School of
Economics
MSc Financial Economics
(Investment, Banking and Risk Management)
PAC Code: CKL19
MSc Financial Economics
(Investment, Banking and Risk Management)
Programme Overview
Programme Modules
The MSc Financial Economics programme at
UCC is at the top end of graduate study in
finance in Ireland and is designed for high
achievers wishing to pursue high-end careers
in financial markets. As financial instruments
and strategy become increasingly complex,
there is a strong demand for graduates with a
rigorous grounding in finance as well as strong
quantitative skills.
Candidates take taught modules with
examinations over two semesters and then
complete a minor dissertation. The taught
modules are as follows:
The MSc Financial Economics programme
involves advanced study of the practices of
investment, banking and risk management.
Programme modules cover topics such as
asset
pricing,
portfolio
management,
international finance, capital markets (equities,
bonds, currencies, money, commodities),
corporate treasury, derivative securities, risk
management, macroeconomics and financial
institutions. The programme also involves an
applied research project using cutting edge
techniques and software.
As well as providing a rigorous grounding in
theory and methods, the programme provides
candidates with the practical skills and
techniques widely used in financial markets.
The programme covers much of the CFA
Levels 1-3 syllabus and includes regular
presentations and workshops from outside
practitioners. Students manage their own
simulated asset portfolio on-line throughout the
programme.
Typical career paths include including
investment
banking,
corporate
banking,
trading/dealing, fund
management, asset
pricing, treasury, global capital markets, risk
management, financial analysis and research.
Programme Delivery
The MSc Financial Economics programme has
its own dedicated lecture facilities and a
computer laboratory equipped with some of the
technology used daily in financial markets.
The programme is a one-year taught
programme (full-time) or a two-year taught
programme
(part-time)
with
a
minor
dissertation.
Fund Management and Evaluation: studies
portfolio management, return and risk
evaluation in stock selection, market timing and
persistence.
Fixed Income Securities: examines the term
structure of interest rates and yield curve
analysis, exotic bond valuation, duration,
convexity,
immunisation,
asset
backed
securities and bond portfolio management.
Asset Pricing: examines models of asset
returns, stock price predictability and market
efficiency.
Securities
Valuation
and
Selection:
examines risk tolerance, asset allocation, stock
valuation models and a financial analysis of a
firm.
International Finance: focuses on how
economic policy and the behaviour of agents
impact international capital flows, exchange
rates and global investments.
Treasury Risk Management: looks at the
measurement and management of risks facing
banks and corporations arising from volatility in
currency and money markets.
Financial Institutions and Money Markets:
looks at the role of money markets and banks
in the economy, focuses on understanding the
types of risk facing banks and the management
of this risk.
Derivative Securities: introduces the concepts
and mathematical techniques in pricing
derivatives including options, swaps, forwards
and futures on underlying assets.
Macroeconomics for Financial Markets:
looks at macroeconomics theories, models and
techniques relevant to financial markets. Topics
include business cycles, economic growth,
uncertainty, monetary policy, inflation and the
labour market.
MSc Financial Economics
(Investment, Banking and Risk Management)
Regulation and Compliance in Capital
Markets: covers the guiding principles behind
financial regulation and the main differences
between the roles and key legal aspects of
different regulatory institutions.
competencies. To enhance oral and written
communication skills through assignments,
dialogue, exercises, presentations etc.
Applied Econometrics: includes regression
analysis, OLS, hypothesis testing and
specification.
Career Opportunities
Applied Time Series Analysis: includes
ARIMA models, Box-Jenkins methodology,
ARCH-GARCH models, VAR models, unit-root
testing and cointegration.
Research Methods: includes (i) a report
writing/economic consulting element, (ii) visiting
speaker seminar series, (iii) research methods
training and (iv) workshops on recent
developments in financial research.
What will I learn? The
Programme’s Learning
Objectives are
 to understand the operation of financial
markets in equities, money markets, bond
markets, currencies, commodities and
derivatives. To understand the interaction
between financial markets and the
economy; the impact and measurement of
risk and uncertainty; risk management
strategies, the pricing of assets and
derivatives, financial products and trading
strategies.
 to be able to apply the theory in practice.
Students manage their own simulated
asset portfolio throughout the year using
internet portfolio management software.
 to provide practitioner laboratory based
learning. The programme has its own
dedicated computer laboratory and working
area.
 to bring students in direct contact with
financial markets and practice through
practitioner seminars and visiting speakers
throughout the year across all modules.

to provide training in
consulting and professional
develop team-working skills
personal,
organisational
financial research,
report writing. To
to enhance interand
leadership
The programme provides you with the practical
skills and techniques widely used in financial
markets today. Typical career paths include
asset management, investment banking,
corporate banking, trading/dealing, analysis of
capital markets (equity, bond, FX, money and
derivative markets), corporate treasury, equity
analysis, financial markets research etc. It will
also provide the necessary tools for academic
research at the subject's frontier thus preparing
graduates for careers in research institutes,
universities, government departments and
central banks as well as further advanced study
at PhD level.
Typical employers include:
 More than 430 international operations are
approved to trade in the IFSC.
 A further 700 managed entities are
approved to carry on business under the
IFSC programme.
 AIB Capital Markets
 Bank of Ireland Global Markets
 Bank of Ireland Asset Management
 Merrill Lynch Europe
 Citigroup
 AIG Global Investments
 ABN AMRO
 Goodbody Stockbrokers, Davy, NCB
 KPMG Management Consulting, Deloitte &
Touche
 Central Bank of Ireland
 Bank of England
 Economic and Social Research Institute
MSc Financial Economics
(Investment, Banking and Risk Management)
 Universities
 Bord Gais
What employers say...
"The most sought after people in the financial
services industry today are people with a
postgraduate qualification that has given them
strong quantitative skills as applied to financial
markets. I believe that this programme will enable
participants to build the skills, and the confidence
that goes with them, that will make them sought
after by the industry across a diversity of roles in
product development, capital markets trading,
portfolio analysis, capital management, consulting
and specialist mergers and acquisitions."
Mr Michael Buckley,
Former Chief Executive, Allied Irish Banks plc.,
Chairman, DCC.
What MSc Financial Economics
graduates say…
“When I started looking into the available masters in
finance, the highly quantitative nature of this course caught
my eye straight away. Every employer at the time was
looking for candidates with strong quantitative and
analytical skills. These credentials are still very much in
demand today, if not more so than when I graduated.
This course gave me a much greater understanding of how
global markets actually work and the financial theories
upon which they are based. During the lectures we were
encouraged to ask questions and to get involved. In
addition, the assignments were very well thoughtout. The
vast majority were real work problems that pushed us to
think outside the box and not just to come back with
generic solutions.
Having completed this course, it helps me every day in my
role with Investec Bank where I am responsible for
providing cash & foreign exchange management, and other
treasury services to the bank’s corporate and institutional
clients, to help them achieve their strategic goals. Each
client has different needs so every solution has to be tailor
made”
Mr Peter Corcoran,
B.Sc. (Finance),
M.Sc. (Financial Economics),
Corporate Treasury, Investec Bank.
I found the MSc Financial Economics programme to be of
exceptional quality and quite accessible even though
coming from an engineering background many of the facets
of finance and economics were new to me. The lecturers
made the material interesting with expert and enthusiastic
delivery while maintaining a focus on practicality with a
good balance between both qualitative and quantitative
material.
The assignments and project work were of particular
benefit to me. Collaborating with peers of different
backgrounds and viewpoints taught me a lot about myself
and how I work with others as well as how to leverage each
person’s prior experiences to maximise the outcome, a
crucial skill in an industry that’s increasingly drawing on a
multidisciplinary talent pool. The projects themselves
required practical application of the concepts learned, but
always with strong support from faculty.
The broad scope of the material is in keeping with the latest
standards in the investment industry and prepared me for
roles with both fixed income and equity funds. As an
analyst, being able to understand and apply both bottom-up
and top-down analysis while maintaining a portfolio
viewpoint means you can immediately start to add value in
many different roles.
The MSc in Financial Economics has been a fantastic
platform and has given me the tools and confidence to
pursue a career in any investment firm.
Mr Maurice Howell,
B.E. (Electrical Engineering),
M.Sc. (Financial Economics),
Portfolio Analyst, Pioneer Investments.
I did the MSc in Financial Economics for two main reasons.
I wanted to have a deeper understanding of Financial
Markets, Derivatives, Central Banking, Financial Product
Valuation, Foreign Exchange and Interest Rate Risk
Management. I also wanted to conduct Independent
Research in the area of Stock Market Valuation. Therefore
I felt the MSc in Financial Economics was the course for
me. I found the course very challenging but highly
rewarding. It helped me to fully understand Equity Markets,
Derivatives, Banking and Risk Management. In addition I
really enjoyed the guest speaker presentations throughout
the year. They included Economists, Portfolio Managers
and Stock Traders. I feel the course has added value to me
and guarantees great employment opportunities. Having
completed the course I now intend to pursue a career in
financial markets
Mr Diarmaid Cronin,
B.Sc. (Finance),
M.Sc. (Financial Economics),
Financial Services Authority, UK.
When I decided to undertake a postgraduate course, the
MSc in Financial Economics was my number one choice. I
wanted a course which would provide an in depth
understanding of finance and give me the skills and
qualification I needed to get ahead in the work-place. After
completing the course I know I made the right decision.
The course provides an excellent theoretical background of
financial and economic topics. More importantly, it focuses
on the most up to date and relevant material and helped
me to develop skills which I could immediately apply in the
work environment. I am now working as a Business Analyst
with AIG Europe and I know that completing the MSc in
Financial Economics was critical to me securing my
position.
Michael O’ Sullivan,
B.Sc. (Business Information Systems),
M.Sc. (Financial Economics),
Business Analyst, AIG Europe.
MSc Financial Economics
(Investment, Banking and Risk Management)
In my view, the MSc in Financial Economics provided me
with an ability to develop my knowledge of economics. The
modules while varied are focused on developing the
knowledge needed that I feel has helped me to immediately
settle into my role as a research analyst in the Central
Bank. The teaching staff are both helpful and deeply
engaged in their individual areas and provide teaching that
is up to date on the current debates in the real world. We
were also allowed to experience the world of stock markets
and trading, which allowed us to apply our knowledge and
competitiveness all in one. The programme provides
opportunities for students to focus through the minor thesis
onto an area of our interest.
Ms Siobhán O’Connell,
B.Sc. (Finance), M.Sc. (Financial Economics),
Research Analyst, Central Bank of Ireland.
I selected the MSc as I wanted to be part of a class and a
department which was highly motivated and eager to learn.
This enthusiasm, facilitated by the positive atmosphere of a
small class, made the learning experience extremely
valuable as there have been many different class
discussions and interactive group exercises, which add a
new dimension. The MSc allowed me to examine many
different career paths within the Investment Banking and
Risk Management sector. The course contains modules
both specific and broad giving students a huge advantage
in their ability to select a future career path. Moreover upon
completing the MSc you are able to demonstrate a variety
of skills including, analytical, commercial awareness and a
understanding of ethics. This synthesis of competencies
gives student a clear advantage in the job market.
Mr Jonathan Irwin,
B.A. (Economics),
M.Sc. (Financial Economics),
Associate, Investment Banking Europe, BNP Paribas.
The in MSc. Financial Economics has stood to me greatly
throughout my career. I entered the course from an
undergrad in Finance, after which I felt I had a good grasp
of the core foundations of the industry. However the MSc.
Financial Economics equipped me with the detailed
knowledge that would be required for front office and
investment roles. Allowing me to broaden and deepen my
understanding of key topics such as portfolio management
and derivative securities which I now use every day. The
strong course material was complemented by the time and
effort put forward by the lecturing staff, which was truly
exceptional. Office doors were never closed to someone
who wanted to ask a question or resolve an issue. I would
strongly recommend this course to anyone considering a
career in portfolio management, capital markets or financial
research.
Mr John Twomey,
B.Sc. Finance,
M.Sc. Financial Economics,
Deputy Head of Research, Abbey Capital.
The MSc programme was an excellent experience for me.
Everyone including lecturers and classmates were
extremely helpful with the development of my work. It has
also cultivated my interest in research and finance,
especially in the area of fund performance. Therefore, I
decided to continue my study as a PhD student in the
Department of Economics.
Ms Jun Gao,
B.Sc. (Financial Economics),
M.Sc. (Financial Economics),
PhD candidate, UCC.
The MSc Financial Economics has provided me with a lot
of useful techniques and practical skills. We were
encouraged to manage our own stocktrack accounts with
the various skills learned from classes. I find that such a
programme experience is very important for me in seeking
a career in finance and also helpful for my current
preparation of taking CFA exams. It also motives my further
study in international finance as a PhD student at UCC.
Mr Sheng Zhu,
B.Sc. (Financial Economics),
M.Sc. (Financial Economics),
PhD candidate, UCC
Who Should Apply?
Those interested in financial economics and
international financial markets and who wish to
pursue high-end careers in the financial
services industry. The programme is also
designed for those considering academic or
research careers in financial economics and
quantitative finance.
Entry Requirements
Applicants must have:
 A 2H1 degree or equivalent in a business
subject or a 2H1 degree or equivalent in a
subject with a quantitative element such as
mathematics, statistics, actuarial studies,
engineering, physics, chemistry etc. (A
finance or economics background is not a
requirement).
 Consideration may be given to applicants
who do not meet the above criteria but who
have
sufficient
relevant
professional
experience.
MSc Financial Economics
(Investment, Banking and Risk Management)
Application Procedure
About Programme Director
For EU applicants, applications are completed
through the Postgraduate Applications Centre
at www.pac.ie. The course code for the MSc
Financial Programme is CKL19.
Dr. Niall O’ Sullivan is a senior lecturer in the School
of Economics at University College Cork (UCC)
where he lectures in financial economics and
econometrics. He has a PhD in Finance from Cass
Business School, London, and is a member of the
CFA Institute. He is Co-Director of the UCC Centre
for Investment Research (www.ucc.ie/en/cir) and a
Director of Investanalitix (www.investnalitix.com).
For Non-EU applicants, Contact the International
Education Office, University College
application details. This may be found at
Cork
for
http://www.ucc.ie/en/international
For further information, visit
http://www.ucc.ie/en/economics/
Contact Details
If you are interested in the MSc Financial
Economics and would like to discuss it further,
please contact:
Dr Niall O’ Sullivan,
Programme Director.
Tel. 021-4902765
Email niall.osullivan@ucc.ie
OR
Ms Joan Corcoran,
Programme Administrator
Tel. 021-4902126
Email j.corcoran@ucc.ie
Prior to joining UCC, Dr. O' Sullivan held the position
of Economist at Bank of Ireland Global Markets
providing advice and strategy to the bank's
proprietary traders and corporate clients. Prior to
that he was a Senior Treasury Consultant at FTI
Finance where he was involved in FX and interest
rate
risk
management
strategies
and
solutions. He also worked with Ulster Bank Markets
as a Trading Risk Analyst. In addition to his lecturing
position in UCC, Dr O' Sullivan is also an Adjunct
postgraduate Lecturer in Dublin City University.