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General Infromation about the Olympiad
Cyprus is participating for the second time in the International Economics Olympiad (IEO). Its first in-person participation was in 2024, where the team won 3 bronze medals in the international competition held in Hong Kong. The Department of Finance, Accounting and Management Science (FAMS) at the Cyprus University of Technology (CUT), for the second consecutive year, is responsible for selecting the 5-member team that will represent Cyprus in the international competition.
The International Economics Olympiad aims to contribute to the development of young people’s knowledge and skills in economics and financial literacy. Over 68 countries and regions participate in the international event through local competitions preceding the International Competition.
To select the team, the FAMS Department will conduct its own (local) competition under the title:
«Manage your finances smartly, build your future wisely»
Details about each phase of the competition are available HERE.
The Central Bank of Cyprus, the Cyprus Securities and Exchange Commission, the Youth Board of Cyprus, the Financial Wellbeing Institute, and the Bank of Cyprus, support the local competition conducted by the FAMS Department.
The participation fee is €10 per contestant (exceptions apply under certain conditions), and registration must be completed HERE.(Registrations: 13 January 2025 – 12 February 2025)
All participants in Phase 1 will receive a certificate of participation.
Participation
Eligible to participate are students from public, private, and technical upper secondary schools in the Republic of Cyprus who have not turned 20 years old by June 30th of the year when the IEO is held.
- For minors participating in the Competition, legal guardians must sign a responsibility waiver stating that they understand the terms and conditions of participation in the competition.
- The participation fee per contestant is €10. Exemptions apply for participants belonging to the following social categories, upon submission of valid copies of relevant certificates during registration:
- Students from families with three or more children.
- Students from families eligible for minimum guaranteed income, according to current legislation in Cyprus.
- In the second (2nd) phase of the competition, thirty (30) students with the highest scores from Phase 1 will participate in a full-day bootcamp. The number of participants may be adjusted at the discretion of the Organizing Committee.
- In the third (3rd) phase of the competition, the ten (10) students with the highest combined scores from Phase 1 and Phase 2, with a weighting of 50% from Phase 1 and 50% from Phase 2, will participate in intensive workshops. The number of participants may also be adjusted at the discretion of the Organizing Committee.
- The team that will represent Cyprus at the International Economics Olympiad will consist of five (5) students who have participated and successfully completed all stages of the local competition and achieved the highest overall scores.
- The local competition (Phases 1, 2, and 3) requires the use of both Greek and English languages. In Phase 1, participants can choose one of the two languages for the written exam. Phases 2 and 3 will be conducted using a combination of Greek and English.
- For in-person examination activities, students are allowed to use a simple (non-programmable) pocket calculator and a dictionary for word translation. The dictionary must be clean, without any notes or extra sheets. Mobile phones, smartphones, and other electronic devices are prohibited.
- The participation of the Cypriot delegation in the International Economics Olympiad will take place remotely. The timing and format of the international competition may be subject to change, based on decisions by the Organizing Committee or the IEO Board. The Cypriot delegation’s participation could take place in person, provided adequate funding is secured from sponsors and supporters.The official language of the International Economics Olympiad is English. Notes, tasks, solutions, and marking schemes are provided in the official language of the IEO. Translations into Greek will not be provided.
- All participants consent to the processing of their personal data by the Cyprus University of Technology and its partners, as required for their participation in the Olympiad
- During the Competition, the Cyprus University of Technology and its partners may film, photograph, or record for archiving and promotional purposes. Participants consent to such activities and the use of their personal data for purposes related to the conduct and promotion of the competition.