HOW IT WORKS
Three Phases. One Goal.
The competition has three phases that combine learning, challenge and collaboration. Each one narrows the field, leading to the selection of five students who will represent Cyprus at the International Economics Olympiad.
PHASE 1
INTUITION CHALLENGE
Aptitude & Economic Reasoning Exam
A multiple-choice exam designed to assess analytical intuition and structured reasoning in real-world economic and financial situations.
Students with studies in economics or finance may have an advantage, yet the core focus of this phase is on critical thinking, decision-making and logic.
Importantly, this phase is not designed to test knowledge of taught economics material, but rather the ability to think critically and reason effectively using the information provided.
Questions will be structured to provide all the relevant information through short scenarios, data snippets, newspaper clippings and mini cases, enabling students to apply reasoning rather than rely on memorised economics theory.
This design ensures that motivated students from any field of study can meaningfully participate and compete for qualification to the next phase. CEFO seeks students who can understand situations holistically, think smartly under pressure, and demonstrate critical thinking and sound judgement.
Qualification to Phase 2 | Top 20
Students are ranked by examination score, and the top 20 advance.
PHASE 2
BOOTCAMP: THE KNOCKOUT ROUND
Qualified students (20 in total with the highest grades from Phase 1) participate in a dynamic one-day bootcamp, developing teamwork and applying concepts through interactive sessions and challenges in Economics and Finance.
Students are examined at the end of the day through a Group Challenge and a multiple-choice examination.
Qualification to Phase 3 | Top 10
Students are ranked on the Group Challenge and the multiple-choice examination. The top 10 advance.
PHASE 3
NATIONAL FINAL: ECONOMICS, FINANCE & BUSINESS CASE CHALLENGE
The top 10 students attend a series of workshops that lead to a group business case challenge and an oral examination.
A panel of experts from academia and the private sector judges the final.
The National Team consists of the five students who have participated in and successfully completed all phases, achieving the highest overall scores.
Cyprus National Team | Top 5
Five students are selected to represent Cyprus at the International Economics Olympiad.
SCORING AND SELECTION
How Students Are Selected
| Phase | Selection Criteria |
|---|---|
| Phase 1 | Ranked by examination score; top 20 advance |
| Phase 2 | Ranked on the Group Challenge and multiple-choice examination; top 10 advance |
| Phase 3 | Group business case challenge and oral examination judged by experts |
| National Team | Five students with the highest overall scores who have successfully completed all phases |