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Economics and Finance

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  • 13-05-2013 7:42pm
    #1
    Cian94
    Registered Users Posts: 6 ✭


    Can anyone give me first hand info on this course? I've looked up modules etc but am struggling to get a real grip of what it's really like. It's top of my cao at the moment but I'm not sure whether I'd prefer to do this course or economics and psychology in Trinity, thanks in advance!


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    #2
    [Jackass]
    Closed Accounts Posts: 9,193 ✭✭✭[Jackass]


    Economics and Finance is very heavy on maths, and is geared towards people specifically who want a career in financial services (although far from limited to that). On the Economics side you'll learn about in depth Macro / Micro, the theory and financial models that make them work. You'll also have a fair amount of Quants in Economics and applied Economics, such as Irish Economy. All very enjoyable and split about 50/50 between maths and theory.

    Finance part you will learn about accounting, investments etc. and financial models behind them.

    Economics and Psychology I would imagine (having done some psychology modules) would be a lot more geared towards Economics as a human science rather than a market observation (although, still the study of people, but in differing context) and would mostly be theory with some maths in both - most of that maths would be statistics (it depends on the person you talk to, but statistics is far easier than quants imo), although there will be overlap with the Economics modules that you would take, but as a double major with Psychology, it gives you a lot of scope to avoid the more difficult modules in either, if maths wasn't your thing for example.


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    #3
    Cian94
    Registered Users Posts: 6 ✭Cian94


    Thanks for the feedback!! Has given me something to mull over for the time being anyway until the leaving is finished. Wouldn't be trying to avoid the harder maths as i find it the more challenging stuff enjoyable as it is. Psychology just happens to be fascinating and has really caught my eye


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    #4
    StephenR123
    Registered Users Posts: 12 ✭StephenR123


    Don't bother with psychology kid. One of my mates just finished economics and finance and got accepted to a trading company during the second semester. They're starting him on 50k, and they'll move him up to 100k after 3 years


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    #5
    StephenR123
    Registered Users Posts: 12 ✭StephenR123


    Besides I don't see how economics and psychology compliment each other. Not as well as economics and finance anyway. If you're even considering economics and finance it means you must have a few marbles rolling about in the head. Wouldn't go near psychology, did a few modules in it. It's not a respected science. Go economics and finance, much more solid degree, much better prospects.


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    #6
    [Jackass]
    Closed Accounts Posts: 9,193 ✭✭✭[Jackass]


    StephenR123 wrote: »
    One of my mates just finished economics and finance and got accepted to a trading company during the second semester. They're starting him on 50k, and they'll move him up to 100k after 3 years

    Any idea what kind of degree he got, like 1:1 or 2:1? Was it UCD? Is job in Dublin or London? Does he have any work / industry experience outside of his education? Did he do a masters? Just curious for my own prospects. :)


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    #7
    Mardy Bum
    Registered Users Posts: 3,674 ✭✭✭Mardy Bum


    StephenR123 wrote: »
    Besides I don't see how economics and psychology compliment each other. Not as well as economics and finance anyway. If you're even considering economics and finance it means you must have a few marbles rolling about in the head. Wouldn't go near psychology, did a few modules in it. It's not a respected science. Go economics and finance, much more solid degree, much better prospects.

    This comment is very naive. Behavioural economics is an ever expanding field that provides a lot of new market research. It has successfully challenged the idea of hedonic utility and would be very useful combination. Psychology is not a respected science? Sounds like something somebody wet behind the ears of a college education would say.

    Economics and Finance will provide you with more opportunities initially but both are very useful.


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    #8
    [Jackass]
    Closed Accounts Posts: 9,193 ✭✭✭[Jackass]


    The strangest combination I've heard of, that was very popular, was a lot of people studied Economics and Geography. Never understood that one. Although I've never studied Geography past leaving cert level to be fair.

    Economics and Psychology, Economics and Politics and Economics and Finance are all very popular degrees also.

    Personally I just did Economics single major.


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    #9
    blucey
    Banned (with Prison Access) Posts: 261 ✭✭blucey


    StephenR123 wrote: »
    Besides I don't see how economics and psychology compliment each other. Not as well as economics and finance anyway. If you're even considering economics and finance it means you must have a few marbles rolling about in the head. Wouldn't go near psychology, did a few modules in it. It's not a respected science. Go economics and finance, much more solid degree, much better prospects.

    Sorry thats drivel. End of. Most fundamental work in eco is being done in the interface between eco and psy. And included there is finance. You sir are talking pure bollix, which is something you should go on stage and sell.


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    #10
    StephenR123
    Registered Users Posts: 12 ✭StephenR123


    To answer your question Jackass, my friend got a 1:1 and is going straight from his undergrad degree into a job. So he really benefited from economics and finance. Seems I've stepped on a few toes answering your question. So I apologize to the psychology majors for hurting their feelings. I myself was a sociology major and a number of lectures have commented on how similar both disciplines are. Psychology (as well as sociology) are very interesting subjects which people can pursue good careers in. But I believe IF you're looking at pursuing a business career, psychology doesn't give you any skills you can't learn in marketing. Psychology can give you a strong foundation, but if you're looking for something more specific and skilled (something employers will value more) go economics and finance.


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    #11
    Graham_Keogh
    Registered Users Posts: 6 ✭Graham_Keogh


    Mardy Bum wrote: »
    This comment is very naive. Behavioural economics is an ever expanding field that provides a lot of new market research. It has successfully challenged the idea of hedonic utility and would be very useful combination. Psychology is not a respected science? Sounds like something somebody wet behind the ears of a college education would say.

    Economics and Finance will provide you with more opportunities initially but both are very useful.

    Psychology is not a science. It is not respected by scientists. Don't kid yourself. The behavioural economics literature is mostly case-by-case evidence and has yet to have a substantive impact.


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    #12
    Graham_Keogh
    Registered Users Posts: 6 ✭Graham_Keogh


    blucey wrote: »
    Sorry thats drivel. End of. Most fundamental work in eco is being done in the interface between eco and psy. And included there is finance. You sir are talking pure bollix, which is something you should go on stage and sell.

    I'm afraid you are the one talking sh*te. Explaining financial market outcomes with behavioural stories is usually a waste of time. Any story can be twisted to fit the empirical facts. Most behavioural stories in finance are worthless. The value premium is a result of over-confidence? Fantastic, except there is no way of disproving that theory.


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    #13
    Mardy Bum
    Registered Users Posts: 3,674 ✭✭✭Mardy Bum


    Graham_Keogh wrote: »
    Psychology is not a science. It is not respected by scientists. Don't kid yourself. The behavioural economics literature is mostly case-by-case evidence and has yet to have a substantive impact.
    I'm afraid you are the one talking sh*te. Explaining financial market outcomes with behavioural stories is usually a waste of time. Any story can be twisted to fit the empirical facts. Most behavioural stories in finance are worthless. The value premium is a result of over-confidence? Fantastic, except there is no way of disproving that theory.

    I am not as qualified as blucey (Prof of Finance in Trinity and I seriously doubt you are) to talk on behavioural economics but I can say that some evolving and fledgling areas of psychology are still viewed sceptically (evolutionary psychology) however most other are viewed as scientific in approach.


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    #14
    Graham_Keogh
    Registered Users Posts: 6 ✭Graham_Keogh


    Mardy Bum wrote: »
    I am not as qualified as blucey (Prof of Finance in Trinity and I seriously doubt you are) to talk on behavioural economics but I can say that some evolving and fledgling areas of psychology are still viewed sceptically (evolutionary psychology) however most other are viewed as scientific in approach.

    I work in the financial industry and my comments come from that perspective. 12 different behavioural theories can explain some market phenomenon. There's one on the shelf for every possibility. People make bad decisions and markets crash regularly. Attributing particular events to bias number 8 in hindsight is of no benefit.

    I don't doubt that Brian Lucey is an expert on matters academic, but professors have a habit of overreaching with their theories and trying to protect their own intellectual turf.


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