The Master in Economics and Finance is a two-year (120 ECTS) program that provides students with rigorous, solid foundations in Economics and Finance together with state of the art tools. The program is demanding as it brings students to the frontier in tools and knowledge.

  • Structure

    The program is structured around coursework, participation in workshops, and the writing of a Master‘s thesis.

    Courses. The academic year is organized in trimester terms. The first term begins with two introductory courses in mathematics and statistics that are followed, in the fall and winter terms, by core courses in microeconomics, macroeconomics, and econometrics. In the spring term, and during the fall and winter terms of the second year, students take elective courses, acquiring frontier knowledge in their chosen fields of specialization. For details on this year’s course offerings, you may visit here.

    Workshops. Coursework is complemented with a series of workshops. These workshops are designed to aid students learn how to read and discuss research-oriented and policy-oriented papers in applied economics. Students also acquire presentation skills.

    Master thesis. During the spring term of the second year, students write a Master thesis on their field of interest under the supervision of a faculty member.

  • Internships

    In the summer of the first year, students may apply to the internship program. This program covers a wide range of interests, from professional internships to internships at CEMFI that are research oriented. Professional internships include financial companies, consulting firms, government institutions, and international agencies. Recent internships include Bank of Spain, Banco Santander, BBVA, Compass Lexecon, Oliver Wyman, Institute for Fiscal Studies (London), and the Interamerican Development Bank.

  • Academic calendar 2018-2019

    Our official calendar for the 2018-2019 academic year is:

    Introductory Courses   Winter Term
    Lectures begin   10 September 2018   Lectures begin   8 January 2019
    Lectures end   21 September 2018   Lectures end   15 March 2019
    Exams   21 September 2018   Exams   20–29 March 2019
    Fall Term       Spring Term
    Lectures begin   24 September 2018   Lectures begin   1 April 2019
    Lectures end   30 November 2018   Lectures end   14 June 2019
    Exams   10–21 December 2018   Exams   18–28 June 2019

General Information

  • Degrees

    Students who successfully complete the requirements are awarded the degree:

    Master in Economics and Finance
    Awarded by Universidad Internacional Menéndez Pelayo (UIMP)
    Official degree
    120 ECTS

  • Tuition fees 2018-2019

    Master in Economics and Finance


    Tuition fees

    EUR 6,600/yr


    Administrative fees

    EUR 36.73 (yr 1)/EUR 7.13 (yr 2)

    *Subject to official approval.

  • Tuition waivers and scholarships

    We offer academic-merit based scholarships and tuition waivers to students of all nationalities. These are sponsored by Banco Bilbao Vizcaya Argentaria , Banco Sabadell , and Banco Santander , and CEMFI. To be considered for funding, please select the appropriate checkbox in the application form. Please note that this selection will not affect your chances of being admitted.

    Applicants to the CEMFI Graduate Program may also consider applying for external funding. Institutions awarding scholarships to Spanish and European Union (EU) students, and in some cases to non-EU students, include Banco de España , Fundación Rafael del Pino , the Government of the Basque Country , Spanish Ministry of Education and the Spanish Ministry of Foreign Affairs . For Latin American students, the Fundación Carolina , in cooperation with BBVA, endows two scholarships that include a stipend of EUR 1,000 per month, for a total of 20 months, a yearly roundtrip economy-class ticket from the student's country of residence, medical insurance (excluding prescriptions), and the program’s tuition fees.

  • Accreditation reports and brochures

    As part of our commitment to high-quality academic standards, CEMFI has an Internal Quality Guarantee System (IQGS) that continuously assesses the quality of our graduate program. Below you can access the 2015-2016 quality assessment report as well as other related documentation.




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