MSc in Monetary and Financial Economics
MSc in Monetary and Financial Economics is an advanced academic program designed to equip students with a profound understanding of monetary theories, financial markets, and the economic policies that govern them. This program delves into the intricacies of how monetary and financial systems operate within the global economy, analyzing the impact of monetary policy on financial institutions, inflation rates, and overall economic stability. Students are trained in quantitative methods, enabling them to assess and forecast economic conditions, and to make informed decisions based on data analysis. The curriculum includes courses on banking, financial markets, international finance, and econometrics, preparing graduates for careers in financial analysis, policy advisement, and economic research.
The MSc in Monetary and Financial Economics (MMFE) provides a broad background in economic theory and specialized courses in monetary and financial economics. It is suitable for students who are interested in a career in the financial sector, such as banks, investment funds or foreign exchange firms etc.
Key Learning Outcomes
Successful graduates develop all the analytical skills in finance and monetary economics. Students acquire the relevant economics and econometric methods to analyze the economic, monetary and financial environment.
Funding
The Department provides funding opportunities to selected candidates. These include scholarships that cover the tuition fees of the programme and, in some cases, additional financial aid through employment by the Department as teaching or research assistants.
Typically, the initial offer of financial support covers the first year of studies and its renewal depends mainly upon the student’s performance in the programme.
Students who are not financed during their first year of studies are still evaluated regarding the possibility of receiving financial support in subsequent years.
The Department tries its best to clarify the financial support that incoming students should expect as soon as possible. Oftentimes, this is done already when the Department offers a position to the applicant in the programme or soon after that.
Graduate's Prospects
The Master in Monetary and Financial Economics cultivates exceptionally skilled professionals able to analyze the intricate economic and financial challenges.
Several of its graduates have found employment in the public sector and private sector as economists, analysts or consultants. Graduates of the programme enter financial institutions, as well as in competitive positions in governmental organizations, including the Central Bank of Cyprus and the Ministry of Finance.
Requirements and conditions
Admission is based on suitability in terms of both academic credentials and experience (e.g. prior research or work experience).
Vacancies are announced once a year and admissions are made based on the regulations of the Graduate School of the University of Cyprus. After initial screening, shortlisted applicants may be called for a personal interview.
The minimum necessary requirements are:
- Bachelor Degree in a related discipline, such as economics, psychology, political science, sociology, mathematics, physics, computer science, engineering.
- Demonstrated proficiency in English.
Candidates for the graduate studies programme are required to have a grade of 550 in the TOEFL examinations or 213 in the TOEFL computer-based format exam or B in the GCE O-Level examinations or an equivalent qualification demonstrating sufficient knowledge of the English language (by previously obtaining a degree from an accredited U.K. or U.S. academic institution, for instance). In addition to the requirements described in the relevant Admission and Attendance Regulations, candidates for the graduate studies programme whose first language is not English are required το provide proof of proficiency in English in one of the following ways:
- G.C.E. O-Level English with a minimum grade “C”.
- I.G.C.S.E. English with a minimum grade “C”.
- I.E.L.T.S. minimum average score 6.5.
- T.O.E.F.L. with a minimum score of 550 (Paper-based) or T.O.E.F.L. with a minimum score 213 (Computer-based) or T.O.E.F.L. (Internet based) with a minimum score 92.
- Cambridge English First (FCE), with a minimum score 176.
- Cambridge English Advanced (CAE), with a minimum score 176.
- Cambridge English Proficiency (CPE), with a minimum score 176.
- Certificate of Proficiency in English (ECPE), with a minimum score 650.
- Anglia Examinations – Proficiency (C1).
- IB diploma (International Baccalaureate).
- Certificate of success in the exams conducted by the Ministry of Education and Culture.
- Certificate of success in year 6th final exams, of the Cyprus State Institutes of Further Education.
- Any other equivalent exam that will prove proficiency in English language.
- Candidates who hold a degree from a recognized university programme taught in English are considered to have proficiency in English.
Prospective students must apply through the Graduate School of the University of Cyprus, by following this link
The application must include:
- Academic Record (transcripts and degree certificate if the applicant has already graduated)
- Curriculum Vitae/Resume
- Motivation Letter
- Recommendation Letters from two academic supervisors or instructors
- Proof of proficiency in English
Information
For the Master Degree in Monetary and Financial Economics, the requirement is nine courses plus a Master's thesis. It provides a broad background in economic theory and specialized courses in monetary and financial economics. It is suitable for students who are interested in a career in the financial sector, such as banks, investment companies, etc. The language of instruction is English.
Successful completion of the programme requires 90 ECTS and the normal duration is three semesters. The 90 ECTS correspond to 9 courses (66 ECTS) and a thesis (24 ECTS). The coursework is split into compulsory and elective courses. Each student should take 4 (30 ECTS) compulsory courses and choose 5 (34.5-36 ECTS) elective courses. The elective courses must be chosen from the list of elective courses, with the restriction that at least 3 (22.5 ECTS) of them should be offered by the Department of Economics (courses with code ECO).
Programme Structure
Semester 1 | |
Code/Course | ECTS |
ECO 644 The Economics of Firm Financing | 7.5 |
ECO 661 Microeconomics | 7.5 |
ECO 662 Macroeconomics | 7.5 |
ECO 663 Econometrics | 7.5 |
Semester 2 | |
Code/Course | ECTS |
Elective Course | 7.5 |
Elective Course | 7.5 |
Elective Course | 7.5 |
Elective Course (AFN/DSC) | 6-8 |
Semester 3 | |
Code/Course | ECTS |
ECO 698 Master's Thesis* | 24 |
Elective Course (AFN/DSC) | 6-8 |
Elective courses | |
Students must choose at least three from the courses below: | ECTS |
ECO 606 International Finance | 7.5 |
ECO 610 Money, Banking and Financial Economics | 7.5 |
ECO 664 Analysis of Economic and Financial Data | 7.5 |
ECO 665 Behavioural and Experimental Economics | 7.5 |
ECO 673* Applied Microeconometrics | 7.5 |
ECO 680 Applied Financial Econometrics | 7.5 |
ECO 688* Current Topics in Economic Research I | 7.5 |
ECO 788* Current Topics in Economic Research II | 7.5 |
Students must choose at most two from the courses below: | ECTS |
AFN 521 Financial Theory | 7 |
AFN 522 Investments | 7 |
AFN 525 Options and Futures | 7 |
AFN 526 Financial Analysis and Capital Market Research | 7 |
AFN 528 Advanced Capital Budgeting | 6 |
AFN 530 Seminar on Cyprus Economy, Banking and Financial Markets | 6 |
AFN 534 Financial Risk Management | 6 |
AFN 538 Applied Topics in Finance | 6 |
DSC 550 Business Analytics Applications | 8 |
DSC 551 Data Visualization | 8 |
DSC 555 Quantitative and Qualitative Decision Making | 8 |
Additional elective course | |
ECO 691 Placement in Financial Organisations | 7.5 |
Notes
*ECO698 Master's Thesis 24 ECTS:
The thesis should demonstrate in-depth knowledge of a particular topic and should contain original research elements. The thesis is presented to students and faculty and is evaluated independently by the student’s advisor and a member of staff with similar research interests appointed by the Departmental Committee of Graduate Studies. If work on the thesis extends beyond one semester, students can register in ECO 600 Continuation of Master Thesis (1 ECTS) for at most two subsequent semesters.
**ECO 691 Placement in Financial Organisations 7.5 ECTS
The ECTS obtained from this course cannot count towards the fulfilment of the 90 ECTS that are required for the completion of the programme.
Elective Courses
The student must complete 36 ECTS from elective courses. At least 22.5 ECTS should be chosen from courses offered by the Department of Economics.
Before registering to elective courses, each student should contact the coordinator of the programme to discuss the optimal selection of courses for the student. For courses that appear with an asterisk (*) in the list, the student would need to be granted permission from the coordinator before registering.
If the nine courses chosen by a student total under 66 ECTS then that student may enrol in ECO 695 (Seminar of Economic Research, 1.5 ECTS) to fulfil their Master degree requirements.