Economics In Ireland

Economics in Ireland is the science of understanding what choices people make and how and why they make them when making purchases. Economists prepare advice for businesses and organisations by carrying out specialist research. They uncover trends and produce forecasts of the economic climate based on industry-specific knowledge and theory. Their findings inform policy to improve efficiency and reduce risk. Microeconomics is the study of economics at the individual or business level; how individual people or businesses behave given scarcity and government intervention. Microeconomics includes concepts such as supply and demand, price elasticity, quantity demanded, and quantity supplied. Macroeconomics is the study of the performance and structure of the whole economy rather than individual markets. Macroeconomics includes concepts such as inflation, international trade, unemployment, and national consumption and production.

Economics in Ireland prepare advice for businesses and organisations by carrying out specialist research, uncovering trends and producing forecasts of the economic climate based on industry-specific knowledge and theory. Collect information and conduct research to study issues, such as inflation, energy costs, interest rates, taxes, employment levels and other economy-related issues. Economics in Ireland can specialise in a range of areas including the study of supply and demand decisions made by individuals and companies or use historical trends to forecast economic trends. Economics in Ireland can also deal with labour economics, which looks at labour supply and demand, reasons for unemployment and how wages are determined. Economists are employed by central and local governments, banks, local consultancies, major companies, financial institutions, investment organisations and higher education establishments. They are skilled in areas such as statistical analysis and research methods.

Scope of Economics in Ireland

Economists in Ireland apply economic analysis to issues within a variety of fields, such as education, health, development, and the environment. Some economists in Ireland study the cost of products, healthcare, or energy. Others examine employment levels, business cycles, or exchange rates. Still, others analyze the effect of taxes, inflation, or interest rates.
Economists in Ireland often study historical trends and use them to make forecasts. They research and analyze data using a variety of software programs, including spreadsheets, statistical analysis, and database management programs. Nearly half of all economists after a Masters in Economics in Ireland work in federal, state, and local government. Federal government economists collect and analyze data about the economy, including employment, prices, productivity, and wages among other types of data. They also project spending needs and inform policymakers on the economic impact of laws and regulations. MSc in Economics in Ireland will enable you to work for corporations and help them understand how the economy will affect their business. Specifically, economists may analyze issues such as consumer demand and sales to help a company maximize its profits. MS in Economics in Ireland equips you with skills to work in research firms and think tanks, where they study and analyze a variety of economic issues. Their analyses and forecasts are frequently published in newspapers and journal articles. Some economists after MSc in Economics in Ireland work for companies with major international operations and for international organizations such as the World Bank, International Monetary Fund, and the United Nations.

Economics Courses in Ireland

Economics as a career post MS in Economics in Ireland opens the avenue for abundant opportunities. On top of the ongoing training and progress reviews you receive when you join your first employer, you can become a certified Economist after clearing the professional exams. MSc in Economics in Ireland will help you attain computational and analytical skills and qualify you to take the first step in your career.

A master’s degree in economics from Ireland qualifies you as an economist and sharpens your skills like attention to details, numerical and logical thinking. Analytical thinking is required for manipulating and organizing a significant amount of financial data. Universities in Ireland offer MSc in Economics and specializations in Business, Health & Quantitative.

Below is the list of MSc in Economics in Ireland courses

Top Universities for MSc in Economics in Ireland

With an aim to further develop your conceptual base and knowledge and skills in economics, the top universities for MSc in Economics have framed their curriculum. MSc in Economics in Ireland will be a combination of advanced study as a basis for a professional career with the development of your academic and intellectual capabilities. Most of the best universities for master’s in Economics in Ireland will expose you to a broad range of analytical tools and methodological approaches, which helps you to develop their academic research interests, as well broadening their set of transferable skills. You will also guided through the process of developing a research idea into a high-quality paper and presentation. Graduates with an MSc in Economics in Ireland are highly sought after by employers, in a range of fields, who value analytical and problem-solving skills. Best universities for master’s in Economics in Ireland have excellent prospects in finance and banking, research, consultancy, teaching, public service, journalism, politics and international organisations. Graduates have gone on to successful and rewarding careers in varied roles around the globe. Some of the top recruiters include Mia, Lbec, Deloitte, Ulster Bank, European Central Bank.

• University College Dublin
• Trinity College Dublin
• University College Cork
• University of Limerick
• Maynooth University

Entry Requirements for MSc in Economics in Ireland

Universities usually require a good academic record in your bachelor degree and English language score for admit in top universities in MSc in Economics in Ireland. Students with single or joint honours Economics degrees, or degrees with a large share of final-year Economics options or a large quantitative component would fulfill the Entry Requirements for MSc in Economics in Ireland. Work experience of 2-3 years can be an added advantage when applying with Universities. The entry requirement for master’s in economics in Ireland may vary each year with the increasing number of applications and the consequent demand for the course.

English Requirements for MSc in Economics in Ireland

Scores of TOEFL, IELTS and PTE are set as the scale for English expertise. Test of English as Foreign Language (TOEFL), International English Language Testing System (IELTS), Pearson Test of Engligh (PTE) are the three most commonly preferred by international students. Since English is not the first language, students from countries which fall under the category should take up either of the three exams. Each University has specific English requirements for Masters in Economics in Ireland and it is mandatory for students to obtain the required score. The minimum English score required for MS in Economics in Ireland for an entry in any of the top universities in Ireland may vary.

IELTS Requirements for MSc in Economics in Ireland

English Language Testing is mandatory to get an admit in Masters in Economics in Ireland. One of the most preferred English Language Tests for MSc in Economics in Ireland is IELTS - International English Language Testing System, which grades you on the basis of four modules that include Listening, Reading, Writing and Speaking. Minimum IELTS requirement for MSc in Economics in Ireland is an overall band score of 6.5 with no section less than 6. The IELTS requirement for Masters in Economics in Ireland in some institutions is as below.

TOEFL Requirements for MSc in Economics in Ireland

TOEFL scores are also acceptable by Universities in Ireland for masters in Economics in Ireland. For an admit, the TOEFL requirement for MSc in Economics in Ireland ranges between 88 and 95. Each university has specific TOEFL Score requirements for MSc in Economics. The minimum TOEFL requirement for MSc in Economics in Ireland is 88 and some universities require 90 and above with specific band requirements. In some cases universities have higher TOEFL requirements for MSc in Economics in Ireland due to competition during the admission process.

PTE requirements for MSc in Economics in Ireland

Pearson Test of English is another acceptable English Language Test that can be taken by students willing to pursue Master’s in Economics in Ireland. It evaluates your reading, writing, listening and speaking skills for you to be able to be deemed eligible to secure and admit for MSc in Economics in Ireland. PTE Requirements for Masters in Economics in Ireland is a minimum score of 61 with no section less than 59. PTE requirements for MS in Economics in Ireland is similar but most universities expect an overall 63 with no section below 59.

Salary of Economist in Ireland

Starting salary after MSc in Economics in Ireland is €28,461, according to a major survey. While most graduates earn less than €30,000, the survey found that one quarter of them will make more than €32,000 per year.

Typical Employers

As an economist, you will be hired in

• Banks
• Consultancy companies
• Central and local government
• Banks and financial institutions
• Major corporations
• International organisations (such as the EU or the World Bank)
• Universities and other third-level institutes

Career Opportunities After Masters in Economics in Ireland

What are the opportunities available to students studying economics? If you are in the second or final year of your economics degree and interested in securing an internship or graduate job you will be faced with a bewildering array of options. To give yourself the best chance of securing a role you must focus on applying to one industry and know that industry like the back of your hand. Submitting applications across a variety of industries should be avoided because it is not time effective. Below is a list of sectors that seek to employ economists every year. This list is by no means exhaustive but it should give you an idea of where to focus your time and efforts. Investment banking
Every year investment banks draw a huge number of applications from economic students for their internship and graduate schemes. With starting salaries of £40,000+ and bonuses, it is easy to see why. Moreover, many of the positions offered by investment banks are tailored to the skills of an economist.

For example, a position on the trading floor requires graduates to analyse a particular firm or sector, weigh up costs and benefits and understand risk. All of these skills come naturally to students from an economics background. Furthermore, economic students are often much more aware of current issues surrounding the economy as well as the banking sector. This is why so many of the positions within this sector are given to economists. Graduates who choose to work in the banking sector have the following advantages and disadvantages.

Advantages:

• Very high starting salary
• Variety of work
• The opportunity to network with senior management

Disadvantages:

• Extremely competitive
• For many roles ‘who you know’ is more important than ‘what you know’
• Many of the banks have target universities
• Very long hours with weekend shifts seen as standard
• High stress environment
• Low job security

Professional Services

When someone mentions the professional services industry the first thought in every undergraduate’s head is ‘The Big Four’ (PwC, Deloitte, KPMG and Ernst & Young). Much of the work these big four firms undertake, as well as others in the industry, does depend on the economic climate and regulation. Economists’ knowledge of both of these factors makes them especially attractive to professional services firms. One of the major benefits of this industry is that firms make a large investment in all of the graduates they take on. Part of this investment is to put all of their graduates through a professional qualification. These qualifications will be taken alongside your day-to-day responsibilities and can last from three years (ACA and CIMA) up to six (actuarial exams). Students studying economics will often get exemptions from some of the exams in the first year of these qualifications. Economists will also find their degree very relevant to the modules they have to study in subsequent years of these qualifications and the projects their company will place them in.

Advantages:

• High starting salary
• The opportunity to complete a professional qualification
• Large graduate investment

Disadvantages:

• Very competitive
• Many roles are exam orientated

Multinational Companies

Most organisations in the food industry, the car industry and the aviation industry will have employees working for them across the globe. These firms have many roles which particularly suit economic students such as finance, strategy and research. During a graduate placement, students will often get to experience more than one of these business areas. As well as the opportunity to experience different roles, some of these organisations will offer students time in one of their foreign offices. Moreover, since economists tend to apply to the first two sectors already mentioned in this article, competition between economic students for these placements is relatively low.

Advantages:

• Good starting salary
• High job security
• Under-applied to by economists
• Large number of roles
• International work opportunities

Disadvantages:

• Graduates may feel detached from senior management
• Work may not have much impact

Professional Bodies Related To Economics in Ireland

• Irish Economic Association
• Royal Economic Association
• Society of Business Economics
• International Economic Association
• National Economic and Social Council
• The Society of Young Economist in Ireland
• Northern Ireland Economic Council

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