 24-month Stayback Visa here. 

What Our Graduates Say

Hugh

Hugh Gaffney |   MSc International Finance Scholar 20222-23

The well-rounded curriculum provided me with a comprehensive understanding of a range of financial and economic concepts. Furthermore, the development of my analytical skills leaves me prepared for my future career in the financial services sector. Most importantly, my degree gave me the opportunity to discover where my true professional ambitions lay and equipped with the tools in which to achieve these goals. The Business Merit Scholarship, which recognized my academic achievements and role as a University ambassador, not only eased my financial burden, but gave me the opportunity to fully immerse myself in the learning experience. As a result of my Master’s degree and the Business Merit Scholarship, I have been able to secure a graduate job offer in the banking industry, achieving the aim of my postgraduate studies. I am now equipped with the knowledge and skills to operate in the sector and continue my learning and make a positive impact in the professional world. I highly recommend the J.E. Cairnes School and the Business Postgraduate Merit scholarship to aspiring students seeking a quality education and a promising future in the field of business and finance.
Mayen

Mayen Mach |   MSc International Finance Scholar 20222-23

I chose to study at the University of Galway because of its excellent learning facilities, environment, and amazing staff. The fact that the university environment is diversified creates a unique atmosphere and experience to not only learn in class but learn about different cultures. I am very passionate about finance and data analysis; International Finance will strengthen my technical know-how on the current financial and international economic policy issues. I aim to gain a broader view of finance and improve my knowledge of investment, banking, and financial management. The application process was very fast and efficient. As long as the right documents are provided, everything will move swiftly. The whole application was done without a struggle. In a few days, my offer was ready in which I had to accept my offer letter to be fully admitted. College fees and living expenses are not that cheap in any institution of higher learning. The scholarship has reduced my financial concerns and I am able to focus on my studies, dedicate more time to my studies, and focus on other extra activities that will build my career in finance.
Antriksh

Antriksh Panwar |   Funds Officer at Alter Domus

Pursuing MEConSc (International Finance) at the National University of Ireland, Galway was an amazing learning experience for me. The Finance aspect of the curriculum was more inclined towards current industry requirements. It came in handy for me during FRM Level I exams as it touched base on some of the core readings of the FRM curriculum. The economics part focussed mainly on research and use of statistical tools. Throughout the year, we worked on several assignments, including a year-end dissertation that helped us groom these skills. The professors were easily approachable and helped us whenever it was required. I would highly recommend this course to anyone who desires to pursue PhD or wants to get into Financial Services.
James

James McDonald |   Performance Analyst with Irish Life Investment Managers

The MEconSc will equip any student with the necessary soft & technical, both quantitative & qualitative skills required to succeed in a very competitive industry. A great feature of the MEconSc was the fact that you could deliver tutorials to students. This was genuinely a great experience as it turns the student who just intakes all the information provided to the lecturer who transfers the information in the easiest, most effective way to a large group of students. The MEconSc will challenge you as Semester 1 is very hands-on with group work & assignments so be willing to put your head down & give it your all, these skills & competencies that you develop throughout the Masters will stand to you as you progress to interview for some of the top companies in Ireland & abroad. I'm currently working for Irish Life Investment Managers (ILIM) where my current role is an Investment Analyst as part of the Performance team. Applied Portfolio Management was one of my favorite modules in the MEconSc & I regularly use the knowledge & skills I developed throughout this module in my day-to-day job.
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.
Anil

Anil Yadav |   PhD Researcher

I graduated from the MEconSc International Finance at University of Galway in 2019. The course equipped me with quantitative and qualitative skills that I regularly apply in my current role as a PhD researcher. The program focus on theoretical knowledge coupled with practical application through assignments and year-end dissertation. The lecturers are experts in their respective fields, offering helpful advice and support throughout the year. The curriculum is parallel to the current industry standards. During my CFA level 1 exam, the finance component of the course was extremely useful as it addressed core topics covered in CFA exams. Moreover, the technical skills provided in software programs such as R, STATA, and Python can be regularly applied in the industry. Additionally, the university has a beautiful and friendly environment and classmates from different academic backgrounds. I highly recommend this course to anyone seeking a career in academia or financial services.

What Industry Says

William

William May |   Global Head of Certifications and Educational Programs, GARP

GARP is pleased to have University of Galway as part of the GARP Partnership for Risk Education. The MEconSc, International Finance offered by the the J.E. Cairnes School of Business & Economics is a rigorous program that provides its students with in-demand technical skills used in applied finance applications. Students who attain this degree should find themselves well prepared for the rigors of the Financial Risk Manager certification program and ready to embark on a career in the global risk management profession.

Internship Opportunity

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Partnership with GARP

Partnership with the Global Association of Risk Professionals (GARP)

GARP‌‌

AACSB - Global Accreditation

AACSB - Global Business Accreditation 2

AACSB is the longest-serving global accrediting body for business schools, and the largest business education network connecting students, educators, and businesses worldwide

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Downloads

  • Business Postgraduate Programmes 2023

    Business Postgraduate Programmes 2023 PDF (4.7 MB)

  • Postgraduate Prospectus 2023

    Postgraduate Prospectus 2023 PDF (20.6MB)